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Welch & Forbes 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.

Welch & Forbes has been in business for nearly 200 years. The firm’s founders initially created the company with the intentions of focusing on the legal needs of Boston’s industrialists, according to the firm’s website. But the firm’s services have expanded to include investment management and various other advisory services.

Welch & Forbes is a fee-only firm, some of whose advisors hold qualifications such as the chartered financial analyst (CFA), certified financial planner (CFP) and certified public accountant (CPA) designations.

Welch and Forbes Background

Welch & Forbes has been in business since 1838. The firm is a Delaware limited liability company, and its institutional partner, Affiliated Managers Group, Inc., holds a majority stake in the business, according to Welch & Forbes’ Form ADV brochure. 

Certain employees also own equity interest in Welch & Forbes.

Welch and Forbes Client Types and Minimum Account Sizes

Welch & Forbes serves non-high-net-worth individuals, high-net-worth individuals, pension and profit sharing plans, charitable organizations, trusts, corporations and business entities. 

The firm imposes a $2 million minimum account size. Welch and Forbes may be willing to waive or reduce this, though.

Services Offered by Welch and Forbes

Welch & Forbes offers the following advisory services:

  • Portfolio management
  • Financial planning
  • Personal trust and fiduciary services
  • Estate planning and administration services
  • Tax and custodial services

Welch and Forbes Investment Philosophy 

Welch’s portfolio managers provide client-specific asset allocations that focus on each client’s long-term goals, according to its firm brochure. In developing customized strategies, advisors also address clients’ risk tolerances and liquidity needs. The firm specializes in equity and fixed income portfolios. 

When it comes to investments, Welch & Forbes primarily uses domestic and international stocks and American depositary receipts (ADRs), mutual funds, exchange-traded funds (ETFs) and alternative investments

Welch and Forbes Fees

Welch & Forbes offers the following fee schedule for its investment advisory services:

Fee Schedule for Investment Advisory Services
Amount of Assets Annual Fee
First $2,000,000 1.25%
Above $2,000,000 0.50%

Here's a breakdown of what you may expect to pay as a client of this firm:

*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 Welch and Forbes*
Your Assets Fee Amount
$500K $6,250
$1MM $12,500
$5MM $40,000
$10MM $65,000

Learn more about advisors' typical costs here.

What to Watch Out For

This firm doesn’t have any disclosures, or disciplinary actions, listed on its Form ADV.

Opening an Account with Welch and Forbes 

You can either visit Welch & Forbes’ Boston office, or you can call an advisor at (617) 523-1635.

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

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How Long $1mm 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 analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

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%. 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