Best Financial Advisors in Boston, Massachusetts

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Contributor, Benzinga
April 2, 2020

Boston is home to several of the best and most prestigious universities in the entire world. You can bet that Boston, Massachusetts also has a distinguished, reputable (and endless) list of financial advisors, too. 

How do you find the right financial advisor for your specific situation and goals? Benzinga has done the work for you to compile the best financial advisors in the Boston area for any and all of your life stages.

Best Financial Advisors in Boston, Massachusetts:

1. Best for Goal Setting: EagleClaw Asset Management

EagleClaw Asset Management is a personal advising firm that focuses on providing individual portfolio solutions to each of its clients. EagleClaw doesn’t follow a specific investing method or index for asset allocation. Instead, the company begins by consulting directly with you to learn more about your goals and risk tolerance. 

Next, your EagleClaw financial planner will hand-select stocks that match your needs and preferences. EagleClaw charges you a percentage of the total assets you have under management. There’s no set minimum portfolio balance you must have to get started working with a team.

EAGLECLAW CAPITAL MANAGEMENT LLC

EAGLECLAW CAPITAL MANAGEMENT LLC

$262,688,248

EagleClaw Asset Management is a personal advising firm focused on providing individual portfolio solutions to each of its clients. EagleClaw doesn’t follow one specific investing method or index when it decides where to allocate your assets. Instead, it begins by consulting directly with you to learn more about your goals and risk tolerance. Then, your EagleClaw financial planner will hand-select stocks that match your needs and preferences. EagleClaw charges you a percentage of the total assets you have under management, and there’s no set minimum portfolio balance you must have to get started working with a team.

  • A percentage of assets under your management
Average account size is $1.5 million
2
115
Yes
93
8
  • Financial planning services
Address

ONE FEDERAL STREET 19TH FLOORBOSTON MA, 02110

Phone number

617-426-0417

M1 Finance
Best For
  • Customizable Auto Investing
securely through M1 Finance's website

2. Best Robo-Advisor: M1 Finance

Looking for a DIY approach to managing your money? M1 Finance may fit the bill. You can opt for individual stocks, low-cost ETFs or a combination of both stocks and ETFs. M1 Finance also offers a portfolio line of credit up to $10,000 and a checking account option so you can set up direct deposits. 

Choose between 2 account types — Core and Plus. The Core account includes:

  • No trading commissions
  • No management fees
  • Free checking account
  • 3.5% base rate for a portfolio line of credit

M1 Finance’s Plus account adds more features:

  • Core account features
  • 1% APY on checking account balances 
  • 1% cashback on qualifying debit card purchases, no limits
  • Access to a second daily trade window
  • 2.75% rate for portfolio line of credit (0.75% reduction)

3. Best for High Net-Worth Individuals: Boston Financial Management

Boston Financial Management’s wealth management planning service focuses on serving families with a large number of assets that need to be managed. Boston Financial focuses on using the family office model of wealth management, which pools investments from family-owned businesses and inheritances to strengthen the overall investment pool. 

This means that the company primarily works with very high net-worth individuals and larger-scale businesses. The company recommends that clients already have at least $2 million in assets. Families may choose to compile assets from multiple family members to reach this minimum.

BOSTON FINANCIAL MANAGEMENT LLC

BOSTON FINANCIAL MANAGEMENT LLC

$2,195,153,273

Boston Financial Management is a wealth management planning service focused on serving families with a large number of assets they need to be managed. Boston Financial focuses on using the family office model of wealth management, which pools together investments from family-owned businesses and inheritances to strengthen the overall investment pool. This means that the company primarily works with very high net-worth individuals and larger-scale businesses. To get the most out of Boston Financial, the company recommends that clients already have at least $2 million worth of assets under management. However, you may add assets from multiple family members together to reach this minimum.

  • A percentage of assets under your management
  • Hourly charges
  • Fixed fees (other than subscription fees)
$2,000,000
18
235
Yes
20
8
  • Financial planning services
Address

255 STATE STREET 6TH FLOORBOSTON MA, 02109

Phone number

617-338-8108

4. Best for Business Owners: Appleton Partners

Appleton Partners is one of the top financial advisors in Boston for larger entities. Providing individual investment services to families and business owners, it also manages business assets and provides services to corporations, charities and local and state government offices. 

Appleton’s investing strategy focuses on extensive market research and high liquidity. This means that its team seeks to invest in assets that can act as flexible parts of your portfolio. It also uses active management strategies to respond to market changes — a higher-risk strategy may come with increased gains in your portfolio.

APPLETON PARTNERS,INC.

APPLETON PARTNERS,INC.

$10,189,067,277

Appleton is one of the top financial advisors in Boston for larger entities. Providing individual investment services to families and business owners, it also manages business assets and provides services to corporations, charities and local and state government offices. Appleton’s investing strategy focuses on extensive market research and high liquidity. This means that its team seeks to invest in assets that can act as flexible pieces of your portfolio. It also uses active management strategies to respond to market changes — a higher-risk strategy that may come with increased gains in your portfolio.

  • A percentage of assets under your management
$1 million recommended
49
229
Yes
100
8
  • Financial planning services
  • Publication of periodicals or newsletters
  • Educational seminars/workshops
Address

ONE POST OFFICE SQUARE 20TH FLOORBOSTON MA, 02109

Phone number

617-338-0700

Empower
Best For
  • High Net Worth Individuals
securely through Empower's website

5. Best Portfolio Analysis: Personal Capital

Personal Capital offers a comprehensive tracking tool for all your accounts. The tool tallies up everything you own and projects where your spending patterns fall and whether you’ll hit your savings goals. Personal Capital can also help you develop your portfolio with managed services. You must have an account minimum balance of $100,000 or more to get a managed account. 

You’ll be able to track a multi-asset portfolio with Personal Capital’s free investment management tools. Live account management will give you access to tax optimization strategies and a comprehensive attack plan for your personal long- and short-term success.

6. Best for Experienced Advisors: Northeast Investment Management

Northeast Investment Management is one of the longest-standing financial advisors in Boston. With over 60 years of experience assisting clients with investments, Northeast’s primary draw is the experience level of its financial planners and advisors. The average Northeast advisor has been with the company for 15 years! This longevity can give you peace of mind if you’re a newer investor — you’ll know your money is in experienced hands. 

Northeast uses in-house individualized investment strategies and offers portfolio and wealth management advice to individuals, businesses and charitable organizations. Though Northeast won’t buy securities or trade on your behalf, it can provide a wealth of customized advice for your needs. It’s hands-down a top financial planner in Boston.

NORTH AMERICAN MANAGEMENT CORP

NORTH AMERICAN MANAGEMENT CORP

$1,296,660,903
  • A percentage of assets under your management
  • Fixed fees (other than subscription fees)
$500,000
8
207
Yes
32
6
  • Financial planning services
  • Selection of other advisers (including private fund managers)
Address

TEN POST OFFICE SQUARE SUITE 1200 SOUTH BOSTON MA, 02109-4621

Phone number

617-695-2100

SmartAsset Financial Advisors
Best For
  • Comparing Advisors
securely through SmartAsset Financial Advisors's website

8. Best for Finding Custom Financial Advisors: SmartAsset

Find the right financial advisor to prepare for your future. SmartAsset's platform connects investors, soon-to-be-retirees and retirees with financial advisors from across the country. 

As the first comprehensive solution for easily and securely pairing investors with financial advisors, SmartAsset provides you with free and secure access to the financial advisor marketplace and sources advisors right for you based on your location, assets and personal preferences. 

Answer a brief survey regarding your preparedness for retirement, investment style and contact information. SmartAsset’s algorithm can match you with the best financial advisor for you!

9. Best for Passive Investments: TFC Financial Management

Most financial advisors in Boston concentrate their services on corporate investing. TFC instead takes a more human approach, focusing its resources on serving charities and high net-worth individuals. TFC’s investment strategy focuses on passive management and investments. When you invest with TFC, the bulk of your assets go toward passively-managed, exchange-traded funds and no-load mutual funds

TFC doesn’t attempt to time the market, nor does the company choose individual stocks to invest in. If you’re an individual with an eye toward retirement, TFC’s investment strategies offer a safe approach. You’ll typically need to be able to start with $2 million in assets.

TFC FINANCIAL MANAGEMENT INC

TFC FINANCIAL MANAGEMENT INC

$904,386,684

Most financial advisors in Boston concentrate their services on corporate investing. TFC instead takes a more human approach, focusing its resources on serving charities and high net-worth individuals. TFC’s investment strategy focuses on passive management and investments. When you invest with TFC, the bulk of your assets go toward passively-managed, exchange-traded funds and no-load mutual funds. They don’t attempt to time the market, nor do they choose individual stocks to invest in. If you’re an individual with an eye toward retirement, TFC’s investment strategy can be that safe eye. To begin investing with their team, however, you’ll typically need around $2 million in assets.

  • A percentage of assets under your management
  • Hourly charges
  • Fixed fees (other than subscription fees)
$2,000,000
11
130
Yes
88
8
  • Financial planning services
  • Selection of other advisers (including private fund managers)
Address

260 FRANKLIN STREET SUITE 1888BOSTON MA, 02110

Phone number

617-210-6700

Frequently Asked Questions

Q: Do I need a financial advisor for retirement?

A: No, you don’t need to lean on a financial advisor for retirement if you’re comfortable managing your own assets and have the discipline to follow the markets on your own. However, if you’re new to investing, you may feel more secure handing your money over to a company or advisor that has experience managing people’s assets. 

Q: Is it worth paying a financial advisor 1%? 

A: Yes, there’s a quantifiable increase in the returns you can get when you work with a financial advisor. A good financial advisor can increase your returns by approximately 3%, according to Vanguard, a leading investment advisor based in Malvern, Pennsylvania, with over $5.3 trillion in assets under management. 

Q: Do financial advisors check your credit?

A: Most financial advisors will not check your credit unless there’s a specific reason to do so.

Get the Best Financial Advisor in Boston

Your financial future is important — not just for yourself, but your loved ones (also known as beneficiaries!) as well. Choose wisely. Interview several candidates (who should be fiduciaries — ask them!) and choose the advisor who you think meets your financial needs best. Make sure each financial advisor can answer your questions well and can get on board with your future goals.

Methodology

We pored through all SEC-registered advisory firms with offices in Boston to determine the top financial advisors in Boston. We winnowed the list by only including advisors that are registered fiduciaries, had no past disclosures and have minimal personal conflicts of interest. We gave weight to companies that offer both investment management and planning, had no conflicts of interest, had offices in multiple states, have a wrap fee program and over $50 million in assets under management.

About Melissa Brock

Melissa Brock is a versatile freelance writer and financial editor, recognized for her expertise in higher education, personal finance, and investing. With over a decade of experience in online content creation, Melissa has established herself as a trusted source for insightful financial advice and educational resources. Her writing prowess extends to diverse topics, including trading, cryptocurrency, and college savings. Melissa’s commitment to empowering readers with practical knowledge and actionable insights is evident in her contributions to various reputable platforms. As a dedicated financial editor, she meticulously covers the complexities of personal finance, ensuring readers have the tools they need to make informed decisions. Melissa’s work exemplifies her passion for educating and informing audiences on matters of financial literacy and investment strategies.