Armstrong Advisory Group provides financial planning, portfolio management for individuals and small businesses, educational seminars, education planning, insurance, and philanthropic planning. Financial planning was provided to 251–500 clients last fiscal year.
Armstrong Advisory Group reports 1,494 clients. They include 748 individual clients, 741 high-net-worth individuals, and 3 corporations and other businesses. Of its assets, 99.8% ($1.67B across 4,068 accounts) are managed with discretion; $3.1M across 3 accounts are not. A wrap fee program the firm both sponsors and manages holds $1.67B.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 50% | 15% |
| High-net-worth individuals | 50% | 85% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 748 | $252M | 15.1% | $337K |
| High-net-worth individuals | 741 | $1.41B | 84.6% | $1.9M |
| Charitable organizations | Fewer than 5 | $1.73M | 0.1% | $865K |
| Corporations and other businesses | Fewer than 5 | $2.94M | 0.2% | $980K |
| Total | 1,494 | $1.67B | 100% | — |
- Clients
- 748
- Regulatory AUM
- $252M
- AUM share
- 15.1%
- Avg. per client
- $337K
- Clients
- 741
- Regulatory AUM
- $1.41B
- AUM share
- 84.6%
- Avg. per client
- $1.9M
- Clients
- Fewer than 5
- Regulatory AUM
- $1.73M
- AUM share
- 0.1%
- Avg. per client
- $865K
- Clients
- Fewer than 5
- Regulatory AUM
- $2.94M
- AUM share
- 0.2%
- Avg. per client
- $980K
Total
- Clients
- 1,494
- Regulatory AUM
- $1.67B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
Armstrong Advisory Group charges 0.50%–1.25% a year for its Investment Management Fee. Each asset band is charged at its own rate. The fee is billed in arrears and is negotiable. The brochure also prices one other service, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$1M | 1.25% |
| $1M–$3.5M | 1.00% |
| $3.5M–$5M | 0.75% |
| $5M and above | 0.50% |
Fee details and sources
Other fees
- Financial Planning Fixed Fee
- Fixed fees for financial planning services start at $5,000 per year and are negotiated on the nature and complexity of the services.
Michael Armstrong owns 50% to 75% of Armstrong Advisory Group. The leadership team of Armstrong Advisory Group includes President Michael Armstrong, Chief Investment Officer Charles Zodda and Chief Compliance Officer Leonid Berline. It has 22 employees, 10 of them in advisory roles.
Leadership
- Michael ArmstrongPresident / Senior Managing Partner
- Leonid BerlineChief Compliance Officer
- Scott WilsonManaging Partner. Financial Advisor.
- Charles ZoddaManaging Partner, Chief Investment Officer
- Susan PowersManaging Partner, Financial Advisor
- Brendan HayesManaging Partner, Financial Advisor
Investment adviser representatives
14 representatives listed in the SEC register as of 9 October 2026.
- Cash Patterson Armstrong
- Michael Sargent Armstrong
- Leonid Berline
- Michael Richard Bradley
- Michele Christine Cropley
- Marc Alan Fandetti
- Andrew Rudolph Haff
- Brendan Kevin Hayes
- Paul Michael Lane III
- William Kurtz O'Connor
- Susan Dawn Powers
- Matthew Ryan Sczurek
- Scott Everett Wilson
- Charles Zodda
Staff
- 22 employees
- 10 in advisory functions
- 10 state-registered reps
- 8 insurance agents
- 1 soliciting firm
- Owns 50% to 75% of Armstrong Advisory Group Inc.
Michael Armstrong
Control person · since February 2022
- Owns 10% to 25% of Armstrong Advisory Group Inc.
Susan Powers
Control person · since February 2022
- Owns 10% to 25% of Armstrong Advisory Group Inc.
Brendan Hayes
Control person · since February 2022
- Owns 10% to 25% of Armstrong Advisory Group Inc.
Charles Zodda
Control person · since February 2022
Armstrong Advisory Group’s regulatory assets grew 2.8× from $594M (July 2022) to $1.67B (July 2026); clients rose from 533 to 1,494 and employees fell from 28 to 22.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| July 2026 | $1.67B | 1,494 | 22 | 12 |
| May 2025 | $1.44B | 1,420 | 22 | 13 |
| July 2024 | $1.22B | 1,372 | 22 | 12 |
| August 2023 | $1.02B | 1,307 | 25 | 10 |
| July 2022 | $594M | 533 | 28 | 10 |
Besides its headquarters, Armstrong Advisory Group has 11 offices, with 12 listed addresses across 5 states.
Massachusetts · 6 listed addresses
- 144 Gould Street, Suite 210, NeedhamHQ
- 287 Turnpike Road, Westboro
- 444 Washington Street, Woburn
- 1555 Iyannough RD, Hyannis
- 813 Williams Street, Longmeadow
- 25 Braintree Hill Park, Braintree
Maine · 2 listed addresses
- 41 Hutchins DR, Portland
- 400 Congress St, Portland
New Hampshire · 2 listed addresses
- 3 Executive Park DR, Bedford
- 1 New Hampshire Avenue, Portsmouth (Newington)
Connecticut · 1 listed address
- 1062 Barnes Road, Wallingford
Rhode Island · 1 listed address
- 200 Midway Road, Cranston
Contact and registration details
- Legal name
- Armstrong Advisory Group Inc.
- Headquarters
- 144 Gould Street, Suite 210, Needham, MA 02494
- Website
- armstrongadvisory.com
- Phone
- 781-433-0001
- @armstrong-advisory-group
- SEC file
- 801-123659
- Structure
- Massachusetts corporation
- Fiscal year end
- December
Armstrong Advisory Group uses Charles Schwab ($1.14B) as custodian for its separately managed accounts. Armstrong Advisory Group has custody of $1.2B in client assets for 2,030 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $1.14B100%
At year end, Armstrong Advisory Group’s separately managed accounts were mostly in stocks (86%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.64B across 985 positions; the largest are Schwab Strategic TR (14.3%), iShares TR (13.9%) and Vanguard World FD (7.5%).
What the accounts hold
- Stocks86%
- Funds5%
- Bonds3%
- Cash3%
- Other3%
- Investment management provided to underlying investments within variable annuity contracts. non-traded reits (no investment management provided). fixed indexed annuities (no investment management provided).3%
Reported 13F holdings
- $1.64B
- Reported 13F value
- 985
- Positions
- 63.1%
- In the 10 largest
- +10.2%
- Value vs. prior quarter
- Schwab Strategic TR · 1000 Index ETF14.3%
- iShares TR · Core S&P500 ETF13.9%
- Vanguard World FD · Inf Tech ETF7.5%
- Schwab Strategic TR · US Tips ETF5.7%
- iShares TR · 3 7 YR Treas BD4.7%
- Vanguard Instl Index FD · 0 3 MO TR BI ETF4.5%
- Vanguard Malvern Fds · Strm Infproidx4.5%
- Vanguard BD Index Fds · Total Bnd Mrkt3.9%
- Vanguard World FD · Comm Srvc ETF2.1%
- Vanguard World FD · Health Car ETF2.1%
Together, the ten largest are 63.1% of reported value.
How many clients does Armstrong Advisory Group have?
Armstrong Advisory Group has 1,494 clients and manages $1.67 billion for them, as of July 2026. They include 748 individual clients, 741 high-net-worth individuals, and 3 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 10 July 2026
What services does Armstrong Advisory Group offer?
Armstrong Advisory Group provides financial planning, portfolio management for individuals and small businesses, educational seminars, education planning, insurance, and philanthropic planning.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Armstrong Advisory Group charge?
Armstrong Advisory Group charges 0.50%–1.25% a year for its Investment Management Fee. Each asset band is charged at its own rate. The fee is billed in arrears and is negotiable.
Source: AAG DISCLOSURE BROCHURE AND BROCHURE SUPPLEMENTS, filed 10 July 2026
Which custodians does Armstrong Advisory Group use?
Armstrong Advisory Group’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $1.14B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 10 July 2026
How many financial advisors does Armstrong Advisory Group have?
Armstrong Advisory Group has 10 investment adviser representatives registered with state securities authorities, out of 22 employees, and 10 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 8 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Armstrong Advisory Group invest in?
At the end of its last fiscal year, Armstrong Advisory Group’s separately managed accounts held 86% exchange-traded equities, 5% registered funds (mutual funds, ETFs, BDCs), 3% U.S. government and agency bonds, 3% cash and equivalents and 3% other. The 3% other category is described as: Investment Management Provided to Underlying Investments Within Variable Annuity Contracts. Non-Traded Reits (No Investment Management Provided). Fixed Indexed Annuities (No Investment Management Provided).
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Armstrong Advisory Group?
Armstrong Advisory Group’s direct owners are Michael Armstrong (50% to 75%), Susan Powers (10% to 25%), Brendan Hayes (10% to 25%) and Charles Zodda (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 10 July 2026
How does Armstrong Advisory Group get paid?
Armstrong Advisory Group is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Armstrong Advisory Group registered with the SEC?
Yes, Armstrong Advisory Group has been registered with the SEC as an investment adviser since 8 April 2022. Its CRD number is 318662 and its SEC file number is 801-123659.
Source: Form ADV Part 1A, Item 1, filed 10 July 2026; IAPD firm record
How do I contact Armstrong Advisory Group?
Armstrong Advisory Group’s main office is at 144 Gould Street, Suite 210, Needham, MA 02494. Its phone number is 781-433-0001. Its website is armstrongadvisory.com.