Financial Services

Overview

What do Citizens Financial Group, Bank of America and Fidelity Investments have in common? All call Rhode Island home. As do hundreds of smaller companies, making Rhode Island’s cluster of financial services companies one of the most diverse and productive in the nation.

How productive? Rhode Island’s financial services sector contributes $5.6 billion to the state’s gross product — the fifth highest in the nation for that sector’s percentage of contribution to a state’s economy.

In addition to being strategically located between Boston and New York, Rhode Island offers financial services companies access to a highly skilled, diverse and flexible workforce. Bryant University, Brown University, Johnson & Wales University, Providence College and the University of Rhode Island all offer outstanding undergraduate and graduate programs in business, management and related majors, ensuring a strong flow of new talent into the industry each year.

The financial services sector is remarkably diverse, with the sector including both large and small companies and those engaged with all aspects of banking, insurance, investment and trust activity.

Financial Services: A Critical Part of Rhode Island’s Economy

Every day, the Financial Services industry provides capital resources by taking deposits or issuing securities; by channeling those funds to borrowers; pooling risks through underwriting insurance and annuities; and by providing specialized services that support financial intermediation, insurance, and employee benefit programs. Very few of Rhode Island’s goods or services could be produced without access to the financial transactions and systems that enable economic growth.

Overview of the Financial Services Sector in R.I.

Why Rhode Island?

RIEDC’s financial services companies enjoy a progressive regulatory framework, competitive tax legislation and the benefits of having a large number of established institutions nearby. Other benefits of locating in Rhode Island include:

  • Progressive financial services legislation for securities brokerage operations and asset management firms
  • A solvent run-off insurance legislative framework for the commutation of liabilities
  • Highly competitive management, back office and processing-oriented wage rates
  • A strategic location between Boston, New York City and Hartford — all major hubs for the financial services industry
  • T. F. Green Airport, which is served by nine major airlines and offers nonstop service to 27 domestic cities, with connecting service throughout the United States


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