American Investment Services, Inc. (AIS) is an SEC Registered Investment Adviser founded in 1978.
AIS is a fee-only discretionary asset manager located in Western Massachusetts, with a geographically diverse clientele. We primarily use investment products provided by Dimensional Fund Advisors (DFA), Vanguard, and other low-cost providers.
We provide independent Asset Management Services to individuals, estates, trusts, retirement plans and charitable organizations.
AIS is wholly-owned by American Institute for Economic Research (AIER), a non-profit scientific and educational organization. Our investment approach is consistent with AIER’s scientific research findings, as described in its popular book How to Invest Wisely. We are governed by a Board of Directors appointed by AIER.
We publish the Investment Guide, a monthly newsletter. We are also the developers of a rigorously researched, disciplined approach to large-cap value stock selection which we call the “High Yield Dow” strategy and one of a select group of advisers specifically qualified to provide clients with access to fund products from Dimensional Fund Advisors (DFA).
AIS Corporate Relationship
While a wholly-owned subsidiary of AIER, AIS is a separate legal entity that has been an SEC-registered investment adviser since 1978. Although governed by a Board of Directors appointed by AIER’s Trustees, AIS conducts its investment advisory business independent of AIER’s day-to-day operations.
As fiduciaries to all our clients, we place the interests of our clients ahead of our interests including those of our parent organization. In our regulatory filings we provide the following disclosure of AIER’s ownership of AIS and potential conflicts of interest that may result from this corporate structure.
All clients and prospective clients should be aware of the following with respect to AIS and AIS’ parent, AIER:
- AIER and its trust funds are collectively AIS’ largest advisory client;
- AIS advisory services are available to AIS Directors, officers and employees, and to AIER Trustees, officers, employees, and voting members;
- The AIS Board of Directors reviews the compensation of AIS employees; and
- The AIS Board of Directors declares any dividends paid to AIER, as sole shareholder of AIS.
If any of the relationships described above give rise to a conflict of interest, AIS endeavors to put the interests of its non-affiliated clients (i.e., those clients not specified above) first.
Investment Strategies: AIER’s Investment Committee is responsible for oversight of AIS’ management of AIER’s assets (which include split-interest trusts and corporate reserves), over which AIS exercises full investment discretion. AIS does not operate any private funds. We manage clients’ assets as separate accounts and do not co-mingle AIER assets with other AIS client accounts.
We formulate our specific investment strategies based on independent research and sources. In fact, we track and monitor the sources of all research specifically developed for AIS and used in our strategies. Our investment strategy, as disclosed in our Firm Brochure, states:
The investment approach underlying our investment services and publications can be characterized as structured, passive, asset allocation. This approach to wealth management is based on the major tenets of Modern Portfolio Theory (“MPT”) which holds that capital markets are highly efficient at pricing securities and investors are rewarded with returns for accepting risk. Investment allocations regarding AIS’ portfolio management services are based on our understanding of client objectives and needs formulated pursuant to an initial financial plan. Clients can impose reasonable restrictions on investing in specific company securities, industries or types of financial products.”
Serving as fiduciaries to our clients is not a theoretical concept for our asset managers nor our staff. Conducting our business ethically and prioritizing the best interests of each of our clients are essential components of our operations and elemental requirements of each employee.
We truly value the relationships we have established with our clients over many years.
Please EMAIL US for more information, or for a complimentary portfolio review.
“AIS publications do not appeal to the millions of investors who are addicted to chasing stock market fluctuations”
~ E.C. Harwood
The AIS Team
John L. Barry
President & CEO John joined AIS in 1994. He previously served as an analyst with Prudential Insurance and for eight years as an officer in
Luke Delorme, CFP®
Director of Financial Planning Luke joined AIS in 2016. He received a BS in economics and an MBA from Boston College, where he received the
Seth L. Hoffman
Vice President Seth joined AIS in 2003. He holds a BA in International Studies from Vassar College and an MBA from the Thunderbird School of
Charles D. Murphy
Vice President & Chief Financial Officer Charles joined AIS in 2007. He holds a BBA in Accounting from Loyola College in Baltimore, MD. Prior to
Client Services Manager Tricia joined AIS in 2016. She holds a BS in Business Administration with a concentration in marketing and a minor in communications
Chief Compliance Officer Sandra joined AIS in 2017 after 18 years with National Regulatory Services, a major compliance organization, as Senior Consultant & Products Manager.
David F. St. Peter, CFA
Vice President & Director of Institutional Services David joined AIS in 2008. He received a BA from Harvard University and an MBA in Finance from
Mackenzie W. Waggaman
Vice President Mack joined AIS in 2004. He received a BA from Rochester Institute of Technology in 1975 and an MBA, with a concentration in
Matthew J. Svirida
Vice President & Chief Operating Officer Matt joined AIS in 2005. He previously worked in the Personal Financial Services Group at JP Morgan Chase Bank
Bookkeeper Michelle joined AIS as a Bookkeeper in 2018. She assists the CFO in the maintenance and recording of financial events in the company. She
Tyler joined AIS in 2020. Tyler worked at Berkshire Bank as a Financial Services Representative before joining AIS. He graduated from Wichita State University in
Board of Directors
Neil D. Holden, DBA, Chair
Mr. Holden is an experienced advisor to senior management of financial institutions. A specialist in industry analysis, strategic planning, and economics, his experience was shaped
Gerald E. Sohan, PhD.
Dr. Sohan (USAF, Retired) is currently Division Chief at the Air Force District of Washington. He is charged with combined inter-agency exercises planning, execution and
Nelson E. Furlano, CPA
Mr. Furlano is founder and principal of Furlano & Arace PC, an accounting and professional services firm located in Pittsfield, MA. He has over 35
Mr. Bouffard was a principal and financial advisor with the firm Bouffard & Ramsey a financial advisory practice of Ameriprise Financial Services, Inc.. Mr. Bouffard