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 personalize your search.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Parsons Capital Management, Inc. Find an Advisor||$1,433,976,424||$500,000|| || |
|2||Endurance Wealth Management, Inc. Find an Advisor||$968,064,611||$1,000,000|| || |
|3||Rex Capital Advisors, LLC Find an Advisor||$948,449,626||$10,000,000|| || |
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|4||Professional Planning Group Find an Advisor||$ 755,900,945||$500,000|| || |
|5||Corrigan Financial Inc Find an Advisor||$ 735,945,000||No minimum|| || |
Minimum AssetsNo minimum
|6||New England Investment Consultants, Ltd. Find an Advisor||$730,680,977||$250,000|| || |
|7||StrategicPoint Investment Advisors Find an Advisor||$611,806,755||$250,000|| || |
|8||Capital Wealth Management Find an Advisor||$ 453,941,652||$750,000|| || |
|9||McGuire Wealth Management Find an Advisor||$318,554,448||$1,000,000|| || |
|10||Briggs Advisory Group, Inc. Find an Advisor||$ 270,790,008||$500,000|| || |
How We Found the Top Financial Advisor Firms in Rhode Island
For this list, we only considered financial advisor firms in Rhode Island that are registered fiduciaries with the U.S. Securities and Exchange Commission (SEC). We removed from consideration any advisory practices that have had a disclosure or disciplinary issue within the last 10 years or whose individual accounts make up less than half of their client base. The top 10 firms are listed here, sorted by AUM, from highest to lowest.
Parsons Capital Management, Inc.
Parsons Capital Management (PCM) has more than $ 1.3 billion in assets under management. Together, its nine portfolio managers have more than 200 years of experience, having worked at such places as Merrill Lynch, Paine Webber, Drexel Burnham and Fleet Investment Advisors. They include two certified financial planners (CFPs) and one chartered financial analyst (CFA). (Advisors may have more than one professional accreditation.)
The fee-only financial advisor firm is based in Providence and serves mostly high-net-worth clients, though the minimum investment to open an account can be as low as $500,000. All accounts are discretionary, which means PCM managers may make trades without consulting clients. 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 PCM is, it is a bit of a family affair. It was founded by the Parsons brothers, Bob and Ged, in 1993. Ged’s son Bates 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.
Endurance Wealth Management, Inc.
With more than $836.7 million in assets under management, Endurance Wealth Management is the second largest firm on our list. This financial advisor firm 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 and on Wall Street, the team members have more than a combined 200 years of experience in the financial services industry and investment fields.
The fee-only firm serves high-net-worth and non-high-net-worth clients. It also counts pension and profit sharing plans, charitable organizations, trusts, estates, corporations and other business entities as clients. Investment accounts are at least $1,000,000, though they may accept a smaller amount, particularly for a client’s family member. Except for one, all accounts are on a discretionary basis.
Endurance Wealth Management Background
Endurance 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. Vice President Peter Corsi, Donald Clarke and Thomas Gardner have small stakes in the practice.
The firm primarily provides investment advisory services and manages investment accounts. It also offers financial planning services in certain circumstances.
Endurance Wealth Management Investment Strategy
Endurance takes the long view with investing, believing that frequent, short-term trading cannot perform well. As a result, its annual turnover ratio averages between 15% and 20%.
The firm will customize a portfolio based on the client’s needs, goals and profile. Investments in equities may include:
- Exchange-listed securities
- Securities traded over the counter
- 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.
Rex Capital Advisors, LLC
Serving only high-net-worth individuals and their families, Rex Capital Advisors manages more than $948 million in assets. According to its most recent U.S. Securities and Exchange Commision (SEC) filing, this Providence-based financial advisor firm is fee-only and employs seven advisors.
Rex also offers its services to the trusts, estates, charitable organizations, corporations and other business entities under the control of its substantially wealthy clients. The minimum investment is $10 million. Accounts are discretionary or non-discretionary.
Rex Capital Advisors Background
Principal owner Arthur Duffy founded the firm in 1998. It also manages a small private equity fund, Rex Advisors CB Investors 2014, LLC. About 22% of the practice’s clients invest in it.
Rex’s minority owners are CFO Matthew Thibault, COO Michael Chase and Timothy Devlin, a portfolio manager.
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)
Professional Planning Group
Professional Planning Group (PPG) is a fee-based firm in Westerly. It also goes by the name New England Professional Planning Group, Inc. With more than $755.9 million in assets under management, the firm has a large team. It includes three certified financial planners (CFPs), one certified public accountant, and one chartered financial analyst (CFA).
The firm has far more non-high-net-worth clients than high-net-worth ones (1947 to 175). But the latter’s assets are more than half as much as the former’s assets ($287.6 million to $457.7 million). PPG also serves pension and profit-sharing plans, trusts, estates, charitable organizations, corporations, endowments and foundations. Most accounts are discretionary. The minimum required for supervisory investment accounts is $500,000, though accounts in its two wrap fee programs have minimums of $25,000 and $20,000.
Professional Planning Group Background
Malcolm Makin founded PPG in 1978. He is the president and majority owner of the firm. CFO Joanna Valentini also owns a small stake.
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, PPG 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)
Corrigan Financial Inc
Daniel Corrigan founded Corrigan Financial in 1989. Located in Middleton, it is a large office with 12 advisors. They include nine certified public accountants (CPAs), six personal financial specialists (PFSes), five certified financial planners (CFPs) and three chartered institute of management accountants (CIMAs). (Advisors may have multiple professional accreditations.)
The firm manages more than $735.9 million in assets. Most accounts are discretionary (only three out of 1018 are non-discretionary). The vast majority of Corrigan Financial’s client base is non-high-net-worth individuals (12 are high net worth). The firm also serves trusts, corporations and pension plans. There is no minimum investment required to open an account.
Corrigan Financial Background
The firm has come full circle since its 1989 founding. It was sold to BankNewport to 1997, and then a group of employees acquired it in 2005. Daniel Corrigan is again at the helm as president. He and four 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, the practice focuses on portfolio design, allocating capital to asset classes that move independently of each other. It invests primarily in mutual funds, exchange-traded funds and separately managed accounts.
New England Investment Consultants, Ltd.
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 the assets under its management. In total, this fee-based financial advisor firm located in Providence oversees more than $730 million in assets.
Five advisors are on the NEIC team. They manage accounts only on a non-discretionary basis, which is to say, they won’t sell or buy assets without consulting clients first. High-net-worth individuals outnumber non-high-net-worth more than three to one (318 to 86). The minimum required to open an investment account is $250,000.
New England Investment Consultants Background
Sergio DeCurtis founded NEIC in 2006. The firm’s president and sole owner, he is also 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.
Strategic Point Investment Advisors, LLC
Unlike the other advisory groups on this list, StrategicPoint Investment Advisors is a wholly owned part of Focus Financial Partners, Inc., which is a publicly traded company on the NASDAQ Global Select Market.
This financial advisor firm is based in Providence and employs seven advisors, including one certified financial planner (CFP) and one chartered financial analyst (CFA). They oversee roughly $611 million in assets.
Non-high-net-worth clients outnumber high-net-worth clients more than two to one (436 to 203). The firm also serves retirement plans under ERISA. It requires a minimum $250,000 to open a discretionary investment account, though they may consider smaller accounts.
StrategicPoint Investment Advisors Background
StrategicPoint is part of a family of other registered investment advisers, broker-dealers and other financial service firms. In addition to its parent company, the firm has minority owners: CIO Betsey Purinton, CCO Richard Anzelone and Derek Amey.
With a 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.
Capital Wealth Management, LLC
Capital Wealth Management is a financial advisor firm based in West Warwick. The firm has more than $453.9 million in assets under management. 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). (Advisors may have multiple professional accreditations.)
The practice’s clients are almost evenly split between high-net-worth and non-high-net-worth individuals (207 vs. 235). The fee-only firm also advises pensions and profit-sharing plans, charitable organizations, trusts and estates. Accounts are mostly on a discretionary basis, and the minimum investment is $750,000, though that is negotiable under certain circumstances.
Capital Wealth Management Background
President and CEO Lee Duckworth founded the firm in 1989. Through his holding company, he is the primary owner. Two more employees own small stakes: CIO Lawrence Dooley and Director of Research Brian Glatz.
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)
McGuire Wealth Management
With about $310.6 million in assets under management, McGuire Wealth Management (MWM) is a boutique family firm in Charleston. Its advisory team is made up of Dennis McGuire, Sr., and his two sons, Sean and Denny, the latter of which is an accredited asset management specialist (AAMS) and accredited domestic partnership advisor (ADPA).
Investment management accounts have a $1 million minimum (which may be waived) and are on a discretionary basis. The fee-only firm primarily serves high-net-worth and non-high-net-worth individuals. It also works with businesses and retirement plans. The firm offers a wrap fee program, which means that participants receive portfolio management, custodial, reporting and clearing services for one all-inclusive fee.
McGuire Wealth Management Background
As mentioned earlier, MWM is a family shop. Father-and-son team Dennis, Sr., and Denny co-founded it in 2009. Managing partner Denny and brother Sean are the owners.
The firm offers investment management, financial planning and retirement planning.
McGuire Wealth Management Investment Strategy
Unlike many of the firms on this list, MWM does not adhere to Modern Portfolio Theory’s strategy of asset allocation. Instead, the firm says, “we strive to accumulate and hold investments when they represent value.” Rather than rely on mechanical asset allocation, which means possibly buying expensive investment classes just to diversify, MWM seeks to buy value, diversify among them and hold for three, five, seven or longer years.
In other words, MWM believes that markets can be inefficient and seeks to take advantage of market volatility.
Briggs Advisory Group, Inc.
Last but not least on this list, Briggs Advisory Group manages almost $270.8 million in assets. It’s located in Lincoln, and its team includes two certified financial planners (CFPs), one certified public accountant (CPA), one personal financial specialist (PFS) and one financial paraplanner qualified professional (FPQP). (Advisors may have multiple professional certifications.)
The fee-only firm serves high-net-worth and non-high-net-worth individuals. It also counts qualified retirement plans, trusts, not-for-profit organizations and small businesses as clients. All investment management accounts are on a discretionary basis. Briggs Advisory generally requires a household minimum investment of $500,000, though it’s negotiable under certain circumstances.
Briggs Advisory Group Background
President “Skip” Briggs founded the firm in 2002. He is the majority owner, while VP Chris Ricci also has a stake.
The practice offers an array of wealth management services, including portfolio strategy and management, tax strategies, legacy planning, retirement income, risk management. It also offers stand-alone financial planning and retirement planning.
Briggs Advisory Group Investment Strategy
With a new client, Briggs Advisory will use investment and portfolio allocation software to design a plan to shift the client’s existing portfolio to the one it recommends. Typically, the firm will create a portfolio consisting of no-load index mutual funds and/or exchange-traded funds (ETFs). Portfolios may also include some individual equity securities, bonds and other mutual funds and ETFs.