DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
SEC-registered adviser
Welch & Forbes LLC
Latest filing May 19, 2026
First filing on the tape Mar 29, 2012 · 24 filings
SEC status approved since Aug 31, 2001
RAUM
$9.9B
reported, Item 5.F
Discretionary
98%
of RAUM
Private clients
83%
$8.2B individuals and HNW
Advisors
5
registered through the firm on IAPD
RAUM per advisor
$2.0B
derived; firm RAUM over IAPD count
Employees
55
12 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
2
reported on Schedule D
History
24 filings and snapshots on the tape
RAUM$9.9B as of May 19, 2026
Mar 29, 2012$3.2B then
HNW client RAUM$8.0B as of May 19, 2026
Mar 15, 2018$4.1B then
State-registered IARs (5.B.3)4 as of May 19, 2026
Mar 29, 20120 then
Employees (5.A)55 as of May 19, 2026
Mar 27, 201352 then
Private funds2 as of May 19, 2026
Mar 31, 201714 then
RAUM +8.1% over the last fiscal year+13% a year over threeIARs 2 to 4
Practice profile
derived from the filing of May 19, 2026; every figure names its basis
Archetypes, each a printed rule
- RIA with private funds · a wealth manager (private-client share at least 50 percent) that reports at least one private fund on Schedule D 7.B.(1)
- UHNW private wealth · private-client share at least 50 percent, HNW at least 90 percent of private-client RAUM, and average HNW client assets at least $10M
- RAUM per advisor
- $2.0BderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 129derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $16.8MderivedHNW RAUM over HNW clients
- Average account
- $2.7MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 98%derivedof RAUM
- Institutional
- 1.7%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 11.0derivedItem 5.A over advisors
- Advisors per office
- 5.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +8.1%derivedbetween the last two annual amendments
- Advisor growth, one year
- +100%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -0.3%derived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehiclesreportedItem 5.G
- Custody
- $7.9B, 630 clientsreportedItem 9.A
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- an independent public accountant performs a surprise examination (9.C.1)
- marketing includes testimonials (5.L.1.c)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$8.0B81%
- Other investment advisers$1.5B15%
- Individuals$165M1.7%
- Charitable organizations$157M1.6%
- Corporations and businesses$44.9M0.5%
- Pension and profit-sharing plans$8.6M0.1%
- Pooled investment vehicles$6,8800.0%
- Individual clients
- 165reported
- HNW clients
- 478reported
- Pension plan clients
- 4reported
- Charitable clients
- 26reported
- Accounts
- 3,734reported
- Financial planning clients
- 51-100reported
- Wrap fee programs
- noreported
- Custody of client assets
- $7.9B for 630 clientsreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.83 fund_share=0.15 institutional_share=0.02 related_bd=true related_bank=true bd_reps=0.0 bank_owner=falsederived
Advisors registered through the firm
5 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Kelley Roche Ellis | Boston, Ma | May 22, 2024 | 18 y | 3 |
| Naomi Theresa D'AlessandroChartered Financial Analyst | Boston, Ma | Nov 6, 2024 | 20 y | 1 |
| Matthew Wood JohnsonCertified Financial Planner | Boston, Ma | Jun 26, 2025 | 12 y | 2 |
| Bryan John Ciborowski | Boston, Ma | Jul 21, 2025 | 18 y | 2 |
| Justin T WolstenholmeCertified Financial Planner | Boston, Ma | Jun 9, 2026 | 12 y | 3 |
Advisor movement
0 left, 1 joined in 12 months
net +1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount1 left over 36 months
Left, latest
- Amy Sou Qiu to Choate Investment AdvisorsMay 3, 2024 · RIA to RIA
Joined, latest
- Justin T Wolstenholme from Svb WealthJun 9, 2026 · RIA to RIA
- Bryan John Ciborowski from Focus Partners Wealth, LLCJul 21, 2025 · RIA to RIA
- Matthew Wood Johnson from Blackrock Investment Management, LLCJun 26, 2025 · Other
- Naomi Theresa D'Alessandro from Edward JonesNov 6, 2024 · Affiliated broker-dealer or bank to independent RIA
- Kelley Roche Ellis from Prio Wealth LPMay 22, 2024 · RIA to RIA
- Amy Sou Qiu from Reynders, Mcveigh Capital Management, LLCMay 7, 2019 · RIA to RIA
Private funds
14 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Welch & Forbes Private Equity II, LLC - Series Gno longer reported | Private Equity Fund | $168,129 | 3 | Mar 31, 2017 |
| Welch & Forbes Private Equity III, LLC - Series Gno longer reported | Private Equity Fund | $68,976 | 9 | Mar 31, 2017 |
| Welch & Forbes Private Equity III, LLC - Series Eno longer reported | Private Equity Fund | $29,181 | 15 | Mar 31, 2017 |
| Welch & Forbes Private Equity II, LLC - Series Eno longer reported | Private Equity Fund | $28,881 | 17 | Mar 31, 2017 |
| Welch & Forbes Private Equity II, LLC - Series Dno longer reported | Other Private Fund | $27,729 | 4 | Mar 31, 2017 |
| Welch & Forbes Private Equity III, LLC - Series Ano longer reported | Private Equity Fund | $17,150 | 6 | Mar 31, 2017 |
| Welch & Forbes Private Equity III, LLC - Series Dno longer reported | Other Private Fund | $12,137 | 1 | Mar 31, 2017 |
| Welch & Forbes Private Equity II, LLC - Series Ano longer reported | Private Equity Fund | $5,764 | 1 | Mar 31, 2017 |
| Welch & Forbes Private Equity III, LLC - Series Bno longer reported | Private Equity Fund | $5,546 | 14 | Mar 31, 2017 |
| Welch & Forbes Private Equity II, LLC - Series Fno longer reported | Private Equity Fund | $4,981 | 16 | Mar 31, 2017 |
| Welch & Forbes Private Equity III, LLC - Series C | Private Equity Fund | $4,420 | 10 | Mar 31, 2017 |
| Welch & Forbes Private Equity III, LLC - Series Fno longer reported | Private Equity Fund | $4,387 | 11 | Mar 31, 2017 |
| Welch & Forbes Private Equity II, LLC - Series C | Private Equity Fund | $2,460 | 8 | Mar 31, 2017 |
| Welch & Forbes Private Equity II, LLC - Series Bno longer reported | Private Equity Fund | $1,215 | 8 | Mar 31, 2017 |
Owners and control persons
Schedule A and B, latest filing
- Edward Theodore Ober · Executive Vice Presidentcontrolsince 02/2016 · owns less than 5%
- G. Adrienne Silbermann · Executive Vice Presidentcontrolsince 01/2005 · owns less than 5%
- Henry Kurt Walter · Executive Vice President & Treasurercontrolsince 05/2013 · owns less than 5%
- Jackson Benjamin Williams · Executive Vice Presidentcontrolsince 01/2005 · owns less than 5%
- R Todd Jundi · Senior Vice President & Chief Compliance Officersince 07/2015 · owns less than 5%
Entity owners
- Amg Wf Holdings LLC · Manager Memberdirect · owns 75% or more
- Affiliated Managers Group, Inc. · Sole Shareholderindirect · owns 75% or more of Amg Wp Gp Holdings Corp · public reporting company
- Affiliated Managers Group, Inc. · Series A Member And Managerindirect · owns 75% or more of Amg Wp LP Holdings, LLC · public reporting company
- Amg Wealth Partners, LP · Manager And Sole Memberindirect · owns 75% or more of Amg Wf Holdings, LLC
- Amg Wp Gp Holdings Corp · General Partnerindirect · owns F of Amg Wealth Partners, LP
- Amg Wp LP Holdings, LLC · Limited Partnerindirect · owns 75% or more of Amg Wealth Partners, LP
Related persons
Schedule D 7.A
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Boston, Ma · principal | 5 | 1 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 3,620 to 3,734Mar 19, 2025 to Mar 18, 2026
- Advisory employees · 11 to 12Mar 19, 2025 to Mar 18, 2026
- Charity clients · 27 to 26Mar 19, 2025 to Mar 18, 2026
- Corporate clients · 25 to 22Mar 19, 2025 to Mar 18, 2026
- HNW clients · 463 to 478Mar 19, 2025 to Mar 18, 2026
- Individual clients · 182 to 165Mar 19, 2025 to Mar 18, 2026
- Pension plan clients · 5 to 4Mar 19, 2025 to Mar 18, 2026
- Assets in custody · $7.1B to $7.9BMar 19, 2025 to Mar 18, 2026
- Employees · 56 to 55Mar 19, 2025 to Mar 18, 2026
- Financial planning clients · 101-250 to 51-100Mar 19, 2025 to Mar 18, 2026
- State-registered IARs · 2 to 4Mar 19, 2025 to Mar 18, 2026
- Discretionary RAUM · $8.9B to $9.7BMar 19, 2025 to Mar 18, 2026
- HNW RAUM · $7.5B to $8.0BMar 19, 2025 to Mar 18, 2026
- Individual RAUM · $192M to $165MMar 19, 2025 to Mar 18, 2026
- Non-discretionary RAUM · $244M to $243MMar 19, 2025 to Mar 18, 2026
- Pension RAUM · $8.9M to $8.6MMar 19, 2025 to Mar 18, 2026
- RAUM · $9.2B to $9.9BMar 19, 2025 to Mar 18, 2026
- Accounts · 3,406 to 3,620Mar 18, 2024 to Mar 19, 2025
- Advisory employees · 12 to 11Mar 18, 2024 to Mar 19, 2025
- Charity clients · 25 to 27Mar 18, 2024 to Mar 19, 2025
- Corporate clients · 17 to 25Mar 18, 2024 to Mar 19, 2025
- HNW clients · 449 to 463Mar 18, 2024 to Mar 19, 2025
- Individual clients · 195 to 182Mar 18, 2024 to Mar 19, 2025
- Assets in custody · $6.7B to $7.1BMar 18, 2024 to Mar 19, 2025
- Employees · 55 to 56Mar 18, 2024 to Mar 19, 2025
- Financial planning clients · 101-250 to 101-250Mar 18, 2024 to Mar 19, 2025
- State-registered IARs · 0 to 2Mar 18, 2024 to Mar 19, 2025
- Private funds · 4 to 2Mar 18, 2024 to Mar 19, 2025
- Discretionary RAUM · $7.7B to $8.9BMar 18, 2024 to Mar 19, 2025
- HNW RAUM · $6.6B to $7.5BMar 18, 2024 to Mar 19, 2025
- Individual RAUM · $202M to $192MMar 18, 2024 to Mar 19, 2025
- Non-discretionary RAUM · $233M to $244MMar 18, 2024 to Mar 19, 2025
- Pension RAUM · $10.3M to $8.9MMar 18, 2024 to Mar 19, 2025
- Pooled vehicle RAUM · $13,641 to $6,880Mar 18, 2024 to Mar 19, 2025
- RAUM · $7.9B to $9.2BMar 18, 2024 to Mar 19, 2025
- Accounts · 3,277 to 3,406Jan 3, 2024 to Mar 18, 2024
- Charity clients · 26 to 25Jan 3, 2024 to Mar 18, 2024
- Corporate clients · 10 to 17Jan 3, 2024 to Mar 18, 2024
- HNW clients · 526 to 449Jan 3, 2024 to Mar 18, 2024
- Individual clients · 239 to 195Jan 3, 2024 to Mar 18, 2024
Signals
2 dated events
- Amy Sou Qiu left Welch & Forbes Llc for Choate Investment Advisors (registered 2024-06-10)May 3, 2024 · Advisor changed firm · fact
- Ames Oliver Spalding (Executive Vice President) no longer on Schedule A of Welch & Forbes Llc (listed 2020-06-08, absent 2021-03-15)Mar 15, 2021 · Control person left · inference
Across DFX
shared identifiers only, never a name match
- Welch & Forbes LLC · Independent Sponsorsshared crd · capital_provider
- Welch & Forbes LLC · Private Equityshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- LINKEDIN.COM/COMPANY/WELCH-&-FORBES-LLCreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 617-523-1635reportedpublic record, Form ADV, May 19, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Independent wealth managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $2.0Bderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026