The capital of the smallest state, but certainly not a small city by any metric, Providence is a center of medicine and higher learning, and over its centuries of history has produced some of the most important and successful people who have ever lived in the United States. And with many successful people still living and thriving in the city (perhaps like yourself), there is still a need to properly manage wealth, a difficult task without expert help. And to find that help, we recommend the use of a financial advisor or investment manager.
And which advisor should you work with out of the many operating in the city? Here are our top five choices for financial advisory firms for Providence, Rhode Island:
1) Parsons Capital Management, Inc.
Our top choice for Providence and effectively the entire state, Parsons Capital Management, Inc. is a firm that has $1.3 billion in assets under management (and growing steadily for more than 25 years), and you can trust that they are going to work readily to ensure your financial security. You will also receive plenty of ongoing management and attention, with regular meetings and updates.
When starting out with them, you will decide on your general strategy, which will determine in part your eventual portfolio makeup. From there, adjustments will be made as needed to keep your assets on solid ground.
Parsons Capital Management, Inc. is a fee-only firm that requires that you have a $500,000 account minimum with them to work with them.
You can expect the following working with Parsons Capital Management, Inc.:
- A staff that is experienced and has a diverse range of backgrounds to help you get multiple perspectives on your financial situation.
- Services offered include personal financial planning, trust planning and management, retirement funding, education funding, cash flow analysis, and estate planning.
- They will take the time to get to know you and your goals as a client.
2) Endurance Wealth Management, Inc.
Our second selection for Providence is Endurance Wealth Management, Inc., a firm with $826 million in assets under management and half a dozen advisors under their employ. Based right in Providence and in business for more than a decade now, the firm employs a highly experienced staff that has seen just about anything you could throw at it. They work with both high net worth and non-high net worth individuals, as well as some types of organizations.
Their investment strategy heavily utilizes their research methods and their oversight, and regularly adjusts itself to remain effective in a turbulent market.
Endurance Wealth Management, Inc. is a fee-only firm that requires that you have a $1 million account to work with them.
You can expect the following working with Endurance Wealth Management, Inc.:
- They understand the importance of long-term relationships between the client and the advisor, and will take the time needed to develop them.
- An individualized strategy that will adapt to your needs based on your goals.
- A commitment to remaining disciplined and objective at all times.
3) Rex Capital Advisors, LLC
Our third choice, Rex Capital Advisors, LLC, is perhaps the best option for anyone with a very high net worth or who considers themselves very wealthy, as they also happen to be a more exclusive firm on this list. With excellent advisors and $812 million in assets under management, they have been doing their best for their clients since 1998.
While they adjust their approach and portfolio strategy based on the needs and goals of their clients, overall they are a long-term focused team that will also take into account tax considerations and fees when investing.
Rex Capital Advisors, LLC is a fee-only firm that does not have any stated account minimums, but we do recommend double-checking to see if they would be a good fit.
You can expect the following working with Rex Capital Advisors, LLC:
- A relatively heavy use of ETFs when compared with other firms.
- A team that is focused on helping individuals and only individuals. They are focused on what they do best.
- The standard range of financial planning services available.
4) SK Wealth Management, LLC
Our fourth choice, SK Wealth Management, LLC, has $259.7 million in assets under their management and has now been in operation for more than 20 years. They take their independence seriously, and take measures to remain fee-only and completely outside of the influence of any other factors except for your best interests. Their advisors are all some of the best, with nearly all having a top certification.
Their investment strategy mostly focuses on proper asset allocation in order to minimize risk and will often use ETFs and mutual funds to that effect. Wealth preservation is important to them, and more than many other firms you can trust that you’ll be able to keep up your lifestyle for longer, without complications.
SK Wealth Management, LLC is a fee-only firm that requires that you have $500,000 in investible assets.
You can expect the following working with SK Wealth Management LLC:
- Planning service which includes investment planning, women-focused planning, retirement planning, insurance planning, estate planning, education funding planning, philanthropic planning, and more.
- Specialized services if you happen to be going through a divorce.
- They will use both passive and active investment strategies when appropriate.
5) Lincoln Capital Corporation
With $230 million in assets under management, Lincoln Capital Corporation takes our last spot and is an excellent firm for individuals of all types. While they have only four advisors, they have been in operation since 1991 and have stood the test of time in a very competitive market. If you’re looking for a collaborative approach to financial planning and investment management that can work for many different types of people, this firm deserves your attention.
When managing assets for you, they will first want to know your financial situation in detail, and then will work out a more customized plan that fits your needs specifically.
Lincoln Capital Corporation is a fee-only firm that requires a $250,000 minimum investment to work with them.
You can expect the following working with Lincoln Capital Corporation:
- Services offered include asset management, financial planning, and other wealth services such as estate planning, insurance and long-term care planning, and tax planning.
- A holistic view of financial planning, with the understanding that every financial decision you make matters.
- Regular meetings to review your progress as well as less formal check-ins and communication as needed.
Fortunately, living in or around Providence means you have plenty of excellent options to choose from when it comes to finding a financial advisory firm that fits you perfectly. We understand that the choice can be a little daunting for some, but we hope that you are able to narrow down your choices based on your preferences and financial situation easily and make some helpful phone calls and consultation appointments. We’re confident you can do this, and we wish you the best of luck both on your search and all of your future financial challenges.