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, examining assets under management (AUM), fees and investment strategies. 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 advisors who serve your area.
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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 | $1,879,594,055 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
|
| 2 | Richard C. Young & Co., Ltd.  Find an Advisor | $1,562,885,060 | $500,000 |
| Minimum Assets$500,000Financial Services
|
| 3 | Professional Planning Group  Find an Advisor | $1,166,383,072 | $500,000 |
| Minimum Assets$500,000Financial Services
|
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| 4 | Capital Wealth Management, LLC  Find an Advisor | $1,001,028,285 | $750,000 |
| Minimum Assets$750,000Financial Services
|
| 5 | WealthCare Investment Partners, LLC  Find an Advisor | $654,788,239 | $250,000 |
| Minimum Assets$250,000Financial Services
|
| 6 | StrategicPoint Investment Advisors, LLC  Find an Advisor | $806,366,242 | $250,000 |
| Minimum Assets$250,000Financial Services
|
| 7 | Newman Dignan & Sheerar, Inc  Find an Advisor | $669,244,675 | $500,000 |
| Minimum Assets$500,000Financial Services
|
| 8 | McGuire Wealth Management  Find an Advisor | $819,045,333 | $2,000,000 |
| Minimum Assets$2,000,000Financial Services
|
| 9 | SK Wealth Management, LLC  Find an Advisor | $555,304,681 | $500,000 |
| Minimum Assets$500,000Financial Services
|
| 10 | Mystic Asset Management  Find an Advisor | $529,286,695 | $500,000 |
| Minimum Assets$500,000Financial Services
|
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:
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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
Parsons Capital Management (PCM), a fee-only advisory practice in Providence, leads off our list of the top advisors in Rhode Island. With over $2 billion in assets under management (AUM), PCM manages more money than any other firm on this list.
Members of the PCM team hold a variety of financial certifications, including the Chartered Financial Analyst (CFA), Certified Financial Planner™ (CFP®) and investment advisor certified compliance professional (IACCP) designations.
Founded in 1993, the firm mostly serves individuals and high-net-worth individuals, though it doesn't have a minimum account size. PCM also works with retirement plans, charities and businesses.
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.
PCM creates portfolios that allocate across asset classes, including equities, bonds, cash equivalents, and, when suitable, alternative investments. The firm then manages these allocations by keeping them within defined target ranges. 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.
Founded in 1989, Richard C. Young & Co. has been named of the Top 100 Independent Advisors in the U.S. by Barron's for 13 years (2012-2024).
Services include ongoing investment supervisory through structured programs that balance income needs, capital preservation, and long-term growth, along with customized options. These programs vary in their allocations to fixed income and equity securities depending on client goals and risk tolerance. Those six strategies are:
- Global Income and Capital Protection
- Global Moderate Income
- Global Moderate Income and Capital Appreciation
- Global Moderate Capital Appreciation
- Retirement Compounders Plus
- Custom
Professional Planning Group
Founded in 1975, Professional Planning Group (PPG) in Westerly is the oldest practice on this list. Unlike the firms above it, PPG operates on a fee-based compensation model that allows employees to earn commissions or additional compensation for selling securities and/or insurance. This constitutes a potential conflict of interest because advisors have a financial incentive to make certain recommendations. However, the firm has a fiduciary duty to disclose these conflicts and always work in your best interests.
Certifications earned on the team include the Certified Financial Planner™ (CFP®), certified public accountant (CPA), chartered investment management analyst (CIMA) and Chartered Financial Analyst (CFA) designations.
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.
The firm offers discretionary and non-discretionary portfolio management, wrap-fee investment programs and financial planning services. Its planning process may address cash management, insurance, education funding, retirement planning, estate and charitable giving, tax considerations and other areas tied to clients’ financial goals. It also provides access to trust services through Raymond James Trust and conducts educational workshops and seminars.
In managing portfolios, the firm uses both fundamental and technical analysis. Strategies may include long-term and short-term purchases, margin transactions and options strategies. Assets may include equities, fixed income, mutual funds and other securities deemed appropriate to client objectives. Like most advisors, the firm emphasizes aligning portfolio construction with each client’s stated goals and risk tolerance.
Capital Wealth Management
Capital Wealth Management is a financial advisor firm based in West Warwick. Its team comprises advisors who hold the accredited investment fiduciary (AIF), chartered life underwriter (CLU), Certified Financial Planners™ (CFP®), chartered financial consultant (ChFCs), Chartered Financial Analyst (CFA), registered financial consultant (RFC) and licensed international financial analyst (LIFA). This is one of the largest sets of certifications on this list.
High-net-worth individuals make up the majority of the firm's client base, followed by individuals below the high-net-worth threshold and retirement plans. The minimum investment for new clients is $750,000, though that requirement is negotiable.
Advisors here may be able to sell securities and insurance 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.
The firm opened for business in 1989 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’s investment philosophy is grounded in fundamental analysis, which seeks to measure the intrinsic value of securities based on economic, industry and company-specific factors. The firm tailors strategies to each client’s objectives and risk tolerance, documented in an investment policy statement.
Portfolios may include equities, bonds, ETFs, mutual funds, private placements, REITs, and alternative investments. The firm's approach balances diversification with client-specific needs, using long-term and short-term holdings as well as trading when appropriate.
WealthCare Investment Partners
WealthCare Investment Partners, a Portsmouth-based financial advisor firm, is next on our list of the top practices in Rhode Island. 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.
Founded in 2018, WealthCare Investment Partners is one of the youngest firms on our list. In addition to its office in Portsmouth, the firm has a secondary location in Smithfield.
Wealth management services are the hallmark offering of WealthCare. This service encompasses both investment management and financial planning.
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.
StrategicPoint Investment Advisors
StrategicPoint Investment Advisors, founded in 1992, is a fee-based advisor located in Providence. The firm works with individuals, high-net-worth individuals and retirement plan sponsors. Clients generally need a minimum of $250,000 in assets under management, though this requirement may be waived at the firm’s discretion.
The firm is a wholly owned owned subsidiary of Focus Financial Partners, one of the largest financial services companies in the world.
StrategicPoint provides discretionary investment management, financial planning and consulting. Its planning services address retirement projections, insurance reviews, college funding, and risk assessments. It also serves employer-sponsored retirement plans, offering both fiduciary and non-fiduciary support. Advisors may also recommend third-party managers or cash management services through unaffiliated providers.
However, 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 employs a tactical asset allocation approach, using macroeconomic analysis and sector trends to adjust portfolios. Its portfolios are designed around strategies ranging from capital preservation to aggressive growth, including sustainable investing options that incorporate ESG factors.
Portfolios may include mutual funds, ETFs, individual securities, fixed income, commodities, alternatives and cash. The firm emphasizes diversification and ongoing monitoring, rebalancing as needed to align with clients’ stated goals.
Newman Dignan & Sheerar
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.
This Providence-based firm offers a range of services, including investment advice, 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.
Established in 1992, Newman Dignan & Sheerar customizes investment portfolios based on client objectives. Portfolios typically include individual equities, fixed income securities, mutual funds and ETFs. The firm also uses Dimensional Fund Advisors (DFA) funds, private investment funds, structured notes, interval funds and exchange-traded notes when suitable.
Its investment approach employs fundamental, technical and cyclical analysis, with strategies ranging from long-term purchases to short-term trading, as well as the selective use of options and margin strategies at a client’s request. Portfolios may also be allocated according to predefined asset allocation models that range from conservative to aggressive growth.
McGuire Wealth Management
McGuire Wealth Management (MWM) is a boutique family firm in Wakefield. The small advisory team at MWM hold several professional designations, including the accredited asset management specialist (AAMS), accredited domestic partnership advisor (ADPA) and retirement income certified professional (RICP) certifications.
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. There is a $2 million account minimum for the wrap fee program, as well as a $5,000 minimum annual fee.
As mentioned earlier, MWM is a family shop. Father-and-son team Dennis McGuire Sr. and Dennis McGuire Jr. co-founded it in 2009. Today, the firm offers investment management, financial planning and retirement planning services
The firm’s investment strategy emphasizes value and long-term investing. Portfolios are often built around large, established companies but may also include mid- and small-cap equities, fixed income, ETFs and international investments. The firm looks for opportunities created by market inefficiencies and aims to invest in companies considered to be trading below intrinsic value. Diversification is applied across industries, sectors, company size and economic cycles to reduce risk.
McGuire Wealth Management generally maintains low portfolio turnover and uses a combination of fundamental, technical and quantitative analysis when selecting investments. The stated investment horizon is typically three to seven years or longer, reflecting a patient approach to portfolio construction and management.
SK Wealth Management
SK Wealth Management is a fee-only financial planning and investment advisory practice that works with individuals, high-net-worth individuals, pensions and profit-sharing plans, as well as corporations and other businesses. Clients are generally required to have $500,000 in investable assets, though exceptions may be made.
Its services include comprehensive financial planning in areas such as retirement, estate, charitable and tax planning, along with ongoing portfolio management. The firm may also provide tax preparation for certain clients and consulting on related financial matters.
Founded in 1998, the firm's team of advisors holds a range of financial certifications and specializations, including the Certified Financial Planner™ (CFP®), Chartered Financial Analyst (CFA), certified public accountant (CPA), chartered alternative investment analyst (CAIA), chartered retirement plans specialist (CRPS) designations, among others.
SK Wealth Management's investment philosophy emphasizes asset allocation and portfolio diversification over security selection or market timing. Portfolios are customized to align with each client’s financial objectives, risk tolerance, net worth, income and time horizon.
The firm primarily invests in mutual funds and ETFs and employs a mix of strategic and tactical asset allocation. Advisors may incorporate both active and passive investment strategies, aiming to balance long-term growth with downside risk management. The firm regularly reviews portfolios and makes adjustments as needed to reflect changes in client goals or market environments.
Mystic Asset Management
Mystic Asset Management rounds out our list of the top financial advisors in the Ocean State. This fee-based firm has the smallest client base of any of the practices above it. Most of those clients are high-net-worth individuals.
The firm generally requires a minimum of $500,000 in assets under management. 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 related to advisors' ability to earn commissions for the sale of certain products and services. However, the firm and its advisors are bound to put the needs of each client first thanks to its fiduciary duty.
Founded in 1992, Mystic Asset Management has been providing investment advisory services since 2002. The firm, which has one certified funds specialist (CFS) on staff, provides advice on a wide range of securities, including: equity securities, corporate and municipal debt, certificates of deposit, U.S. government securities, variable annuities, mutual funds, money market funds, ETFs and leveraged ETFs, REITs, options, structured products and private placements. The firm may also use a combination of charting, technical, fundamental and cyclical methods of analysis to evaluate and select securities.
