Finding the Top Financial Advisor Firms in Needham, Massachusetts
It may be challenging to find a financial advisor in Needham, Massachusetts. The search can involve reading complex documents filled with financial jargon and fine print. But don’t worry. We did the hard work for you. We conducted research on such key factors as account minimums, services offered and the qualifications of the advisors they employ. Read on for the top eight financial advisor firms in the area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Beaumont Financial Partners, LLC Find an Advisor||$3,027,042,866||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Stage Harbor Financial, LLC Find an Advisor||$836,371,229||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Centerpoint Advisors, LLC Find an Advisor||$560,471,812||$20,000 minimum annual fee|| || |
Minimum Assets$20,000 minimum annual fee
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|4||Goodman Advisory Group, LLC Find an Advisor||$317,127,211||$100,000|| || |
|5||Traub Capital Management, LLC Find an Advisor||$148,641,154||$400,000|| || |
|6||Commons Capital, LLC Find an Advisor||$184,316,352||No set account minimum|| || |
Minimum AssetsNo set account minimum
|7||Forness Financial LLC Find an Advisor||$167,000,000||$500,000|| || |
What We Use in Our Methodology
To find the top financial advisors in Needham, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:
- AUMFirms with more total assets under management are ranked higher.
- Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher.
- Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher.
- Age of FirmFirms that have been in business longer are ranked higher.
All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.
Beaumont Financial Partners, LLC
The top firm on this list is Beaumont Financial Partners, a fee-only firm that primarily works with individual clients above and below the high-net-worth threshold. The firm also has a limited number of institutional clients that include pooled investment vehicles, pension and profit- sharing plans, charitable organizations and corporations.
Members of the Beaumont team hold a variety of advisory certifications like the certified financial planner (CFP), chartered financial analyst (CFA), certified public accountant (CPA) and certified divorce financial analyst (CDFA) designations.
There isn’t a set account minimum at the firm and fees for asset management are based on a percentage of assets under management. Advisors do not earn commissions for selling securities.
Beaumont Financial Partners Background
Beaumont Financial Partners was founded in 1999 and comes from a predecessor firm founded in 1981. The principal owners are Thomas J. Cahill, Lawrence A. Fiore, Philip Dubuque, James Oates and Richard Burnes Jr.
The firm’s services include investment management, business and tax advisory, life cycle planning, generation planning, estate planning, insurance and long-term care.
Beaumont Financial Partners Investment Strategy
Beaumont breaks down each investment into one of several categories: safety, income, equity income, growth and aggressive growth. A mix of these investment categories is used to build a portfolio for clients. It also changes the balance of investments based on how the advisors believe the overall market is moving, shifting to more conservative investments when they see a market downtown. The firm also offers a suite of model portfolios that typically invest in low-cost mutual funds and exchange-traded funds.
Stage Harbor Financial, LLC
Stage Harbor Financial is a fee-based firm with a team that includes advisory certifications like certified financial planner (CFP) and chartered financial analyst (CFA). As a fee-based firm, advisors can earn insurance commissions. However, the firm is a fiduciary and is obligated to act in the best interests of clients at all times.
Approximately 65% of Stage Harbor clients are high-net-worth individuals. The firm also works with non-high-net-worth individuals, trusts, estates, businesses and retirement plans.
Fees at Stage Harbor are based on a percentage of assets under management for wealth management. Financial planning fees are charged at a fixed rate, generally between $3,000 and $20,000. There is no minimum account size at Stage Harbor.
Stage Harbor Financial Background
Stage Harbor was founded in 2018, making it one of the youngest firms on this list. It is owned and operated by Andre M. Fernandes, Matthew D. Biggar and William F. LeFavor.
Services offered by the firm include wealth management, consulting, financial planning, retirement planning, philanthropic planning, estate planning, education planning, income tax strategies and asset allocation.
Stage Harbor Financial Investment Strategy
Advisors at Stage Harbor take each client’s goals and needs into account when deciding how to put together a portfolio. There are a couple of main focal points:
- Strategy selection: This generally involves using a core/satellite structure with passive strategies at the core and active strategies in the satellite.
- Asset allocation: This is about creating a portfolio diversified across different asset classes.
After building out a client portfolio, the firm focuses on tax optimization and portfolio rebalancing.
Centerpoint Advisors, LLC
Centerpoint Advisors, LLC is a fee-based advisor that works mostly with individual investors, though there are some high-net-worth clients. Institutional clients are all either pension and profi-sharing plans or corporations.
Members of the Centerpoint team hold various financial certifications such as certified financial planner (CFP), certified divorce financial analyst (CDFA) and chartered financial analyst (CFA).
There is no minimum account size at Centerpoint, but there is a minimum fee of $20,000 annually. Financial planning fees are charged hourly ($225 to $350) or as flat fees ($1,000 to $5,000). Investment management is charged as a percentage of assets under management. Some staff members at Centerpoint are registered representatives of broker-dealers and may earn commissions for selling securities. This is a potential conflict of interest, but when acting as advisors, they must act in the client’s best interest.
Centerpoint Advisors Background
Centerpoint was founded in 2011. It is owned by Jennifer M. Wolfsberg and John E. Wolfsberg. Prior to becoming an independent advisor, the firm operated as part of National Securities Corporation and National Asset Management.
Services at the firm include investment management, consulting services, family office services, insurance review, wealth transfer, charitable assistance, estate planning, tax planning, retirement planning, education funding, family governance and divorce financial analysis.
Centerpoint Advisors Investment Strategy
Advisors at Centerpoint use a mix of fundamental and technical analysis to make investment decisions. The firm offers investment strategies that focus entirely on fixed-income, equities or both. Equity strategies rely on mutual funds and exchange-traded funds.
The firm also offers an Individual Equity Strategy, which consists of a limited number of companies that offer above-average risk/return potential. This strategy will also occassionally take smaller positions in more speculative companies that offer greater upside potential, but elevated risk.
Goodman Advisory Group, LLC
Goodman Advisory Group, a fee-based firm, is the No. 4-ranked practice in Needham. The firm works with individuals above and below the high-net-worth threshold, as well as institutional clients that include pension and profit-sharing plans, charitable organizations and corporations. The team at Goodman includes two certified financial planners (CFPs), a certified public accountant (CPA) and a chartered financial advisor (CFA). There is a $100,000 account size minimum.
Fees for investment management are based on a percentage of assets under management. Financial planning fees are either fixed ($2,500 to $10,000) or charged hourly ($200 to $500). Some advisors at Goodman may earn commissions for the sale of securities or insurance products. This is a potential conflict of interest, but they must act in the client’s best interest when serving as an advisor.
Goodman Advisory Group Background
Goodman Advisory Group was founded in 2017. It is owned by Deborah N. Goodman, who also serves as chief compliance officer.
Goodman’s services include investment management, internal management services, financial planning, investment planning, risk management assessment, cash flow and budget advice, tax planning, retirement analysis and college funding.
Goodman Advisory Group Investment Strategy
Advisors at Goodman use a mix of fundamental, technical and behavioral analyses to develop investment strategies for clients. Research materials come from various sources. Nearly all of client money is either invested in stocks or various mutual funds. Investment strategies are tailored to the needs of clients to the best of the firm's ability.
Traub Capital Management, LLC
Traub Capital Management, a fee-only firm, is next on the list of Needham's top financial advisory practices. Traub's small team includes one advisor who holds the certified financial planner (CFP) and chartered financial analyst (CFA) certifications.
The client base is nearly an even mix of high-net-worth and non-high-net-worth individual investors. Institutional clients include investment companies, pension and profit-sharing plans and corporations.
The minimum account size at Traub is $400,000, with minimum fees of either $4,000 or $2,800, depending on your portfolio makeup. Fees are charged based on a percentage of assets under management for asset management.
Traub Capital Management Background
Traub was founded in 2003 by Heydon Traub, who remains the firm's owner. Traub previously spent 16 years at State Street Global Advisors (SSgA). There, he headed up the firm's global equities and global asset allocation departments, and served as a senior vice president. He also hosted a weekly radio show for three years on the Money Matters radio network, which was heard locally on WBNW 1120 AM.
Full-service investment management is the firm's primary service.
Traub Capital Management Investment Strategy
Clients at Traub can choose to put together a portfolio made up of only mutual funds or one that also uses individual equities. Those that use only mutual funds will pay lower fees. If you do use individual equities, the firm thinks in terms of value and uses quantitative analysis to find investments that offer it.
Commons Capital, LLC
Commons Capital is a fee-based advisor that works with individual clients who are above and below the high-net-worth threshold.
The firm has no account size minimum. Fees for investment management are based on a percentage of assets under management, ranging from 0.25% to 2%. Meanwhile, financial planning is billed at a fixed rate of up to $2,000. Some of the advisors may earn commissions for selling securities. This presents a potential conflict of interest, but they must act in your best interest when acting as an advisor.
Commons Capital Advisors Background
Commons Capital was founded in 2009 and registered as an investment advisor in 2012. It is owned and operated by Jonathan D. Straus, founder, chief compliance officer and portfolio manager.
Services offered by the firm include investment management, financial planning, investment planning, retirement planning, educational planning, estate planning, philanthropic planning and insurance needs.
Commons Capital Advisors Investment Strategy
Advisors at Commons Capital follow a seven-step process for putting together client portfolios:
- Use Modern Portfolio Theory
- Overweight and underweight asset classes
- Pair active and passive strategies
- Limit position sizes to less than 5% of portfolio
- Monitor securities positions each day
- Combine quantitative, fundamental and technical analysis
- Hedge risk during significant downturns
Forness Financial LLC
Forness Financial rounds out our list of the top financial advisory firms in Needham. The clients this fee-based firm are mostly non-high-net-worth individuals, although some have a high-net-worth. The firm also serves trusts and estates.
The small team at Forness includes such advisory certifications as chartered retirement planning counselor (CRPC) and certified financial planner (CFP).
Fees for wealth management are based on a percentage of assets under management. Some advisors may earn commissions for selling insurance products. This is a potential conflict of interest, but advisors must always act in the best interest of the client. The firm imposes a minimum account size of $500,000.
Forness Financial Background
Founded in 2014, Forness Financial is owned and operated by managing principals Norman A. Forness and Ryan C. Forness, who also serves as chief compliance officer.
The firm’s services include investment management, portfolio strategy and financial consulting, estate planning, retirement income planning, elder care planning and tax strategy.
Forness Financial Investment Strategy
Advisors at Forness Financial primarily use fundamental analysis to research potential investments for clients. Long-term investments are preferred, but investments held for a shorter period of time may also be used if the opportunity presents itself. The firm primarily uses mutual funds and/or exhange-traded funds to populate client portfolios. Advisors do their best to tailor asset management services and investment strategies to the needs of clients.