Top Financial Advisors in Rhode Island

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Parsons Capital Management (PCM) has a team that includes some chartered financial analysts (CFAs) and Certified Financial Planners™ (CFPs®). 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 advisors the right to make investments in their names. 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 a 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.

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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 firm deploys strategic investment strategies to meet the needs of each individual client. 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
• Custom

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Professional Planning Group (PPG) is a fee-based firm in Westerly. Certifications earned on the team include Certified Financial Planner™ (CFP®), certified public accountant (CPA), chartered investment management analyst (CIMA) and 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 portfolios 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

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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 two 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 fee-only 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).

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Capital Wealth Management is a financial advisor firm based in West Warwick. Its team includes some accredited investment fiduciaries (AIFs), chartered life underwriters (CLUs), Certified Financial Planners™ (CFPs®), chartered financial consultant (ChFCs), chartered financial analyst (CFA), registered financial consultant (RFC), licensed international financial analyst (LIFA) and 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 the best interest of each client 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 whether 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)

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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 some accredited investment fiduciaries (AIFs) and certified plan fiduciary advisors (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.

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StrategicPoint Investment Advisors is a wholly owned part of Focus Financial Partners, which is one of the largest financial services companies in the world. This financial advisor firm is based in Providence and employs Certified Financial Planners™ (CFPs®) and chartered financial analysts (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:

• Income
• Conservative 
• Balanced 
• Growth
• 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.

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Newman Dignan & Sheerar, Inc. is a fee-only firm that caters to a diverse range of clients including individuals, high-net-worth individuals, pension and profit-sharing plans, business entities, trusts, estates and charitable organizations. While the firm generally prefers clients with at least $500,000 in assets designated for management, they may consider clients with lower assets at their discretion.

The firm offers a range of services to cater to the financial needs of its clients. These services include investment advisory services, financial planning and consulting services, retirement plan consulting services, participant education for retirement plan accounts, recommendation of other professionals for non-investment implementation purposes and allocation and recommendation of investment assets.

Newman Dignan & Sheerar Background

Newman Dignan & Sheerar was established in 1992. The firm is currently owned by multiple owners, including William Newman, who serves as the President, and John P. Sheerar, who holds the position of Vice President. The firm currently contains five advisors who manage more than $600 million in assets under management (AUM) across more than 420 clients. 

Newman Dignan & Sheerar Investment Strategy

The investment strategies employed by the firm encompass a range of options to suit different client needs. These strategies include long-term purchases, which involve holding securities for at least a year, as well as short-term purchases, where securities are sold within a year. The firm also engages in trading, where securities are sold within thirty days.

Additionally, the firm offers options, which are contracts for the purchase or sale of a security at a predetermined price during a specific period of time. The firm also utilizes margin strategies, which involve the use of borrowed assets to purchase financial instruments. The firm's strategy involved working with each individual client to make sure their unique needs are being met. 

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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 an 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.

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Mystic Asset Management is a fee-based firm that caters to a diverse clientele including individuals, banks, investment companies, pension and profit-sharing plans and trusts. The firm generally requires a minimum of $500,000 in assets under management, corresponding to an annual fee of $5,000. However, the firm may waive this minimum for its employees and their relatives, or for relatives of existing clients.

As a fee-based firm, there is the potential for a conflict of interest as they may earn commissions for the sale of certain assets. However, the firm and its advisors are bound to put the needs of each client first thanks to its fiduciary duty. 

Mystic Asset Management Background

The firm was founded in 1992. The firm is jointly controlled by David Allaire and Sam Pappas, each owning a 50% stake in the company. Today, the firm manages more than $300 million in assets under management (AUM) across its nearly 50 clients and two advisors.  

Mystic Asset Management Investment Strategy

Mystic Asset Management adopts a flexible investment approach that is tailored to the unique objectives and goals of each client. The firm considers various factors when managing client portfolios, including individual risk tolerances, specific goals and objectives, and the broader financial circumstances of the client and their family. This personalized strategy ensures that investment decisions are aligned with the client's personal and financial situation.