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5 Largest Registered Investment Advisors (RIAs) in Massachusetts


As the need for truly unbiased asset management becomes increasingly popular, registered investment advisors (RIAs) are looking for new opportunities to better serve their clientele. While the markets continue to face risks stemming from the pandemic, registered investment advisors are demonstrating their true-added value. In an effort to shine a light on the registered investment advisor arena, FINTRX explores five of the largest RIAs based in Massachusetts.

RIA Review:

In general terms, a registered investment advisor (RIA) is a firm advising or managing the wealth of high net-worth individuals or institutions. Directly regulated by the Securities Exchange Commission (SEC), RIAs offer a wide range of financial services - from wealth and investment management to direct lending and personal finance education, etc. An important distinction regarding RIAs is the fiduciary obligation to always act in the best interest of their clients.

For more information on RIAs, check out our recent blog post: Exploring the Registered Investment Advisor (RIA) Channel, or visit our Resource Library below.

In an effort to shine a light on RIAs, FINTRX explores five of the largest registered investment advisors (RIAs) based in Massachusetts:  

fidelity-investments1. Fidelity Investments = ~$267B+ in AUM

Founded by Edward C. Johnson II in 1946, Fidelity Investments (commonly referred to as Fidelity) is an American multinational financial services corporation based in Boston, Massachusetts. Privately held for nearly 70 years, Fidelity has been run by the Johnson family ever since. In an effort to make financial expertise broadly accessible and effective in helping people live the lives they want, Fidelity focuses on a diverse set of customers ranging from 23 million people investing their life savings, to 20,000 businesses managing employee benefits to 10,000 advisors needing savvy technology to manage and invest client wealth. Main services include investment management, retirement planning, portfolio guidance, brokerage and numerous other financial services. As the industry continues to evolve and client needs become more complex, Fidelity has and continues to reinvent, innovate and transform itself to be ready for the financial landscape of tomorrow. The company’s tradition of putting clients’ interests “before our own is a big part of what makes Fidelity special,” the fund firm says in its mission statement.

Quick Hitters:

- Founded: 1946
- Headquarters: Boston, MA
- Discretionary Assets: ~$267B+
- Non-Discretionary Assets: $0
- Total AUM: ~$267B+
- Specialties: Investment management, retirement planning, portfolio guidance and brokerage services

Geode-Capital2. Geode Capital Management = ~$554B+ in AUM

Founded in 2001, Geode Capital management is a global asset manager providing systematic investment solutions across multiple asset classes. Geode offers both alpha-generating and beta-tracking strategies. The firm prides itself on providing a transparent investment process, one focused on risk-adjusted-performance. With a robust infrastructure and talented group of investment professionals, Geode offers the scale of a large asset management firm, with the benefits of a versatile investment platform - flexibility and customization - to provide the essential building blocks for today’s changing investment landscape. The firm is located in the financial district in downtown Boston and employs over 130 employees. 

Quick Hitters:

- Founded: 2001
- Headquarters: Boston, MA
- Discretionary Assets: ~$554B+
- Non-Discretionary Assets: $0
- Total AUM: ~$554B+
- Specialties: Equity index, commodity, options, multi-asset class and quantitative active equity

state street global advisors (SSgA)3. SSgA Funds Management, Inc. = ~602B+ in AUM

Established in 1978, SSgA  (State Street Global Advisors) Funds Management, Inc. is a Boston, MA-based investment firm providing portfolio management, financial planning and investment advisory services to clients worldwide. As the asset management arm of State Street Corporation, SSgA offers a range of cost-effective ETFs encompassing the US and International equities, fixed income, alternatives and solutions - not to mention the creator of the first US exchange-traded fund (ETF). SSgA serves governments, institutions and financial advisors with a rigorous approach, breadth of capabilities and belief that proper management is key to good investments over the long term.

Quick Hitters:

- Founded: 1978
- Headquarters: Boston, MA
- Discretionary Assets: ~$602B
- Non-Discretionary Assets: $0
- Total AUM: ~$602B+
- Specialties: ETFs covering a full range of asset classes and investment solutions, ETF education, market research and commentary, portfolio construction insights and investment professional tools and support

wellington management4. Wellington Management Company, LLP = ~$1.2T+ in AUM

With roots dating back to 1933, Wellington Management Company, LLP is a Boston, MA-based privately held investment advisor to more than 2,200 institutions in 60+ countries. Clients include central banks and sovereign institutions, consultants, defined benefit and defined contribution plans, endowments and foundations, family offices, insurers, intermediaries and wealth managers. The firm prides itself on its proprietary, independent research, which is shared across all areas of the organization and used only for managing clients'​ portfolios. Today, Wellington Management has a significant presence and long-term track record in nearly all sectors of the global securities markets.

Quick Hitters:

- Founded: 1933
- Headquarters: Boston, MA
- Discretionary Assets: ~$1.14T+
- Non-Discretionary Assets: ~$81B+
- Total AUM: ~$1.2T+
- Specialties: Investment management, insurance asset management, defined contribution investments, financial reserves management, ESG integration, liability-driven investing, family office investing and multi-manager solutions

mfs-logo5. Massachusetts Financial Services Company (MFS Investment Management) = ~414B+ in AUM

Established in 1924, Massachusetts Financial Services Company (now called MFS Investment Management) is an American-based global investment manager credited with pioneering one of the first open-end mutual funds. With nearly a century of active management experience, the firm's sole purpose is to create long-term value responsibly. At MFS, sustainable investing and creating value responsibly go hand in hand; responsible investing also means investing in the communities we live and work in. Across the firm and around the globe, MFS participates in programs to empower our communities, whether it’s promoting better health, creating opportunities for education, enhancing self-sufficiency, or increasing civic engagement. 

Quick Hitters:

- Founded: 1924
- Headquarters: Boston, MA
- Discretionary Assets: ~$414B+
- Non-Discretionary Assets: $424B+
- Total AUM: ~$414B+
- Specialties: Investment management, retirement planning and college planning

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