Welch & Forbes provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions. Financial planning was provided to 51–100 clients last fiscal year. The firm advises 2 private funds.
Welch & Forbes reports 699 clients. They include 478 high-net-worth individuals, 165 individual clients and 26 charitable organizations. Of its assets, 97.5% ($9.66B across 3,690 accounts) are managed with discretion; $243M across 44 accounts are not. Of its clients, 3% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 24% | 2% |
| High-net-worth individuals | 68% | 81% |
| Pooled investment vehicles | <1% | <1% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | 4% | 2% |
| Other client typesOther investment advisers; Corporations and other businesses | 3% | 16% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 165 | $165M | 1.7% | $997K |
| High-net-worth individuals | 478 | $8.01B | 80.9% | $16.8M |
| Pooled investment vehicles | 2 | $6.88K | 0.0% | $3.44K |
| Pension and profit-sharing plans | 4 | $8.61M | 0.1% | $2.15M |
| Charitable organizations | 26 | $157M | 1.6% | $6.05M |
| Other investment advisers | 2 | $1.51B | 15.3% | $757M |
| Corporations and other businesses | 22 | $44.9M | 0.5% | $2.04M |
| Total | 699 | $9.9B | 100% | $14.2M |
- Clients
- 165
- Regulatory AUM
- $165M
- AUM share
- 1.7%
- Avg. per client
- $997K
- Clients
- 478
- Regulatory AUM
- $8.01B
- AUM share
- 80.9%
- Avg. per client
- $16.8M
- Clients
- 2
- Regulatory AUM
- $6.88K
- AUM share
- 0.0%
- Avg. per client
- $3.44K
- Clients
- 4
- Regulatory AUM
- $8.61M
- AUM share
- 0.1%
- Avg. per client
- $2.15M
- Clients
- 26
- Regulatory AUM
- $157M
- AUM share
- 1.6%
- Avg. per client
- $6.05M
- Clients
- 2
- Regulatory AUM
- $1.51B
- AUM share
- 15.3%
- Avg. per client
- $757M
- Clients
- 22
- Regulatory AUM
- $44.9M
- AUM share
- 0.5%
- Avg. per client
- $2.04M
Total
- Clients
- 699
- Regulatory AUM
- $9.9B
- AUM share
- 100%
- Avg. per client
- $14.2M
- Clients outside the U.S.
- 3%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 2
- Financial planning clients last fiscal year
- 51–100
Welch & Forbes charges 0.50%–1.25% a year for its Standard Fee Schedule. The fee is billed in arrears and is negotiable.
Fee details and sources
Amg WF Holdings LLC owns 75% or more of Welch & Forbes and is in turn owned by Amg Wealth Partners, LP (75% or more). The leadership team of Welch & Forbes includes President Todd Jundi. It has 55 employees, 12 of them in advisory roles.
Leadership
Todd JundiSenior Vice President & Chief Compliance Officer
Theodore OberExecutive Vice President
Adrienne SilbermannExecutive Vice President
Kurt WalterExecutive Vice President & Treasurer
Benjamin WilliamsExecutive Vice President
Investment adviser representatives
5 representatives listed in the SEC register as of 9 October 2026.
- Bryan John Ciborowski
- Naomi Theresa D'Alessandro
- Kelley Roche Ellis
- Matthew Wood Johnson
- Justin T Wolstenholme
Staff
- 55 employees
- 12 in advisory functions
- 4 state-registered reps
- 2 soliciting firms
- Owns 75% or more of Welch & Forbes LLC
Amg WF Holdings LLC
Control person · since December 2010
- Owns 75% or more of Amg WF Holdings LLC
Amg Wealth Partners, LP
Control person · since July 2012
- Owns 75% or more of Amg Wealth Partners, LP
Amg WP LP Holdings, LLC
Control person · since June 2011
- Owns 75% or more of Amg WP LP Holdings, LLC
Affiliated Managers Group, Inc.
Control person · since March 2011
Amg WP GP Holdings Corp
General partner · Control person · since September 2012
Welch & Forbes’ regulatory assets grew 1.6× from $6.26B (March 2021) to $9.9B (May 2026); clients fell from 816 to 699 and employees were 55 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| May 2026 | $9.9B | 699 | 55 | 1 |
| March 2025 | $9.16B | 705 | 56 | 1 |
| March 2024 | $7.91B | 694 | 55 | 1 |
| March 2023 | $6.81B | 807 | 53 | 1 |
| March 2022 | $7.81B | 824 | 56 | 1 |
| March 2021 | $6.26B | 816 | 56 | 1 |
Besides its headquarters, Welch & Forbes has 0 offices, with 1 listed address in Massachusetts.
Massachusetts · 1 listed address
- 45 School Street, BostonHQ
Contact and registration details
- Legal name
- Welch & Forbes LLC
- Headquarters
- 45 School Street, Boston, MA 02108
- Website
- welchforbes.com
- Phone
- 617-523-1635
- @welch-&-forbes-llc
- SEC file
- 801-60532
- Structure
- Delaware LLC
- Fiscal year end
- December
Welch & Forbes uses Reliance Trust ($7.88B) as custodian for its separately managed accounts. Welch & Forbes has custody of $7.93B in client assets for 630 clients.
- Reliance TrustReliance Trust Company · Atlanta, GA · $7.88B100%
At year end, Welch & Forbes’ separately managed accounts were mostly in stocks (83%). Its reported 13F holdings for the quarter ended 30 June 2026 total $8.23B across 388 positions; the largest are Nvidia Corporation (7.4%), Apple Inc. (5.8%) and Alphabet Inc. (5.0%).
What the accounts hold
- Stocks83%
- Funds2%
- Bonds7%
- Investment grade corporate bonds3%
- U.S. government and agency bonds2%
- State and local bonds2%
- Cash8%
Reported 13F holdings
- $8.23B
- Reported 13F value
- 388
- Positions
- 37.9%
- In the 10 largest
- +6.4%
- Value vs. prior quarter
- Nvidia Corporation7.4%
- Apple Inc.5.8%
- Alphabet Inc. · Cap Stk CL C5.0%
- Microsoft Corp.4.0%
- Oreilly Automotive Inc.3.1%
- Visa Inc. · Com CL A2.9%
- JPMORGAN Chase & CO2.6%
- Eli Lilly & CO2.5%
- Rtx Corporation2.5%
- Johnson & Johnson2.0%
Together, the ten largest are 37.9% of reported value.
How many clients does Welch & Forbes have?
Welch & Forbes has 699 clients and manages $9.9 billion for them, as of May 2026. They include 478 high-net-worth individuals, 165 individual clients and 26 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 19 May 2026
What services does Welch & Forbes offer?
Welch & Forbes provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Welch & Forbes charge?
Welch & Forbes charges 0.50%–1.25% a year for its Standard Fee Schedule. The fee is billed in arrears and is negotiable.
Source: WELCH & FORBES LLC FORM ADV PART 2A BROCHURE, filed 18 March 2026
Which custodians does Welch & Forbes use?
Welch & Forbes’ separately managed account assets are held at Reliance Trust Company (Atlanta, GA), with $7.88B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 19 May 2026
How many financial advisors does Welch & Forbes have?
Welch & Forbes has 4 investment adviser representatives registered with state securities authorities, out of 55 employees, and 12 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
What does Welch & Forbes invest in?
At the end of its last fiscal year, Welch & Forbes’ separately managed accounts held 83% exchange-traded equities, 8% cash and equivalents, 3% investment grade corporate bonds, 2% U.S. government and agency bonds, 2% state and local bonds and 2% registered funds (mutual funds, ETFs, BDCs). It advises 2 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Welch & Forbes?
Welch & Forbes is owned through a chain of holding companies by Affiliated Managers Group, Inc. Its direct owner is Amg WF Holdings LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 19 May 2026
How does Welch & Forbes get paid?
Welch & Forbes 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 Welch & Forbes registered with the SEC?
Yes, Welch & Forbes has been registered with the SEC as an investment adviser since 31 August 2001. Its CRD number is 115119 and its SEC file number is 801-60532.
Source: Form ADV Part 1A, Item 1, filed 19 May 2026; IAPD firm record
How do I contact Welch & Forbes?
Welch & Forbes’ main office is at 45 School Street, Boston, MA 02108. Its phone number is 617-523-1635. Its website is welchforbes.com.