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 within the U.S. for 2025 — is well-versed within the wrestle for equal remedy.
Mullen stated his first publicity to monetary advising was via his mom, Ruth, who cast a profession within the subject, lengthy dominated by males. Even as we speak, ladies make up lower than 25% of all licensed monetary planners, in accordance with a report by the CFP Board.
The two teamed up early on, they usually nonetheless work collectively, now at Parsons Capital Management’s workplace in Providence, Rhode Island, the place each maintain the title of managing director.
Helping shoppers ‘divorce feelings from funding choices’
Parsons Capital Management is dedicated to treating its shoppers equally, as nicely, no matter their monetary standing, in accordance with 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 stated.
The objective is “to be a family office for those that don’t have enough assets to have a family office,” Mullen stated — and “clients appreciate that white glove approach.”
In a yr marked by inflation, tariffs and the Federal Reserve‘s shifting financial coverage, that personalised care and shut consideration additionally helps shoppers “divorce emotions from investment decisions,” he stated.
“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 stated. “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 agency, based in 1993 by brothers Bob and Ged Parsons, maintains a collaborative angle to sharing inventory concepts, though every of the almost one dozen managers “is encouraged and empowered to make decisions for their clients,” John Mullen stated.
“It’s not based on some model or investment committee, and I think that has served us well over time.”
This yr, amid heightened volatility and durations of political and financial uncertainty, “corporate fundamentals stayed strong while underlying economic indicators held,” Mullen stated, “which gave us confidence that the downside could be contained.”
Ditching the ‘previous boys membership’
“Another shared value for us is if you truly put the client’s interest first, everything else follows — that builds loyalty,” Ruth Mullen stated.
The results of that follow is that shoppers obtain particular person consideration and recommendation, one thing that’s extremely valued in as we speak’s crowded subject of investment professionals and robo-advisors.
The recommendation can be relayed in an inclusive method, no matter gender or different differentiators, which is one other side of the agency that shoppers recognize, Ruth Mullen stated. Female shoppers typically thank her for speaking to them straight, she stated.
That her son helms the follow in step with that core strategy is a “proud mom moment,” she stated.
“Women need to have a relationship with the person who is managing their money,” she stated. “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 greater than $2 billion underneath administration and 1,864 accounts.
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