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Thompson Wealth Management Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Thompson Wealth Management is a full-service investment advisor firm. It also appears on SmartAsset's list of the top financial advisors in Concord, Massachusetts. The firm mostly works with individuals, though it also has some institutional clients.

This is a fee-only, independent financial advisor registered with the SEC and headquartered in Concord. The firm practices in a fiduciary capacity, which means it is obligated under law to act in the client’s best interest. It serves a handful of different clients, including high-net-worth ones.

Thompson Wealth Management Background 

Thompson Wealth Management was founded in 1991 by Bruce Thompson, who continues to serve as the firm’s president and chief compliance officer. Thompson brings more than 30 years of experience in the financial services spaces to the table. In addition, the firm currently employs such certifications as certified financial planner (CFP). 

Thompson Wealth Management Client Types and Minimum Account Sizes

Thompson Wealth Management mostly works with individuals. About half of these are high-net-worth ones. However, the firm also extends its services to corporations, trusts, estates, profit-sharing plans and more. As a bonus, Thompson also provides complementary counseling to clients' children and grandchildren following college graduation.  

Thompson Wealth Management generally requires a $750,000 minimum account balance to receive services.

Services Offered by Thompson Wealth Management

Thompson Wealth Management provides a range of services surrounding ongoing investment portfolio management and financial planning. Two of its main programs are Personal Financial Management (PFM) and Personal CFO (CFO). Prior to engaging the firm for either of these programs, a client can have a non-obligatory “chemistry session,” in which the firm aims to learn about the individual's personal financial and investment goals. 

Through the PFM program, the firm charges an asset-based fee that covers investment management and holistic financial planning. With the CFO program, a client receives unlimited financial planning advice, as well as collaboration opportunities with outside professionals such as CPAs, estate attorneys and real estate agents. This service is primarily designed for high-net-worth individuals. 

Thompson Wealth Management Philosophy

Thompson Wealth Management primarily gathers its research from independent sources. It also says it avoids “compensation-related influences" on its thinking and in its business with clients.

When it comes to investment decisions, it focuses on the following facets: 

  • Asset allocation: The mix of different investment types to hedge against potential market downturns and other risks.
  • Diversification: Allocating across different asset classes to minimize risk.
  • Expenses/costs: Aims for less frequent trading and investing primarily in low-cost mutual funds.

Fees Under Thompson Wealth Management

Thompson Wealth Management operates on a fee-only basis. So it doesn't take commissions or referral fees. During its review period, the firm typically requests an up-front fee of about $1,500 to $5,000 based on the complexity of the plan established. 

The firm charges an asset-based fee for its PFM program, which combines investment management and overall financial planning. The fee is calculated on a percentage of assets in your account based on the fee schedule detailed below.

PFM Program Fee Schedule
Assets Under Management Fee Rate
Up to $1,500,000 1.125%
$1,500,000 - $3,000,000 0.75%
$3,000,000 - $5,000,000 0.66%
Above $5,000,000 0.50%

For the CFO program, the firm charges a fee based on the client’s net worth. This fee generally ranges from 0.40% to 0.75%, depending on the complexity of the plan as well as the client’s assets and liabilities. For financial planning services not covered under the PFM program, the firm charges a fee of $200 per hour.

Meanwhile, it charges the following asset-based fees for standalone investment management without financial planning.

Standalone Investment Management Fee Schedule
Assets Under Management Fee Rate
Up to $1,500,000 1.00%
$1,500,000 to $3,000,000 0.75%
$3,000,000 to $5,000,000 0.66%
Above $5,000,000 0.50% 

However, the fees described above account for advisory fees paid to Thompson Wealth Management only. They don’t include transaction fees or commissions charged by broker-dealers or custodians. They also don’t cover mutual fund or exchange-traded fund (ETF) expenses that fund managers charge.

What to Watch Out For

Thompson Wealth Management has not undergone any disciplinary actions regarding its business practices. It has published no disclosures, according to the latest Form ADV it has filed with the SEC.

Opening an Account with Thompson Wealth Management

The simplest way to open an account with Thompson Wealth Management is by visiting its main office in Concord, Massachusetts to discuss the different services available. You can also call the firm at (978) 287-5151.

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

Tips for Finding a Financial Advisor

  • Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in just five minutes. If you’re ready to be matched with local advisors, get started now.
  • Before deciding to work with an advisor, you should know that not all financial advisors have the same certifications or any at all. Typically, you should seek out individuals that are certified financial planners (CFPs) with a fiduciary obligation to work in your best interests.

How Long $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.

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

Methodology We weighed potential expenditures for a prospective retiree with a  $1 million nest egg to assess how many years that fund would cover in retirement in America’s largest cities.

We 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 metro areas across the U.S.

We assumed the $1 million would grow at a net annual return of 2% after inflation. 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.