A. Firm Information Boston Family Advisors LLC ("BFA") is a registered investment advisor located in the Commonwealth of Massachusetts. Boston Family Advisors is organized as a Limited Liability Company ("LLC") under the laws of Massachusetts. BFA was founded in September 2018 and became a registered investment advisor in January 2019. BFA is majority owned by Nicholas A. R. Hofer (President). This Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory services provided by BFA.
B. Advisory Services Offered BFA provides advisory services to individuals, high net worth individuals, families, trusts, estates, and private investment funds (each referred to as a "Client").
BFA serves as a fiduciary to Clients, as defined under the applicable laws and regulations. As a fiduciary, we uphold a duty of loyalty, fairness and good faith towards each Client, and we seek to mitigate potential conflicts of interest. Our fiduciary commitment is further described in our Code of Ethics. For more information regarding the Code of Ethics, please see Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading.
The following paragraphs describe our services and fees. Refer to the description of each advisory service listed below for information on how we tailor our advisory services to your individual needs. As used in this brochure, the words "we," "our," and "us" refer to Boston Family Advisors and the words "you," "your," and "client" refer to you as either a client or prospective client of our firm.
Family Office Services BFA offers Family Office Services designed to help our clients organize their financial situation and plan for the successful transfer of wealth to the next generation in the most tax-advantaged manner. Such services generally include:
•Analysis of Current Advisors and Fees;
•Bookkeeping and Financial Statements;
•Bill Pay Services;
•Cash Flow Planning;
•Cash Management and Liquidity Planning;
•Consolidated Investment Reporting;
•Education Planning;
•Insurance Planning;
•Investment Operations;
•Investment Advisory;
•Next Generation Financial Education and Planning;
•Private Investment Sourcing and Diligence;
•Philanthropic Services;
•Profit and Loss Statement Reporting;
•Retirement Planning;
•Tax Planning;
•Trust and Estate Planning;
•Trustee Services. BFA may also provide investment management services within the scope of family office services. Under the Family Office Services, BFA may accept or maintain custody of Client's funds or securities. Please see Item 15 – Custody for more information.
4 Investment Management Services BFA offers investment management services independently or within the scope of family office services. BFA customizes investment management solutions for our Clients. This is achieved through continuous personal Client contact and interaction while providing discretionary and non-discretionary investment management and related advisory services. BFA works closely with each Client to identify their investment goals and objectives as well as risk tolerance and financial situation in order to create a portfolio strategy. BFA will then construct an investment portfolio, consisting of some proportion of equities, fixed income, cash and cash equivalents, commodities, real estate, private equity, hedge funds, venture capital, private credit, options contracts, and digital assets to achieve the Client's investment goals. BFA may also utilize individual stocks or bonds to meet the needs of its Clients. BFA may retain certain legacy investments based on portfolio fit and/or tax considerations.
BFA's investment approach is primarily long-term focused, but we may buy, sell or re-allocate positions that have been held for less than one year to meet the objectives of the Client or due to market conditions. We will construct, implement and monitor the portfolio to ensure it meets the goals, objectives, circumstances, and risk tolerance agreed to by the Client. Each Client will have the opportunity to place reasonable restrictions on the types of investments to be held in their respective portfolio, subject to acceptance by BFA.
BFA evaluates and selects investments for inclusion in Client portfolios only after applying its internal due diligence process. BFA may recommend, on occasion, redistributing investment allocations to diversify the portfolio. BFA may recommend specific positions to increase sector or asset class weightings. BFA may recommend employing cash positions as a possible hedge against market movement. BFA may recommend selling positions for reasons that include, but are not limited to, harvesting capital gains or losses, business or sector risk exposure to a specific security or class of securities, overvaluation or overweighting of the position[s] in the portfolio, change in risk tolerance of the Client, generating cash to meet Client needs, or any risk deemed unacceptable for the Client's risk tolerance.
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certain circumstances, BFA accepts and maintains custody of Client's funds or securities. Please see Item 15 – Custody for more information.
Private Investment Funds BFA serves as the Manager and the Adviser to BFA Private Opportunities Fund I, LP ("Fund"). Specifically, BFA will manage the assets of the Fund on a discretionary basis in accordance with the overall investment objective of the Fund. The detailed terms, strategies and risks applicable to the Fund are described in the Fund's organizational and offering documents. Details of the guidelines, parameters and restrictions on investments relating to the Fund clients may be found in the Fund's Private Placement Memorandum. The Fund is a concentrated private investment fund-of-funds with an early-stage venture bias. The investment objective of the Fund is to generate attractive long-term capital growth by investing in talented managers who are focused on what BFA believes are some of the leading secular growth themes within the economy today, such as: disruptive technology innovation (enterprise SaaS, AI and ML-based technology, cloud-based solutions, cybersecurity), the nexus of technology and healthcare (next-generation diagnostics and therapeutics development), and climate technology. The investment process is defined by two stages: fund selection and portfolio construction.
Investments in the Fund are not registered under the Securities Act of 1933, as amended, and are only offered after delivery of a private placement memorandum and execution of the subscription agreement and other offering documents. Investments in the Fund are offered only to qualified purchasers as defined within the meaning of Section 2(a)(51) of the Investment Company Act of 1940. 5 Investments in the Fund are offered by a private offering memorandum which provides investors with full disclosure regarding the objectives of the Fund, the risks involved with the offering and the minimum initial capital contribution or commitment required. IRA Rollover Recommendations Effective January 31, 2022 (or such later date as the US Department of Labor ("DOL") Field Assistance Bulletin 2018-02 ceases to be in effect), for purposes of complying with the DOL's Prohibited Transaction Exemption 2020-02 ("PTE 2020-02") where applicable, we are providing the following acknowledgment to you. When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule's provisions, we must:
•Meet a professional standard of care when making investment recommendations (give prudent advice);
•Never put our financial interests ahead of yours when making recommendations (give loyal advice);
•Avoid misleading statements about conflicts of interest, fees and investments;
•Follow policies and procedures designed to ensure that we give advice that is in your best interest;
•Charge no more than is reasonable for our services; and
•Give you basic information about conflicts of interest. We benefit financially from the rollover of your assets from a retirement account to an account that we manage or provide investment advice, because the assets increase our assets under management and, in turn, our advisory fees. As a fiduciary, we only recommend a rollover when we believe it is in your best interest.
C. Client Account Management Prior to engaging BFA to provide advisory services, each Client is required to enter into one or more agreements with us that define the terms, conditions, authority and responsibilities of BFA and the Client. These services may include:
•Establishing an Investment Strategy – BFA, in connection with the Client, will develop a strategy that seeks to achieve the Client's goals and objectives, taking into consideration the Client's financial situation, risk tolerance, and time horizon.
•Asset Allocation – BFA will develop a strategic asset allocation that is targeted to meet the investment objectives, time horizon, financial situation and tolerance for risk for each Client.
•Portfolio Construction – BFA will develop a portfolio for the Client that is intended to meet the stated goals and objectives of the Client.
•Investment Management and Supervision – BFA will provide investment management and ongoing oversight of the Client's investment. D. Wrap Fee Programs BFA does not manage or place Client assets into a wrap fee program.
E. Assets Under Management As of December 31, 2023, we provide continuous management services for $143,542,268 in client assets on a discretionary basis, and $25,705,054 in client assets on a non-discretionary basis. Clients may request more current information, at any time, by contacting us.
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