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Best Financial Advisors In Boston

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Best Financial Advisors In Boston

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Financial advisors help you to plot a strategy to reach your life’s financial goals. They find ways for you to build wealth for retirement, children’s education, and other financial goals you have, while eliminating risks and making the best investments to get you there. 

Financial advisors are also wealth management advisors and planners who can help you grow your money for a better retirement and a number of needs. Yet, many won’t work with those under 30 because they do not already have $1 million in their bank. 

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How can you make money if you don’t have money? 

This list of advisors are willing to work with young professionals just starting a serious financial journey.

Whether you are just beginning to plan for your future or are maxed out in what you can do through your company’s and bank’s offerings, these are some of the best financial advisors in the Boston area for Millennials.

Overview of the best financial advisors in Boston

Leigh Bivings, Artemis Financial Advisors

  • Contact: 617-542-2420.
  • Services offered: Financial planning, wealth management, sustainable investing, divorce financial planning, personal finance education.
  • Asset requirements: Under $1 million.
  • Typical fees: 1% for up to $2.5 million; hourly rate is $300; financial plans average $4,000 to $8,000 with minimum annual retainer of $10,000.

Serving clients in every stage of their lives, Artemis works with young professionals who are looking to buy a home, start a family, begin savings plans, and who may be engaging in new careers.

Certified Financial Planner (CFA) and Certified Divorce Financial Analyst (CDFA) Leigh Bivings founded Artemis after a long career working in private equity and investments and works with you to develop your financial vision while helping you make informed choices to get you to your goals. She has a PhD in applied economics from Stanford University.

The Personal Finance Course is a great start for those looking to better understand financial planning. The two-hour course ($1,200) is geared toward young professionals with one-on-one or small group sessions in-person or remote. Topics include budgeting and savings, principles of investing, managing credit and loans, taxes and employer benefits, insurance, and estate planning.

Daniel Flannery, Balanced Rock Investment Advisors

  • Contact: 617-971-8323.
  • Services offered: Retirement planning, values-based investing, IRAs, employer retirement plans, education and financial aid planning, tax planning, estate planning and trusts, real estate planning, financial planning, insurance, debt planning, charitable giving.
  • Asset requirements: $300,000.
  • Typical fees: 0.75% with $2,250 minimum annual fee; hourly is $200.

Daniel Flannery founded Balanced Rock in 2011 because he wanted to bring financial advice to everyone. This means at reasonable costs along with offering low-cost investments to give those without a lot of dough in the bank a chance to earn some.

His company is wholly independent, with offices in Boston and Marlborough. He’s not trying to make a commission, rather, he is actually working for you. Video, phone, and email meetings keep you from having to go into an office. A graduate of the University of Pittsburgh, Flannery received his CFA from the CFA Institute.

While other wealth management companies expect you to have $1 million or more to enter wealth management programs, you need $300,000 to invest in Balanced Rock’s programs. If you don’t have that yet, don’t worry. The financial planning offered will help get you there.

Jill Fopiano, O’Brien Wealth Partners

  • Contact: 617-547-6717.
  • Services offered: Investment strategy development, investment management, pension consulting, portfolio accounting and reporting, and financial planning, including retirement, tax, education, and lifestyle planning.
  • Asset requirements: Less than $1 million.
  • Typical fees: 1% up to $1 million; hourly is $300 to $500.

After 20+ years in senior positions in the “big bank”​ world, Fopiano joined O’Brien Wealth Partners because of its independence and strong shared values of collaboration, integrity, and commitment to excellence. A graduate of Yale School of Management with an MBA in Finance, Fopiano has been an advisor since 1992. She is an Accredited Domestic Partnership Advisor (ADPA), a Certified Financial Planner (CFP), and a CFA.

O’Brien Wealth goes beyond traditional wealth management to nurture the kind of financial wellbeing that promotes a more fulfilling life. As a women-owned firm, O’Brien Wealth Partners is committed to diversity, inclusion, and helping women and couples have successful relationships with money.

Sandra Gilpatrick, wealth management consultant

  • Contact: 617-314-7575.
  • Services offered: Investing, cash management, risk management, retirement planning, estates, and trusts.
  • Asset requirements: Less than $1 million.
  • Typical fees: hourly is $275 to $350.

Helping Generation X and Millennial-aged women, Sandra Gilpatrick set out to empower and improve the lives of women financially. With more than 20 years of experience, Gilpatrick is a CFP and CDFA, and holds a degree in economics from Wheaton College. She earned her experience at Morgan Stanley Wealth Management before setting off on her own. 

Women helping women, Gilpatrick understands the struggles of women changing jobs, having children, and getting married. She practices financial planning entirely for the unique financial needs of women.

Kenneth Koch, Commonwealth Financial Group

  • Contact: 617-479-0075.
  • Services offered: Retirement income planning, education funding strategies, complete risk management analysis, budget and cash flow analysis, estate planning, trust services and asset management, wealth management, securities brokerage services, risk management.
  • Asset requirements: $1,000.
  • Typical fees: Up to $500 an hour; fixed and compensation fees.

Kenneth Koch’s mission is to help clients craft a personalized vision of their future. He focuses on helping you gain and maintain financial independence. The Commonwealth Financial Group provides strategic and customized planning to create a road map to this process, with the end goal to enjoy those things in life that matter most.

Koch, a Bridgewater State University graduate, seeks to provide all of his clients with an excellent client experience, no matter how much you have in the bank.

Eric Roberge, Beyond Your Hammock

  • Contact: 617-446-3841.
  • Services offered: Investment management, financial planning.
  • Asset requirements: No investment minimums.
  • Typical fees: 1% for up to $1 million; hourly rate of $200 to $300.

Helping people in their 30s and 40s with fee-only financial planning and investment management services, Eric Roberge founded Beyond Your Hammock to help others find financial freedom. He doesn’t want his clients to have to make decisions based on money and works with you in-person or virtually to reduce expenses, minimize taxes, diversify portfolios, and stay disciplined. Roberge is a CFP with a degree from Babson College.

With a QuickStart Financial Plan, you can have up to two hours to ask all of your financial questions. You will be given help organizing your information and have preliminary projections prepared to help you determine your next steps.

Steve Stanganelli, Clearview Wealth Advisors

  • Contact: 617-398-7494.
  • Services offered: Retirement income planning, divorce financial planning, college aid and funding strategies, elder care financial issues, alternative investing, tax planning, IRA strategies, risk-managed investing.
  • Asset requirements: Under $1 million.
  • Typical fees: Between $1,200 and $5,000; hourly fees range from $90 to $300, depending on your circumstances.

Clearview Wealth Advisors provide financial education and planning as well as investment services for Millennials to Baby Boomers. It is entirely fee-based and doesn’t try to sell financial products in order to make a commission. Stanganelli works throughout the Greater Boston area, Merrimack Valley, and the New Hampshire Seacoast.

A CFP, CRPC, and Certified College Funding Specialist (CCFS), he graduated from Bentley University’s McCallum School of Business as well as the University of Massachusetts – Lowell. 

Flexible options allow you to choose from hourly rates, fixed-fees, or asset-based rates, and Clearview will alter those fees depending on your individual circumstances. They are in it for the long haul and know that eventually, you’ll have more to invest.

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Summary of the best financial advisors in Boston

Financial advisor Services offered Typical clientele
Leigh Bivings – Artemis Financial Advisors Financial planning, wealth management, sustainable investing, divorce financial planning, personal finance education Young professionals, people going through a divorce, those looking to learn the basics of financial planning
Daniel Flannery – Balanced Rock Investment Advisors Retirement planning, values-based investing, IRAs, employer retirement plans, education and financial aid planning, tax planning, estate planning and trusts, real estate planning, financial planning, insurance, debt planning, charitable giving People with little money to invest, people without a lot of assets
Jill Fopiano – O’Brien Wealth Partners Investment strategy development, investment management, pension consulting, portfolio accounting and reporting, and financial planning, including retirement, tax, education and lifestyle planning People from all walks of life looking for an advisor who values diversity
Sandra Gilpatrick Investing, cash management, risk management, retirement planning, estates and trusts Millennials and Gen X women
Kenneth Koch – Commonwealth Financial Group Retirement income planning, education funding strategies, complete risk management analysis, budget and cash flow analysis, estate planning, trust services and asset management, wealth management, securities brokerage services, risk management Young professionals, those without high incomes
Eric Roberge – Beyond Your Hammock Investment management, financial planning People in their 30s-40s, clients seeking financial freedom
Steve Stanganelli – Clearview Wealth Advisors Retirement income planning, divorce financial planning, college aid and funding strategies, elder care financial issues, alternative investing, tax planning, IRA strategies, risk-managed investing Millennials to Baby Boomers, those looking for flexibility in fees

How I came up with this list

This list of Boston advisors was created using certain criteria, including:

Low minimum investment

Many advisors won’t work with investors unless they have a minimum $1 million. This list includes those who work with those who have significantly less. Whether you are just starting out and only have a few thousand or are ready to move into the next phase of investing and planning with hundreds of thousands, these investors can help.

They work with Millennials

Young professionals may have traveled the world and graduated with degrees but many times have missed an education on how to manage finances. These advisors work with Millennials and will teach financial planning and investments.

They are Certified Financial Planners

In order to teach as well as truly understand what is best for their clients, the advisors on this list are Certified Financial Planners (CFP). This means they have been identified as experts in financial planning, retirement planning, estate planning, insurance, 401ks, and taxes.

What to look for in a financial advisor

Financial advisors help you to meet your life goals. Identifying your priorities, they understand the financial world in a way that you can use their recommended tools and products to achieve those goals. 

But, you want a financial advisor to work for you. This means avoiding commission-based advisors who will push products and services your way to earn a commission. They should customize financial plans based on your needs. The plans should review your goals, objectives, cash flow, retirement planning, tax planning, insurance needs, investments, and net worth and nothing happens unless you say so.

Some questions to ask:

  • Are you fee-based, and what are the fees?
  • Are you a CFP, and what additional certifications do you have?
  • What is your educational background and are you a member of any professional financial organization?
  • Do you have a minimum income or asset level?
  • How much did your investors earn in total last year?
  • What is your investment philosophy?

What are the costs of hiring a financial advisor?

Initial meetings do not require a fee so you will have a chance to meet with a planner to discuss your goals, their services and to determine if the advisor is the person for you. Use your free consultation to ask as many questions as you can because, after that, you’ll be charged by the hour.

Look for financial advisors who are fee-based. Often, agencies calculate fees based on your assets and increase as your accounts grow. You should not be charged a commission for the planner or feel they are pushing products that benefit their company. Financial planning and tax services often have hourly set fees and these average a few hundred dollars. A good financial advisor will be upfront about fees with a standard declaration sheet for you to review.

When you move into investments, fee-based advisors earn approximately 1%. As you make money, they make money. This is an incentive for them to make sure you do well. Advisors who do not charge fees are more often earning their share from the investments they sell, which means they aren’t working for you. Be sure to ask during your meeting how the financial advisor earns his or her fees. 

You may be wondering how to pay for a financial advisor when you are practically living paycheck to paycheck but the right planners will work with your budget and help you begin saving. Expect to pay $1,000 to $2,000 to develop a comprehensive financial plan using a financial advisor.

Summary

Even when you are living paycheck to paycheck, a financial advisor in your 20s can be an excellent investment in your future. They can help you plot a course and start seeing more dollars in your bank so you can eventually purchase a home, have a family, and build wealth for the lifestyle and future you want.

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