Finding a Top Financial Advisor Firm in Providence, Rhode Island
Choosing a financial advisor is one of the hardest decisions you’ll ever make. A lot hangs on your pick. And there’s plenty to consider. To help you, we collected a number of factors you should consider - fundamentals such as assets under management (AUM), fee basis 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 Providence, Rhode Island. Then use SmartAsset’s free financial advisor matching tool to connect advisors who serve your area.
Find a Fiduciary Financial Advisor
We match nearly 50,000 people with financial advisors per month. Get connected to an advisor that serves your area today.| Rank | Financial Advisor | Assets Managed | Minimum Assets | Financial Services | More Information |
|---|---|---|---|---|---|
| 1 | Parsons Capital Management, Inc.  Find an Advisor | $2,094,653,633 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
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| 2 | StrategicPoint Investment Advisors, LLC  Find an Advisor | $806,366,242 | $250,000 |
| Minimum Assets$250,000Financial Services
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| 3 | Newman Dignan & Sheerar, Inc  Find an Advisor | $669,244,675 | $500,000 |
| Minimum Assets$500,000Financial Services
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| 4 | SK Wealth Management, LLC  Find an Advisor | $555,304,681 | $500,000 |
| Minimum Assets$500,000Financial Services
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| 5 | Plum Pointe Wealth Management  Find an Advisor | $206,679,179 | $50,000 |
| Minimum Assets$50,000Financial Services
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| 6 | Sheeley & Partners Wealth Management, LLC  Find an Advisor | $122,400,702 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
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What We Use in Our Methodology
To find the top financial advisors in Providence, 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:
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AUMFirms with more total assets under management are ranked higher. -
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Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher. -
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Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher. -
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Age of FirmFirms that have been in business longer are ranked higher.
All information is obtained through public records and is updated annually after the firms’ form ADV filing. 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. SmartAsset is not a client of the aforementioned firms, and did not receive compensation for including any of the firms on the aforementioned list.
Parsons Capital Management, Inc.
Parsons Capital Management (PCM) 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. 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.
The fee-only firm serves mostly high-net-worth clients, and it has no minimum account size. 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.
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.
StrategicPoint 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. The firm offers investment management, financial planning, sustainable investing and retirement plan advisor services.
Non-high-net-worth clients outnumber high-net-worth clients more than two to one. 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’s customized portfolios generally fall into five categories: Income, conservative, balanced, growth and 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.
Newman Dignan & Sheerar
NDS is an SEC-registered, fee-only RIA working with individuals and high-net-worth households, plus pension/profit-sharing plans, business entities, trusts/estates and charities. Core offerings include tailored investment advisory for separately managed accounts, retirement plan consulting and financial planning/consulting. Portfolios are mainly implemented with individual equities/fixed income, mutual funds and ETFs.
Advisory fees follow a tiered AUM schedule, billed quarterly in arrears: 1.00% on the first $1 million, 0.75% on the next $1 million, 0.50% on the next $3 million, 0.35% on the next $5 million, and negotiable over $10 million. Retirement plan consulting typically runs 0.10% - 0.75% (in arrears) and stand-alone consulting may be hourly or fixed-fee per scope.
The firm employs fundamental, technical, and cyclical analysis and may use long-term, short-term, or trading approaches, with selective use of options (e.g., covered calls) and margin only when appropriate and with clear risk disclosures. Portfolios are customized to goals, risk tolerance and constraints; clients may impose reasonable restrictions at any time.
SK Wealth Management, LLC
With nearly millions in assets under management, SK Wealth Management’s team boasts a lot of credentials. Its team consists of five certified financial planners (CFPs), two certified public accountants (CPAs), two personal financial specialists (PFSs), one chartered financial analyst (CFA), one chartered alternative investment analyst (CAIA), one chartered retirement planning counselor (CRPC) and one financial paraplanner qualified professional (FPQP).
The fee-only firm serves high-net-worth and non-high-net-worth individuals. Clients also include trusts, partnerships and retirement plans. Most investment accounts are on a discretionary basis. The minimum requirement for SK to manage a portfolio is $500,000.
SK Wealth Management Background
In addition to financial planning and investment management services, SK offers tax preparation, divorce-related services, estate planning, retirement planning and charitable advisory services. The firm was founded in 1998. Of its seven current owners, two are managing members - Jason Archambault and Michael DeCataldo - and one is director of investments.
SK Wealth Management Investment Strategy
Focusing on the overall composition of an investment portfolio, SK uses both strategic asset allocation and tactical asset allocation strategies to provide consistent returns while managing risk. It invests primarily in mutual funds, exchange-traded funds (ETFs) and separately managed accounts.
Plum Pointe Wealth Management
Based in Providence, RI, Plum Pointe Wealth Management is an SEC-registered adviser focused on retail investors (individuals and families). Relationships can be managed on a discretionary basis under a limited power of attorney, and the firm states ongoing monitoring as part of its standard service. Core offerings include investment management and comprehensive wealth management/financial planning.
For managed portfolios, Plum Pointe charges an asset-based fee up to 1.25% annually, typically billed monthly in arrears and debited from the custodial account. Clients also pay normal third-party costs not covered by the advisory fee.
Plum Pointe frames its approach around four pillars of performance, risk, behavior and total Cost, beginning with objectives and optimal asset allocation, then selecting strategies/managers positioned to meet those goals. Portfolios are tailored to goals, time horizon and risk tolerance, with ongoing oversight and client engagement to adjust as needs or markets change.
Sheeley & Partners Wealth Management, LLC
Sheeley & Partners Wealth Management (SPWM) manages a notable amount in assets. The firm offers financial planning, investment management and retirement plan consulting.
The advisory group accepts both high-net-worth and non-high-net-worth clients. It also serves trusts, estates and pension and profit-sharing plans. All accounts are discretionary. The firm does not list a required minimum investment.
SPWM primarily builds portfolios with common stocks, individual bonds and broadly diversified smart beta and multi-factor exchange-traded-funds (ETFs). The latter are low cost and efficient and offer a customizable and efficient approach to investment analysis. The firm uses the fundamental investment strategies of long-term purchases, short-term purchases and trading.
