Finding the perfect financial adviser to help you achieve your goals is a highly personal decision that requires thought and research. Benzinga’s list of the best financial advisers in Rhode Island will help residents of the Hope State find theirs.
Quick Look: Best Financial Advisers in Rhode Island Near You
- Best for Experienced Service: Professional Planning Group (PPG)
- Best Robo-Adviser: M1 Finance
- Best for Range of Financial Services: WealthCare Investment Partners
- Best for Individuals and Institutions: Parsons Capital Management
- Best Portfolio Analysis: Empower Advisory Group (formerly Personal Capital)
- Best for Conservative Investors: Richard C. Young & Co. Ltd.
- Best for Busy High Net Worth Investors: Crestwood Advisers (formerly Endurance Wealth Management)
Best Financial Advisers in Rhode Island
1. Best for Experienced Service: Professional Planning Group (PPG)
Professional Planning Group is an independent registered investment adviser founded in 1975 in the historic town of Westerly, Rhode Island. Founder Malcolm Makin has served in prestigious roles for institutions and professional groups like:
- Institute of Certified Financial Planners
- Certified Financial Planner Board of Standards Inc.
- Financial Planning Association of Rhode Island
- National Board of Ethics and Professional Responsibility for Certified Financial Planners
Led by Makin, PPG’s advisers offer a diverse, comprehensive range of wealth management plans for individuals, families and organizations.
Professional Planning Group Services
- Financial planning
- Investment management
- Retirement planning
- Estate planning
- College planning
- Business planning
- Tax planning
- Risk management
- Charitable giving planning
Professional Planning Group Investment Strategy
PPG believes in thorough research and long-term planning. Its experts help investors accumulate, preserve and pass on wealth with a diverse portfolio suited to individual needs. Its financial strategies also incorporate the expertise of your legal and tax professionals to ensure a comprehensive approach to wealth management.
2. Best Robo-Adviser: M1 Finance
Brokerage products and services are offered by M1 Finance, LLC, Member FINRA/SIPC, and a wholly-owned subsidiary of M1 Holdings, Inc. ✝Your free trial (a $30 value) begins the date you enroll in the M1 Plus subscription, and ends 3 months after (“Free Trial”). Upon the expiry of the Free Trial, your account is automatically billed a monthly subscription fee of $10 unless you elect annual billing of $95 or cancel your subscription under your Membership details in the M1 Platform
When you think of financial advisers in Rhode Island, nationwide robo-advisers probably don’t spring to mind — but why not?
M1 Finance is an online broker and robo-adviser that sells its expertise in Rhode Island and beyond. The firm offers two types of accounts: M1 and M1 Plus.
The M1 basic account doesn’t charge management fees, trading commissions or checking account fees. Investors itching to margin their trades can access credit lines starting at 7.25%.
The M1 Plus is available for $95 per year. At that price, you get extra perks like preferred trading windows, custodial accounts and better margin lending rates.
M1 Finance Services
- Self-directed trading
- Established expert portfolios
- High-yield savings accounts for uninvested cash
- Margin loans
- Cashback rewards programs
M1 Finance Investment Strategy
M1 Finance helps investors take control of their assets through a modern digital interface and a combination of active and passive strategies.
After signing up, M1 will identify your risk profile and recommend an ideal portfolio. Then, you have the option to accept, adjust or decline M1’s calculated strategy to fit your needs. Take the reins and trade on your own research or choose from over 80 Expert Pies to mimic established strategies like income or socially responsible investing (SRI).
M1 puts the choice – and your future – in your hands.
3. Best for Range of Financial Services: WealthCare Investment Partners
WealthCare Investment Partners is a registered investment adviser (RIA) operating in Portsmouth and Smithfield. The firm offers comprehensive wealth management and financial consulting services. WealthCare’s core offerings include:
- Financial consulting for retirement, college, estate, tax, trust and elder care planning needs
- Investment services to help you select and manage your accounts and assets
- Insurance services like disability income planning, long-term care insurance, health insurance and life insurance
WealthCare Investment Partners Services
- Wealth management
- Investment management
- Financial planning
- Insurance planning
WealthCare Investment Partners Investment Strategy
WealthCare builds client relationships on “trust, competent professional advice, continual communication and prompt personal service.” Advisers assist new clients in defining their goals, needs and risk tolerance, then journey together to meet those goals. Potential investments include stocks, bonds, funds, annuities and REITs hand-picked for every goal and risk tolerance.
4. Best for Individuals and Institutions: Parsons Capital Management Inc.
Parsons Capital Management is an independently owned investment management firm in Providence. The firm works with individuals and institutions like foundations and trusts. Between 1994 and 2023, the firm’s assets under management (AUM) increased from $60 million to over $1.6 billion.
Parsons touts its fundamental, quantitative and technical research as integral to its investment success. The firm’s vast array of internal and external sources and sophisticated analysis keep its advisers attuned to clients’ needs.
Parsons Capital Management Services
- Financial planning
- Financial consulting
- Retirement planning
- Investment advisory
- Investment management
- Estate planning
Parsons Capital Management Investment Strategy
Parsons Capital Management takes time to understand every client’s current and evolving needs. Your adviser will work with you to determine your needs, goals, time horizon and risk tolerance. Then, they’ll help you design, follow and tweak an investment strategy that evolves with your situation and market conditions.
5. Best for Portfolio Analysis: Empower Advisory Group (Formerly Personal Capital)
Empower Advisory Group, formerly Personal Capital, is an automated investment and wealth manager that employs advisers for that human touch.
Users can access the app’s basic money management abilities for free, including budgeting, saving and spending tools. For instance, the Empower Personal Dashboard enables users to view their cash flow, portfolio performance and retirement readiness in one place.
Those with $100,000 or more in assets qualify for Empower Wealth Management services like investment analysis and customized portfolios. Plus, you’ll gain access to an adviser to help build and adjust your plans as life evolves.
Empower Advisory Group Services
- Free financial planning and analysis
- Budgeting, saving and spending tools
- Retirement planning
- Fee-based wealth and investment management services
- Private client services
Empower Advisory Group Investment Strategy
After providing your financial information and connecting your accounts, Empower’s automated tools assess your goals and risk tolerance to inform your strategy. Its customized, goal-focused portfolios mostly take the long view with assets like stocks, bonds, commodities, REITs and private equity. Every portfolio also benefits from its proprietary Smart WeightingTM methodology to enhance returns while reducing risk.
6. Best for Conservative Investors: Richard C. Young & Co.
Richard C. Young & Co. is a fee-only financial advisory firm based in Newport. The firm has been ranked by Barron’s as one of the top-rated financial advisers in Rhode Island — and nationwide — for 10 consecutive years. Young & Co.’s portfolio strategy mainly consists of generating steady cash flows for more financially conservative, risk-averse investors.
Richard C. Young & Co. Services
- Investment advisory services
- Investment planning
- Account monitoring
Richard C. Young & Co. Investment Strategy
Richard C. Young & Co. considers itself a “conservative financial advisory firm.” The firm diversifies investments across income-producing stocks, bonds, funds, commodities and currencies. Conservative investors will appreciate the firm’s dedication to mixing and matching income-producing strategies that eschew outsize risks.
7. Best for Busy High-Net-Worth Investors: Crestwood Advisers (Formerly Endurance Wealth Management Inc.)
Crestwood Advisers merged with Endurance Wealth Management in 2023 to become one of the top financial advisers in Rhode Island. The firm specializes in individualized investment planning for busy high-net-worth professionals with at least $1 million in assets.
Crestwood’s highly-trained advisers collaborate with clients to take a holistic approach to building, maintaining and donating assets. They work to understand your circumstances from the inside out so you can journey to meet your goals together.
Crestwood Advisers Services
- Retirement planning
- Investment management
- Wealth management
- Philanthropic advisory
- Estate planning
- Trust planning
- Family office consulting
- Insurance solutions
Crestwood Advisers Investment Strategy
Crestwood Advisers helps clients find long-term success by balancing risk, return and personal values. The firm’s proprietary research and global perspective mean that investors can find opportunities spanning regions, industries and strategies. Portfolios may include assets like individual stocks and bonds, as well as diversified mutual funds and exchange-traded funds (ETFs).
Find Your Rhode Island Financial Planner Today
There’s no time like now to find the best financial adviser in Rhode Island for your needs. Even if you’re already invested, an adviser can provide continued guidance and portfolio management to guide you along your journey. Every firm on this list offers a broad range of services to cater to Rhode Island investors’ needs, no matter your goals or tax bracket.
Frequently Asked Questions
Can I talk to a financial adviser for free?
Often, financial advisers offer a free first visit to establish whether they can meet your needs and lay a foundation. After that, they typically start charging for their services on an hourly, fixed-rate or percentage of assets under management basis.
How do you evaluate a financial adviser?
You can look up financial advisers on the Securities and Exchange Commission’s (SEC’s) Investment Adviser Public Disclosure website. Enter the name of a firm or financial adviser to discover its SEC registration status, complaints and more. You should also be sure you’re engaging a fiduciary legally obligated to protect your interests, not a broker held to lesser suitability standards.
Do financial advisers check your credit?
Financial advisers typically don’t check credit unless your financial plan includes debt reduction services.
About Anna Yen
Anna Yen, CFA is a personal finance writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about personal finance topics ranging from investments, budgeting, debt management, credit, student loans, insurance, and retirement planning to real estate and cryptocurrencies. Her work has been published on sites like Quicken, the crypto exchange Bybit, and Credit.com.