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Finding the right financial advisor can be difficult, so Benzinga put together a list of the best financial advisors in Rhode Island. Find the right advisor and firm for you today.
Best Financial Advisors in Rhode Island Near You:
- Best for Experienced Service: Sandbox Financial Partners
- Best Robo-Advisor: M1 Finance
- Best for Range of Financial Services: WealthCare Investment Partners
- Best Mobile App: Betterment
- Best for Individuals and Institutions: Parsons Capital Management
- Best Portfolio Analysis: Personal Capital
- Best for Conservative Investors: Richard C. Young & Co.
- Best for Customized Investment Approach: Endurance Wealth Management
Best for Experienced Service: Sandbox Financial Partners
Sandbox Financial Partners is an independent registered investment advisor in Providence with over 50 years of combined experience. Its advisors come with credentials like Certified Financial Planner™ (CFP®), Accredited Investment Fiduciary (AIF) and Certified Investment Management Analyst (CIMA).
The firm is held to a fiduciary standard by the Securities and Exchange Commission. This means that the firm operates in your best interest and does not take a commission.
Sandbox offers 2 services — financial planning and investment planning. The firm’s financial planning approach is holistic. It creates plan-based and goal-driven recommendations and solutions tailored to your unique needs. The firm also sends newsletters regularly to keep you up to date on market conditions.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
6903 ROCKLEDGE DRIVE SUITE 1200BETHESDA MD, 20817
Best Robo-Advisor: M1 Finance
M1 Finance is both a client-managed online broker and a robo-advisor. Choose from its 80 expert portfolio models or customize your own portfolio to trade low-cost ETFs and individual stocks.
M1 Finance has 2 types of accounts — M1 and M1 Plus.
The M1 basic account does not charge management fees, trading commissions or checking account fees. It offers a 3.5% base rate for its portfolio line of credit.
The Plus account is available for $125 per year. You receive additional benefits like 1% cash back on qualifying debit card purchases and 1% annual percentage yield (APY) checking.
Best for Range of Financial Services: WealthCare Investment Partners LLC
WealthCare Investment Partners is a registered investment advisor (RIA) in Portsmouth and Smithfield. The firm offers comprehensive wealth management and financial consulting services.
The 4 primary services include:
- EMoney financial planning tool: This integrative tool allows you to monitor your assets, accounts, insurance policies and important documents in 1 platform.
- Financial consulting: This includes 401(k) planning, college planning, elder care planning, estate planning, tax planning and more.
- Investment services: The firm can manage your SIMPLE IRA, bonds, stocks, ETFs, fixed annuities, municipal bonds, Treasury notes and more.
- Insurance: WealthCare offers disability income planning, life insurance, health insurance and long-term care coverage.
Best Mobile App: Betterment
Betterment redesigned its app in 2019 so you can seamlessly link your investment goals, bank accounts and income sources. Betterment makes it easy to track your finances and goals.
You have 2 options — Betterment Digital and Betterment Premium. There’s no minimum account balance for Betterment Digital. There is a 0.25% fee for accounts under management (AUM).
Betterment Premium comes with a $100,000 account minimum and a 0.40% AUM fee. You also get in-depth advice on investments outside of Betterment and unlimited access to CFP® professionals. The Certified Financial Planner™ (CFP®) designation is the highest level of certification for financial planners. Certification includes a rigorous exam and several other requirements.
Best for Individuals and Institutions: Parsons Capital Management Inc.
Parsons Capital Management is an independently-owned investment management firm in Providence, Rhode Island. The firm works closely with individuals and institutions. It also helps trusts, foundations and retirement accounts.
The firm takes time to understand your individual needs as circumstances change. Some of its services include personal financial planning, retirement funding, education funding, estate planning and more.
For institutions, the firm collaborates with the boards and committees to ensure that the ongoing needs are met and the future security of the company is in check.
Best Portfolio Analysis: Personal Capital
Personal Capital lets you see all your accounts and investments in 1 place. Its app will help you plan for retirement as it monitors your investments and helps you meet your financial goals.
The app is free if you want to just use the investment management tools. But you can have your account managed by a real person if you have more than a $100,000 minimum balance. You can also get tax optimization strategies and comprehensive plans to meet your short- and long-term goals.
Best for Conservative Investors: Richard C. Young & Co.
Richard C. Young & Co. is a fee-only financial advisory firm based in Newport, Rhode Island. The firm has been ranked by Barron’s as 1 of the top independent financial advisors in the U.S. for the last 8 consecutive years.
The firm adopts a portfolio strategy that mainly invests in dividend and interest-paying securities that generate a stream of cash for compounding. This form of investment is appealing to conservative investors looking to receive cash regularly in the form of a steady stream of dividend and interest payments.
Best for Customized Investment Approach: Endurance Wealth Management Inc.
Endurance Wealth Management is an independent, fee-based RIA in Providence, Rhode Island. The firm specializes in developing an individualized investment policy statement which responds to your unique financial and personal circumstances.
Endurance has a 5-step process to create a custom investment policy. The main goal of this process is to generate an adequate return for the risk taken. Your portfolio’s performance is reviewed quarterly and annually against benchmarks that have been agreed upon mutually.
Frequently Asked Questions
Yes. Talking to a financial advisor is typically free for the first visit. It’s important to meet and establish a solid working relationship before you go forward with a long-term management plan together.
You can look up a financial advisor on the Securities and Exchange Commission’s (SEC) Advisor Public Disclosure website. Enter the name of your financial advisor or firm to find out whether it’s registered with the SEC. The site includes detailed information.
Most will not check your credit unless debt reduction is a part of your larger financial plan.
Find a Financial Advisor Today
Now is the best time to work with a financial advisor. Even after you implement a plan and invest, an advisor can provide continued guidance and management as you work toward your financial goals.
To determine the top financial advisors in Rhode Island, we pored through all SEC-registered advisory firms who have an office in Rhode Island. We winnowed the list by only including advisors that are registered fiduciaries, have no past disclosures and have minimal personal conflicts of interest. To further break down the list to the true top advisors in the area, we gave weight to advisors that offer both investment management and planning, have no conflicts of interest, have offices in multiple states, have a wrap fee program and over $50 million in assets under management.