{
  "crd_number": 115119,
  "slug": "welch-and-forbes-llc-boston-ma-115119",
  "primary_business_name": "WELCH & FORBES LLC",
  "legal_name": "WELCH & FORBES LLC",
  "dbas": [],
  "city": "Boston",
  "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": "2001-08-31",
  "years_registered": 25,
  "period": "2026-10-01",
  "filing_date": "2026-05-19",
  "carried_forward": false,
  "raum_total": 9903464752.0,
  "raum_discretionary": 9660612610.0,
  "raum_non_discretionary": 242852142.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 55,
  "advisory_employees": 12,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": 157250462.0,
      "count": 26
    },
    "individuals": {
      "raum": 164517733.0,
      "count": 165
    },
    "pension_profit_sharing": {
      "raum": 8609023.0,
      "count": 4
    },
    "other_investment_advisers": {
      "raum": 1514958460.0,
      "count": 2
    },
    "high_net_worth_individuals": {
      "raum": 8013248614.0,
      "count": 478
    },
    "pooled_investment_vehicles": {
      "raum": 6880.0,
      "count": 2
    },
    "corporations_other_businesses": {
      "raum": 44873580.0,
      "count": 22
    }
  },
  "compensation_types": [
    "fixed",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AZ",
    "CA",
    "CO",
    "CT",
    "FL",
    "GA",
    "IL",
    "LA",
    "MA",
    "MD",
    "ME",
    "MT",
    "NC",
    "NH",
    "NJ",
    "NY",
    "OR",
    "PA",
    "RI",
    "SC",
    "TX",
    "VA",
    "VT",
    "WA"
  ],
  "websites": [
    "https://linkedin.com/COMPANY/WELCH-&-FORBES-LLC",
    "https://welchforbes.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/115119",
  "city_as_filed": "BOSTON",
  "url": "https://advisorcensus.com/firm/welch-and-forbes-llc-boston-ma-115119",
  "display_name": "Welch & Forbes LLC",
  "summary": "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.",
  "citation": "AdvisorCensus. Welch & Forbes LLC (CRD 115119): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "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"
  ],
  "quick_answers": [
    {
      "q": "How is Welch & Forbes LLC compensated?",
      "a": "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)."
    },
    {
      "q": "What does Welch & Forbes LLC's brochure say about its fees?",
      "a": "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."
    },
    {
      "q": "Where is Welch & Forbes LLC located?",
      "a": "Welch & Forbes LLC's principal office is in Boston, MA, according to its Form ADV."
    },
    {
      "q": "Is Welch & Forbes LLC registered with the SEC or a state?",
      "a": "Welch & Forbes LLC is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 115119."
    },
    {
      "q": "How much does Welch & Forbes LLC manage?",
      "a": "Welch & Forbes LLC reports $9,903,464,752 in regulatory assets under management in its Form ADV filing dated May 19, 2026 (98% discretionary)."
    },
    {
      "q": "How have Welch & Forbes LLC's assets and staff changed since 2021?",
      "a": "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."
    },
    {
      "q": "What types of clients does Welch & Forbes LLC serve?",
      "a": "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)."
    },
    {
      "q": "Which custodians does Welch & Forbes LLC use?",
      "a": "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."
    },
    {
      "q": "Does Welch & Forbes LLC 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/115119"
    },
    {
      "q": "Does Welch & Forbes LLC state an account minimum?",
      "a": "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.\""
    },
    {
      "q": "What changed in Welch & Forbes LLC's recent Form ADV filings?",
      "a": "In the June 2026 filing data: Registered or notice-filed in LA."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 6264286855.0,
      "total_employees": 56,
      "filing_date": "2021-03-15"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 7806734639.0,
      "total_employees": 56,
      "filing_date": "2022-03-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 6810836487.0,
      "total_employees": 53,
      "filing_date": "2023-03-27"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 7909329376.0,
      "total_employees": 55,
      "filing_date": "2024-03-18"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 9163630959.0,
      "total_employees": 56,
      "filing_date": "2025-03-19"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 9903464752.0,
      "total_employees": 55,
      "filing_date": "2026-05-19"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-06-01",
      "period_label": "June 2026",
      "notes": [
        "Registered or notice-filed in LA."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 11 to 12."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 18, 2026",
    "tiers": [
      {
        "band": "Up to $3,000,000",
        "rate": "1%"
      },
      {
        "band": "$3,000,000 to $5,000,000",
        "rate": "0.75%"
      },
      {
        "band": "Above $5,000,000",
        "rate": "0.5%"
      }
    ],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$3,000,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Fee schedule",
        "statements": [
          "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"
        ],
        "quotes": [
          "Market Value  Fee Rates Per Annum First $3,000,000 1.00% Next $2,000,000  .75% Thereafter   .50%"
        ]
      },
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $3,000,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "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."
        ]
      }
    ],
    "quotes": [
      "Market Value  Fee Rates Per Annum First $3,000,000 1.00% Next $2,000,000  .75% Thereafter   .50%",
      "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."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "Reliance Trust Company",
      "name_as_filed": "RELIANCE TRUST COMPANY",
      "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/welch-and-forbes-llc-boston-ma-115119.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 165,
      "fewer_than_5": false,
      "raum": 164517733.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 478,
      "fewer_than_5": false,
      "raum": 8013248614.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 6880.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 4,
      "fewer_than_5": false,
      "raum": 8609023.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 26,
      "fewer_than_5": false,
      "raum": 157250462.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 2,
      "fewer_than_5": false,
      "raum": 1514958460.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 22,
      "fewer_than_5": false,
      "raum": 44873580.0
    }
  ],
  "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/115119",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}