Choate Investment Advisors LLC (Boston)

Name: Choate Investment Advisors LLC
Address: Two International Place, Boston, MA, 02110
Telephone: 617-973-4900

Choate Investment Advisors LLC is a large advisory firm based in Boston. It manages $4.5 billion of regulatory assets for 2,387 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Arizona, California, Colorado, and 27 other states.

Choate Investment Advisors provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, selection of other advisers, and publication of newsletters. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Choate Investment Advisors: assets under management

The assets under management (AUM) of Choate Investment Advisors LLC is $4.5 billion. The firm's AUM has grown by 79% since the beginning of its operation, and $8.7 million of the total AUM is attributable to clients outside of the United States.

The firm manages $3.86 billion in discretionary accounts and $632.09 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.75 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $3.59 million.

Choate Investment Advisors has custody of $1.72 million in cash and securities for 1 client in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 43% of the total AUM. The second-largest asset type is exchange traded securities, which make up 37% of the firm’s portfolio. Investments in other assets form 10% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Choate Investment Advisors LLC for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Choate Investment Advisors serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, pooled investment vehicles, and pension and profit sharing plans. The largest group of clients of Choate Investment Advisors is high net worth individuals with 310 clients and $4.14 billion of assets under management. Among the 5 most similar advisory firms, Choate Investment Advisors has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $4.5 billion for 403 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 2% of the firm’s clients are foreign persons or businesses.

Choate Investment Advisors also advises several private funds. Namely, one other private fund. The minimum investment commitment required of non-related persons is $500,000 for each fund.

Careers at Choate Investment Advisors LLC

The company employs 14 people that are either part- or full-time employees. 79 percent of the employees work as investment advisers or researchers. 4 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Inc. Choate Advisors Management	Managing member of cia	1 Nov 1996	Other	04-3337956
Hall & Stewart Llp Choate	Equity owner	1 Nov 1996	75% - 100%	04-1175860
Inc. ("Cami") Choate Advisors Management	Managing member of cia	1 Nov 1996	Other	04-3337956
Richard L. Wenzel	Pres./treas./dir.-choate advisors management, inc.("cami");manager-choate investment advisors llc ("cia"); managing dir. of cia	1 Nov 1996	Other	4340110
Carl Robert Sargent	V.p., clerk and director of cami; investment officer of cia	1 Nov 1996	Other	2125790
James Alan Mcdaniel	Director of cami	1 Nov 1996	Other	4340135
Hall & Stewart Choate	Equity owner	1 Nov 1996	75% - 100%	04-1175860
Louis Richard Wenzel	Pres./treas./dir.-choate advisors management, inc.("cami");manager-choate investment advisors llc ("cia"); managing dir. of cia	1 Nov 1996	Other	4340110
James Alan Mcdaniel	Director of cami	1 Dec 1997	Other	4340135
Douglas Bond Phillips	Acting managing director of cia	1 Aug 2005	Other	2457958
Scott Benjamin Schermerhorn	Managing director of cia, president, treasurer and director of cami	1 Dec 2005	Other	2125080
Frederick Peter Callori	Chief compliance officer	1 Mar 2006	Other	5123613
Douglas Bond Phillips	Secretary and director of cami	1 May 2007	Other	2457958
Todd Martin Millay	Managing director of cia, president, treasurer and director of cami	1 Apr 2008	Other	5511859
Tamer Makram Alamuddin	Director of cami	1 Mar 2014	Other	6924607
Erin Elwood Kerr	Chief compliance officer	1 Sep 2015	Other	6563372
Robert Allen Kole	Director of cami	1 Jun 2018	Other	7051034

Based in Boston

The principal office where Choate Investment Advisors LLC performs its advisory services is located at Two International Place, Boston, MA 02110, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 617-973-4900 or by fax 617-248-4000. The normal business hours are 9:00 a.m. to 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at choateinvestmentadvisors.com.