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 firm’s investment strategy, account minimum and fee structure. Additionally, SmartAsset offers a financial advisor matching tool that will pair you with top advisors in your area who align with your financial goals.
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Carl P. Sherr & Co., LLC
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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.
Carl P. Sherr & Co., LLC serves a wide range of clients, including individuals, businesses, those with trusts and estates and charitable organizations. As far as individual accounts, the firm serves nearly equal parts individuals and high-net-worth individuals.
To open an account with this firm, you must have a minimum of $250,000 in investable assets. There is one certified financial planner (CFP) on staff to aid you and your advisor in creating a comprehensive investment plan.
This fee-based firm may recommend insurance policies to go along with your investment or advisory account and sales may result in commissions for your advisor. The firm is a fiduciary though, so it must act in your best financial interest always.
Carl P. Sherr & Co., LLC Background
Carl P. Sherr & Co., LLC 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., LLC Client Experience
Understanding your individual needs is the first step that Carl P. Sherr & Co., LLC 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.