Parsons Capital Management Inc (Providence)

Name: Parsons Capital Management Inc
Address: 10 Weybosset Street, Ste 1000, Providence, RI, 02903
Telephone: 401-521-2440

Parsons Capital Management Inc is a large advisory firm based in Providence. It manages $1.25 billion of regulatory assets for 1,567 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of California, Colorado, Connecticut, and 18 other states.

Parsons Capital Management provides financial planning services, portfolio management for individuals and small businesses, and portfolio management for businesses and institutional clients. It prepares financial plans for more than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Parsons Capital Management: assets under management

The assets under management (AUM) of Parsons Capital Management Inc is $1.25 billion, all of which is managed in discretionary accounts. The firm's AUM has grown by 183% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $1.25 billion in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $800.34 thousand each.

Parsons Capital Management has custody of $245.31 million in cash and securities for 142 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 71% of the total AUM. The second-largest asset type is state and local bonds, which make up 12% of the firm’s portfolio. Investments in cash and cash equivalents form 6% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Parsons Capital Management Inc for their services and products based on a percentage of assets under management and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Robert White Parsons serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Robert White Parsons is high net worth individuals with 354 clients and $1.02 billion of assets under management. Among the 7 most similar advisory firms, Parsons Capital Management has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $1.25 billion for 683 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Parsons Capital Management doesn't advise any private funds.

Careers at Parsons Capital Management Inc

The company employs 17 people that are either part- or full-time employees. 53 percent of the employees work as investment advisers or researchers. 11 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Robert White Parsons has been acting as President since 1 Mar 2014. Stacey Lea Sternberg joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
John Geddes Parsons	President	1 Oct 1993	50% - 75%	865038
Robert White Parsons	Vice president	1 Oct 1993	50% - 75%	357271
Peter Meehan Hunt	Treasurer/chief compliance officer	1 Mar 2007	Other	722271
John Geddes Parsons	Vice president	1 Mar 2014	25% - 50%	865038
Robert White Parsons	President	1 Mar 2014	25% - 50%	357271
John Geddes Parsons	Treasurer	1 Mar 2015	25% - 50%	865038
Robert White Parsons	Vice president & secretary	1 Mar 2015	25% - 50%	357271
Peter Meehan Hunt	President	1 Mar 2015	Other	722271
Stacey Lea Sternberg	Chief compliance officer	1 Jan 2018	Other	3090697

Based in Providence

The principal office where Parsons Capital Management Inc performs its advisory services is located at 10 Weybosset Street, Ste 1000, Providence, RI 02903 The mailing address of the firm is 11450 Se Dixie Highway, Hobe Sound, FL 33455. An additional office of the firm is in Denver, CO. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 401-521-2440 or by fax 401-521-4870. The normal business hours are 8:00 am to 5:00 pm on Monday - Friday. You can find more information about the New York firm at parsonscapital.com and its LinkedIn profile.