Boston, the largest city in New England, is famous for great seafood, thick accents, Fenway Park, and the country’s most historic Marathon. But there are things about the Boston area that only the locals know.  Only a Bostonian will know the city’s demographics, residents, businesses, and market sectors– which is precisely why, if you live in the region, it may be best to have a financial advisor that’s also a native Bostonian.

Where I Fit In

I spent three years going to open houses in every neighborhood imaginable, carefully considering every aspect of each. My wife and I debated schools, minimum square footage needed for our growing family, and even proximity to the best playgrounds.  

We looked and applied to every preschool we could walk to and quickly expanded the search to a T ride or drive away. We sent our oldest to Drumlin Farm Preschool outside of the city.  We know how absurd of a process it can be, and I’ve had my own experiences with the highs and lows of the elementary school lotto in the Greater Boston Area.

I know the T stops that are most stroller friendly, and while waiting for our 2nd born, Finn and I ranked the best playgrounds within walking distance of downtown. 

I am every bit as Boston as one can be, and the city, people, and ways of life are a part of who I am and why I do what I do. I wouldn’t have made such a great effort to live here and start a family here if I wasn’t in love with the city. 

I believe a financial advisor needs to be deeply embedded with the demographics, trends, businesses, and livelihoods that make the city run to be successful for their clients. I pride myself on being ingrained within the fabric of Boston, and I’ve spent my entire career looking out for the financial futures of Bostonians. 

A City With Many Different Demographics

Boston is the 21st largest city in the United States, with a population of 695,506. It’s also one of the nation’s most densely populated cities, with approximately 14,388 people per square mile. With a city of that size and an even bigger metropolitan area, people from all walks of life need individualized financial guidance that makes sense for their lifestyles/goals.

Different Needs for Different Ages 

Age is a demographic element that has an impact on one’s finances. In Boston, the majority of the population falls between 25 and 34 years of age. Your early-to-mid-twenties is the ideal age to establish positive credit. Your thirties are likely a time when you may be established in your career and ready to make a significant financial commitment– like purchasing a home or paying for a wedding. 

Considering that expendable income tends to increase with age, older age groups will need a different kind of financial plan, as It’s never too early to plan for retirement. 

An experienced financial advisor in Boston can help you create the perfect financial plan for your individual needs, for the present and the future, regardless of age. 

Bostonian’s Unique Needs

Housing

Spending habits can vary by geographic region; for example, Bostonians tend to spend more on housing than other regions. 39.2% of the average Bostonian household budget is spent on housing, contrasting the national average of 32.9 percent. Conversely, the average household in Boston spends less on food than other regions, which may be surprising when considering Dunkin Donuts runs are a part of Boston culture!

Regional spending habits are essential for financial advisors to consider when creating financial plans for their clients. A financial advisor must be aware of the particular spending habits/necessities of their region. 

Higher wages = More guidance needed

Education levels impact finances. Unsurprisingly, there is a correlation between higher levels of education and higher household incomes. According to the world population review, Approximately 27% of Boston’s population has earned at least a Bachelor’s degree. The more money a household makes, the greater the need for a financial advisor.

High cost of living 

World population review also ranks Boston among the highest in concentrations of employment in the United States. The average income is $51,141 for individuals, which is well above the national poverty line. The average income for married couples is $126,595. These metrics make it seem like everyone in Boston is doing exceedingly well; however, our high costs of living make it hard for money to go very far, which is why tracking, budgeting, and planning are crucially important. 

It has been estimated that for a family living in Boston, or any other major popular city in the United States, the family needs to bring in 350k annually to live a comfortable middle-class lifestyle while not sacrificing savings for college and retirement. There can be some “sticker shock” to this number, but there are ways to reach it and or plan your financial goals and lifestyle in ways that don’t sacrifice planning for the future.    

With the help of a trustworthy Boston financial advisor, investments can be made to enhance the income of a household and, as a result, make annual income do more towards a sound future and goals. It’s all about making the plan that works for you and yours/

Highly competitive real estate market

Real estate is always a lucrative investment and something most Bostonians desire to own. It is not the most effortless investment to attain though, Boston is a competitive hotspot for real estate investors. 

As I had mentioned, from personal experience, I know how difficult the Boston real estate market can be. My wife and I attended three years of open houses looking for the right property for us. An open house would happen over the weekend, and offers would be due by Monday at noon. We bid on 15 properties and got outbid every time! Some homes went for 100k over the asking price; it’s simply a very competitive market. 

Consider this: Clever, a real estate referral and networking site suggests the median value of homes in Boston is $600,100. This is a 5.7% increase compared to last year, and that number expected to rise by 4.8% within the coming year. If you’re buying your first home, this can all seem very daunting, but a financial advisor in Boston who has been through the same gauntlet can give you insight on how to make your money go its furthest. 

While it is possible to hire a nationalized financial advisor that is not familiar with the region you call home and find success with them, I believe it’s always a better choice to hire someone who fully understands your hometown’s ins and outs. A financial advisor in Boston living their life in Boston will have insights that others will not. 

I’m proud to call Boston home, and I know the benefits and difficulties of living in one of America’s most unique and thriving cities. I help my clients because I know exactly what they’re dealing with and what they hope to accomplish. As a fee-only LPL financial advisor in Boston, my goal is to provide the best advice and make the best moves for my clients, so we can all keep enjoying Boston together – Go Sox! 

Please contact me with any questions regarding what a Boston financial advisor can offer you and your family. 

In the meantime, learn how to be a “thrivalist” during a volatile market. 

Click the link to see the informational video!