Massachusetts

Broker-dealer firm disciplinary records from FINRA BrokerCheck

Data updated July 2026

Massachusetts at a glance

As of July 2026, Massachusetts registers 98 broker-dealer firms on FINRA BrokerCheck - 64 carry a clean record and 280 disclosures are on file statewide.

98
registered firms
64
with a clean record (Grade A)
280
total disclosures statewide
2.9
disclosures per firm (avg)
98
Registered Firms
64
Clean Record (Grade A)
280
Total Disclosures
2.9
Avg Disclosures / Firm

How Massachusetts ranks

A state's raw firm count and its disciplinary clean-record rate measure two different things, and they do not always move together. A jurisdiction can host a large number of broker-dealer firms simply because it is a major financial hub, while a smaller state with far fewer registered firms can post a cleaner disciplinary record in relative terms, or vice versa. Comparing both rankings side by side, rather than looking at either figure in isolation, gives a fuller picture of what is actually happening on the ground in a given state.

By firm count, Massachusetts is #8 of 56 states and territories. By clean-record rate (Grade A share, among the 33 states with at least 10 registered firms, a floor that keeps a state with only a handful of firms from swinging to an extreme rate on a tiny sample), it ranks #13 of 33. These ranks diverge notably -- a larger firm footprint here does not translate into a proportionally cleaner record. Neither ranking implies wrongdoing on its own; always review an individual firm's own size-normalized grade before drawing a conclusion about it specifically.

Grade Distribution

How Massachusetts's 98 graded broker-dealers split across the size-normalized A-F safety scale.

A, clean (64)64 firmsB, low (29)29 firmsC, typical (4)4 firmsD, elevated (1)1 firmF, heaviest (0)0 firms
Grade breakdown of 98 graded firms headquartered in Massachusetts

Firms by Disclosure Count

# Firm DisclosuresOfficesGrade
1 National Financial Services LLC Boston 62 70 C
2 Commonwealth Financial Network Waltham 43 2,493 B
3 Moors & Cabot, Inc. Boston 34 38 B
4 MML Investors Services, LLC Springfield 28 3,871 B
5 Santander Securities LLC Boston 19 422 B
6 State Street Global Advisors Funds Distributors, LLC Boston 17 6 D
7 Bolton Global Capital Bolton 14 76 B
8 Boston Partners Securities, L.L.C. Boston 8 3 C
9 John Hancock Distributors LLC Boston 6 13 C
10 Leerink Partners LLC Boston 6 11 C
11 Nolan Securities Corp. Monterey 4 2 B
12 State Street Global Markets, LLC Boston 4 4 B
13 William O'neil Securities Boston 4 6 B
14 Garrett Nagle & Co., Inc. Woburn 3 3 B
15 MML Distributors, LLC Springfield 3 8 B
16 U. S. Boston Capital Corporation Lincoln 3 4 B
17 BHA Select Network, LLC Boston 2 2 B
18 Bolton Securities Corporation Bolton 2 151 B
19 Davinci Capital Management, Inc. Cambridge 2 7 B
20 John Hancock Investment Management Distributors LLC Boston 2 15 B
21 A.G. Quintal Investment Company Inc. New Bedford 1 2 B
22 AGC Partners Boston 1 5 B
23 Brookwood Securities Partners, LLC Beverly 1 2 B
24 BTS Securities Corporation Lincoln 1 3 B
25 Capstone Partners Boston 1 15 B
26 Columbia Management Investment Distributors, Inc. Boston 1 14 B
27 Compass Securities Corporation Braintree 1 8 B
28 Hoopoe Capital Markets, LLC Boston 1 2 B
29 MFS Fund Distributors, Inc. Boston 1 13 B
30 MML Strategic Distributors, LLC Springfield 1 9 B
31 N.E. Private Client, Ltd Attleboro 1 2 B
32 Sentinel Securities, LLC. Wakefield 1 3 B
33 Shields & Company, Inc. Waltham 1 2 B
34 SS&C Market Services, LLC Boston 1 6 B
35 Aeris Partners LLC Boston 0 3 A
36 Alantra, LLC Boston 0 3 A
37 Ascensus Broker Dealer Services, LLC Newton 0 5 A
38 Back BAY Life Science Advisory, LLC Boston 0 3 A
39 Bain Capital Markets, LLC Boston 0 5 A
40 Baystate Capital Services, Inc. Holyoke 0 2 A
41 Bellmark Partners, LLC Boston 0 3 A
42 BFC Capital LLC Quincy 0 2 A
43 BJC Capital Advisors LLC Manchester 0 2 A
44 Bluefin Research Partners, Inc. Boston 0 3 A
45 BML Securities LLC Marshfield 0 3 A
46 Bowen, Inc. Plymouth 0 3 A
47 Brattle Advisors LLC Boston 0 2 A
48 CBC Securities, Inc. Newton 0 1 A
49 CCA Capital LLC Boston 0 3 A
50 Charles River Brokerage, LLC Burlington 0 2 A

Inside Massachusetts's Broker-Dealer Landscape

Massachusetts has 98 actively registered broker-dealer firms in FINRA's public register, of which 64 (65.3%) carry a clean Grade-A record with no reportable BrokerCheck disclosures.

The state's aggregate disciplinary footprint totals 280 disclosures on BrokerCheck, averaging 2.9 per firm. Grade distribution across Massachusetts's broker-dealers: 64 graded A, 29 graded B, 4 graded C, 1 graded D, and 0 graded F. That means 65.3% of graded firms hold an A and 1.0% fall into the D or F bands.

Grades reflect our internal model weighing disclosure volume against firm size and scope; they are editorial signals, not FINRA ratings. Disclosure totals on BrokerCheck represent reported events, not proven violations, large multistate firms headquartered in Massachusetts will naturally carry more disclosures than small single-office firms. This page is informational only and is not financial, legal, or investment advice. Before hiring any Massachusetts advisor, confirm the firm's current record at FINRA BrokerCheck and review the specific representative's individual CRD report.

Frequently asked questions

How many broker-dealer firms are registered in Massachusetts?
Massachusetts has 98 actively registered broker-dealer firms on FINRA BrokerCheck, of which 64 (65.3%) hold a clean Grade-A record with no reportable disclosures.
Which Massachusetts broker-dealer has the most FINRA disclosures?
Among firms registered in Massachusetts, National Financial Services LLC carries the most reported BrokerCheck disclosures (62 across 70 branch offices). Disclosure totals reflect reported events, not proven violations, larger firms naturally carry more. Always review the specific records on FINRA BrokerCheck.
How are PlainAdvisorCheck safety grades calculated?
Grades are size-normalized: a firm's weighted disclosure load is divided by its branch-office footprint, then ranked within its size class. Firms with zero disclosures earn an A regardless of size. Grades are editorial signals, not FINRA ratings. See our methodology for the exact formula.
Is this official Massachusetts broker data?
Yes. All firm records come from FINRA BrokerCheck and the SEC Investment Adviser Public Disclosure (IAPD) - the official public registries for U.S. broker-dealers. PlainAdvisorCheck aggregates and size-normalizes them; the underlying records are public domain.
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Read our methodology - how this data is sourced, computed, and verified.

Related

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Data sourced from official FINRA BrokerCheck and SEC EDGAR enforcement records. See our methodology for details. Retrieved and formatted by PlainAdvisorCheck Editorial

Every figure on PlainAdvisorCheck is rendered directly from FINRA BrokerCheck and SEC IAPD disciplinary records, no number is typed in by an editor. This page draws directly on SEC/FINRA regulatory filing data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.