{"url":"https://nivawealth.com/firms/delphi-management-106042","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/106042","regulatoryAum":116692084,"crd":"106042","history":[{"filedOn":"2021-06-24","regulatoryAum":111444594,"clients":29,"employees":4,"offices":1},{"filedOn":"2022-04-05","regulatoryAum":116120866,"clients":29,"employees":4,"offices":1},{"filedOn":"2023-04-05","regulatoryAum":102993045,"clients":28,"employees":4,"offices":1},{"filedOn":"2024-04-02","regulatoryAum":122873767,"clients":36,"employees":4,"offices":1},{"filedOn":"2025-03-27","regulatoryAum":132096928,"clients":26,"employees":4,"offices":1},{"filedOn":"2026-03-30","regulatoryAum":116692084,"clients":26,"employees":4,"offices":1}],"secFileNumber":"801-18367","legalName":"Delphi Management Inc","displayName":"Delphi Management","slug":"delphi-management-106042","website":"https://delphivalue.com/","classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"founded":null,"organization":"Massachusetts corporation","fiscalYearEnd":"December","headquarters":{"street":"","city":"","state":"","stateName":"","country":"","postalCode":null},"tradeNames":[],"registration":{"secApproved":"31 January 1983","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":3748624.913043478,"staff":{"employees":4,"advisory":4,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":116692084,"discretionary":116692084,"discretionaryAccounts":26,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":18476019,"nonUsClientsPct":8,"nonAumClients":0},"clientTypes":[{"label":"High-net-worth individuals","clients":23,"regulatoryAum":86218373},{"label":"Charitable organizations","clients":2,"fewerThan5":true,"regulatoryAum":11997692},{"label":"Other investment advisers","clients":1,"fewerThan5":true,"regulatoryAum":18476019}],"feePrograms":[{"role":"main","program":"Separately managed accounts","feeBasis":"range","fee_tiers":null,"sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1031187","versionId":1031187,"ratePeriod":"not_stated","fee_billing":"arrears","submittedOn":"2026-03-30","documentName":"DELPHI MANAGEMENT ANNUAL AMENDMENT 2025","fee_rate_low":0.5,"fee_rate_high":1,"fee_negotiable":true,"minimum_account":null,"feeMinimumPeriod":null,"fee_minimum_annual":null}],"brochureCoverage":{"scope":"sec_inventory","status":"reviewed","checkedAt":"2026-10-22T11:50:21.655324+00:00","documents":[{"name":"DELPHI MANAGEMENT ANNUAL AMENDMENT 2025","status":"read","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1031187","versionId":1031187,"submittedOn":"2026-03-30"}]},"custodians":[{"name":"Bank New York Mellon","shortName":"Bank New York Mellon","location":"New York, NY","smaAssets":15430004},{"name":"Morgan Stanley Wealth Management","shortName":"Morgan Stanley","location":"New York, NY","smaAssets":21329791},{"name":"FNZ Trust Company","shortName":"FNZ Trust","location":"Boston, MA","smaAssets":72728688}],"custodyNote":"Delphi Management does not have custody of client assets.","otherCustodians":[],"leadership":[{"name":"Scott Black","title":"Chairman/President/Chief Compliance Officer","crd":"4381220"}],"ownership":[{"label":"Scott Black","detail":"Chairman/president/chief compliance officer in the 75% or more ownership band and a control person, since January 1983."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"617-738-9424","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":"0","assetMix":[{"label":"Exchange-traded equity securities","percent":84},{"label":"Securities issued by registered investment companies or business development companies","percent":5},{"label":"Cash and cash equivalents","percent":11}],"privateFunds":0},"sources":{"adv1FilingDate":"30 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/106042/PDF/106042.pdf","brochureDate":"30 March 2026","brochureUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1031187","iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-22","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Delphi Management have?","answer":"Delphi Management has 26 clients and manages $117 million for them, as of March 2026. They include 23 high-net-worth individuals, 2 charitable organizations and 1 other investment adviser.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 30 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Delphi Management offer?","answer":"Delphi Management provides portfolio management for individuals and small businesses and portfolio management for institutions.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How much does Delphi Management charge?","answer":"Delphi Management charges 0.50%–1.00% for its Separately managed accounts. The brochure does not state whether the rate is annual. The fee is billed in arrears and is negotiable.","source":"DELPHI MANAGEMENT ANNUAL AMENDMENT 2025, filed 30 March 2026","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does Delphi Management use?","answer":"Delphi Management’s separately managed account assets are held at FNZ Trust Company (Boston, MA), with $72.7M, Morgan Stanley Wealth Management (New York, NY), with $21.3M and Bank New York Mellon (New York, NY), with $15.4M. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 March 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Delphi Management have?","answer":"Delphi Management has 0 investment adviser representatives registered with state securities authorities, out of 4 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Delphi Management invest in?","answer":"At the end of its last fiscal year, Delphi Management’s separately managed accounts held 84% exchange-traded equities, 11% cash and equivalents and 5% registered funds (mutual funds, ETFs, BDCs).","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Delphi Management?","answer":"Delphi Management’s direct owner is Scott Black (75% or more).","source":"Form ADV Part 1A, Schedules A and B, filed 30 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Delphi Management get paid?","answer":"Delphi Management is paid through a percentage of assets under management. 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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Delphi Management?","answer":"Its phone number is 617-738-9424. Its website is delphivalue.com.","source":"Form ADV Part 1A, Item 1.F, filed 30 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}