Best Financial Advisors in Woonsocket

Find top-rated local financial advisors who can help you achieve your financial goals with personalized strategies and expert guidance.

Find an Advisor Estimated Advisor Fees
40+
Advisors
4.9/5.0
Average Rating

Woonsocket Financial Landscape

With a population of 41,026, Woonsocket's economy is driven by healthcare, manufacturing, and retail. The city is strategically located, enhancing its economic potential.

Major industries
Healthcare, Manufacturing, Retail
Population
41K (metro: 410K)
Median household income
$50,000
Unique needs
Woonsocket requires tailored financial advice due to its unique economic landscape and demographic characteristics.
Market Insights
Economic Growth
According to BEA (2023), Woonsocket's economy has shown resilience, with a growth rate of 2.5% over the past year.
Wealth Demographics
According to Census (2023), the median income in Woonsocket is approximately $50,000, reflecting the city's diverse economic base.
Advisor Specializations
Based on BLS (2023), financial advisors in Woonsocket are increasingly focusing on retirement planning and wealth management.
Local Considerations
Cost of Living
According to BLS (2024), Woonsocket's cost of living is 10% lower than the national average, making it an attractive place to live.
Real Estate Market
According to Zillow (2024), the real estate market in Woonsocket is stable, with median home prices around $250,000.
Business Environment
According to Fortune (2024), Woonsocket's business climate is favorable, with incentives for small businesses and startups.

Top 5 Financial Advisors in Woonsocket

Oak Leaf Wealth Management
★ ★ ★ ★ ★ 5
Edward Jones - Financial Advisor: Ben Vincent, CFP®
★ ★ ★ ★ ★ 5
Eliot Rose Wealth Management, LLC
★ ★ ★ ★ ★ 5
Oceanstate Financial Services
★ ★ ★ ★ ★ 5
SK Wealth Management | Fee-Only Financial Planner
★ ★ ★ ★ ★ 5
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How to Choose the Right Financial Advisor

When selecting a financial advisor in Woonsocket, consider these essential factors

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Fiduciary Standard
Prioritize advisors who commit to acting as fiduciaries 100% of the time, legally obligating them to put your interests first.
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Woonsocket-Specific Expertise
For Woonsocket residents working in Healthcare, Manufacturing, Retail, consider advisors with specific experience in your industry's unique compensation and benefit structures.
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Fee Structure Transparency
Understand how your advisor is compensated—whether through fees, commissions, or a combination—and how this might influence their recommendations.
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Credentials
Seek advisors with recognized credentials such as CFP®, CFA, or ChFC designations, indicating advanced training and ethical standards.
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Communication Style
Choose an advisor whose communication approach matches your preferences regarding frequency, detail, and method of interaction.
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Risk Management Focus
Woonsocket's reliance on healthcare and retail poses risks; housing market fluctuations and flooding are concerns. Diversify investments to mitigate economic downturns.

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Find Financial Advisors in Nearby Cities

Explore financial advisor options in these nearby Rhode Island locations

Providence Warwick Cranston Pawtucket East Providence Woonsocket