Welch & Forbes LLC (Boston)

Name: Welch & Forbes LLC
Address: 45 School Street, Boston, MA, 02108
Telephone: 617-523-1635

Welch & Forbes LLC is a large advisory firm based in Boston. It manages $4.59 billion of regulatory assets for 2,762 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of California, Colorado, Connecticut, and 16 other states.

Welch & Forbes provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, and portfolio management for businesses and institutional clients. It prepares financial plans for more than 100 clients. On top of advisory services, the firm doesn't engage in other business activities.

Welch & Forbes: assets under management

The assets under management (AUM) of Welch & Forbes LLC is $4.59 billion. The firm's AUM has grown by 13% since the beginning of its operation, and $110.56 million of the total AUM is attributable to clients outside of the United States.

The firm manages $4.3 billion in discretionary accounts and $284.68 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.61 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $3.35 million.

Welch & Forbes has custody of $4.15 billion in cash and securities for 789 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 73% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 10% of the firm’s portfolio. Investments in investment and business development companies form 7% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Welch & Forbes LLC for their services and products based on a percentage of assets under management and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients John Hughes Emmons serves?

The firm provides services to individuals, charitable organizations, other investment advisers, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of John Hughes Emmons is high net worth individuals with 447 clients and $3.86 billion of assets under management. Among the 6 most similar advisory firms, Welch & Forbes has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $4.59 billion for 764 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 3% of the firm’s clients are foreign persons or businesses.

Welch & Forbes also advises several private funds. Namely, eight private equity funds. The minimum investment commitment required of non-related persons is $10,000 for each fund.

Careers at Welch & Forbes LLC

The company employs 55 people that are either part- or full-time employees. 24 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

John Hughes Emmons has been acting as President since 1 Oct 2010. Oliver Ames Spalding joined the executive team most recently as the Executive Vice President.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Welch & Forbes Inc	Member	1 Jul 2001	Other	105043
Welch & Forbes	Member	1 Jul 2001	75% - 100%	04-2062087
Kurt Henry Walter	Senior vice president & treasurer	1 Nov 2001	Other	4443023
Peter P. Brown	Senior vice president and compliance officer	1 Nov 2001	Other	4443004
Francis Richard Young	President	1 Nov 2001	Other	4334392
Thomas Nicolson Dabney	Executive vice president & clerk	1 Nov 2001	Other	4334398
Richard Olney	Executive vice president	1 Nov 2001	Other	352252
Arthur Carlisle Hodges	Executive vice president & compliance officer	1 Nov 2001	Other	4334423
Mary Lynn Brennan	Executive vice president	1 Nov 2001	Other	4334446
John Hughes Emmons	Executive vice president	1 Nov 2001	Other	4334429
Charles Thorndike Haydock	Executive vice president	1 Nov 2001	Other	4334436
Oliver Ames Spalding	Senior vice president	1 Nov 2001	Other	4334441
James Edward Russell	Senior vice president & secretary	1 Nov 2001	Other	407583
Richard Francis Young	President	1 Nov 2001	Other	4334392
Inc. Affilated Managers Group	Member	1 Nov 2001	50% - 75%	04-3218510
Adrienne G. Silbermann	Executive vice president & compliance officer	1 Jan 2005	Other	4443007
Benjamin Jackson Williams	Executive vice president	1 Jan 2005	Other	1626225
James Edward Russell	Executive vice president, chief operating officer & chief compliance officer	1 Jan 2005	Other	407583
Oliver Ames Spalding	Senior vice president and compliance officer	1 Jan 2008	Other	4334441
John Hughes Emmons	President	1 Oct 2010	Other	4334429
Charles Thorndike Haydock	Executive vice president & chief investment officer	1 Oct 2010	Other	4334436
Todd R Jundi	Vice president & chief compliance officer	1 Oct 2010	Other	2400050
Richard Francis Young	Executive vice president	1 Oct 2010	Other	4334392
Amg Wf Holdings Llc	Manager member	1 Dec 2010	75% - 100%	45-1213375
Kurt Henry Walter	Executive vice president & treasurer	1 May 2013	Other	4443023
Todd R Jundi	Senior vice president & chief compliance officer	1 Jul 2015	Other	2400050
Oliver Ames Spalding	Executive vice president	1 Feb 2016	Other	4334441
Theodore Edward Ober	Executive vice president	1 Feb 2016	Other	6629892

Indirect Owners

The SEC currently registers 29 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Kenneth Shaw Safe	Partner	1 Apr 1971	Other	4334382
Thomas Nicolson Dabney	Partner	1 Jul 1978	Other	4334398
Vasil William Efthim	Partner	1 Jul 1978	Other	4334443
Richard Olney	Partner	1 Jan 1982	Other	352252
Arthur Carlisle Hodges	Partner	1 Jan 1989	Other	4334423
Mary Lynn Brennan	Partner	1 Jan 1995	Other	4334446
John Hughes Emmons	Partner	1 Jan 1995	Other	4334429
Charles Thorndike Haydock	Partner	1 Jan 1995	Other	4334436
Francis Richard Young	Partner	1 Jan 1995	Other	4334392
Denise S Brown	Partner	1 Jul 2001	Other	4443003
Peter P. Brown	Partner	1 Jul 2001	Other	4443004
Adrienne G. Cohen	Partner	1 Jul 2001	Other	4443007
John Domenic Craven	Partner	1 Jul 2001	Other	1312786
Nancy E. Larsen	Partner	1 Jul 2001	Other	4443010
Joanne M. Leach	Partner	1 Jul 2001	Other	4443012
Ronald E. Morrell	Partner	1 Jul 2001	Other	4443014
Kathleen B. Murphy	Partner	1 Jul 2001	Other	4443017
Steven Taylor Potter	Partner	1 Jul 2001	Other	366431
James Edward Russell	Partner	1 Jul 2001	Other	407583
Oliver Ames Spalding	Partner	1 Jul 2001	Other	4334441
Kurt Henry Walter	Partner	1 Jul 2001	Other	4443023
Benjamin Jackson Williams	Partner	1 Jul 2001	Other	1626225
Inc. Affiliated Managers Group	100% stockholder of managing member	1 Nov 2001	75% - 100%	04-3218510
Affiliated Managers Group Inc.	Stockholder of managing member	1 Nov 2001	75% - 100%	04-3218510
Inc. Affiliated Managers Group	Sole member	1 Dec 2010	75% - 100%	04-3218510
Affiliated Managers Group Inc.	Sole member	1 Dec 2010	75% - 100%	04-3218510
Inc. Affiliated Managers Group	Series a member and manager	1 Mar 2011	75% - 100%	04-3218510
Llc Amg Wp Lp Holdings	Limited partner	1 Jun 2011	75% - 100%	46-1924266
Lp Amg Wealth Partners	Manager and sole member	1 Jul 2012	75% - 100%	45-1211980

Based in Boston

The principal office where Welch & Forbes LLC performs its advisory services is located at 45 School Street, Boston, MA 02108, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 617-523-1635 or by fax 617-742-6243. The normal business hours are 9 am to 5 pm on Monday - Friday. You can find more information about the New York firm at welchforbes.com.