Welch & Forbes, Inc.

What Welch & Forbes, Inc. does

Welch & Forbes, Inc. (operating as Welch & Forbes LLC) is a Boston-based, privately held Registered Investment Advisor (RIA) founded in 1838, making it one of the oldest continuously operating wealth management firms in the United States. The firm serves high-net-worth individuals, multi-generational families, not-for-profits, and endowments, delivering integrated investment management, trust and fiduciary, tax, estate planning, estate settlement, financial planning, and philanthropy services in the tradition of a single-family office. As of 3/31/26, the firm managed $9.4 billion in assets under management with a total staff of 57 and an average of 25+ years of investment professional experience.

The firm's core technical and operating platform is its in-house investment research and portfolio construction process, led by a Chief Investment Officer and Director of Research, supported by an in-house technology group and a fully staffed tax department. Welch & Forbes licenses Morningstar's Portfolio X-Ray© tool for portfolio analysis (asset allocation, sector weightings, concentrated positions, performance benchmarking, fee analysis) and integrates it into its Wealth Planning Suite, which is offered as a complimentary diagnostic to prospective clients alongside initial consultations, estate plan reviews, and financial plans. Distribution is entirely direct, with portfolio managers engaging clients one-on-one rather than through brokers or third-party intermediaries.

Revenue is generated primarily through recurring investment management and advisory fees on AUM, augmented by trust and fiduciary fees and tax services revenue. As an RIA, the firm operates under a fiduciary standard and does not earn commissions, aligning compensation with client outcomes. Pricing is not publicly disclosed but follows standard industry practice of AUM-based fees with project-based billing for tax and estate work. There are no institutional investors, PE backing, or public shareholders; the firm has remained continuously independent since 1838, operating from a single office at Old City Hall, 45 School Street, Boston.

Name

Welch & Forbes, Inc.

Legal name

Welch & Forbes LLC

Website

https://welchforbes.com

Company type

Private

Founded year

1838

Operating status

Operating

Headcount range

51–100 employees

Short description

Welch & Forbes is a privately held Boston-based Registered Investment Advisor founded in 1838, managing $9.4 billion in assets for high-net-worth individuals, families, not-for-profits, and endowments through integrated investment, trust, tax, estate, and financial planning services in a family-office model.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Trusts, Estates, and Agency Accounts (525920)

SIC

Investment Advice (6282)

akta.pro primary industry

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

akta.pro secondary industries

Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA), Family Wealth & Multi-Generational Planning RIAs (HNW/UHNW-lite) (FSAAACAH), Philanthropy & Foundations Advisory (Donor-Advised Funds, Endowments) (FSAAABAH), Financial Planning–Led RIAs (FSAAACAB)

Keywords

• Wealth management services
• Investment portfolio management
• Trust and fiduciary services
• Estate planning services
• Financial planning advisory

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Management & Advisory Fees: The firm manages $9.4 billion in assets under management for individuals, families, not-for-profits, and endowments. Revenue is generated through investment management fees and advisory services. As an RIA, the firm is focused on fiduciary duty and does not earn fees based on commissions.
2. Trust & Fiduciary Services: Professional trustee services including serving as personal trustee, personal representative, conservator, guardian, or agent under power of attorney.
3. Tax Services: Tax strategy development, preparation and filing of returns for individuals, families, and fiduciary tax returns for trusts and estates.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Welch & Forbes is a Boston-based Registered Investment Advisor that provides discretionary and non-discretionary investment portfolio management, trust and fiduciary services, tax services, estate planning, estate settlement, financial planning, and philanthropy advisory services to high-net-worth individuals, families, not-for-profits, and endowments. The firm manages $9.4 billion in assets under management with a 57-person team under a fee-based advisory model.

Product overview

Welch & Forbes operates as a Registered Investment Advisor (RIA) offering a unified suite of wealth management services in the tradition of a family office. The core offering centers on Investment Portfolio Management, supported by integrated Trust & Fiduciary Services, Tax Services, Estate Planning and Settlement, Financial Planning, and Philanthropy Services. These services are delivered through dedicated teams of portfolio managers and professionals, with a complimentary Wealth Planning Suite available to prospective clients that includes Portfolio X-Ray© analysis, estate plan reviews, and financial planning. The company manages $9.4 billion in assets under management for individuals, families, not-for-profits, and endowments.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Portfolio Management
• Trust and Fiduciary Services

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Scale indicators5 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Bessemer Trust: Privately held, multi-family-office-style wealth and investment management firm serving ultra-high-net-worth families across generations with integrated investment, trust, and estate services, closely matching Welch & Forbes' model and client mix.
• Fiduciary Trust Company: Boston-based private wealth and investment management firm providing investment management, trust, and estate services to HNW individuals and families, directly overlapping Welch & Forbes' Boston footprint and service stack.
• Brown Brothers Harriman: Long-standing private bank and wealth manager offering investment management, trust, and estate planning to HNW families across generations, similar in longevity, independence, and integrated service model to Welch & Forbes.
• Cambridge Associates: Independent investment firm advising HNW families, endowments, foundations, and pensions on portfolio construction and wealth strategy, comparable to Welch & Forbes on investment advisory and endowment/not-for-profit segment overlap.
• Glenmede: Independent, employee-owned RIA and trust company serving HNW families, foundations, and endowments with multi-generational planning, directly comparable to Welch & Forbes' fiduciary, family-office-style approach.
• Rockefeller Capital Management: Multi-family office-led wealth manager providing investment management, trust, and estate planning to UHNW and HNW families, directly comparable in integrated family-office offering and HNW client focus.

Broad incumbents

• First Republic (now part of JPMorgan Private Bank): Private bank historically focused on HNW individuals and families with bespoke wealth management and lending; now integrated into J.P. Morgan's Private Bank, serves a comparable client set to Welch & Forbes with broader capabilities.
• J.P. Morgan Private Bank: Global private banking franchise within J.P. Morgan serving UHNW/HNW clients with investment, credit, trust, and estate services, an incumbent competitor targeting the same end clients as Welch & Forbes but with vastly larger resources.
• Northern Trust Wealth Management: Large publicly listed trust bank offering wealth management, investment, and trust services to HNW/UHNW clients and institutions, overlapping Welch & Forbes on trust and estate capabilities but at much greater scale and broader geographic reach.
• BNY Mellon Wealth Management: Wealth management arm of BNY Mellon providing investment management, trust, and private banking to HNW individuals and families, comparable on fiduciary trust and estate services but operating nationally and globally.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Welch & Forbes, Inc.