As 2024 comes to a close, we take this moment to reflect on a year marked by progress, transformation, and unwavering dedication to our mission. We are deeply grateful for the trust and partnership of our clients, our people, and business partners, whose collaboration inspires everything we do.
Milestones of 2024
Tremendous People and Team Recognition
Our people are the foundation of our success, and this year we were honored to be recognized among the highest-scoring businesses on Inc.’s Annual List of Best Workplaces for 2024 in the Financial Services Sector1. We believe this accolade reflects the exceptional culture, teamwork, and passion that drive our organization.
In addition to this recognition, we welcomed five fantastic individuals to our team in 2024,further strengthening our capabilities and culture. Their unique talents and dedication have enhanced many facets of our business, helping us seek to deliver value to our clients and stakeholders.
Our team continues to inspire us with their commitment to excellence, and we are proud to have such tremendous people fueling our growth and innovation.
Transition to an Advisory-Only Practice Model
This year, we made a pivotal transition to an advisory-only practice model. Winthrop Wealth began as a Registered Investment Advisor (RIA) in 2017, as a “hybrid” wherein our advisors were dual registered as representatives of LPL Financial. This move away from brokerage, commission-based business underscores our fiduciary focus as advisors, allowing us to eliminate some potential conflicts of interest and focus solely on delivering personalized, fee-based advisory services. We believe our decision reflects a deep commitment to transparency and helps align with the evolving expectations of the financial services industry.
Continuing Relationship with LPL Financial
We remain committed to continuing our collaboration with LPL Financial as our primary custodian throughout this transition and beyond. We believe that going into 2025 as advisory-only professionals empowers our advisors with increased autonomy, innovative technology, and streamlined operations to better serve our clients. It also allows us to scale our practice while seeking to deliver the personalized, high-quality service that we have always strived for.
Recognition for Excellence
We are honored to have been named one of Forbes’ 2024 America’s Top RIA Firms, ranking 92nd nationwide.2 This recognition reflects the dedication of our team and the value we seek to deliver to our clients every day.
Long-Term Commitment to Our Boston Presence
This year marked a homecoming for Winthrop Wealth as we returned to our original office space at 321 Columbus Avenue, the location that served as our home before the fire of 2019. In a significant milestone, we have built out the entire floor, creating a state-of-the-art workspace that reflects our growth and commitment to excellence.
This move underscores our long-term commitment to our Boston roots and provides an inspiring environment for our team to collaborate, innovate, and seek to deliver professional service to our clients. We are proud to continue our legacy in a space that combines modern functionality with deep ties to our history.
Navigating Market Dynamics
Over the past two years, equity markets have experienced remarkable gains, with the S&P 500 achieving consecutive 20%+ annual returns for the first time in decades. This period has been accompanied by unusually muted volatility, well outside of historical averages. While these results are worth celebrating, we also recognize the importance of setting realistic expectations.
Market declines are a natural and inevitable part of investing. The further we move away from a downturn, the more our psychology shifts, often leading us to expect continued exceptional performance. However, such expectations are not reflective of market reality. As your advisors, it is our job to help you navigate these psychological biases, remaining grounded during periods of both exuberance and uncertainty.
At Winthrop Wealth, we utilize our Total Net Worth Approach and a structured investment process to help guide our clients through these challenges. This includes:
Disciplined execution: Maintaining a long-term perspective and adhering to a comprehensive, repeatable process grounded in data and analysis.
Opportunistic strategies: Leveraging market volatility to identify opportunities, such as tax-loss harvesting, rebalancing, and repositioning portfolios to stay aligned with long-term goals.
Diversification: Designing globally diversified portfolios that balance risk across asset classes and sectors, aiming to provide more consistent outcomes overtime. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Mitigation of noise: Refusing to get caught up in the “crisis of the day” while focusing on factors that truly matter to your financial plan. While markets have shown resilience and growth over time, periods of volatility are inevitable. These moments often present opportunities for strategic adjustments and reaffirming the path toward your goals. By anchoring decisions in your financial plan and a disciplined investment process, we strive to help you weather the ups and downs while keeping your focus on what truly matters: pursuing your long-term aspirations.
Central to this Total Net Worth approach is our commitment to process. Our structured, repeatable investment methodology allows us to respond dynamically to market challenges while maintaining focus on our clients’ overarching goals, in our opinion. This philosophy underpins our belief in being Disciplined, Opportunistic, and Diversified, ensuring that we remain adaptive to market volatility, capitalize on tax-loss harvesting and rebalancing opportunities, and mitigate unnecessary fees and expenses. No strategy assures success or protects against loss.
We understand that financial planning and investing are dynamic and must evolve alongside changing market conditions and client circumstances. Our role is to guide our clients through these changes, ensuring their investment portfolios remain robust, globally diversified, and aligned with their personalized financial plans. We believe this commitment helps enable us to turn challenges into opportunities and to help our clients stay on track toward their aspirations.
Our Commitment
At Winthrop Wealth, our mission is to help clients live life to its fullest. This year, we doubled down on our core values: continuous improvement, creative problem-solving and execution, passion-driven innovation all while delivering our authentic selves. These principles guided us through transformative moments, including the move to our new home at 321 Columbus Street and the expansion of our centralized operations to better support our advisors and clients.
Looking Ahead to 2025
The new year brings exciting opportunities to further strengthen our relationships and enhance the value we provide. Whether through tailored financial strategies, advanced technology, or an unwavering commitment to our fiduciary duty, we look forward to serving as your trusted partner in pursuing your financial aspirations.
Thank you for your continued trust and collaboration. We wish you and your loved ones a joyous holiday season and a prosperous New Year.
With gratitude,
The Winthrops &
The Winthrop Wealth Team
DISCLOSURES
1 For more information about Winthrop Wealth’s recognition by Inc. as one of the Best Workplaces for 2024, visit https://www.inc.com/best-workplaces/2024.Winthrop Wealth was awarded a listing on Inc. Media’s Best Workplaces for 2024 in Financial Services category on 6/11/2024, based on current employee surveys submitted to and evaluated by Quantum Workplace. Winthrop Wealth paid a $395 application fee to participate in this process.
2 Provided by SHOOK ®Research, LLC – Data as of 3/31/2024. Ranking awarded 10/08/2024 and published by Forbes. America’s Top Registered Investment Advisor Firms ranking was developed by SHOOK Research. Neither SHOOK nor Forbes receive compensation in exchange for its Registered Investment Advisor Firm placements or rankings.
< COMMENTARY
Updates | January 02, 2025
Reflecting on 2024
By Max G. Winthrop
Chief Executive Officer
A Year of Growth and Gratitude
As 2024 comes to a close, we take this moment to reflect on a year marked by progress, transformation, and unwavering dedication to our mission. We are deeply grateful for the trust and partnership of our clients, our people, and business partners, whose collaboration inspires everything we do.
Milestones of 2024
Tremendous People and Team Recognition
Our people are the foundation of our success, and this year we were honored to be recognized among the highest-scoring businesses on Inc.’s Annual List of Best Workplaces for 2024 in the Financial Services Sector1. We believe this accolade reflects the exceptional culture, teamwork, and passion that drive our organization.
In addition to this recognition, we welcomed five fantastic individuals to our team in 2024,further strengthening our capabilities and culture. Their unique talents and dedication have enhanced many facets of our business, helping us seek to deliver value to our clients and stakeholders.
Our team continues to inspire us with their commitment to excellence, and we are proud to have such tremendous people fueling our growth and innovation.
Transition to an Advisory-Only Practice Model
This year, we made a pivotal transition to an advisory-only practice model. Winthrop Wealth began as a Registered Investment Advisor (RIA) in 2017, as a “hybrid” wherein our advisors were dual registered as representatives of LPL Financial. This move away from brokerage, commission-based business underscores our fiduciary focus as advisors, allowing us to eliminate some potential conflicts of interest and focus solely on delivering personalized, fee-based advisory services. We believe our decision reflects a deep commitment to transparency and helps align with the evolving expectations of the financial services industry.
Continuing Relationship with LPL Financial
We remain committed to continuing our collaboration with LPL Financial as our primary custodian throughout this transition and beyond. We believe that going into 2025 as advisory-only professionals empowers our advisors with increased autonomy, innovative technology, and streamlined operations to better serve our clients. It also allows us to scale our practice while seeking to deliver the personalized, high-quality service that we have always strived for.
Recognition for Excellence
We are honored to have been named one of Forbes’ 2024 America’s Top RIA Firms, ranking 92nd nationwide.2 This recognition reflects the dedication of our team and the value we seek to deliver to our clients every day.
Long-Term Commitment to Our Boston Presence
This year marked a homecoming for Winthrop Wealth as we returned to our original office space at 321 Columbus Avenue, the location that served as our home before the fire of 2019. In a significant milestone, we have built out the entire floor, creating a state-of-the-art workspace that reflects our growth and commitment to excellence.
This move underscores our long-term commitment to our Boston roots and provides an inspiring environment for our team to collaborate, innovate, and seek to deliver professional service to our clients. We are proud to continue our legacy in a space that combines modern functionality with deep ties to our history.
Navigating Market Dynamics
Over the past two years, equity markets have experienced remarkable gains, with the S&P 500 achieving consecutive 20%+ annual returns for the first time in decades. This period has been accompanied by unusually muted volatility, well outside of historical averages. While these results are worth celebrating, we also recognize the importance of setting realistic expectations.
Market declines are a natural and inevitable part of investing. The further we move away from a downturn, the more our psychology shifts, often leading us to expect continued exceptional performance. However, such expectations are not reflective of market reality. As your advisors, it is our job to help you navigate these psychological biases, remaining grounded during periods of both exuberance and uncertainty.
At Winthrop Wealth, we utilize our Total Net Worth Approach and a structured investment process to help guide our clients through these challenges. This includes:
Disciplined execution: Maintaining a long-term perspective and adhering to a comprehensive, repeatable process grounded in data and analysis.
Opportunistic strategies: Leveraging market volatility to identify opportunities, such as tax-loss harvesting, rebalancing, and repositioning portfolios to stay aligned with long-term goals.
Diversification: Designing globally diversified portfolios that balance risk across asset classes and sectors, aiming to provide more consistent outcomes overtime. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Mitigation of noise: Refusing to get caught up in the “crisis of the day” while focusing on factors that truly matter to your financial plan. While markets have shown resilience and growth over time, periods of volatility are inevitable. These moments often present opportunities for strategic adjustments and reaffirming the path toward your goals. By anchoring decisions in your financial plan and a disciplined investment process, we strive to help you weather the ups and downs while keeping your focus on what truly matters: pursuing your long-term aspirations.
Central to this Total Net Worth approach is our commitment to process. Our structured, repeatable investment methodology allows us to respond dynamically to market challenges while maintaining focus on our clients’ overarching goals, in our opinion. This philosophy underpins our belief in being Disciplined, Opportunistic, and Diversified, ensuring that we remain adaptive to market volatility, capitalize on tax-loss harvesting and rebalancing opportunities, and mitigate unnecessary fees and expenses. No strategy assures success or protects against loss.
We understand that financial planning and investing are dynamic and must evolve alongside changing market conditions and client circumstances. Our role is to guide our clients through these changes, ensuring their investment portfolios remain robust, globally diversified, and aligned with their personalized financial plans. We believe this commitment helps enable us to turn challenges into opportunities and to help our clients stay on track toward their aspirations.
Our Commitment
At Winthrop Wealth, our mission is to help clients live life to its fullest. This year, we doubled down on our core values: continuous improvement, creative problem-solving and execution, passion-driven innovation all while delivering our authentic selves. These principles guided us through transformative moments, including the move to our new home at 321 Columbus Street and the expansion of our centralized operations to better support our advisors and clients.
Looking Ahead to 2025
The new year brings exciting opportunities to further strengthen our relationships and enhance the value we provide. Whether through tailored financial strategies, advanced technology, or an unwavering commitment to our fiduciary duty, we look forward to serving as your trusted partner in pursuing your financial aspirations.
Thank you for your continued trust and collaboration. We wish you and your loved ones a joyous holiday season and a prosperous New Year.
With gratitude,
The Winthrops &
The Winthrop Wealth Team
DISCLOSURES
1 For more information about Winthrop Wealth’s recognition by Inc. as one of the Best Workplaces for 2024, visit https://www.inc.com/best-workplaces/2024.Winthrop Wealth was awarded a listing on Inc. Media’s Best Workplaces for 2024 in Financial Services category on 6/11/2024, based on current employee surveys submitted to and evaluated by Quantum Workplace. Winthrop Wealth paid a $395 application fee to participate in this process.
2 Provided by SHOOK ®Research, LLC – Data as of 3/31/2024. Ranking awarded 10/08/2024 and published by Forbes. America’s Top Registered Investment Advisor Firms ranking was developed by SHOOK Research. Neither SHOOK nor Forbes receive compensation in exchange for its Registered Investment Advisor Firm placements or rankings.