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Grimes & Company Review

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Grimes & Company, Inc.

With a large team of advisors managing nearly $3 billion in assets, Grimes & Company, Inc. has grown beyond its family business roots. Still, four family members work at the firm: Founder and Chairman Timothy Grimes, President and Chief Investment Officer Kevin Grimes, VP Thomas Grimes and VP Emily G. Wood. 

Grimes & Company is based in Westborough, Massachusetts, and is on SmartAsset’s top financial advisor list for the town. The firm has another MA office in Newton and offices in Dallas and Westport, Connecticut, too. The firm also has a number of industry awards to boast. To list one, it was named by Barron's Magazine as a top 100 advisorevery year from 2009 to 2019. 

Grimes & Company Background

After working at Paul Revere Companies, Timothy Grimes started a predecessor firm in 1985, which he renamed and formed as a corporation in 1999. From 2009 to 2016, Barron’s Magazine named him one of its “Top 100 Independent Financial Advisors.” His son Kevin Grimes has since taken his place on Barron’s rolls and was No. 19 on the 2019 list. Also in 2019, the younger Grimes was No. 4 for Massachusetts in the publication’s top financial advisor rankings by state.

Grimes & Company Client Types and Minimum Account Sizes

Grimes & Company works with individuals, business entities, trusts, estates, charitable organizations, pension and profit-sharing plans, and state and municipal government entities. Of its individual client base, about 74% do not have a high net worth. Still, the minimum to open an investment account is $500,000, though the firm may lower the amount at its discretion.

Services Offered by Grimes & Company

Grimes & Company is primarily in the business of providing customized investment advisory services, mostly on a discretionary basis. It may, however, consult on such topics as estate planning, insurance and tax planning. If it does provide this kind of financial planning advice, it will not charge an additional fee.

Grimes & Company Investing Philosophy

The firm primarily implements asset allocations with no-load and load-waived mutual fund classes and individual debt and equity securities. Generally, its strategies include long-term purchases (securities held for at least a year), short-term purchases (securities sold within a year) and options. Its methods of analysis are fundamental and technical

Fees Under Grimes & Company

As is the case with many firms, the Grimes & Company’s advisory fees are a percentage of client assets under management (AUM). These fees do not include brokerage costs and other third-party expenses., but they are negotiable. Rates generally follow this tiered schedule:

Grimes & Company Fee Schedule
AUM Annual Fee
First $500K 1.25%
Next $1.5MM 1.00% 
Next $5MM 0.75% 
Next $3MM 0.65% 
Above $10MM 0.50% 

Below is an overview of what you can expect to pay in advisory fees as a client of Grimes & Company. A recent study of 1,500 firms by RIA in a Box found an average annual fee of 0.95% of AUM.

*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.
Estimated Investment Management Fees at Grimes & Company*
Your Assets Grimes & Company Fee Amount
$500K $6,250
$1MM $11,250
$5MM $43,750
$10MM $78,250

Grimes & Company Awards and Recognition

Grimes & Company has a number of awards and accolades to boast, such as:

  • Named to Barron’s Magazine Top 100 Independent Advisors, 2009 - 2019
  • Featured in Barron’s Magazine's list of Top 100 Advisors, 2015 - 2020
  • Featured in Barron’s Magazine's list of Top 1,200 Advisors State by State, 2011 - 2020
  • Named by the Financial Times as a Top 300 RIA Firm, 2014 - 2019
  • Named by Financial Advisor Magazine as a Top Independent RIA Firm, 2012 - 2019

What to Watch Out For

In its most recent SEC filings, Grimes & Company had no criminal or regulatory actions to report.

Advisors may be registered representatives of a broker-dealer or insurance agents. While these roles can create a potential conflict of interest due to the commissions that are earned, the firm's fiduciary duty requires it to act in its clients' best interest at all times.

Opening an Account With Grimes & Company

If you're interested in opening an account with Grimes & Company, go online to the firm's website and submit a contact form. You can also call over the phone or visit the firm in person.

All information is accurate as of the writing of this article.

Tips for Finding the Right Financial Advisor 

  • Need an advisor who provides financial planning? Use SmartAsset’s free matching tool to find one. We’ll connect you with up to three advisors in your area, with the final choice of who to work with being totally up to you.
  • Ask candidates who will be able to move money out of your account. This is especially important if the firm doesn’t use third-party custodians. Even with a discretionary account, all transfers out of it should have to be authorized by you.

How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research