Congress Wealth Management LLC
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Learn more about Congress Wealth Management LLC
Congress Wealth Management LLC operates as a financial advisor company based in Boston, Massachusetts. It administers $5.1 billion in total assets across 10,485 accounts, placing it among the biggest firms in the United States by assets under management (AUM). It has an average-sized team, including 41 financial advisors. Congress Wealth Management LLC does not act as a registered broker-dealer, signifying that the advisor cannot buy and sell securities for its own accounts as well as its customers' and instead must go through a broker-dealer firm to do so. Securities are tradable fiscal assets such as stocks, bonds and options.
Congress Wealth Management LLC oversees 10,468 of the firm's client assets in a discretionary manner. Discretionary management signifies that an investment advisor makes buy and sell choices for the client's account without requiring client consent. The firm also oversees 17 non-discretionary accounts with a total of $18.7 million in assets. The advisory firm supervises an average of $490,655 in assets for every client account. An average financial advisor at Congress Wealth Management LLC administers about 256 client accounts.
The firm's main office is at 155 Seaport Blvd, Boston, Massachusetts 2210. The company is legally allowed to serve clients throughout 36 U.S. states and territories.
Assets Under Management
Number of Advisors
Congress Wealth Management LLC by the Numbers
Products and Services
Congress Wealth Management LLC offers a number of services, which can include financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for institutional clients, pension consulting services and selection of other advisers. In the past fiscal year, the company provided financial planning services to 2500 of its customers. The company does sell products or offer services aside from investment advisory services to its customers.
Core Advisor Services
Offered by 31% of firms
Financial Planning Services
This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.
Offered by 46% of firms
This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.
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Market Timing Services
This is the practice of attempting to make short-term profits on investments by buying low and selling high.
Offered by 20% of firms
Selection of Other Advisors
This is the firm's assistance with choosing other advisors to work with who may have different specialties.
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Publication of Periodicals
This is the publication of various financial education materials.
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This is the hosting of seminars or workshops to educate investors on financial concepts.
Fees for financial management typically are based on which services are offered. However, fees billed by the firm likely consist of some combination of the following fee structures: asset-based, hourly or fixed. Wrap fee programs, or the practice of bundling services for a single fee, are not offered by Congress Wealth Management LLC.
Offered by 69% of firms
Percentage of AssetsShow Explanation
This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.
Offered by 21% of firms
Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.
Offered by 32% of firms
Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.
Find one of the 1% of firms that offer this fee type
Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.
Find one of the 26% of firms that offer this fee type
Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.
Find one of the 0% of firms that offer this fee type
Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.
Find one of the 10% of firms that offer this fee type
Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.
Types of Clients
The company manages money for a number of different clients. The firm caters to retail investors, high net worth investors, pooled investment vehicles, pension plans, charitable organizations, other investment advisers and corporations. Out of its 10,485 accounts, Congress Wealth Management LLC's biggest client type by number of accounts is high net worth investors, but it also serves 1,266 high-net-worth individuals. The SEC defines a high-net-worth individual as someone who has at least $750,000 under management or a net worth of more than $1.50 million or who counts as a "qualified purchaser" (a standard met by having at least $5 million in investments). None of the company's customers are represented by people from outside of the U.S.
- High-Net-Worth Individuals* - 56.09%
- Other Individuals - 42.53%
- Corporations - 0.93%
- Charitable Organizations - 0.44%
* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.
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Congress Wealth Management LLC does not have any disclosures.
Please visit its Form ADV for more details.
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Financial Advisors at Congress Wealth Management LLC
Avila Beach, CA
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The content in this profile was updated by SmartAsset on 4/16/2023. All advisor details come from publicly available data, and we cannot guarantee the accuracy of the content. We are unable to make individual profile updates. If you want your profile removed temporarily or permanently, please contact email@example.com.
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Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.