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During the federal government shutdown, Social Security benefit payments will still go out on time, according to the agency.
But certain services may not be available as the Social Security Administration furloughs some staff.
If the consumer price index data release is delayed this month, that may have an impact on when the Social Security cost-of-living adjustment, or COLA, for 2026 is announced.

Richard Stephen | Istock | Getty Images

Social Security services during the shutdown

Local offices will remain open, but services will be reduced, according to the Social Security Administration.
According to the agency, consumers can still:

apply for benefits
request an appeal
change address or direct deposit information
report a death
verify or change citizenship status
replace a lost or missing Social Security payment
obtain an expedited payment in an emergency
change a representative payee,
obtain a new or replacement Social Security card

SSI beneficiaries will still be able to make changes to their living arrangements or income.
Offices will be open for hearings before administrative law judges.

However, certain in-person services will not be available, according to SSA, including:

proof of income letters
updates or corrections to earnings records
overpayment processing

It also will not be possible to replace Medicare cards, the agency said.
To access benefit information and services, SSA is urging individuals to log on to their online My Social Security accounts.

Social Security COLA may be delayed

A government shutdown could delay the release of key economic data.
New consumer price index data is scheduled to be released on Oct. 15. The Social Security Administration is expected to announce the 2026 cost-of-living adjustment this month based on that data.
If the CPI data release is delayed, that may have an impact on when the Social Security COLA is announced, according to the Department of Labor.
More than 74 million beneficiaries may see an increase in their monthly payments next year, based on the annual inflation adjustment. Estimates released in September pointed to a 2.7% to 2.8% benefit boost for 2026, which would push the average retirement benefit up by about $54 per month.

‘The question is, is it going to be a long shutdown?’

Not counting the current one, the federal government has had 14 shutdowns since 1980, according to the Bipartisan Policy Center.
This lapse “feels different” due to the strong political opposition between the parties, said Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare.
On Tuesday, President Donald Trump said the federal funding lapse may lead to “irreversible” cuts to health care and social benefit programs. Trump did not elaborate on exactly which programs could be affected. The White House did not respond to a request for further information by press time.

The National Committee to Preserve Social Security and Medicare is still telling people that benefit checks will continue to go out, Freese said.
“The question is, is it going to be a long shutdown?” Freese said. “It does take a while to get these agencies shut down, so if it’s only a couple of days, people don’t even really notice.” More

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.

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:

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