Finding a Top Financial Advisor Firm in Worcester, Massachusetts
Finding a financial advisor who is well-suited to your specific needs can be a challenge. SmartAsset’s research-backed assessment of the top firm in Worcester, Massachusetts can make your search easier. We took a deep dive into the investment strategy, account minimum and fee structure of each firm. Additionally, SmartAsset offers a free financial advisor matching tool that will pair you with advisors in your area.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||The Berry Group, LLC Find an Advisor||$552,962,539||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||Cutler Capital Management, LLC Find an Advisor||$325,451,722||$1,000,000|| || |
|3||Carl P. Sherr & Co., LLC Find an Advisor||$269,096,714||Varies based on account type|| || |
Minimum AssetsVaries based on account type
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How We Found the Top Financial Advisor Firm in Worcester, Massachusetts
All Worcester-based financial advisor firms registered with the U.S. Securities and Exchange Commission (SEC) were considered for this review. Firms that are registered with the SEC are bound by fiduciary duty, which means they must put their clients’ best interests before their own. We then eliminated firms that did not manage individual accounts, did not offer financial planning or had disciplinary issues with the SEC. All information is accurate as of the writing of this article.
The Berry Group
The Berry Group, LLC takes the top spot on our list of the top financial advisors in Worcester, Massachusetts. This firm is relatively small, working mainly with individual clients both with and without a high net worth. It works with a small number of institutional clients as well, such as charities and businesses. There is no account minimum at this firm.
The Berry Group is a fee-only firm. This means that it only receives advisory fees from clients and does not receive third-party commissions. Therefore, it is not subject to a potential conflict of interest.
The Berry Group Background
The Berry Group was founded in 2019, making it one of the youngest firms on our list. Sarah Berry and Michael Machnowski are the sole owners of the firm. They both serve as managing partners of the firm. Machnowski is a certified financial planner (CFP).
This financial advisor firm provides its clients with four distinct categories of services:
- Investment and wealth management
- Selection of independent managers
- Financial planning and consulting
- Fiduciary and non-fiduciary services for plan sponsors
The Berry Group Investment Strategy
The Berry Group crafts its investment strategies based on the financial situation of each individual client, what's known as a tailored approach to investment management. By working with clients to uncover their tolerance for risk and investment objectives, advisors can create an investment profile to help guide the investment process.
Advisors choose investments by evaluating qualitative, quantitative, technical and relative strength metrics. While typical investments include stocks, bonds, exchange-traded funds (ETFs), mutual funds and separately managed portfolios, advisors may choose to invest in other ways as well.
Cutler Capital Management
Cutler Capital Management, LLC takes the next spot on our list of the top financial advisors in Worcester. The majority of this firm's clients are high-net-worth individuals, which isn't surprising given that the firm has a $1 million minimum account size requirement. Other clients include non-high-net-worth individuals, pooled investment vehicles, pensions, profit sharing plans, charities and businesses.
Cutler is a fee-only firm, as it does not take commissions from any third-parties. Instead, it receives advisory fees directly from clients as its form of compensation.
Cutler Capital Management Background
Cutler Capital Management registered with the SEC as an investment advisor in 2000. It has been providing investment advisory services since 2003. Melvin S. Cutler and Geoffrey Dancey are the firms two principal owners. Dancey serves as managing partner and portfolio manager at the firm. He is also a chartered financial analyst (CFA). Cutler is the founder of the firm and also serves as a portfolio manager.
This firm provides its clients with investment management services on a discretionary basis to separately managed accounts (SMAs) and private investment funds.
Cutler Capital Management Investment Strategy
Like other firm's Cutler Capital Management tailors its investment strategies to the individual needs of its clients. Advisors take note of each client's risk tolerance, investing timeline and overall financial goals.
When it comes to specific investments, Cutler specializes in convertible securities, community banks and real estate investment trusts (REITs). Advisors look to diversify portfolios and buy investments with the potential for long term growth and current income.
Carl P. Sherr & Co.
Carl P. Sherr & Co., LLC serves a wide range of clients, including individuals, businesses and charitable organizations. As far as individual accounts, the firm serves nearly equal parts non-high-net-worth individuals and high-net-worth individuals.
To open an account with this firm, you must have a minimum of $250,000 in investable assets. That minimum is for the wrap-fee program. Investment supervisory services have a minimu of $500,000. This is a fee-only firm.
Carl P. Sherr & Co. Background
Carl P. Sherr & Co. was founded in 1964 by its president Carl Sherr. Sherr and senior vice presidents Gary Sherr and Edward Sherr each hold a stake in the firm. This independently owned firm’s advisory staff ranges from 50 years’ experience in the financial industry to as little as 15 years, giving it a broad range of investing outlooks.
This firm aims to come up with a wealth management plan that will touch many different areas of your financial life. These areas include:
- Retirement planning
- Cash-flow analysis
- Tax minimization
- Estate planning
- Insurance evaluation
- Higher education funding
Carl P. Sherr & Co. Client Experience
Understanding your individual needs is the first step that Carl P. Sherr & Co. takes toward building your wealth management plan. This is done in two phases: an exploration meeting and a questionnaire. Your initial meeting with an advisor, which is free, is meant to give the firm a broad overview of what you want your investment account to eventually accomplish for you. Meanwhile, the questionnaire is much more detailed and it gives the firm a chance to understand your specific time horizon and risk tolerance.
As soon as this information is gathered, the firm will build a diversified portfolio for you and your family based on various securities, annuities and mutual funds. Then the plan is officially put into action with the possible help of any relevant professionals, like your accountant or lawyer.
But even with your plan in place, the process isn’t over. In fact, the firm recommends that you schedule reviews and check-in meetings as often as you’d like to make sure your portfolio is still where you want it to be. If it isn’t, your account will be rebalanced or changes can be made on a larger scale to better accommodate your new financial desires.