Finding a Top Financial Advisor Firm in Warwick, Rhode Island
If you’re in the market for a financial advisor, you must want your investment guidance to come from a human. With so many to choose from, though, settling on one can be tricky. To help you narrow your options, we gathered key info such as professional credentials, assets under management (AUM) and investment strategy. Then we screened for certain factors, like disclosures and legal actions. The result is our list of the top financial advisor firms in Warwick, Rhode Island. To connect with more local advisors, use SmartAsset’s free financial advisor matching tool.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Mystic Asset Management Find an Advisor||$266,788,650||$500,000|| || |
|2||The Retirement Planning Company of New England, Inc. Find an Advisor||$210,613,844||$500,000|| || |
|3||Diversified Resources, LLC Find an Advisor||$163,193,720||No set account minimum|| || |
Minimum AssetsNo set account minimum
|4||Financial Independence, LLC Find an Advisor||$176,343,523||$500,000|| || |
What We Use in Our Methodology
To find the top financial advisors in Warwick, we first identified all firms registered with the SEC in the city. 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.
Mystic Asset Management
Fee-based Mystic Asset Management employs certain advisors that can sell insurance products and securities on a commission basis. While this presents a potential conflict of interest, the firm's fiduciary duty requires it to act in clients' best interests no matter what.
About a third of the client base here has a high net worth. The minimum to open an investment account is $500,000, which translates to a $5,000 minimum annual management fee. The firm may lower these minimums at its discretion. It also offers its services to banks, thrift institutions, retirement plans, trusts and estates.
Mystic Asset Management Background
Henry Honiss founded Mystic Asset Management in 1992. He sold it 10 years later to David Allaire and Sam Pappas, who are now equal partners in the firm. At the firm, Pappas serves as president and CEO and Allaire as executive vice president.
Mystic Asset primarily manages investment accounts on a discretionary basis, though does it on a non-discretionary basis, too. Along with these services, the firm may provide financial advice unrelated to securities, covering such topics as estate planning and tax issues.
Mystic Asset Management Investing Strategy
Mystic Asset Management uses diversification as its primary strategy. It will invest in stocks and bonds, and possibly mutual funds and exchange-traded funds (ETFs). Its methods of securities analysis are charting, fundamental analysis, technical analysis and cyclical analysis.
The Retirement Planning Company of New England
The Retirement Planning Company of New England (RPC) comes up next on our list. These advisors can sell insurance products and securities on a commission basis, which induces a potential conflict of interest. Despite this, the firm's fiduciary duty legally binds it to act in clients' best interests at all times.
The vast majority of the individual clients here do not have a high net worth. Though it may waive this requirement at its discretion, the firm typically calls for a minimum investment of at least $500,000, which comes out to a minimum annual management fee of $5,625. RPC also advises nonprofit and charitable organizations.
The Retirement Planning Company of New England Background
Dave Allaire co-founded RPC in 1996, and today, he is the sole owner. Allaire has more than 30 years of experience in the financial services industry.
RPC primarily manages investment accounts on a discretionary basis, though it also offers its advisory services on a non-discretionary basis. The firm may provide financial planning, covering such topics as estate planning and tax issues.
The Retirement Planning Company of New England Investing Strategy
RPC uses the principle of diversification to manage risk in client portfolios. The firm uses individual stocks and bonds to construct portfolios, though it may also utilize mutual funds and exchange-traded funds (ETFs). In forming its advice, it may use charting, fundamental analysis, technical analysis and cyclical analysis.
Third up is Diversified Resources, a female-owned firm. The registered investment advisor (RIA) is also a registered broker-dealer, and has brokers and insurance agents in the office. As a fee-based firm, these advisors receive commissions for securities and insurance sales, which is a potential conflict of interest. Because of its SEC registration, though, it legally must abide by fiduciary duty, ensuring clients' best interests come first.
The majority of individual clients here do not have a high net worth. This makes sense, since the practice does not have a minimum investment requirement. Diversified Resources also works with pension and profit-sharing plans, trusts, estates and charitable organizations.
Diversified Resources Background
George Wright, who originally started his career as an insurance agent for MetLife, founded the firm in 1983. On his retirement as president of the firm in 2014, his daughter, Karen Bacon, stepped in as president and now wholly owns the firm. Bacon has an MBA and the certified financial planner (CFP) and certified long-term care planner designations.
Diversified Resources provides discretionary investment management services. It does this through a customized program or through third-party advisor, SEI Investment Management Corporation (SEI), which has two wrap fee programs. The firm also offers financial planning in a modular format or as general consulting services, insurance products and brokerage services.
Diversified Resources Investing Strategy
Diversified Resources may recommend a customized asset allocation or a model portfolio, depending on the client’s profile and goals. Model portfolios through SEI generally invest in mutual funds and exchange-traded funds (ETFs).
Financial Independence works almost entirely with individual clients, the majority of whom do not have a high net worth. The rest of the firm's client base is comprised of high-net-worth individuals and retirement plans. The firm has a $500,000 minimum investment requirement, though it may be willing to waive this under certain circumstances.
Despite being a fairly small advisory team, Financial Indepence's staff has a handful of certifications. These include chartered financial consultant (ChFC), behavioral financial advisor (BFA), accredited investment fiduciary (AIF) and certified financial planner (CFP).
Financial Independence Background
Although it wasn't until 2021 that Financial Independence became an SEC-registered RIA, the firm was established back in 2009. Firm president Rick W. Campbell is the firm's principal owner. Campbell has around 25 years of experience working in the financial services industry.
Financial planning services at this firm can cover topics like Social Security review, 401(k) planning, estate planning, educational fund planning, tax planning, insurance planning and more. Investment management services are customizable and offered through the AssetMark Platform.
Financial Independence Investing Strategy
When working with clients on their investments, Financial Independence will work with them to determine what kind of investment portfolio they should have. That means going over their risk tolerance, time horizon, income needs, short- and long-term goals and any other relevant factors.
Generally speaking, the firm tends to invest in mutual funds and ETFs. However, it may also be open to other potential securities, like equities, corporate bonds, municipal bonds, variable life insurance, annuities and U.S. government securities.