Markus Andrews

Before the government shutdown, hundreds of thousands of federal student loan borrowers were already stuck in limbo amid a backlog of applications for an affordable repayment plan or debt cancellation.
The lapse in funding and furloughing of Education Department staff could exacerbate the delays, leaving student loan borrowers without options to repay their debt.

The US Capitol in Washington, DC, US, on Thursday, June 5, 2025.
Eric Lee | Bloomberg | Getty Images

Student loan borrowers may face more delays

Early Wednesday, the U.S. government shut down after lawmakers failed to reach a funding deal, meaning that federal workers across agencies will be temporarily put on unpaid leave.
In a Sept. 28 memorandum, U.S. Department of Education Secretary Linda McMahon estimated it would take half a day to complete shutdown activities at the agency and that 1,485 employees out of the 1,700 remaining would be furloughed.
The Trump administration’s termination in March of nearly half of the staff at the Education Department already included many of the people who assisted borrowers in the Federal Student Aid office. Those cuts have led, in part, to a pileup of applications from borrowers trying to access programs required by Congress, including repayment plans and a loan forgiveness program.
More from Personal Finance:As some colleges near $100,000, these schools are freeThese college majors have the best job prospectsStudent loan forgiveness may soon be taxed again

More than a million borrowers are in a backlog to enroll in an income-driven repayment plan, according to court records from mid-September. Meanwhile, 74,510 people are waiting for a determination from the Education Department on their Public Service Loan Forgiveness status. (IDR plans cap borrowers’ bills at a share of their income each month, and PSLF leads to debt erasure for public servants after a decade.)
Some of the borrowers CNBC has spoken with in recent months have already been waiting six months or more for a PSLF determination.
During the shutdown, Federal Student Aid staff “will not be able to perform regular operations, including working on the IDR backlog,” a spokesperson for the Education Department told CNBC.

Even fewer forms will be processed than before.

Mark Kantrowitz
higher education expert

The shutdown risks exacerbating the current crisis for borrowers, said Randi Weingarten, president of the American Federation of Teachers. The AFT filed a class-action complaint in September against the Trump administration, and has said the Education Department is denying student loan borrowers the rights to which they’re legally entitled.
“The over 1 million borrowers whose applications are sitting on someone’s desk will see even greater delays, with thousands more falling through the cracks for each day,” Weingarten said.
During the lapse in government funding, Kantrowitz said, “there will be nobody at the U.S. Department of Education to provide final approval for the forgiveness of a borrower’s loans.”

Still, in McMahon’s memo, she writes, “borrowers are expected to continue repayment throughout a shutdown.”
More than 40 million Americans hold government-issued student loans, and they owe more than $1.6 trillion. More

The CNBC FA 100 ranking, which takes into consideration a variety of factors beyond assets under management, recognizes those advisory firms that help clients navigate through their financial life.

Now in its seventh year, CNBC’s Financial Advisor 100 list recognizes the best financial advisors and top firms. 
For 2025, CNBC’s top-ranked firm is Parsons Capital Management, based in Providence, Rhode Island. 
CNBC’s Financial Advisor 100 is based on data analysis and editorial review, and assesses criteria such as assets under management, firm size and longevity, number of certified financial planners and regulatory records.  

Amid economic uncertainty, the best financial advisors can provide a steady hand to investors in any stage of life or with any level of wealth.
Whether you’re early in your career or nearing your golden years, financial advisors can help you meet key milestones and address planning needs such as saving for retirement, investing a windfall, funding college education, managing portfolio income or shaping your legacy.  

But finding a good financial advisor isn’t easy. 
To identify financial advisors who may best meet your needs, you can ask people you know for referrals and use resources such as CNBC’s Financial Advisor 100. Verify advisors’ credentials and check for complaints via the Financial Industry Regulatory Authority’s BrokerCheck or the U.S. Securities and Exchange Commission’s Investment Adviser Public Disclosure, then interview those on your short list.
We created CNBC’s Financial Advisor 100 in 2019 to recognize the country’s best financial advisors and top financial advisory firms. CNBC accepts no payment for placement. 
Our team uses data analysis, with data partner AccuPoint Solutions, and editorial review to compile CNBC’s Financial Advisor 100 list. For 2025, the process began with 40,563 registered investment advisor firms, or RIAs, and that list was reduced to 1,015 that met CNBC’s requirements. CNBC surveyed the finalists for more details about their practice and verified responses against publicly available resources. Then AccuPoint used CNBC’s weighted criteria to rank the firms. (Read more about the methodology below.)
For 2025, CNBC’s top advisors collectively manage $223 billion. The firms have an average of 32 years in business.

2025 Financial Advisor 100 List

2025 Rank
Firm
HQ
Total AUM
Years in the business
Accounts under management

1
Parsons Capital Management
Providence, Rhode Island
$2B
31
1,864

2
Heritage Investment Group
Pompano Beach, Florida
$1.9B
32
2,358

3
Beaird Harris Wealth Management
Dallas, Texas
$1.9B
29
3,188

4
The Burney Company
Reston, Virginia
$3.4B
51
4,494

5
Pittenger & Anderson
Lincoln, Nebraska
$3.1B
30
2,201

6
Dana Investment Advisors
Waukesha, Wisconsin
$9.5B
45
1,611

7
Howland Capital Management
Boston, Massachusetts
$3.3B
58
477

8
Verus Financial Partners
Richmond, Virginia
$1B
32
1,907

9
RTD Financial Advisors
Philadelphia, Pennsylvania
$2.3B
42
741

10
TFC Financial Management
Boston, Massachusetts
$1.7B
45
1,900

11
SJS Investment Services
Sylvania, Ohio
$2.5B
30
2,873

12
Ferguson Wellman Capital Management
Portland, Oregon
$10B
50
1,067

13
Obermeyer Wealth Partners
Aspen, Colorado
$2.9B
27
660

14
Henry H. Armstrong Associates
Pittsburgh, Pennsylvania
$1.1B
41
525

15
Cadinha & Co.
Honolulu, Hawaii
$1B
46
1,420

16
FMP Wealth Advisers
Austin, Texas
$1.1B
37
2,749

17
Edgemoor Investment Advisors
Bethesda, Maryland
$1.4B
26
783

18
Destination Wealth Management
Walnut Creek, California
$4.1B
28
5,732

19
Austin Asset
Austin, Texas
$1.7B
37
2,138

20
Trumbower Financial Advisors
Bethesda, Maryland
$1.8B
29
951

21
California Financial Advisors
San Ramon, California
$2.2B
27
3,538

22
Eubel Brady & Suttman Investment & Wealth Management
Miamisburg, Ohio
$1.8B
32
1,822

23
Woodley Farra Manion Portfolio Management
Indianapolis, Indiana
$2.2B
30
1,380

24
Steele Capital Management
Dubuque, Iowa
$3B
29
4,184

25
Sage Financial Group
Conshohocken, Pennsylvania
$3.6B
36
660

26
Salem Investment Counselors
Winston-Salem, North Carolina
$4.2B
46
3,000

27
Roffman Miller Wealth Management
Philadelphia, Pennsylvania
$3.2B
35
1,610

28
Albion Financial Group
Salt Lake City, Utah
$2B
43
2,260

29
Wingate Wealth Advisors
Lexington, Massachusetts
$1.4B
39
2,891

30
North Star Asset Management
Neenah, Wisconsin
$3B
28
3,290

31
Foster & Motley Wealth Management
Cincinnati, Ohio
$2.7B
28
857

32
Conrad Siegel Investment Advisors
Harrisburg, Pennsylvania
$10.1B
23
1,011

33
Lee Financial Company
Dallas, Texas
$1.4B
50
1,677

34
Chilton Capital Management
Houston, Texas
$3.2B
29
2,100

35
Sheets Smith Wealth Management
Winston-Salem, North Carolina
$1.2B
43
1,052

36
Cornerstone Capital
Palo Alto, California
$1.3B
47
275

37
JMG Financial Group
Downers Grove, Illinois
$6.3B
40
5,763

38
Petersen Hastings Wealth Advisors
Kennewick, Washington
$1.5B
63
3,331

39
Bristlecone Advisors
Bellevue, Washington
$2.1B
26
1,263

40
Signet Financial Management
Parsippany, New Jersey
$1B
37
1,907

41
KEB Wealth Advisers
Springfield, Illinois
$1B
21
2,168

42
Birch Hill Investment Advisors
Boston, Massachusetts
$2.6B
18
190

43
Van Hulzen Asset Management
El Dorado Hills, California
$2B
26
2,842

44
Smith Salley Wealth Management
Greensboro, North Carolina
$2.3B
22
2,791

45
Telos Capital Management
San Diego, California
$1.4B
16
2,322

46
Henssler Financial
Kennesaw, Georgia
$3.5B
38
1,695

47
Rather & Kittrell
Knoxville, Tennessee
$1.8B
25
3,129

48
Nicholas Hoffman & Company
Atlanta, Georgia
$7.1B
17
2,215

49
Pinnacle Advisors
Mansfield, Ohio
$1.9B
28
3,513

50
Meritage Portfolio Management
Overland Park, Kansas
$2.4B
34
2,806

51
BLBB Advisors
Montgomeryville, Pennsylvania
$3B
61
1,587

52
Index Fund Advisors
Irvine, California
$5.2B
26
2,159

53
Sheaff Brock Investment Advisors
Indianapolis, Indiana
$1.8B
24
1,114

54
Certified Financial Group
Altamonte Springs, Florida
$2.9B
36
2,437

55
Howard Financial Services
Dallas, Texas
$1.4B
30
1,485

56
Acropolis Investment Management
St. Louis, Missouri
$2.7B
23
1,100

57
Guyasuta Investment Advisors
Pittsburgh, Pennsylvania
$2.3B
42
1,370

58
Tanglewood Total Wealth Management
Houston, Texas
$1.5B
46
1,287

59
WealthCrossing
Richmond, Virginia
$1.2B
20
1,289

60
Sather Financial Group
Victoria, Texas
$2.1B
26
448

61
Northeast Investment Management
Boston, Massachusetts
$2.9B
40
1,597

62
Phillips Financial
Fort Wayne, Indiana
$2.2B
21
3,084

63
WBH Advisory
Baltimore, Maryland
$1.6B
39
2,149

64
Brownson, Rehmus & Foxworth
Chicago, Illinois
$4.2B
10
3,359

65
SFMG Wealth Advisors
Plano, Texas
$2.4B
23
900

66
Patriot Investment Management Group
Knoxville, Tennessee
$1.7B
32
4,136

67
Heritage Financial Services
Westwood, Massachusetts
$3.1B
30
1,287

68
Bedel Financial Consulting
Indianapolis, Indiana
$2.7B
37
5,000

69
Moisand Fitzgerald Tamayo
Orlando, Florida
$1.3B
27
4,800

70
Wealthquest Corporation
Cincinnati, Ohio
$2.1B
19
1,582

71
Allegheny Financial Group
Pittsburgh, Pennsylvania
$4.9B
48
12,950

72
Advance Capital Management
Southfield, Michigan
$4.5B
39
15,661

73
Waters, Parkerson & Co.
New Orleans, Louisiana
$2.6B
52
1,898

74
Windward Capital Management
Los Angeles, California
$1.3B
29
207

75
Avity Investment Management
Greenwich, Connecticut
$2B
55
828

76
Investment Consulting Group
Davenport, Iowa
$2.7B
35
492

77
Conservest Capital Advisors
Wynnewood, Pennsylvania
$1.8B
32
300

78
Prudent Management Associates
Philadelphia, Pennsylvania
$1.1B
41
616

79
Zemenick & Walker
St. Louis, Missouri
$2.4B
26
256

80
Cabot Wealth Management
Beverly, Massachusetts
$1B
41
1,748

81
Garde Capital
Seattle, Washington
$2.2B
15
490

82
Silvercrest Asset Management Group
New York, New York
$36.4B
23
1,234

83
Anderson Hoagland & Co.
St. Louis, Missouri
$1.2B
45
383

84
Octagon Financial Services
McLean, Virginia
$1.3B
41
461

85
Charter Oak Capital Management
Portsmouth, New Hampshire
$1.4B
19
1,359

86
Retirement Income Solutions
Ann Arbor, Michigan
$2.6B
16
1,268

87
Halbert Hargrove Global Advisors
Long Beach, California
$3.5B
36
4,671

88
CRA Financial Services
Northfield, New Jersey
$1.4B
21
1,366

89
Evergreen Capital Management
Bellevue, Washington
$5.2B
41
3,147

90
Wescott Financial Advisory
Philadelphia, Pennsylvania
$4B
38
500

91
Chevy Chase Trust Company
Bethesda, Maryland
$12.7B
26
5,218

92
Captrust Wealth Advisors
Holland, Michigan
$1.8B
10
2,912

93
YHB Investment Advisors
West Hartford, Connecticut
$2.1B
35
1,165

94
Plancorp
St. Louis, Missouri
$8B
42
1,600

95
Mainstay Capital Management
Grand Blanc, Michigan
$4.5B
25
3,463

96
Constellation Wealth Advisors
Cincinnati, Ohio
$4.6B
16
2,454

97
Trek Financial
Scottsdale, Arizona
$2.4B
27
11,057

98
Palisade Capital Management
Fort Lee, New Jersey
$4.2B
35
2,412

99
RubinBrown Advisors
St. Louis, Missouri
$3.2B
22
3,918

100
Apriem Advisors
Irvine, California
$1.4B
27
2,914

What is a fiduciary financial advisor?

A fiduciary financial advisor acts in the best interest of the client, regardless of how that affects their business or bottom line.
Some financial advisors, such as RIAs, are bound by the fiduciary standard. However, investment brokers must follow a suitability standard, which means that recommendations may be appropriate but not necessarily the best option.

What steps should someone take when choosing a financial advisor?

Finding the right financial advisor may require some homework, but you can start with referrals from trusted colleagues, friends or family members.
Depending on your needs, you can check for advisors’ active credentials, such as certified financial planner, or CFP; certified public accountant, or CPA; or chartered financial analyst, or CFA.
You can also check for regulatory violations and customer complaints, also called disclosures, via BrokerCheck from FINRA, and the Investment Adviser Public Disclosure website from the SEC. State regulators may provide more information for smaller firms.
Before choosing a financial advisor, you should meet and interview prospective candidates. These 10 questions from the CFP Board could help narrow down your list:
1. What are your qualifications and credentials?2. What services do you offer?3. Will you have a fiduciary duty to me?4. What is your approach to financial planning?5. What types of clients do you typically work with?6. Will you be the only advisor working with me?7. How will I pay for your services?8. How much do you typically charge?9. Do others stand to gain from the financial advice you give me?10. Have you ever been publicly disciplined for unethical or unlawful actions in your career?

What’s the difference between a fee-only financial advisor and a commission-based advisor?

Before hiring a financial advisor, it’s important to understand their compensation structure and how it could influence their recommendations.  
Typically, financial advisors are paid via commission, fees or a hybrid of the two. Fee-only means the advisor does not receive a commission from products. Some fee-only examples may include flat amounts for one-time projects, hourly fees, monthly retainers or assets under management, or AUM.
Commission-based advice may be the lowest-cost option for advice about a specific financial product. However, commission-based advice can present a conflict of interest in some cases. 
By comparison, AUM is generally a set percentage each year, but the amount paid varies based on the size of your portfolio. Some advisors paid via AUM have minimum asset requirements, which can be less inclusive to investors with a smaller portfolio.  

What are the pros and cons of using a robo-advisor vs. a human financial advisor?

Robo-advisors are algorithms developed by companies to automatically invest your money based on your risk tolerance. Some robo-advisors offer additional features, such as access to a human advisor and tax-loss harvesting, which uses losses to offset other portfolio gains.  
By contrast, a human financial advisor can offer tailored, comprehensive financial planning to meet specific goals. This may include guidance on investing, taxes, insurance, retirement planning, estate planning and other areas.

More from CNBC’s Financial Advisor 100:

Here’s a look at more coverage of CNBC’s Financial Advisor 100 list of top financial advisory firms for 2025:

In 2024, the median robo-advisor fee was around 0.25% of assets per year, based on 16 U.S.-based platforms, according to Morningstar’s 2025 Robo-Advisor Report. However, fees can be significantly higher, depending on the platform. To compare, financial advisors typically charge around 1% of assets under management, or 100 basis points, depending on the size of your portfolio.   
If you’re new to investing, most experts recommend starting with your workplace 401(k), rather than a robo-advisor, and contributing at least up to your employer’s matching contribution. Without a workplace plan, you could consider a Roth individual retirement account, which provides tax-free growth, among other benefits.
Fidelity recommends aiming for at least 15% of pretax income for retirement, including your employer match. The most popular 401(k) investment, target-date funds, also offer automated asset allocation, depending on your planned retirement date.  

Morsa Images | E+ | Getty Images

Financial advisor FAQs

What are the requirements for a certified financial planner?

Certified financial planners, or CFPs, meet four requirements: education, exam, experience and ethics. They must complete a CFP Board-registered program and hold a bachelor’s degree. Professionals also must prove knowledge and competency by passing an exam, completing experience hours and meeting ongoing ethics and continuing education standards.

What are the red flags or warning signs of a bad financial advisor?

There are hundreds of thousands of financial advisors in the U.S., and picking the right one can feel overwhelming. However, there are ways to check for red flags and narrow down your prospect list.
One red flag is a lack of transparency about advisor compensation, which is required in Form ADV Part 2A for RIAs.
Another red flag could be an advisor who pushes products without a firm understanding of your goals, risk tolerance and timeline.
You can verify credentials via issuing organizations, such as the CFP Board. You can also find regulatory violations and customer complaints via FINRA’s BrokerCheck and the SEC’s Investment Adviser Public Disclosure website.  

How do you choose a financial advisor for retirement planning?

Advisors who specialize in retirement planning typically have expertise in investment management, portfolio distribution, taxes, Social Security, Medicare, long-term care, legacy planning and other key issues. 
Credentials such as CFP or RICP — retirement income certified professional — may signal expertise, but you should also weigh years of experience and other specialized training.
While interviewing prospects, you should ask about their philosophy for retirement income and lifetime tax planning.
The right candidate will discuss their holistic approach to meeting your financial goals, rather than immediately pushing products.   

What are common financial strategies recommended by financial advisors?

If you’re struggling with cash flow or debt issues, your financial advisor may start by reviewing your monthly income and spending to create a realistic budget.
With a clearer picture of cash flow, an advisor can make investing recommendations based on your goals, risk tolerance and timeline.
Your advisor may also recommend tax strategies, based on your financial goals, to help minimize your yearly and lifetime tax liability.
Long-term investing goals may include funding education for your children or saving for retirement.
It’s also important to address legacy goals by creating an estate plan.

How do I find the best financial advisor near me for young professionals?

Young professionals may seek a financial advisor to help juggle competing financial priorities while building their career.
Key planning issues may include starting to invest, paying off student loans, navigating employee benefits, buying a first home and saving for a wedding or having children.
Some financial advisors work with younger investors and don’t have minimum asset requirements. These planners may charge one-time, hourly or monthly fees rather than a percentage for assets under management.
You can use directories from the CFP Board, XY Planning Network or the National Association of Personal Financial Advisors to find a fiduciary financial advisor. 

Methodology: How we picked the best financial advisors for 2025 

CNBC used data analysis and editorial review to compile its seventh annual Financial Advisor 100 list.
For 2025, we started with 40,563 RIAs from the SEC’s regulatory database. That list was filtered to 1,015 firms, and the finalists completed surveys to verify key details. CNBC conducted an editorial review of entries, before data partner AccuPoint Solutions applied our proprietary weighted criteria to narrow down the list and rank the firms.
Among other criteria, we considered:

Assets under management
Firm location and states registered
Regulatory and compliance records
Firm size and years in business
Number of certified financial planners
Number of investment advisors registered with the firm

You can learn more by reading our full methodology for determining the best financial advisors.
CNBC personal finance reporters Jessica Dickler, Gregory Iacurci, Lorie Konish, Annie Nova and Ana Teresa Solá contributed to this story. 
CNBC receives no compensation from placing financial advisory firms on our Financial Advisor 100 list. Additionally, a firm’s or advisor’s appearance in our ranking does not constitute an individual endorsement by CNBC of any firm or advisor. More

Americans are increasingly leaning on credit cards to buy essentials like gas and groceries, according to a new survey by TD Bank.
Although inflation has slowed, higher prices for essential goods are straining household budgets, the report found.

For years, consumers have tried to keep up with the rising cost of living, but some may be reaching their limit.
On Friday, the personal consumption expenditures price index showed that consumer spending stayed strong even as inflation remains stubbornly elevated and the cost of food and other goods continues to rise.

However, Americans are now increasingly leaning on credit cards to buy essentials like gas and groceries, according to TD Bank, which provided CNBC with an exclusive early look at its new credit card pulse check survey.
More from Personal Finance:How a government shutdown may affect your moneyHow workers can prepare financially for a government shutdownEducation Department opens FAFSA ahead of schedule
Grocery prices rose by 2.7% in August from a year earlier, the fastest annual pace since August 2023, according to the latest consumer price index.
Currently, groceries make up the bulk of credit card purchases for many Americans, with 46% citing it as their top spending category in a typical month, the TD Bank survey found.
Whether it’s a dozen eggs or a pound of coffee, Americans are having a hard time adjusting to current prices, other research also shows. In a recent report by Wells Fargo, about 90% of consumers said they experienced some form of “sticker shock,” particularly when it comes to buying food or a tank of gas.

“The things that people tend to notice more frequently become more prominent in people’s minds,” said Chris Fred, head of credit cards and unsecured lending at TD Bank.

Although gas prices are down year over year, 13% of the more than 1,000 adults polled by TD Bank said that gasoline was their top credit-card spending category.
“There is a common misperception of credit card spending as frivolous, but that just isn’t the reality for most Americans,” Fred said.
In fact, such non-discretionary spending caused the most strain on household budgets, TD Bank also found: Nearly half, or 49%, of consumers said their spending on groceries increased the most over the last year, while 10% cited gasoline.

Credit card balances near an all-time high

Meanwhile, credit card balances have continued to rise, according to research on household debt by the Federal Reserve Bank of New York.
Balances reached a collective $1.21 trillion in the second quarter — up 2.3% from the previous quarter and in line with last year’s all-time high.
Data from Equifax also found that many consumers continue to spend, despite elevated prices and high borrowing costs.
“The presumption is, don’t borrow,” said Sheila Bair, former chair of the U.S. Federal Deposit Insurance Corporation. “The exception is a credit card that you pay off at the end of every month.”
Bair is also a member of CNBC’s Global Financial Wellness Advisory Board.
Subscribe to CNBC on YouTube. More

Tune in to CNBC at 12p ET today for an interview with this year’s top firm, Parsons Capital Management

Parsons Capital Management ranked No. 1 on CNBC’s list of the top 100 financial advisors in the U.S. for 2025.
The secret to the firm’s success is giving all clients personalized care and attention, regardless of how much they have invested or any other differentiator, says its president John Mullen.
“Clients appreciate that white glove approach,” Mullen says.

John and Ruth Mullen.
Courtesy: John Mullen

John Mullen, president and CEO of Parsons Capital Management — which ranked No. 1 on CNBC’s list of the top 100 financial advisors in the U.S. for 2025 — is well-versed in the struggle for equal treatment.
Mullen said his first exposure to financial advising was through his mother, Ruth, who forged a career in the field, long dominated by men. Even today, women make up less than 25% of all certified financial planners, according to a report by the CFP Board.

The two teamed up early on, and they still work together, now at Parsons Capital Management’s office in Providence, Rhode Island, where both hold the title of managing director.
Helping clients ‘divorce emotions from investment decisions’
Parsons Capital Management is committed to treating its clients equally, as well, regardless of their financial standing, according to John Mullen.
“Whether you have $1 million or $20 million with us, we strive to provide the same experience, and that approach has really resonated with people,” he said.

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Here’s a look at more coverage of CNBC’s Financial Advisor 100 list of top financial advisory firms for 2025:

The goal is “to be a family office for those that don’t have enough assets to have a family office,” Mullen said — and “clients appreciate that white glove approach.”
In a year marked by inflation, tariffs and the Federal Reserve’s shifting monetary policy, that personalized care and close attention also helps clients “divorce emotions from investment decisions,” he said.

“In heavy news environments, like we’ve been in over the past year, we find that more client outreach takes on a heightened importance,” Mullen said. “Helping our clients to parse through the steady flow of news they may be consuming not only keeps them informed but can help to take the temperature down.”

The firm, founded in 1993 by brothers Bob and Ged Parsons, maintains a collaborative attitude to sharing stock ideas, although each of the nearly one dozen managers “is encouraged and empowered to make decisions for their clients,” John Mullen said.
“It’s not based on some model or investment committee, and I think that has served us well over time.”
This year, amid heightened volatility and periods of political and financial uncertainty, “corporate fundamentals stayed strong while underlying economic indicators held,” Mullen said, “which gave us confidence that the downside could be contained.”
Ditching the ‘old boys club’
“Another shared value for us is if you truly put the client’s interest first, everything else follows — that builds loyalty,” Ruth Mullen said.
The result of that practice is that clients receive individual attention and advice, something that is highly valued in today’s crowded field of investment professionals and robo-advisors.

The advice is also relayed in an inclusive way, regardless of gender or other differentiators, which is another aspect of the firm that clients appreciate, Ruth Mullen said. Female clients often thank her for talking to them directly, she said.
That her son helms the practice in keeping with that core approach is a “proud mom moment,” she said.
“Women need to have a relationship with the person who is managing their money,” she said. “In many ways, [the financial advisory industry] is still an ‘old boys club.’ Any kind of exclusive situation like that runs the risk of imploding.”
Parsons Capital Management has more than $2 billion under management and 1,864 accounts.
CNBC receives no compensation from placing financial advisory firms on our Financial Advisor 100 list. Additionally, a firm’s or advisor’s appearance in our ranking does not constitute an individual endorsement by CNBC of any firm or advisor. More

Tune in to CNBC at 12p ET today for an interview with this year’s top firm, Parsons Capital Management

CNBC’s ranking used an initial list of 40,563 registered investment advisors from SEC filings.
That list was narrowed to 1,015 firms that met CNBC’s proprietary screening criteria.
Firms verified key details through an extensive CNBC email survey and reporter outreach.
AccuPoint Solutions ranked firms using CNBC’s proprietary criteria to produce the top 100 list.

Drs Producoes | E+ | Getty Images

CNBC’s Financial Advisor 100 list is determined through a blend of data analysis and editorial review.
As an initial screening, data provider AccuPoint Solutions analyzes core data points from its proprietary database of registered investment advisors, or RIAs, as well as the U.S. Securities and Exchange Commission’s regulatory database. Firms that don’t meet CNBC’s proprietary criteria are removed from the list.

This year’s analysis used an initial list of 40,563 RIA firms. The list was eventually cut to 1,015 RIAs that met CNBC’s proprietary criteria.

More from CNBC’s Financial Advisor 100:

Here’s a look at more coverage of CNBC’s Financial Advisor 100 list of top financial advisory firms for 2025:

CNBC sends an extensive email survey to all those firms that meet the initial criteria to gather more details about their practice. CNBC applies a layer of editorial review, clarifying firm entries as needed and verifying responses against the SEC regulatory database and other publicly available resources.
AccuPoint Solutions then applies CNBC’s proprietary weighted criteria to refine the list and rank the firms.
A firm’s inclusion on the list is based solely on this methodology. CNBC receives no compensation from placing financial advisory firms on our list. Additionally, a firm’s or advisor’s appearance on our ranking does not constitute an individual endorsement by CNBC of any firm or advisor.

Data that goes into CNBC’s Financial Advisor 100 

AccuPoint Solutions uses a variety of primary data points, either as a minimum baseline or within a range, to eliminate those firms that do not meet CNBC’s requirements. For example, any firm that has a disclosure with the SEC such as a regulatory violation or customer dispute is automatically disqualified from the ranking.

Once the initial list is compiled, weightings are also applied accordingly. 
These data points include:

Advisory firm’s regulatory/compliance record
Number of years in the business
Number of certified financial planners
Number of employees
Number of investment advisors registered with the firm
Ratio of investment advisors to the total number of employees
Total assets under management
Percentage of discretionary assets under management
Total accounts under management
Number of states where the RIA is registered
Country of domicile

CNBC receives no compensation from placing financial advisory firms on our Financial Advisor 100 list. Additionally, a firm’s or advisor’s appearance in our ranking does not constitute an individual endorsement by CNBC of any firm or advisor. More

Health insurance premiums for plans bought over the Affordable Care Act marketplace will increase 114% on average if enhanced subsidies expire at year’s end, according to an analysis by KFF, a nonpartisan health policy research group.
Democrats are pushing to extend the enhanced “premium tax credits” as part of a deal to avert a government shutdown Wednesday.
About 22 million people receive enhanced subsidies.

A view of the U.S. Capitol building a day before a partial government shutdown is scheduled to take place, on Capitol Hill in Washington, D.C., U.S., September 30, 2025.
Annabelle Gordon | Reuters

Premiums for health plans purchased over the Affordable Care Act marketplace will more than double in 2026 if enhanced subsidies expire at year’s end as scheduled, according to an analysis published Tuesday by KFF, a nonpartisan health policy research group.
The finding comes as Democrats and Republicans are locked in a stalemate tied to the enhanced subsidies that threatens to shut down the federal government early Wednesday morning.

The enhanced subsidies, or enhanced premium tax credits, make health insurance premiums cheaper for 22 million ACA enrollees.
They’re scheduled to expire at the end of 2025, absent congressional action.
If the enhanced credits end, recipients would see their premiums increase to $1,906 in 2026 from $888 this year, on average — a 114% increase, according to KFF’s analysis.
Democrats want to extend the enhanced subsidies as part of a deal to fully fund the federal government in fiscal year 2026. Republicans say negotiations on continuing those credits should happen after the Senate approves a funding resolution.

What are enhanced premium tax credits?

Senate Minority Leader Chuck Schumer (D-NY) references posters on healthcare during a press conference with other Senate Democrats following weekly policy luncheons at the U.S. Capitol in Washington, DC on Sept. 30, 2025.
Nathan Posner | Anadolu | Getty Images

Premium tax credits were established under the Affordable Care Act and were originally available for households with incomes between 100% and 400% of the federal poverty level.

In 2021, the American Rescue Plan Act, a pandemic relief law, temporarily increased the amount of the premium tax credit and expanded eligibility to households with an annual income of more than 400% of the federal poverty limit. This includes a family of four with income of more than $128,600 in 2025, for example.
The law also capped the amount a household pays out of pocket toward insurance premiums at 8.5% of income.

Democrats temporarily extended those enhanced subsidies in the Inflation Reduction Act, which former President Joe Biden signed in 2022.
The enhanced subsidies saved recipients an average of $705 annually in 2024 on their health premiums, according to KFF.
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Other factors would compound the cost increase for enrollees, according to the KFF analysis.
For one, the Trump administration changed the way tax credits are calculated, and as a result, enrollees will have to pay a higher share of their income toward a benchmark ACA plan in 2026, KFF said.
Insurers in the ACA marketplace have also proposed raising rates by a median of 18%, due to rising health care costs and the expiration of enhanced subsidies, KFF said. That would be the largest rate increase since 2018.

Premium increases in 2026 would occur across income groups, KFF found.
For example, a 60-year-old couple making $85,000, or 402% of the federal poverty level, would see their yearly premium payments rise by over $22,600 next year, on average, after accounting for the loss of enhanced credits and insurers’ rate increases, KFF found.
A 45-year-old earning $20,000, or 128% of the federal poverty level, in a state that hasn’t expanded Medicaid coverage would see premiums for a benchmark health plan rise from $0 to $420 per year, on average, from the loss of enhanced premium tax credits, KFF said. More

Lawmakers say the Trump administration may be “improperly” seizing defaulted student borrowers’ tax refunds by failing to provide the required notice.
“The purpose of that 60-day notice is to equip the student borrower with the necessary information to prevent the seizure of their tax refund or Social Security benefits,” the Democratic members of Congress, including Reps. Jamie Raskin of Maryland and Frank Pallone of New Jersey, wrote in a Sept. 26 letter to Education Secretary Linda McMahon.
Some 10 million student borrowers are already, or soon may be, in default and are at risk of getting their tax refunds seized, according to the letter.

U.S. Secretary of Education Linda McMahon smiles during the signing event for an executive order to shut down the Department of Education next to U.S. President Donald Trump, in the East Room at the White House in Washington, D.C., U.S., March 20, 2025. 
Carlos Barria | Reuters

However, creditor agencies, including the Education Department, are required to warn borrowers of a possible upcoming offset about two months beforehand, the lawmakers said.
“The purpose of that 60-day notice is to equip the student borrower with the necessary information to prevent the seizure of their tax refund or Social Security benefits,” the members of Congress write.
According to the Education Department’s website, borrowers will receive notice “to inform you that the offset and negative credit reporting are scheduled to begin in 65 days.” It also notes that 65-day time frame in a section on actions borrowers can take after they receive a notice of intent to offset.
The agency did not respond to a request for comment.

10 million student loan borrowers could be at risk

Some 10 million student borrowers are already, or soon may be, in default and are at risk of getting their tax refund seized, according to the lawmakers’ letter.
The Education Department website states that the offset notice “may only be sent once.”
Lawmakers wrote in their letter that it appears the Trump administration may consider any warning of intent to offset a benefit or tax refund — even if it was issued years ago and before the pandemic — sufficient to satisfy its requirement for notice.
Legally, that may be the case, said higher education expert Mark Kantrowitz. However, he said, “there is no precedent where there was a delay of several years between the time the U.S. Department of Education issued a notice of intent to offset and when the offset occurred.”
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The department’s failure to give some borrowers recent notice of offsets raises concerns about the accuracy of its latest data on borrowers’ “true outstanding balance” and contact information, the lawmakers write. The Trump administration’s termination in March of nearly half of the staff at the Education Department, including many of the people who assisted borrowers in the Federal Student Aid office, may be exacerbating the problem.
“Many borrowers have likely gotten married; moved across state lines; become parents of dependent children; or have suffered drastic misfortunes that aren’t reflected in their individual profiles with the now-gutted FSA,” the members of Congress wrote.
According to their letter, “The Department should consider borrowers’ potential life changes as an additional responsibility for issuing a renewed notice before collecting on a defaulted student loan.” More

A government shutdown looms on Oct. 1.
Congress is at an impasse over negotiations about government funding.
Democrats want to extend enhanced healthcare subsidies that 22 million people receive to make health insurance plans purchased on the Affordable Care Act marketplace less expensive.
A shutdown likely wouldn’t have significant financial impacts if it lasts less than two or so weeks.
A lengthy shutdown could impact household income, travel and mortgage applications, for example.

Photo by Yasin Ozturk/Anadolu via Getty Images

A government shutdown looms after midnight — and, depending on how long it lasts, could have far-reaching implications for household finances.
Those repercussions might include anything from delayed paychecks and layoffs for federal workers to broad effects for other Americans, including disrupted travel plans and an inability to get a mortgage, economists said.

Enhanced subsidies for the Affordable Care Act — also known as Obamacare — that have made health plans less expensive for millions of enrollees in recent years are also indirectly at stake.
Economists and market analysts are predicting that Democrats and Republicans won’t be able to reach an 11th-hour deal.
“Congressional gridlock has struck again, leaving the government grinding toward a potential shutdown beginning October 1,” Jennifer Timmerman, investment strategy analyst at the Wells Fargo Investment Institute, wrote in a note Monday.

What is a government shutdown?

Every year, Congress must pass legislation to fund the federal government for the coming fiscal year. A shutdown occurs if Congress can’t wrap up the appropriations process on time.
Oct. 1 marks the start of the 2026 fiscal year.

During a shutdown, the government halts all unfunded “nonessential” functions, Timmerman wrote.

By comparison, “essential” services related to public safety, such as air-traffic control or national security, will keep operating, she wrote.
Social Security checks and Medicare benefits — which are considered “mandatory” government spending — would continue flowing, Timmerman wrote.
The last shutdown happened during President Donald Trump’s first term. It was also the nation’s longest on record, starting in late December 2018 and running 35 days, Thomas Ryan, a North America economist at Capital Economics, wrote in a note Sept. 26.

What’s at stake during a government shutdown?

A shutdown that lasts for less than two weeks is unlikely to have a material or lasting impact on the U.S. economy or household finances — though the negative effects mount as the weeks pass, said Mark Zandi, chief economist at Moody’s.
Most immediately, federal workers deemed to be nonessential would be furloughed, economists said.
They wouldn’t be paid during a shutdown, though they’d receive paychecks retroactively, Zandi said.

Senate Minority Leader Chuck Schumer (D-NY) speaks during a press conference alongside House Minority Leader Hakeem Jeffries (D-NY), following a meeting between the Congressional Democratic leaders and President Trump and Congressional Republican leadership on funding the government, outside of the White House in Washington DC, United States on September 29, 2025.
Nathan Posner | Anadolu | Getty Images

Government contractors — from companies that provide cafeteria services, to those that provide strategic advice to the government — would start to feel the financial pain after about three to four weeks since they wouldn’t be getting paid for services, Zandi said.
However, unlike federal employees, federal contractors have historically not received back pay, according to the Committee for a Responsible Federal Budget.
This income loss could put financial stress on households — especially those in the D.C. area — that don’t have stopgap financial resources to weather a missed paycheck, he said.
However, the pain shouldn’t be too severe if the shutdown is short-lived, Zandi and other economists said.
“The direct costs of shutdowns are usually negligible, with most only lasting a few days,” wrote Ryan of Capital Economics. Many shutdowns have largely played out over the weekend, blunting the impact, according to the CRFB.
About 800,000 federal employees were either furloughed or worked without pay during the last shutdown, representing lost income of about $70 billion (or 0.3% of gross domestic product, in annualized terms), Ryan wrote.

House Speaker Mike Johnson (R-LA) speaks next to U.S. Vice President JD Vance, Office of Management and Budget (OMB) Director Russell Vought and Senate Majority Leader John Thune (R-SD) on the day U.S. President Donald Trump meets with top congressional leaders from both parties, just ahead of a September 30 deadline to fund the government and avoid a shutdown, at the White House in Washington, D.C., U.S., Sept. 29, 2025.
Jonathan Ernst | Reuters

That 2018-19 episode was only a partial government shutdown, since Congress had passed five out of 12 appropriations bills before the deadline, Timmerman wrote. The last full shutdown, like the one that looms, was in 2013 and lasted 16 days; about 850,000 workers were furloughed that year, according to the CRFB.
The Congressional Budget Office estimates about 750,000 federal workers could be furloughed each day of a government shutdown.
Here’s a good rule of thumb: Every week of a government shutdown shaves about a tenth of a percentage point from annualized GDP for the quarter, on average, Zandi said.
“Every tenth matters, but it doesn’t mean the world comes crashing down or that the economy will plummet into recession,” Zandi said. “Though the economy is quite vulnerable [right now]. It’s struggling, especially with regard to jobs.”

How does a shutdown affect consumers?

If a shutdown occurs, the federal flood insurance program would also immediately close to new policies until there’s a spending deal, according to Jaret Seiberg, financial services policy analyst at TD Cowen.
“That means no mortgages which require federal flood insurance will be originated,” Seiberg wrote in a Sept. 26 note.
Financial firms likely moved up mortgage closings ahead of the Sept. 30 deadline, softening the impact, though extended shutdowns “will block mortgages from being made,” he wrote.
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Travelers could face disruptions, too.
Federal parks and monuments would close, for example, and staff deemed to be essential — like Transportation Security Administration officers and air traffic controllers — must work without pay, Ryan wrote.
Some TSA agents may choose not to show up for work, as happened during the last shutdown, causing long lines at airports, delaying travel and disrupting tourism, Zandi said.

How does a shutdown affect investors?

The release of key economic reports would also likely be delayed, economists said.
For example, the Labor Department wouldn’t issue its monthly jobs report slated to be published on Friday. The bureau is also supposed to release its monthly consumer price index on Oct. 15.
The Federal Reserve, which is next convening Oct. 28-29, uses such data to guide its decisions on interest-rate policy.
The central bank would be “kind of flying blind” without such data at its fingertips, Zandi said. A shutdown of more than a month could lead to “some serious errors,” Zandi said, with implications for the job market and borrowing costs.

For investors, the stock market has generally “demonstrated resiliency” in past shutdowns as investors have looked past the political noise toward companies’ long-term earnings prospects, wrote Timmerman of Wells Fargo.
In fact, any pullback would likely be short-lived and pose a good opportunity for investors to “incrementally add exposure” to certain sectors, she wrote.
The S&P 500 stock index has risen 4.4%, on average, during past shutdowns, which suggests other macroeconomic factors play a bigger role for investor outcomes, according to a Sept. 29 report by Monica Guerra, head of U.S. policy at Morgan Stanley Wealth Management.
However, a lengthy shutdown could pressure investor confidence in the nation’s governance and add to existing jitters about the relative safe-haven status of the U.S. for investor assets, Zandi said.

How does a shutdown affect student loans?

Federal student loan bills will still be due during a government shutdown, said higher education expert Mark Kantrowitz.
The country’s $1.6 trillion outstanding student debt portfolio is managed mostly by independent contractors, and these companies shouldn’t be too disrupted if Congress is delayed in reaching a deal to continue government funding.
However, applications to the U.S. Department of Education for student loan forgiveness, which are already experiencing processing delays, “will be further disrupted,” Kantrowitz said.
Borrowers may also find it temporarily harder to enroll in one of the department’s repayment plans or to reach someone at the agency for assistance with their loans.

How long might a shutdown last?

The US Capitol in Washington, DC, US, on Monday, Sept. 29, 2025.
Al Drago | Bloomberg | Getty Images

While shutdowns typically don’t last long, this one may be drawn out due to political dynamics at play, analysts said.
“A shutdown could go for a while,” Chris Krueger, managing director at TD Cowen’s Washington Research Group, wrote Sept. 29.
Republicans need 60 votes in the Senate to advance legislation that would fund the government, and need some Democratic votes to meet that threshold.
Congressional Democrats want Republicans to make concessions on health-care policy as a condition of their support.
Specifically, Democrats want to extend enhanced subsidies for health insurance premiums for ACA enrollees, which are slated to expire at year’s end absent congressional action. If they expire, that would raise premiums an estimated 75% next year, on average, according to KFF, a nonpartisan health policy research group.
Roughly 22 million Americans receive those healthcare subsidies. They’re estimated to cost about $30 billion per year to extend. Republicans say negotiations on continuing those credits should happen after the Senate approves a funding resolution.
Both sides seem dug in, experts said.
The only “action-forcing catalyst” to end a shutdown is the Nov. 1 open enrollment for ACA health plans, Krueger wrote.

‘A whole different ball game’

There’s another reason this shutdown could play out differently than others in the past, experts said: President Donald Trump has threatened to fire — not furlough — thousands of non-essential workers if Congress can’t reach a deal. These would be permanent instead of temporary layoffs.
“That’s the fodder for potential recession, in the current context” of the U.S. labor market, Zandi said.
It would increase the unemployment rate by about a half percentage point if roughly 750,000 non-essential workers were laid off, he said.
“I don’t see that happening,” Zandi said. “But if it does, it’s a whole different ball game. The impacts would be very significant, very quick.”
CNBC personal finance reporter Annie Nova contributed reporting. More