RIA comparison · SEC Form ADV
Choate Investment Advisors vs Welch & Forbes LLC
Two independent wealth managers side by side: assets, clients, staff, services and fees, from each firm’s own filing.
The short answer
Choate Investment Advisors is the larger of the two, with $10B in regulatory assets to $9.9B at Welch & Forbes LLC, 1% more than its rival, by their latest Form ADV filings. Welch & Forbes LLC reports more individual clients (643 vs 614), while Choate Investment Advisors’ clients hold more on average (about $15 million each against $13 million). Both are based in Boston, Massachusetts.
| Figure | Choate Investment Advisors | Welch & Forbes LLC |
|---|---|---|
| Regulatory AUM | $10B | $9.9B |
| National rank | #100 | #102 |
| Headquarters | Boston, Massachusetts | Boston, Massachusetts |
| Individual clients | 614 | 643 |
| High-net-worth clients | 519 | 478 |
| Average client assets | $15 million | $13 million |
| Accounts | 4,009 | 3,734 |
| Discretionary | 92% of AUM | 98% of AUM |
| Employees | 34 | 55 |
| Advisory staff | 20 | 12 |
| Clients per advisory employee | 31 | 54 |
| Offices | 1 | 1 |
| Form ADV filed | 2026-03-30 | 2026-05-19 |
Choate Investment Advisors
Full profile →Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses and institutions
- Selecting other advisers
- Periodicals or newsletters
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
Welch & Forbes LLC
Full profile →Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses and institutions
How it’s paid
- A percentage of assets under management
- Fixed fees
Questions
Which is bigger, Choate Investment Advisors or Welch & Forbes LLC?
Choate Investment Advisors, with $10B in regulatory assets under management against $9.9B at Welch & Forbes LLC. Nationally they rank #100 and #102 among 5,657 independent wealth management RIAs.
How many clients do Choate Investment Advisors and Welch & Forbes LLC have?
Choate Investment Advisors reports 614 individual clients (519 high-net-worth) with 20 advisory employees; Welch & Forbes LLC reports 643 (478 high-net-worth) with 12 advisory employees.
How do Choate Investment Advisors and Welch & Forbes LLC charge clients?
Only Choate Investment Advisors lists hourly charges on Form ADV. Fee schedules and minimums are in each firm’s Form ADV Part 2A brochure.
What services do Choate Investment Advisors and Welch & Forbes LLC offer?
Choate Investment Advisors lists selecting other advisers; periodicals or newsletters, which Welch & Forbes LLC does not. Both offer financial planning; portfolio management for individuals and small businesses; portfolio management for pooled investment vehicles; portfolio management for businesses and institutions.
More comparisons
Where these numbers come from
Every figure is the firm’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Average client assets divide the assets held for individual and high-net-worth clients by their number. Ranks compare each firm with all US-based independent wealth management RIAs, the same field as The Largest RIAs. Figures can lag recent deals and market moves.
Not an endorsement or a recommendation of either firm. Before hiring an adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search: Choate Investment Advisors ↗, Welch & Forbes LLC ↗. How to check a financial advisor →