Tim Vanech and Luis Raposo were recognized as 2023 Five Star Wealth Managers by Boston magazine and Five Star Professional. This is the 11th year in a row Mr. Vanech has been recognized, and the 9th year in a row for Mr. Raposo. Candidates for the award had to meet 10 object criteria that are associated with wealth managers who provide quality services to their clients. Among the 5 eligibility criteria, candidates needed to be actively working as credentialed professionals in financial services for at least 5 years, have favorable regulatory and complaint history reviews, and must be accepting new clients. Among the 5 evaluation criteria, the researchers examined client retention rates, number of households served, and education and professional designations. The average one-year client retention rate of this year’s award winners is more than 96%.
Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. The award is based on 10 objective criteria. Eligibility criteria – required: 1. Credentialed as a registered investment adviser (RIA) or a registered investment adviser representative; 2. Actively licensed as a RIA or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by FSP, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or FSP’s consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through FSP’s consumer complaint process; feedback may not be representative of any one client’s experience; C. Individually contributed to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years; E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients. Evaluation criteria – considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. FSP does not evaluate quality of services provided to clients. The award is not indicative of the wealth manager’s future performance. Wealth managers may or may not use discretion in their practice and therefore may not manage their clients’ assets. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by FSP or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by FSP in the future. Visit www.fivestarprofessional.com. This award was issued on 02/01/23 by Five Star Professional (FSP) for the time period 05/23/22 through 01/06/23. Fee paid for use of marketing materials. Self-completed questionnaire was used for rating. This rating is not related to the quality of the investment advice and based solely on the disclosed criteria. 3,923 Boston-area wealth managers were considered for the award; 578 (15% of candidates) were named 2023 Five Star Wealth Managers. The following prior year statistics use this format: YEAR: # Considered, # Winners, % of candidates, Issued Date, Research Period. 2022: 4090, 513, 13%, 2/1/22, 5/24/21 – 11/19/21; 2021: 4069, 480, 12%, 2/1/21, 5/25/20 – 11/30/20; 2020: 3580, 463, 13%, 2/1/20, 4/1/19 – 12/13/19; 2019: 3619, 566, 16%, 1/1/19, 4/18/18 – 11/6/18; 2018: 2819, 532, 19%, 1/1/18, 3/23/17 – 11/10/17; 2017: 2467, 623, 25%, 12/1/16, 3/26/16 – 11/23/16; 2016: 2530, 632, 25%, 12/1/15, 5/18/15 – 11/6/15; 2015: 3542, 801, 23%, 1/1/15, 5/18/14 – 11/6/14; 2014: 1707, 655, 38%, 1/1/14, 5/18/13 – 11/6/13; 2013: 2362, 713, 30%, 1/1/13, 5/18/12 – 11/6/12; 2012: 2591, 454, 18%, 1/1/12, 5/18/11 – 11/6/11.