Rhode Island RIA Landscape — 2025

A data-driven overview of SEC-registered wealth advisory firms headquartered in Rhode Island, including growth trends, succession risk analysis, and M&A opportunity signals.

Source: SEC Form ADV · Updated Q4 2024

Total Firms

54

Total AUM?

$60.7B

Median AUM

$359M

13F Filers

20

AUM Tier Distribution

Under $100M3

$100M–$500M30

$500M–$1B10

$1B–$5B9

$5B+2

State Snapshot

Total Firms54

Total AUM$60.7B

Median AUM$359M

13F Filers20

High Succession Risk18

Elevated Succession Risk8

Succession Risk Breakdown

High

18 firms (33%)

Elevated

8 firms (15%)

Moderate

7 firms (13%)

Lower

21 firms (39%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
BREACHWAY INVESTMENTS, LLC	CHARLESTOWN	$156M	+27.9%	Elevated
BROWN, LISLE/CUMMINGS, INC.	PROVIDENCE	$415M	+25.2%	Lower
UPPER90 CAPITAL MANAGEMENT, LP	PROVIDENCE	$920M	+22.1%	Lower
AXIS WEALTH PARTNERS, LLC	EAST PROVIDENCE	$290M	+17.3%	Lower
WEALTH MANAGEMENT RESOURCES, INC.	SMITHFIELD	$385M	+17.0%	Moderate
REX CAPITAL ADVISORS, LLC	PROVIDENCE	$1.3B	+15.6%	Elevated
NAPATREE CAPITAL LLC	WESTERLY	$260M	+13.1%	Lower
BLUE FIN CAPITAL, INC.	WARREN	$651M	+13.0%	High

M&A Opportunity Signals

🎯

26Acquisition candidates

Firms with elevated/high succession risk and AUM $100M–$5B

📈

15Growing but vulnerable

Positive 3Y CAGR with high succession risk — attractive for acquirers

📉

3Mid-market shrinking

AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk

🔒 Top 25 Acquisition Targets — Ranked by Composite Score

Rank	Firm	AUM	Score
1	BREACHWAY INVESTMENTS, LLC	$156M	48
2	BLUE FIN CAPITAL, INC.	$651M	46.4
3	SHEELEY & PARTNERS WEALTH MANAGEMENT, LLC	$122M	43
4	WEYBOSSET RESEARCH & MANAGEMENT, LLC	$341M	41.2
5	GEA SPHERE, LLC	$131M	40.6
6	MYSTIC ASSET MANAGEMENT, INC.	$529M	40.1

🔒

Acquisition Target Rankings

Full ranked list of 25 acquisition targets with composite scores based on succession risk, growth trajectory, and peer benchmarking.

Methodology. This report covers SEC-registered investment advisers classified as wealth advisory firms (filter: is_wealth_advisory = true) headquartered in Rhode Island. AUM figures are drawn from the most recent Form ADV filing. Succession risk tiers are computed using a proprietary 5-pillar model incorporating founder tenure, ownership concentration, AUM dependency, team depth, and filing recency. Growth CAGR is calculated from the three most recent annual filings where available. Acquisition scores blend succession risk (40%), AUM growth trajectory (35%), and national peer rank (25%). Data sourced from SEC EDGAR. This page is for informational purposes only and does not constitute investment advice.