{
  "crd_number": 107768,
  "slug": "msa-financial-braintree-ma-107768",
  "primary_business_name": "MSA FINANCIAL",
  "legal_name": "MARINO, STRAM AND ASSOCIATES LLC",
  "dbas": [],
  "city": "Braintree",
  "state": "MA",
  "country": "United States",
  "cbsa_code": "14460",
  "metro": {
    "cbsa_code": "14460",
    "common_name": "Boston",
    "msa_name": "Boston-Cambridge-Newton, MA-NH",
    "path": "/advisors/ma/boston"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2011-06-13",
  "years_registered": 15,
  "period": "2026-10-01",
  "filing_date": "2026-06-18",
  "carried_forward": false,
  "raum_total": 1405327219.0,
  "raum_discretionary": 1369556618.0,
  "raum_non_discretionary": 35770601.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 19,
  "advisory_employees": 8,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "individuals": {
      "raum": 288054935.0,
      "count": 850
    },
    "pension_profit_sharing": {
      "raum": 36942166.0,
      "count": 14
    },
    "high_net_worth_individuals": {
      "raum": 1078298515.0,
      "count": 474
    },
    "corporations_other_businesses": {
      "raum": 2031603.0,
      "count": null,
      "fewer_than_5": true
    }
  },
  "compensation_types": [
    "fixed",
    "hourly",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "other",
    "pension_consulting",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AZ",
    "CA",
    "CT",
    "FL",
    "MA",
    "MD",
    "ME",
    "NC",
    "NH",
    "NJ",
    "NY",
    "OH",
    "PA",
    "RI",
    "SC",
    "TX",
    "VA",
    "VT"
  ],
  "websites": [
    "https://linkedin.com/COMPANY/MARINO-STRAM-&-ASSOCIATES",
    "https://marinostram.com",
    "https://msaplan.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/107768",
  "city_as_filed": "BRAINTREE",
  "url": "https://advisorcensus.com/firm/msa-financial-braintree-ma-107768",
  "display_name": "MSA Financial",
  "summary": "MSA Financial is an SEC-registered investment advisory firm in Braintree, MA, registered since 2011, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 18, 2026.",
  "citation": "AdvisorCensus. MSA Financial (CRD 107768): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Pension consulting services",
    "Selection of other advisers (including private fund managers)",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is MSA Financial compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), MSA Financial reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees)."
    },
    {
      "q": "How much does MSA Financial charge?",
      "a": "Its Form ADV Part 2A brochure dated June 18, 2026 states: Hourly rate: $100 to $1,000 an hour (financial planning or consulting services); Flat fee: $1,000 to $5,000 (financial planning or consulting services). Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is MSA Financial located?",
      "a": "MSA Financial's principal office is in Braintree, MA, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is MSA Financial registered with the SEC or a state?",
      "a": "MSA Financial is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 107768."
    },
    {
      "q": "How much does MSA Financial manage?",
      "a": "MSA Financial reports $1,405,327,219 in regulatory assets under management in its Form ADV filing dated June 18, 2026 (97% discretionary)."
    },
    {
      "q": "How have MSA Financial's assets and staff changed since 2021?",
      "a": "In the Form ADV data for MSA Financial: Regulatory assets under management: $796,909,420 in the October 2021 data and $1,405,327,219 in the October 2026 data, up 76%. Total employees: 18 in October 2021 and 19 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does MSA Financial serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (850); high net worth individuals (474); pension and profit sharing plans (but not the plan participants or government pension plans) (14)."
    },
    {
      "q": "Which custodians does MSA Financial use?",
      "a": "MSA Financial's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Fidelity Brokerage Services LLC as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does MSA Financial report any disciplinary disclosures?",
      "a": "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/107768"
    },
    {
      "q": "Does MSA Financial state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated June 18, 2026 says: \"MSA Financial generally does not impose a minimum size for establishing a relationship.\""
    },
    {
      "q": "What changed in MSA Financial's recent Form ADV filings?",
      "a": "In the March 2026 filing data: Regulatory assets under management went from $1,168,995,005 to $1,405,327,219 (+20%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 796909420.0,
      "total_employees": 18,
      "filing_date": "2021-03-09"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 978085997.0,
      "total_employees": 18,
      "filing_date": "2022-09-09"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 870408678.0,
      "total_employees": 19,
      "filing_date": "2023-07-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1002893618.0,
      "total_employees": 19,
      "filing_date": "2024-07-18"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1168995005.0,
      "total_employees": 19,
      "filing_date": "2025-05-27"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1405327219.0,
      "total_employees": 19,
      "filing_date": "2026-06-18"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-03-01",
      "period_label": "March 2026",
      "notes": [
        "Regulatory assets under management went from $1,168,995,005 to $1,405,327,219 (+20%)."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "No longer registered or notice-filed in NE, WA."
      ]
    },
    {
      "period": "2025-12-01",
      "period_label": "December 2025",
      "notes": [
        "Registered or notice-filed in OH."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated June 18, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "None",
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "planning_fees": [
      "Hourly rate: $100 to $1,000 an hour (financial planning or consulting services)",
      "Flat fee: $1,000 to $5,000 (financial planning or consulting services)"
    ],
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: None"
        ],
        "quotes": [
          "MSA Financial generally does not impose a minimum size for establishing a relationship."
        ]
      },
      {
        "label": "Planning fee",
        "statements": [
          "Hourly rate: $100 to $1,000 an hour (financial planning or consulting services)"
        ],
        "quotes": [
          "MSA Financial offers financial planning or consulting services on an hourly basis ranging from $100 to $1,000 per hour or on a fixed fee basis ranging from $1,000 to $5,000."
        ]
      },
      {
        "label": "Planning fee",
        "statements": [
          "Flat fee: $1,000 to $5,000 (financial planning or consulting services)"
        ],
        "quotes": [
          "MSA Financial offers financial planning or consulting services on an hourly basis ranging from $100 to $1,000 per hour or on a fixed fee basis ranging from $1,000 to $5,000."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": 0.0,
      "minimum_annual_fee": null,
      "planning": [
        {
          "kind": "hourly",
          "amount": null,
          "min": 100.0,
          "max": 1000.0,
          "period": "hour",
          "service": "financial planning or consulting services"
        },
        {
          "kind": "flat",
          "amount": null,
          "min": 1000.0,
          "max": 5000.0,
          "period": "one_time",
          "service": "financial planning or consulting services"
        }
      ]
    },
    "quotes": [
      "MSA Financial generally does not impose a minimum size for establishing a relationship.",
      "MSA Financial offers financial planning or consulting services on an hourly basis ranging from $100 to $1,000 per hour or on a fixed fee basis ranging from $1,000 to $5,000.",
      "MSA Financial offers financial planning or consulting services on an hourly basis ranging from $100 to $1,000 per hour or on a fixed fee basis ranging from $1,000 to $5,000."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Fidelity Brokerage Services LLC",
      "name_as_filed": "FIDELITY BROKERAGE SERVICES LLC",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/msa-financial-braintree-ma-107768.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 850,
      "fewer_than_5": false,
      "raum": 288054935.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 474,
      "fewer_than_5": false,
      "raum": 1078298515.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 14,
      "fewer_than_5": false,
      "raum": 36942166.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": null,
      "fewer_than_5": true,
      "raum": 2031603.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/107768",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}