# MSA Financial

> 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.

- CRD: 107768
- Filed as: MSA FINANCIAL
- Legal name: Marino, Stram and Associates LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Braintree, MA
- Filing period: October 2026
- Form ADV filing dated: June 18, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/107768
- AdvisorCensus page: https://advisorcensus.com/firm/msa-financial-braintree-ma-107768

## Quick answers

**How is MSA Financial compensated?**
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).

**How much does MSA Financial charge?**
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.

**Where is MSA Financial located?**
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).

**Is MSA Financial registered with the SEC or a state?**
MSA Financial is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 107768.

**How much does MSA Financial manage?**
MSA Financial reports $1,405,327,219 in regulatory assets under management in its Form ADV filing dated June 18, 2026 (97% discretionary).

**How have MSA Financial's assets and staff changed since 2021?**
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.

**What types of clients does MSA Financial serve?**
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).

**Which custodians does MSA Financial use?**
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.

**Does MSA Financial 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/107768

**Does MSA Financial state an account minimum?**
Its Form ADV Part 2A brochure dated June 18, 2026 says: "MSA Financial generally does not impose a minimum size for establishing a relationship."

**What changed in MSA Financial's recent Form ADV filings?**
In the March 2026 filing data: Regulatory assets under management went from $1,168,995,005 to $1,405,327,219 (+20%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated June 18, 2026)

- Account minimum: None

> MSA Financial generally does not impose a minimum size for establishing a relationship.

- Hourly rate: $100 to $1,000 an hour (financial planning or consulting services)

> 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.

- Flat fee: $1,000 to $5,000 (financial planning or consulting services)

> 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.

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

### Custodians (Schedule D, Section 5.K(3))
- Fidelity Brokerage Services LLC

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: $1,405,327,219
- Discretionary: $1,369,556,618
- Non-discretionary: $35,770,601

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 850 | $288,054,935 |
| High net worth individuals | 474 | $1,078,298,515 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 14 | $36,942,166 |
| Corporations or other businesses not listed above | Fewer than 5 | $2,031,603 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 2011 (15 years)
- Employees: 19 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CT, FL, MA, MD, ME, NC, NH, NJ, NY, OH, PA, RI, SC, TX, VA, VT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Sandwich, MA

### Websites listed on Form ADV (Item 1.I)
- marinostram.com
- msaplan.com
- LinkedIn @MARINO-STRAM-&-ASSOCIATES

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $796,909,420 | 18 | March 9, 2021 |
| October 2022 | $978,085,997 | 18 | September 9, 2022 |
| October 2023 | $870,408,678 | 19 | July 31, 2023 |
| October 2024 | $1,002,893,618 | 19 | July 18, 2024 |
| October 2025 | $1,168,995,005 | 19 | May 27, 2025 |
| October 2026 | $1,405,327,219 | 19 | June 18, 2026 |

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.

## Changes in the filing (last 12 months)

### March 2026
- Regulatory assets under management went from $1,168,995,005 to $1,405,327,219 (+20%).

### January 2026
- No longer registered or notice-filed in NE, WA.

### December 2025
- Registered or notice-filed in OH.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. MSA Financial (CRD 107768): Form ADV filing data as of October 2026.