Parsons Capital Management Inc

CRD#106295
Investment Advisor Firm

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Learn more about Parsons Capital Management Inc

  • Overview
  • By the Numbers
  • Products and Services
  • Fee Structure
  • Types of Clients
  • Disclosures
  • State Registrations
  • Office Locations
  • Firm Advisors

    • Overview

    Parsons Capital Management Inc operates as an advisory firm headquartered in Providence, Rhode Island. Parsons Capital Management Inc oversees $1.7 billion in total assets across 1,734 customer accounts, making it one of the biggest investment advisory firms in the United States by assets under management (AUM). The firm has a small group, including 10 financial advisors. Parsons Capital Management Inc is not a registered broker-dealer, meaning the firm cannot buy and sell securities for its accounts and those of its customers and instead has to go through a broker-dealer company to do so. Securities are tradable fiscal investments such as options, stocks and bonds.

    Parsons Capital Management Inc manages 1,722 of the company's accounts on a discretionary basis. Discretionary management is a structure in which a portfolio manager has the discretion to make buy and sell decisions for the client's account without requiring the customer's consent. The firm also oversees 12 non-discretionary accounts totaling $15.1 million in AUM. The firm's average account size is $970,614. An average financial advisor at Parsons Capital Management Inc administers about 173 client accounts.

    Parsons Capital Management Inc's central office is at 10 Weybosset Street, Ste 1000, Providence, Rhode Island 2903. Parsons Capital Management Inc is permitted to provide services to investors across 22 U.S. states and territories.

    Assets Under Management

    $1.7 billion

    Number of Advisors

    10

    Disclosures

    No

    Office Location

    10 Weybosset Street, Ste 1000
    Providence, RI 02903

    Parsons Capital Management Inc by the Numbers

    Total Assets Under Management

    $1.7 billion

    National Average: $8.6 billion
    Total Number of Employees

    18

    National Average: 64
    Total Number of Accounts

    1,734

    National Average: 375,227
    Average Account Size

    $970.6 thousand

    National Average: $23.0 thousand
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    Products and Services

    Parsons Capital Management Inc provides a number of financial services, which can include financial planning services, portfolio management for individuals and small businesses and portfolio management for institutional clients. In the last fiscal year, Parsons Capital Management Inc provided financial planning services to 11-25 of its customers. Parsons Capital Management Inc does not sell products or offer services other than investment advisory services to its investment advisory customers.

    Core Advisor Services

    • Offered by 31% of firms

      Financial Planning Services

      This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.

    • Offered by 46% of firms

      Portfolio Management

      This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

    • Find a firm that offers this service

      Market Timing Services

      This is the practice of attempting to make short-term profits on investments by buying low and selling high.

    Other Services

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    Fee Structure

    Fees charged by financial advisors largely depend on which services the firm provides the client. However, fees charged by the firm may include any blend of the following fee types: asset-based or fixed. The firm does not participate in a wrap fee program, in which the firm offers a bundle of services for a single fee.

    Available

    • Offered by 69% of firms

      Percentage of Assets

      Show Explanation

      This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

    • Offered by 32% of firms

      Fixed

      Show Explanation

      Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

    Unavailable

    • Find one of the 21% of firms that offer this fee type

      Hourly

      Show Explanation

      Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

    • Find one of the 1% of firms that offer this fee type

      Commissions

      Show Explanation

      Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

    • Find one of the 26% of firms that offer this fee type

      Performance-based

      Show Explanation

      Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

    • Find one of the 0% of firms that offer this fee type

      Subscription

      Show Explanation

      Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

    • Find one of the 10% of firms that offer this fee type

      Other

      Show Explanation

      Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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    Types of Clients

    The company does business with a number of different clients. It caters to retail investors, high net worth investors, pension plans, charitable organizations and corporations. Out of its 1,734 clients, Parsons Capital Management Inc's biggest client group by number of accounts is retail investors, though it also manages money for 317 high-net-worth individuals. The SEC defines a high-net-worth individual as an individual who has at least $750,000 under management or a net worth of at least $1.50 million or who is considered a "qualified purchaser" (a standard met by having at least $5 million in investments). None of the company's accounts reside abroad.

    • High-Net-Worth Individuals* - 44.46%
    • Other Individuals - 49.09%
    • Corporations - 3.51%
    • Charitable Organizations - 2.95%

    * The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.

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    Disclosures

    Parsons Capital Management Inc does not have any disclosures.

    Please visit its Form ADV for more details.

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    Financial Advisors at Parsons Capital Management Inc

    Charles Parsons
    Providence, RI
    John Trevor
    Providence, RI
    Joan Caine
    Providence, RI
    John Mullen
    Providence, RI
    Ruth Mullen
    Hobe Sound, FL
    Stacey Sternberg
    Providence, RI
    Linda Jamison
    Providence, RI
    David Von Hemert
    Providence, RI
    Edwin Fischer
    Providence, RI

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