Forness Financial LLC (Needham)

Name: Forness Financial LLC
Address: 105 Chestnut Street, Needham, MA, 02492
Telephone: (781) 400-2604

Forness Financial LLC is a large advisory firm based in Needham. It manages $107 million of regulatory assets for 620 client accounts. It has been registered with the SEC as an adviser since 2018 and has operated in the jurisdictions of Florida, Massachusetts, New Hampshire, and Texas.

Forness Financial provides financial planning services and portfolio management for individuals and small businesses. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Forness Financial: assets under management

The assets under management (AUM) of Forness Financial LLC is $107 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 2% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $107 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $172.58 thousand each.

Investments

The firm invests in investment and business development companies the most. They account for 75% of the total AUM. The second-largest asset type is exchange traded securities, which make up 20% of the firm’s portfolio. Investments in cash and cash equivalents form 5% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Forness Financial LLC for their services and products based on a percentage of assets under management. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Forness Financial serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Forness Financial is individuals with 194 clients and $64 million of assets under management. Among the 8 most similar advisory firms, Forness Financial has the 2nd highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $107 million for 225 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Forness Financial doesn't advise any private funds.

Careers at Forness Financial LLC

The company employs 3 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 3 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
Ryan Charles Forness	Managing principal and chief compliance officer	1 Sep 2014	50% - 75%	3188939
Norman Anthony Forness	Managing principal	1 Sep 2014	50% - 75%	2950592

Based in Needham

The principal office where Forness Financial LLC performs its advisory services is located at 105 Chestnut Street, Needham, MA 02492, 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 (781) 400-2604 or by fax (781) 400-5933. The normal business hours are 9:00am to 5:00pm on Monday - Friday. You can find more information about the New York firm at fornessfinancial.com.