Finding a Top Financial Advisor Firm in Rhode Island
Rhode Island may be the smallest state in the U.S., but finding the right financial advisor can still be like looking for a needle in a haystack. To help you in your search, we collected and crunched key data about all the financial advisory firms in the state - fundamentals such as assets under management (AUM), fees and investment strategy. Then we put all the info together, here, for convenient comparing and contrasting. Start your search with this list of the top financial advisor firms in Rhode Island. Then use SmartAsset’s free financial advisor matching tool to connect with local advisors.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Rex Capital Advisors, LLC Find an Advisor||$1,156,248,203||$10,000,000|| || |
|2||Parsons Capital Management, Inc. Find an Advisor||$1,618,314,304||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Richard C. Young & Co., Ltd. Find an Advisor||$1,294,487,306||$500,000|| || |
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|4||Professional Planning Group Find an Advisor||$971,752,262||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|5||Corrigan Financial, Inc. Find an Advisor||$944,104,000||No set account minimum|| || |
Minimum AssetsNo set account minimum
|6||Endurance Wealth Management, Inc. Find an Advisor||$1,092,023,452||$1,000,000|| || |
|7||StrategicPoint Investment Advisors, LLC Find an Advisor||$648,314,253||$250,000|| || |
|8||New England Investment Consultants, Ltd. Find an Advisor||$851,585,950||$250,000|| || |
|9||Capital Wealth Management, LLC Find an Advisor||$649,672,606||$750,000|| || |
|10||WealthCare Investment Partners, LLC Find an Advisor||$391,644,307||$250,000|| || |
What We Use in Our Methodology
To find the top financial advisors in Rhode Island, we first identified all firms registered with the SEC in the state. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:
- AUMFirms with more total assets under management are ranked higher.
- Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher.
- Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher.
- Age of FirmFirms that have been in business longer are ranked higher.
All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.
Rex Capital Advisors
Serving mostly high-net-worth individuals and their families, Rex Capital Advisors is a Providence-based financial advisor firm and is fee-only. Rex Capital also offers its services to the trusts, estates, charitable organizations and corporations. The minimum investment is $10 million, and accounts are managed mostly on a discretionary basis.
Rex Capital Advisors does not have a website.
Rex Capital Advisors Background
Principal owner Arthur Duffy founded the firm in 1998. The firm offers investment management and financial planning services. Clients with more than $50 million receive full-service family office services, which include investment advisory and financial planning services, estate and tax planning guidance and risk management advice. Rex may also advise them on investments of real estate, art and other non-security assets. On a case-by-case basis, clients with less than $50 million may receive some of these services, too.
Rex Capital Advisors Investment Strategy
Led by Duffy, the investment team formulates its views on the market and various investment products and determines which clients would benefit from them. Clients’ portfolios are allocated based on their goals, risk tolerance and other circumstances. Rex describes its approach as:
- Concerned with capital preservation
- Focused on employing broad portfolio diversification
- Estate plan-centric
- Open-access (not locked onto one firm’s products)
Parsons Capital Management
Parsons Capital Management (PCM) has a team which includes one chartered financial analyst (CFA) and one certified financial planner (CFP). The fee-only financial advisor firm is based in Providence and serves mostly high-net-worth clients, though it doesn't have a minimum account size. All accounts are managed on a discretionary basis, which means clients give their advisor the right to make investments in their name. PCM also has qualified retirement plans, corporate pension and profit-sharing plans, charitable institutions, endowments, trusts, estates, foundations and corporations as clients.
Parsons Capital Management Background
As large as Parsons Capital Management is, it is a bit of a family affair. It was founded by the Parsons brothers, Bob and Ged, in 1993. Ged’s son Bateman has since joined the firm. There’s also mother-son duo Ruth and John Mullen at the practice. The elder Parsonses are majority owners. President Peter Hunt, who has been with PCM almost since the beginning, has a minority stake, as does long-time staffer Stacey Sternberg.
In addition to investment management, the firm offers financial planning, estate planning, help with tax issues and consulting services related to portfolio and security analysis.
Parsons Capital Management Investment Strategy
PCM will recommend a portfolio with targets for the different asset classes (common stocks, fixed-income securities, cash equivalents and, where appropriate, alternative investments) and manage the portfolio within set ranges of the targets. When selecting stocks, the firm says it focuses “on the long term and blends earnings-driven growth forecasts with quantitative value screens from a broad universe of large-, mid- and small-capitalization stocks, both domestic and international.” All managers are involved in the investment process.
Richard C. Young & Co.
Richard C. Young & Co. is a fee-only firm based in Newport. The firm has a $500,000 minimum investment requirement, though this is negotiable. The firm's advisor team works with individuals, more of whom are high-net-worth than not, plus institutional clients like retirement plans and corporations.
Unlike many firms, this one does not provide a list of certifications earned by advisors. For the ninth year in a row, the firm was named to Barron's Top 100 Independent Advisors for 2020. It was also included on CNBC's 2020 overview of its Top 100 Financial Advisors in the U.S.
Richard C. Young & Co. Background
Richard C. Young & Co. was founded in 1989. Ownership is split between Richard C. Young (37.5%) and The Richard C. Young Family Trust (62.5%). Young has been working in the financial advisor space since the 1960s.
Investment supervisory is the primary service offered at the firm. Financial planning services are also available.
Richard C. Young & Co. Investment Strategy
The following strategies are offered at Richard C. Young & Co.:
- Global Income and Capital Protection
- Global Moderate Income
- Global Moderate Income and Capital Appreciation
- Global Moderate Capital Appreciation
- Retirement Compounders Plus
Professional Planning Group
Professional Planning Group (PPG) is a fee-based firm in Westerly. The team of advisors here includes two certified financial planners (CFPs), one certified public accountant (CPA), one chartered investment management analyst (CIMA) and one chartered financial analyst (CFA).
The firm has far more non-high-net-worth clients than high-net-worth ones. PPG also serves trusts, estates and charitable organizations. The minimum required for investment advisory accounts is $500,000, though accounts in its two wrap fee programs have a minimum of $25,000.
Professional Planning Group Background
Malcolm Makin founded PPG in 1975. He remains the firm's president, CEO, chief compliance officer (CCO) and majority owner to this day. Makin has decades of experience in the financial services industry.
The practice offers two wrap fee programs - called Ambassador and Freedom - through broker/dealer Raymond James Financial Services. PPG also provides financial planning services and a selection of other investment management services.
Professional Planning Group Investment Strategy
Employing fundamental and technical analysis, Professional Planning Group tailors investment portfolio to clients based on their stated objectives. The client may change these objectives at any time.
The firm implements asset allocation with the following strategies:
- Long-term purchases
- Short-term purchases
- Short sales
- Margin transactions
- Option writing, including covered options, uncovered options or spreading strategies
Daniel Corrigan founded Corrigan Financial in 1989. Located in Middletown, the firm's team includes seven certified public accountants (CPAs), four certified financial planners (CFPs) and three certified investment management analysts (CIMAs).
The firm manages most client accounts on a discretionary basis. The vast majority of Corrigan Financial’s client base is comprised of non-high-net-worth individuals. The firm also serves high-net-worth individuals, trusts, charitable organizations and retirement plans. There is no minimum investment required to open an account here.
Corrigan Financial Background
Corrigan Financial has come full circle since its 1989 founding. It was sold to BankNewport in 1997, and then a group of employees acquired it in 2005. Daniel Corrigan is again at the helm as president. He and a few other employees, all currently working there, own the practice.
Corrigan Financial provides personal financial planning, investment management, estate planning and tax planning and preparation.
Corrigan Financial Investment Strategy
Believing markets to be efficient, Corrigan Financial focuses on portfolio design, allocating capital to asset classes that move independently of each other. It invests primarily in mutual funds, exchange-traded funds (ETFs) and separately managed accounts (SMAs).
Endurance Wealth Management
Endurance Wealth Management is one of the largest firms on our list. This financial advisory operation is located in Providence and its team of investment managers includes one chartered financial analyst (CFA) and one certified financial planner (CFP). Having previously worked at such firms as Fleet Investment Advisors and Arlen Capital, as well as on Wall Street, team members have more than a combined 200 years of experience in the financial services and investment fields.
The fee-only firm serves high-net-worth and non-high-net-worth clients. It also counts retirement plans, charitable organizations, trusts, estates and businesses as clients. Investment accounts are generally at least $1 million in size, though the firm may accept smaller amounts, particularly for a client’s family member.
Endurance Wealth Management Background
Endurance Wealth Management was founded in 2009, but it actually existed for a dozen years before then as the branch office of another firm. Founder, president and majority owner Michael Costello took it independent with two other core members of the office.
The firm primarily provides investment advisory services and manages investment accounts. It also offers financial planning services under certain circumstances.
Endurance Wealth Management Investment Strategy
Endurance Wealth Management takes the long view with investing, believing that frequent, short-term trading doesn't perform as well. As a result, its annual turnover ratio is fairly low. The firm customizes client portfolios based on their needs, goals and profile. Investments may include:
- Foreign issuers
- Exchange-traded funds (ETFs)
Endurance may also invest in money market mutual funds, high-grade commercial paper, certificates of deposit (CDs) repurchase agreements secured by U.S. government securities as well as in mutual funds (for small, related family accounts). It will honor client restrictions based on socially conscious grounds.
StrategicPoint Investment Advisors
StrategicPoint Investment Advisors is a wholly owned part of Focus Financial Partners, which is one of that largest financial services companies in the world. This financial advisor firm is based in Providence and employs one certified financial planner (CFP) and one chartered financial analyst (CFA).
Non-high-net-worth clients outnumber high-net-worth clients at about a two-to-one ratio. The firm also serves retirement plans under ERISA. It requires a minimum of $250,000 to open an investment account.
As a fee-based firm, certain advisors at StrategicPoint may receive commissions for insurance sales. Despite the potential conflict of interest this creates, the firm abides by fiduciary duty, legally binding it to act in clients' best interests at all times.
StrategicPoint Investment Advisors Background
StrategicPoint Investment Advisors is part of a family of other registered investment advisers, broker-dealers and financial service firms through Focus Financial. The firm has been in business since 1992.
With a secondary branch office in East Greenwich, the firm offers investment management, financial planning, sustainable investing and retirement plan advisor services. It registered as an investment advisor with the U.S. Securities and Exchange Commission (SEC) in 2002.
StrategicPoint Investment Advisors Investment Strategy
StrategicPoint’s customized portfolios generally fall into five categories:
- Aggressive Growth
For each portfolio, StrategicPoint will monitor and shift assets and sector rotations within a target range, based on its market and economic analyses. If requested, the firm can integrate its sustainable investing services, which, as they sound, add environmental, social and governance factors to its investment review process.
New England Investment Consultants
While individuals make up the bulk of New England Investment Consultants’ (NEIC) client base, its pension advisory side of the business represents more than half of its assets under its management. High-net-worth individuals outnumber those below the high-net-worth threshold. The minimum required to open an advisory account here is $250,000.
This fee-based financial advisor firm located in Providence manages accounts only on a non-discretionary basis, which is to say, they won’t sell or buy assets without consulting clients first. In addition, some advisors can earn commissions from insurance and securities sales, which causes a potential conflict of interest. Despite this, the firm must abide by its fiduciary duty, acting in clients' best interests.
New England Investment Consultants Background
Sergio DeCurtis founded NEIC in 2006. He is the firm’s president, chief compliance officer (CCO) and sole owner, on top of being an accredited investment fiduciary (AIF). The firm offers investment management, financial planning and consulting and advisory services to retirement plans and plan participants.
New England Investment Consultants Investment Strategy
NEIC primarily recommends portfolios invested in no-load index mutual funds. It believes that asset allocation - and not market timing nor stock selection - drive maximum returns. The firm has a low holding turnover rate, favoring a buy-and-hold approach to asset management.
The investment team may also consider stocks, foreign issuers, municipal and U.S. government bonds, corporate debt securities, certificates of deposit (CDs) and real estate and oil and gas interests.
Capital Wealth Management
Capital Wealth Management is a financial advisor firm based in West Warwick. Its team includes six accredited investment fiduciaries (AIFs), three chartered life underwriters (CLUs), two certified financial planners (CFPs), two chartered financial consultants (ChFCs), one chartered financial analyst (CFA), one registered financial consultant (RFC), one licensed international financial analyst (LIFA) and one accredited pension representative (APR). This is one of the largest sets of certifications on this list.
The firm’s clients are almost evenly split between high-net-worth and non-high-net-worth individuals. It also advises retirement plans, charitable organizations, trusts and estates. The minimum investment for new clients is $750,000, though that requirement is negotiable.
Advisors here may be able to sell securities and other investment products on a commission basis. Although this presents a potential conflict of interest, the firm's fiduciary duty means it must act in your best interest no matter what.
Capital Wealth Management Background
President and CEO Lee Duckworth founded the firm in 1989. Through his holding company, Capital Wealth Holdings, LLC, he is the primary owner.
The practice offers a range of financial services, including investment management, personal wealth management, financial planning, 401(k) planning and retirement planning.
Capital Wealth Management Investment Strategy
Using fundamental analysis, Capital Wealth does not try to anticipate market trends. Instead, it seeks to measure the intrinsic value of stocks to assess with they are under- or over-priced. It may these investment strategies to implement the asset allocation it recommends:
- Long-term purchases (securities held at least a year)
- Short-term purchases (securities sold within a year)
- Trading (securities sold within 30 days)
WealthCare Investment Partners
Rounding out our list is WealthCare Investment Partners, a Portsmouth-based financial advisor firm. The firm heavily works with non-high-net-worth individuals, though its client base also consists of high-net-worth individuals, retirement plans, charitable organizations and businesses.
In order to work with an advisor here, you'll generally need $250,000 in investable assets, though this minimum is waivable. The firm's advisory staff includes four accredited investment fiduciaries (AIFs) and one certified plan fiduciary advisor (CPFA).
Certain on-staff advisors at WealthCare can earn commissions from the sale of insurance products or securities to clients. This represents a potential conflict of interest, though the firm's fiduciary duty means it legally must act in clients' best interests no matter what.
WealthCare Investment Partners Background
Founded in 2018, WealthCare Investment Partners is one of the youngest firms on our list. It's owned by three managing partners, all of whom work at the firm. They include David Mailloux, Brian Corriveau and Derek Doo. The firm also has a secondary office in Smithfield, Rhode Island.
Wealth management services are the hallmark offering of WealthCare. This service encompasses both investment management and financial planning.
WealthCare Investment Partners Investing Strategy
WealthCare Investment Partners invests client assets in a customized manner, meaning it uses your investor profile to dictate how your portfolio is managed. This involves doing a deep dive into what kind of investor you are, determining things like your risk tolerance, time horizon, income needs and financial goals. Once the firm feels comfortable that it knows you and your goals and needs, it will select a model portfolio that fits you.
In many cases, the firm's investments revolve around mutual funds, ETFs and individual stocks. Bonds may be used sparingly to provide long-term growth and income.