Question 1

What services do financial advisors in Massachusetts offer?

Accepted Answer

Financial advisors in Massachusetts offer multiple financial services to help their clients including retirement planning, investment management, estate planning, financial planning, and wealth management. The specific services provided by the advisor can vary depending on the advisor's education, area of expertise, credentials, licenses, and more. Read on to better understand  how financial advisors can assist you with the specific financial service you are looking for.

Question 2

How do I choose a financial advisor in Massachusetts?

Accepted Answer

When you are ready to choose a financial advisor in Massachusetts, it is important to consider their qualifications, years of experience, method of compensation, and track record. Look for advisors who are licensed and registered with FINRA or the SEC, have the appropriate education, and have a history of providing sound financial advice to clients in Massachusetts. To learn more, read the guide on  choosing the best financial advisor.

Question 3

How much do financial advisors in Massachusetts charge for their services?

Accepted Answer

How much a financial advisor charges for their services in Massachusetts depends on the type and scope of services they provide. Some advisors charge approx. 1% of assets under management (AUM), while others may charge an hourly rate or fixed fee of approx. $7,500 and above. It is important to clarify the advisor's fee structure upfront and to understand any potential hidden costs or fees. To get a better understanding of how financial advisors charge and the factors influencing their fees, read more on 
what are the costs of hiring a financial advisor.

Question 4

What is the difference between a financial advisor and a financial planner in Massachusetts?

Accepted Answer

Often the terms financial advisor and financial planner are used to indicate the same financial professional, but they are slightly different. Financial advisor is a generic and expansive term used for a professional who helps and assists in managing your finances. They provided a vast spectrum of services such as the purchase of stocks, creating investment strategies, managing portfolios etc., depending upon the needs of an individual. On the other hand, a financial planner is a qualified financial professional who works with companies and individuals to create a holistic plan with an aim to save, invest, and grow their clients money. A planner evaluates and analyzes the clients current situation and makes appropriate recommendations to meet their financial goals. Financial planners also hold credentials like CFP or CFA and are obligated to act in the client's best interests. To learn more, read on about  the differences between financial advisors and financial planners.

Question 5

Do I need a financial advisor in Massachusetts if I already have a 401(k) or other retirement account?

Accepted Answer

While already having a 401(k) or other retirement account is a positive step towards saving for retirement, a financial advisor in Massachusetts can provide helpful guidance and expertise beyond just managing your retirement account. They can help you set and prioritize your financial goals, optimize your investment strategy, manage risk, and provide knowledgeable financial market insights. With their knowledge and experience, a financial advisor can help you make informed decisions, navigate complex financial situations, and maximize the potential of your retirement savings. Explore  why and when you might require a financial advisor 
to gain a better understanding of their role.

Question 6

What is the role of a financial planner in Massachusetts?

Accepted Answer

The role of a financial advisor is to provide professional financial guidance, advice, and money management services to individuals or businesses. They assist clients in various financial matters, including investment management, retirement planning, wealth management, estate management, and more, depending on the needs of an individual. Financial advisors assess their client's financial goals and risk tolerance and stay updated on market trends, investment options, and regulatory changes to provide informed advice. Additionally, financial advisors often act as fiduciaries, putting their client's best interests first while providing ongoing support and monitoring to help clients achieve their financial objectives. To make sure your best interests are being considered, read more about the role of a fiduciary financial advisor and the support they can provide.

Question 7

What qualifications should I look for in a financial planner in Massachusetts?

Accepted Answer

In Massachusetts, financial advisors are typically required to have qualifications that comply with state and federal regulations, such as having licenses and credentials such as Certified Financial Planners (CFP), Chartered Financial Analysts (CFA), Chartered Financial Consultants (ChFC), and more. Additionally, check if the advisor is registered with the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), or the Massachusetts Securities Division. Lastly, consider their experience, reputation, and client testimonials to gauge their track record of delivering quality financial advice and services. To further explore a specific financial advisor's qualifications, click the "View Full Profile" button of each advisor listed in the directory above.

Question 8

How can a financial planner in Massachusetts help me with my retirement planning?

Accepted Answer

A financial advisor in Massachusetts can assist with retirement planning by assessing your current financial situation, including income, expenses, assets, and liabilities, to determine your retirement goals and estimate the amount of savings required. They can then develop a personalized retirement plan tailored to your specific needs, considering factors like your desired retirement age, lifestyle expectations, and risk tolerance. Advisors can help you choose appropriate retirement accounts, such as IRAs or 401(k)s, and guide you in making investment decisions to grow your retirement savings. They can also analyze your Social Security benefits and provide the guidance you need for a successful retirement. If you are seeking to learn more about how a financial advisor can help you secure your financial future in retirement, learn more about   why you should hire a retirement advisor.


FIDELITY MANAGEMENT & RESEARCH COMPANY LLCBoston, MA	1264	31349	$3,964,385,404,654	A percentage of AUM, Fixed fees, Performance Based, Other (SEE MISCELLANEOUS SECTION IN SCHEDULE D)
WELLINGTON MANAGEMENT COMPANY LLPBoston, MA	2021	1559	$1,282,732,502,947	A percentage of AUM, Fixed fees, Performance Based
GEODE CAPITAL MANAGEMENT, LLCBoston, MA	161	172	$1,062,795,395,069	A percentage of AUM
SSGA FUNDS MANAGEMENT, INC.Boston, MA	243	246	$1,014,331,002,469	A percentage of AUM
STRATEGIC ADVISERS LLCBoston, MA	269	1965880	$824,740,096,815	A percentage of AUM, Other (PERCENTAGE OF REVENUE FROM AFFILIATES)
FIDELITY PERSONAL AND WORKPLACE ADVISORSBoston, MA	15424	1991043	$818,776,100,963	A percentage of AUM, Fixed fees
MELLON INVESTMENTS CORPORATIONBoston, MA	146	502	$674,158,830,515	A percentage of AUM, Fixed fees, Other (SECURITIES LENDING)
MFS INVESTMENT MANAGEMENTBoston, MA	1300	344	$454,325,314,664	A percentage of AUM, Other (TRANSFER PRICING ARRANGEMENTS WITH AFFILIATES)
COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLCBoston, MA	1008	5495	$427,057,574,198	A percentage of AUM, Fixed fees, Performance Based
LOOMIS, SAYLES & COMPANY, L.P.Boston, MA	722	20445	$301,378,322,996	A percentage of AUM, Performance Based, Other (MINIMUM ANNUAL FEE AND/OR MINIMUM ACCOUNT SIZE)
CAMBRIDGE ASSOCIATES, LLCBoston, MA	1098	556	$281,965,202,879	A percentage of AUM, Hourly charges, Subscription fees, Fixed fees, Performance Based, Other (PERCENT OF ASSETS INVESTED)
ARROWSTREET CAPITAL, LIMITED PARTNERSHIPBoston, MA	459	151	$216,586,078,465	A percentage of AUM, Performance Based
JOHN HANCOCK INVESTMENT MANAGEMENT LLCBoston, MA	403	28802	$189,588,843,467	A percentage of AUM
MANULIFE INVESTMENT MANAGEMENT (US) LLCBoston, MA	246	3809	$188,781,027,999	A percentage of AUM, Performance Based
COMMONWEALTH FINANCIAL NETWORKWaltham, MA	4500	623075	$177,031,841,416	A percentage of AUM, Hourly charges, Fixed fees, Commission Based

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