AdvisorCensus / Financial advisors / Massachusetts / Boston / Welch & Forbes LLC
Welch & Forbes LLC is an SEC-registered investment advisory firm in Boston, MA, registered since 2001, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated May 19, 2026.
Quick answers
From the filingHow is Welch & Forbes LLC compensated?
On its Form ADV (Item 5.E, October 2026), Welch & Forbes LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees).
What does Welch & Forbes LLC's brochure say about its fees?
Its Form ADV Part 2A brochure dated March 18, 2026 states: Up to $3,000,000: 1% a year; $3,000,000 to $5,000,000: 0.75% a year; Above $5,000,000: 0.5% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Welch & Forbes LLC located?
Welch & Forbes LLC's principal office is in Boston, MA, according to its Form ADV.
Is Welch & Forbes LLC registered with the SEC or a state?
Welch & Forbes LLC is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 115119.
How much does Welch & Forbes LLC manage?
Welch & Forbes LLC reports $9,903,464,752 in regulatory assets under management in its Form ADV filing dated May 19, 2026 (98% discretionary).
How have Welch & Forbes LLC's assets and staff changed since 2021?
In the Form ADV data for Welch & Forbes LLC: Regulatory assets under management: $6,264,286,855 in the October 2021 data and $9,903,464,752 in the October 2026 data, up 58%. Total employees: 56 in October 2021 and 55 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Welch & Forbes LLC serve?
By number of clients on Form ADV Item 5.D: high net worth individuals (478); individuals (other than high net worth individuals) (165); charitable organizations (26).
Which custodians does Welch & Forbes LLC use?
Welch & Forbes LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Reliance Trust Company as a custodian holding 10% or more of its separately managed account assets.
Does Welch & Forbes LLC 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/115119
Does Welch & Forbes LLC state an account minimum?
Its Form ADV Part 2A brochure dated March 18, 2026 says: "Generally, Welch & Forbes requires a minimum account size of $3,000,000. However, the minimum account size is negotiable and may be waived or modified at the Firm’s discretion."
What changed in Welch & Forbes LLC's recent Form ADV filings?
In the June 2026 filing data: Registered or notice-filed in LA.
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Fixed fees (other than subscription fees)
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2A| Assets | Annual rate |
|---|---|
| Up to $3,000,000 | 1% |
| $3,000,000 to $5,000,000 | 0.75% |
| Above $5,000,000 | 0.5% |
The brochure's wording
Market Value Fee Rates Per Annum First $3,000,000 1.00% Next $2,000,000 .75% Thereafter .50%
Account minimum: $3,000,000 (the brochure says it may be waived or negotiated)
The brochure's wording
Generally, Welch & Forbes requires a minimum account size of $3,000,000. However, the minimum account size is negotiable and may be waived or modified at the Firm’s discretion.
As stated in the firm's Form ADV Part 2A brochure dated March 18, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$9,903,464,752 as of October 2026, filing dated May 19, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2001 (25 years)
- Employees
- Total: 55. Performing investment advisory functions: 12.
- Wrap fee program participation
- No.
- Custodians (Schedule D, Section 5.K(3))
-
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.
- States registered or notice-filed
-
24 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $9,903,464,752 | 55 | May 19, 2026 |
| October 2025 | $9,163,630,959 | 56 | March 19, 2025 |
| October 2024 | $7,909,329,376 | 55 | March 18, 2024 |
| October 2023 | $6,810,836,487 | 53 | March 27, 2023 |
| October 2022 | $7,806,734,639 | 56 | March 31, 2022 |
| October 2021 | $6,264,286,855 | 56 | March 15, 2021 |
Regulatory assets under management: $6,264,286,855 in the October 2021 data and $9,903,464,752 in the October 2026 data, up 58%.
Total employees: 56 in October 2021 and 55 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- June 2026
- Registered or notice-filed in LA.
- April 2026
- Employees performing advisory functions went from 11 to 12.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Welch & Forbes LLC (CRD 115119): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/welch-and-forbes-llc-boston-ma-115119