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 who serve your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Cutler Capital Management, LLC Find an Advisor||$322,534,365||$1,000,000|| || |
|2||New Harbor Financial Group, LLC Find an Advisor||$340,480,900||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Carl P. Sherr & Co., LLC Find an Advisor||$381,089,868||$500,000|| || |
What We Use in Our Methodology
To find the top financial advisors in Worcester, 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.
Cutler Capital Management, LLC
Cutler Capital Management, the top-ranked financial adivsory firm in Worcester, primarily works with 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 earn 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 firm's 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 investment management services on a discretionary basis to separately managed accounts (SMAs) and private investment funds. It also offers financial planning services.
Cutler Capital Management Investment Strategy
Like other firms, 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. The firm employs both fundamental and technical analysis.
New Harbor Financial Group, LLC
New Harbor Financial Group is a fee-based firm that primarily serves non-high-net-worth individuals. The firm also has some high-net-worth individuals, retirement plans and charitable organizations as clients. The firm's small team of advisors includes two certified financial planners (CFPs).
As a fee-based firm, some advisors can earn commissions for selling financial products, in addition to the fees they collect from advisory clients. This creates a potential conflict of interest, as the advisor has a financial incentive to recommend certain products to advisory clients over others that may be more suitable. However, as a fiduciary, New Harbor must always act in its clients' best interests.
Fees for asset management are charged as a percent of assets under management. Standalone financial planning services can be provided for a flat fee that typically ranges from $1,000 to $5,000 or an hourly rate of $150 to $250. New Harbor does not impose an account minimum.
New Harbor Financial Group Background
New Harbor was established as a limited liability corporation in 2005 and became an SEC-registered investment advisory firm in 2011. Michael Preston and John Llodra, the founding principals of the firm, previously worked as financial advisors at UBS Financial Services.
New Harbor offers a variety of services, including investment management, financial planning, comprehensive wealth management, retirement plan rollovers and consulting services.
New Harbor Financial Group Investment Strategy
New Harbor primarily invests client assets in exchange-traded funds, individual equities, options, and to a lesser extent, mutual funds and other types of securities. The firm may rely on different types of analysis when evaluating and selecting investments, including both technical and fundamental analysis. Howver, tax efficiency is not a main consideration of the firm when managing client portfolios, unless otherwise agreed upon with a client and stated in writing.
Carl P. Sherr & Co., LLC
Carl P. Sherr & Co., the third and final firm on our list, serves a wide range of clients, including individuals, businesses and charitable organizations. As far as individual accounts, the firm serves both non-high-net-worth individuals and high-net-worth individuals.
To open an account with this firm for investment supervisory services, you must have a minimum of $500,000. This is a fee-only firm, as none of its advisors earn commissions for selling third-party products.
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-plus years of experience in the financial industry to as little as four years, giving it a broad range of investing outlooks. There are two certified financial planners (CFPs) on staff.
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. Investment Strategy
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.