# J.M. Forbes & Co. LLP

> J.M. Forbes & Co. LLP is an SEC-registered investment advisory firm in Boston, MA, registered since 1960, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 12, 2026.

- CRD: 107422
- Filed as: J.M. FORBES & CO. LLP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: March 12, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/107422
- AdvisorCensus page: https://advisorcensus.com/firm/j-m-forbes-and-co-llp-boston-ma-107422

## Quick answers

**How is J.M. Forbes & Co. LLP compensated?**
On its Form ADV (Item 5.E, October 2026), J.M. Forbes & Co. LLP reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees).

**How much does J.M. Forbes & Co. LLP charge?**
Its Form ADV Part 2A brochure dated March 12, 2026 states: Up to $500,000: 0.95% a year; $500,000 to $1,500,000: 0.85% a year; $1,500,000 to $2,500,000: 0.75% a year; $2,500,000 to $5,000,000: 0.65% a year; $5,000,000 to $10,000,000: 0.45% a year; $10,000,000 to $50,000,000: 0.38% a year; Above $50,000,000: 0.35% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is J.M. Forbes & Co. LLP located?**
J.M. Forbes & Co. LLP's principal office is in Boston, MA, according to its Form ADV.

**Is J.M. Forbes & Co. LLP registered with the SEC or a state?**
J.M. Forbes & Co. LLP is an SEC-registered investment advisory firm, registered since 1960. Status as filed: Approved. CRD 107422.

**How much does J.M. Forbes & Co. LLP manage?**
J.M. Forbes & Co. LLP reports $1,674,306,720 in regulatory assets under management in its Form ADV filing dated March 12, 2026 (100% discretionary).

**How have J.M. Forbes & Co. LLP's assets and staff changed since 2021?**
In the Form ADV data for J.M. Forbes & Co. LLP: Regulatory assets under management: $1,046,561,860 in the October 2021 data and $1,674,306,720 in the October 2026 data, up 60%. Total employees: 18 in October 2021 and 21 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does J.M. Forbes & Co. LLP serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (685); high net worth individuals (356); charitable organizations (21).

**Which custodians does J.M. Forbes & Co. LLP use?**
J.M. Forbes & Co. LLP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists SPTC as a custodian holding 10% or more of its separately managed account assets.

**Does J.M. Forbes & Co. LLP report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/107422

**What changed in J.M. Forbes & Co. LLP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 6 to 5. Regulatory assets under management went from $1,429,917,306 to $1,674,306,720 (+17%). Registered or notice-filed in OR. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Fees and minimums (Form ADV Part 2A brochure dated March 12, 2026)

- Up to $500,000: 0.95% a year
- $500,000 to $1,500,000: 0.85% a year
- $1,500,000 to $2,500,000: 0.75% a year
- $2,500,000 to $5,000,000: 0.65% a year
- $5,000,000 to $10,000,000: 0.45% a year
- $10,000,000 to $50,000,000: 0.38% a year
- Above $50,000,000: 0.35% a year

> The primary form of advisory compensation for J.M. Forbes & Co. LLP is a management fee based on the following rates:

> First $500,000 0.95%

> Next $1,000,000 0.85%

> Next $1,000,000 0.75%

> Next $2,500,000 0.65%

> Next $5,000,000 0.45%

> Next $40,000,000 0.38%

> Over $50,000,000 0.35%

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- SPTC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,674,306,720
- Discretionary: $1,672,376,430
- Non-discretionary: $1,930,290

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 685 | $183,915,923 |
| High net worth individuals | 356 | $1,313,120,600 |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 4 | $10,096,190 |
| Charitable organizations | 21 | $114,362,848 |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 10 | $52,811,159 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Other

### Firm details
- Registered since: 1960 (66 years)
- Employees: 21 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, FL, MA, ME, MT, NH, NY, OR, RI, TX, VA, VT, WA, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- jmforbes.com
- LinkedIn @jmforbes

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,046,561,860 | 18 | March 22, 2021 |
| October 2022 | $1,173,783,193 | 19 | April 20, 2022 |
| October 2023 | $1,021,563,911 | 19 | March 16, 2023 |
| October 2024 | $1,193,376,004 | 20 | March 20, 2024 |
| October 2025 | $1,429,917,306 | 20 | March 26, 2025 |
| October 2026 | $1,674,306,720 | 21 | March 12, 2026 |

Regulatory assets under management: $1,046,561,860 in the October 2021 data and $1,674,306,720 in the October 2026 data, up 60%.
Total employees: 18 in October 2021 and 21 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 6 to 5.
- Regulatory assets under management went from $1,429,917,306 to $1,674,306,720 (+17%).
- Registered or notice-filed in OR.
- Updated its list of owners and control persons (Schedule A).

### January 2026
- No longer registered or notice-filed in DC.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. J.M. Forbes & Co. LLP (CRD 107422): Form ADV filing data as of October 2026.