# 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.

- CRD: 115119
- Filed as: WELCH & FORBES LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: May 19, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/115119
- AdvisorCensus page: https://advisorcensus.com/firm/welch-and-forbes-llc-boston-ma-115119

## Quick answers

**How 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).

**How much does Welch & Forbes LLC charge?**
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

### 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 18, 2026)

- 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

> 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)

> 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 brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Reliance Trust Company

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: $9,903,464,752
- Discretionary: $9,660,612,610
- Non-discretionary: $242,852,142

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 165 | $164,517,733 |
| High net worth individuals | 478 | $8,013,248,614 |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $6,880 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 4 | $8,609,023 |
| Charitable organizations | 26 | $157,250,462 |
| Other investment advisers | 2 | $1,514,958,460 |
| Corporations or other businesses not listed above | 22 | $44,873,580 |

### 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

### Firm details
- Registered since: 2001 (25 years)
- Employees: 55 total, 12 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, CT, FL, GA, IL, LA, MA, MD, ME, MT, NC, NH, NJ, NY, OR, PA, RI, SC, TX, VA, VT, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- welchforbes.com
- LinkedIn @WELCH-&-FORBES-LLC

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $6,264,286,855 | 56 | March 15, 2021 |
| October 2022 | $7,806,734,639 | 56 | March 31, 2022 |
| October 2023 | $6,810,836,487 | 53 | March 27, 2023 |
| October 2024 | $7,909,329,376 | 55 | March 18, 2024 |
| October 2025 | $9,163,630,959 | 56 | March 19, 2025 |
| October 2026 | $9,903,464,752 | 55 | May 19, 2026 |

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.

## 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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Welch & Forbes LLC (CRD 115119): Form ADV filing data as of October 2026.