Question 1

How can I find a reputable financial advisor in Rhode Island?

Accepted Answer

To find a reputable financial advisor in Rhode Island, you have several options. You can conduct thorough research and perform a background check using regulatory bodies like FINRA BrokerCheck and the SEC, as they uphold strict ethical standards. Additionally, check online reviews, seek referrals from trusted individuals, and verify the advisor's credentials and track record. For a streamlined approach, we suggest using  the free financial advisor match tool to find and compare vetted advisors tailored to your specific needs.

Question 2

What credentials should I look for when selecting a financial advisor in Rhode Island?

Accepted Answer

When selecting a financial advisor in Rhode Island, look for some common credentials like the Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Chartered Financial Consultant (ChFC), etc. These designations indicate that the advisor has undergone rigorous training and testing in the field of financial planning and is committed to upholding high ethical standards. To ensure you are making an informed decision while picking an advisor, explore the  6 common financial advisor certifications you need to know. To further explore the various credentials an advisor can hold, read more about advisor designations.

Question 3

What types of investment products do financial advisors in Rhode Island recommend?

Accepted Answer

Financial advisors in Rhode Island that offer investment management services may recommend several types of investment products, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), and alternative investments. These advisors may also assist in monitoring your investments and suggest portfolio adjustments when necessary. If you find yourself uncertain about the need for investment management services, read more on why professional investment management  may be right for you.

Question 4

What services do financial advisors in Rhode Island typically offer?

Accepted Answer

Financial advisors listed on our directory for the state of Rhode Island provide a variety of financial services such as investment planning, retirement planning, wealth management, education planning, tax planning, estate planning, and more. In the "Advisory Services Provided" section, you will be able to confirm which services are provided by each advisor. To further explore how a financial advisor can support you for your specific financial situation read who financial advisors are and what they do.

Question 5

How do I know if a financial advisor in Rhode Island is trustworthy and can help me with my unique financial needs?

Accepted Answer

To determine the trustworthiness of a financial advisor in Rhode Island, it's important to conduct a complete research and background check through FINRA BrokerCheck. Look for advisors who are registered with reputable regulatory bodies like FINRA and the SEC, as these organizations regulate the financial industry and can help ensure that advisors are held to high ethical standards. You can also check online reviews, ask for referrals from friends and family, and do your own research to verify the advisor's credentials and track record. If you are searching for a trustworthy financial advisor, we recommend using  the free financial advisor match tool to find and compare pre-screened and vetted advisors matched to your needs.

Question 6

What are the key factors to consider when choosing a financial advisor in Rhode Island?

Accepted Answer

When choosing a financial advisor in Rhode Island, it's important to consider key factors including an advisor's qualifications, experience, and method of compensation. Additionally, it's important to consider their investment philosophy, approach to financial management, and whether a financial advisor is bound to act in your best interests. To ensure you are making an informed decision and choosing the right financial advisor to manage your finances, we recommend our guide on the 5 things to consider when hiring a financial advisor.

Question 7

Are there any specific retirement planning strategies or options available to Rhode Island residents?

Accepted Answer

Yes, Rhode Island residents have access to a range of retirement planning strategies and/or options. They can participate in employer-sponsored plans like 401(k)s or 403(b)s, Roth IRAs, and state pension plans. Additionally, Rhode Island residents can benefit from Social Security benefits, annuities, Health Savings Accounts (HSAs), and diverse investment accounts to further enrich retirement plans. If you are seeking to learn more about how a financial advisor can help in tailoring retirement strategies that align with your personal circumstances and state-specific regulations to secure your financial future in retirement, learn more about  why you should hire a retirement advisor.

Question 8

How much does a financial advisor in Rhode Island typically charge for their services?

Accepted Answer

The cost of hiring a financial advisor in Rhode Island varies depending on the advisor's experience, services, and fee structure. Financial advisors typically charge a percentage of assets under management, ranging from approx. 1.02% or a fixed rate of approx. $7,500 and above. Meanwhile, other advisors charge an hourly rate, flat fees, or based on commission. It's important to understand the advisor's fee structure and any potential conflicts of interest before engaging in their services. To get a better understanding of how financial advisors charge and the factors influencing their fees, read more on what are  the costs of hiring a financial advisor.

Question 9

What qualifications and certifications should I look for in a financial advisor in Rhode Island?

Accepted Answer

When evaluating the qualifications of financial advisors in Rhode Island, it is important to look for someone who is licensed and registered with the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). You may also want to consider their educational background, years of experience, and any relevant certifications, like Certified Financial Planners (CFP), Chartered Financial Analysts (CFA), Chartered Financial Consultants (ChFC), etc. To further explore the various credentials an advisor can hold, read more about  advisor designations.

Question 10

How can wealth management services in Rhode Island help me achieve my financial goals?

Accepted Answer

By working with an advisor who specializes in providing wealth management services, you can receive assistance in achieving your financial goals through personalized and comprehensive financial planning. The advisor can work closely with you to set clear objectives and devise a tailored financial plan encompassing investment management, tax planning, and risk management strategies. They also will regularly review and adjust the plan to accommodate changing circumstances and market conditions. To further explore how financial advisors listed on our directory for the state of Rhode Island can support you, learn more about  the different types of financial advisors and their areas of expertise.

Question 11

What questions should I ask during the initial consultation with a financial advisor in Rhode Island?

Accepted Answer

During the initial consultation with a potential financial advisor, it's recommended to ask them about their experience, areas of expertise, investment philosophy, fee and compensation methods, and their approach to financial planning. You should also ask about their fiduciary duty, which means they are legally and ethically bound to act in your best interests. It's important to choose an advisor who communicates clearly and transparently and whose values align with your own. To further understand if a financial advisor is best suited to your financial needs in Rhode Island, consider using the following 10 Key Questions You Should Ask Your Financial Advisor.

Question 12

Can a financial advisor in Rhode Island help me determine if a Roth IRA is the right choice for my retirement goals and tax situation?

Accepted Answer

Yes, a financial advisor in Rhode Island can help you determine if a Roth IRA is the right choice for your retirement goals and tax situation. They'll personalize their guidance by taking into account key factors such as your tax situation, retirement goals, estate planning, eligibility, and risk tolerance. Based on this comprehensive assessment, the advisor can offer insights into whether a Roth IRA is the right choice for achieving your retirement goals while considering the potential tax implications. Their expertise can empower you to make an informed decision that best suits your financial future. To further help you determine if a Roth IRA is the right choice for you, read on about  the things to consider when deciding between a Roth IRA or a traditional retirement account.

Question 13

What are the common investment options recommended by financial advisors in Rhode Island?

Accepted Answer

Financial advisors in Rhode Island that offer investment management services may recommend several types of investment products, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), and alternative investments. These advisors may also assist in monitoring your investments and suggest portfolio adjustments when necessary. If you find yourself uncertain about the need for investment management services, read more on why professional investment management may be right for you.

Question 14

What resources or tools do financial advisors in Rhode Island use to track their client's investments or financial progress?

Accepted Answer

Financial advisors in Rhode Island typically use a range of resources and tools to track their client's investments and monitor financial progress. These may include creating regular portfolio reports to summarize investment performance and allocation, using rebalancing tools to ensure alignment with long-term objectives, as well as utilizing risk assessment tools to help determine clients' risk tolerance and align investment strategies. Notably, the availability of resources can vary based on the advisor's expertise, firm practices, and individual client preferences. Therefore, it's important to inquire about an advisor's investment management process to gain more insight. To learn more, read on about  how financial advisors track and monitor your financial goals.

Financial Advisor	Experience	AUM	Minimum Assets	Fee Structure
Beren AndersonLUTCF^®BSA Wealth Advisors7 Main StreetNorth Kingstown, RI 02852	20 Years	Not Specified	Not Specified	Fee-Based
Edelman Financial Engines, LLCEdelman Financial Engines, LLC1485 South County TrailEast Greenwich, RI 02818	Not Disclosed	$270,770,414,647	Not Specified	Fee-Only


FIAM LLCSmithfield, RI	168	605	$219,221,467,379	A percentage of AUM, Performance Based, Other (ADMINISTRATION FEES. PERCENTAGE OF REVENUE FROM AFFILIATES)
PROVIDENCE EQUITY PARTNERS L.L.C.Providence, RI	143	40	$24,631,658,238	A percentage of AUM, Performance Based
CITIZENS SECURITIES, INC.Johnston, RI	418	53044	$9,188,004,183	A percentage of AUM
NAUTIC PARTNERS, LLCProvidence, RI	70	19	$7,825,588,486	A percentage of AUM, Performance Based
PARSONS CAPITAL MANAGEMENT INCProvidence, RI	21	1833	$1,879,594,055	A percentage of AUM, Fixed fees
UNISONProvidence, RI	1	296	$1,810,395,000	A percentage of AUM
GLOBAL STRATEGIC RISK MANAGEMENT, LLCProvidence, RI	11	4	$1,518,844,317	A percentage of AUM, Performance Based
YOUNG RICHARD C & CO LTDNewport, RI	13	1992	$1,431,004,487	A percentage of AUM
PROFESSIONAL PLANNING GROUPWesterly, RI	17	2350	$1,055,252,906	A percentage of AUM, Hourly charges, Fixed fees
CORRIGAN FINANCIAL INCMiddletown, RI	19	1077	$1,033,643,000	A percentage of AUM, Hourly charges, Fixed fees
CAPITAL WEALTH MANAGEMENT, LLCWest Warwick, RI	17	601	$858,037,632	A percentage of AUM, Fixed fees
UPPER90Providence, RI	20	25	$815,843,360	A percentage of AUM, Performance Based
STRATEGICPOINT INVESTMENT ADVISORS LLCProvidence, RI	12	1948	$716,766,644	A percentage of AUM, Hourly charges
MCGUIRE WEALTH MANAGEMENTWakefield, RI	3	774	$707,642,527	A percentage of AUM
WEALTHCARE INVESTMENT PARTNERS LLCPortsmouth, RI	11	2876	$654,788,239	A percentage of AUM, Hourly charges, Fixed fees

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