Brown, Lisle/Cummings provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, estate planning, insurance, retirement plan services, and tax planning.
Brown, Lisle/Cummings reports 238 clients. They include 119 individual clients, 107 high-net-worth individuals, and 12 corporations and other businesses. Of its assets, 98.6% ($481M across 478 accounts) are managed with discretion; $6.72M across 12 accounts are not. A wrap fee program the firm both sponsors and manages holds $487M. Of its clients, 1% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 50% | 11% |
| High-net-worth individuals | 45% | 86% |
| Corporations and other businesses | 5% | 2% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 119 | $55.7M | 11.4% | $468K |
| High-net-worth individuals | 107 | $421M | 86.4% | $3.94M |
| Corporations and other businesses | 12 | $10.5M | 2.1% | $872K |
| Total | 238 | $487M | 100% | $2.05M |
- Clients
- 119
- Regulatory AUM
- $55.7M
- AUM share
- 11.4%
- Avg. per client
- $468K
- Clients
- 107
- Regulatory AUM
- $421M
- AUM share
- 86.4%
- Avg. per client
- $3.94M
- Clients
- 12
- Regulatory AUM
- $10.5M
- AUM share
- 2.1%
- Avg. per client
- $872K
Total
- Clients
- 238
- Regulatory AUM
- $487M
- AUM share
- 100%
- Avg. per client
- $2.05M
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Brown, Lisle/Cummings charges 1.00%–1.50% a year for its Individual Portfolio Management. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable. The brochure also prices one other service, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$1M | 1.50% |
| $1M–$2M | 1.25% |
| $2M and above | 1.00% |
Fee details and sources
Other fees
- Financial Planning and Financial Consulting
- Fixed fees for financial planning and consulting typically range from $500 to $1,000, agreed in advance; any retainer is capped at $1,200.
The leadership team of Brown, Lisle/Cummings includes President David Anthony Izzi. It has 13 employees, 8 of them in advisory roles.
Leadership
- David Anthony IzziPresident; Secretary; Treasurer; Chief Compliance Officer
- Scott Sawyer LisleVice President
- John Arthur MarginsonVice President
- Joseph Hugh Jr McGinnVice President
- Louis George Jr MurphyVice President
- Clifford Burrell Jr TracyVice President
Investment adviser representatives
8 representatives listed in the SEC register as of 9 October 2026.
Staff
- 13 employees
- 8 in advisory functions
- 8 state-registered reps
- 8 broker-dealer reps
- 3 insurance agents
- Owns 10% to 25% of Brown, Lisle/Cummings, Inc.
David Anthony Izzi
Control person · since January 1997
- Owns 10% to 25% of Brown, Lisle/Cummings, Inc.
John Arthur Marginson
Control person · since January 1997
- Owns 10% to 25% of Brown, Lisle/Cummings, Inc.
Louis George Jr Murphy
Control person · since January 2001
- Owns 10% to 25% of Brown, Lisle/Cummings, Inc.
Scott Sawyer Lisle
Control person · since January 2008
- Owns 10% to 25% of Brown, Lisle/Cummings, Inc.
Joseph Hugh Jr McGinn
Control person · since January 2011
- Owns 10% to 25% of Brown, Lisle/Cummings, Inc.
Clifford Burrell Jr Tracy
Control person · since January 2022
Brown, Lisle/Cummings’ regulatory assets grew 2.7× from $180M (May 2021) to $487M (June 2026); clients rose from 92 to 238 and employees from 12 to 13.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| June 2026 | $487M | 238 | 13 | 1 |
| March 2025 | $415M | 232 | 12 | 1 |
| February 2024 | $343M | 197 | 12 | 1 |
| May 2023 | $239M | 165 | 12 | 1 |
| March 2022 | $264M | 139 | 12 | 1 |
| May 2021 | $180M | 92 | 12 | 1 |
Besides its headquarters, Brown, Lisle/Cummings has 0 offices, with 1 listed address in Rhode Island.
Rhode Island · 1 listed address
- 56 Exchange Terrace, Suite 300, ProvidenceHQ
Contact and registration details
- Legal name
- Brown, Lisle/Cummings, Inc.
- Headquarters
- 56 Exchange Terrace, Suite 300, Providence, RI 02903-1772
- Website
- brownlislecummings.com
- Phone
- 401-421-8900
- @brown-lisle-cummings
- SEC file
- 801-121156
- Founded
- 1912
- Structure
- Rhode Island corporation
- Fiscal year end
- December
Brown, Lisle/Cummings uses Fidelity ($487M) as custodian for its separately managed accounts. Brown, Lisle/Cummings has custody of $184M in client assets for 100 clients.
- FidelityNational Financial Services LLC · Boston, MA · $487M100%
At year end, Brown, Lisle/Cummings’ separately managed accounts were mostly in stocks (70%) and funds (21%). Its reported 13F holdings for the quarter ended 31 March 2026 total $400M across 1,021 positions; the largest are State Str SPDR S&P 500 ETF T (4.1%), Alphabet Inc. (3.8%) and Apple Inc. (3.2%).
What the accounts hold
- Stocks70%
- Funds21%
- Bonds3%
- U.S. government and agency bonds2%
- Investment grade corporate bonds1%
- Cash6%
- Other1%
- Stock rights and warrants rights,state and local governmetn fixed income.1%
Reported 13F holdings
- $400M
- Reported 13F value
- 1,021
- Positions
- 27.2%
- In the 10 largest
- —
- Value vs. prior quarter
- State Str SPDR S&P 500 ETF T · TR Unit4.1%
- Alphabet Inc. · Cap Stk CL A3.8%
- Apple Inc.3.2%
- Amazon Com Inc.2.9%
- Microsoft Corp.2.8%
- Intercontinental Exchange IN2.7%
- Alphabet Inc. · Cap Stk CL C2.2%
- Amgen Inc.2.1%
- JPMORGAN Chase &co1.8%
- SPDR Series Trust · State Street Spd1.7%
Together, the ten largest are 27.2% of reported value.
How many clients does Brown, Lisle/Cummings have?
Brown, Lisle/Cummings has 238 clients and manages $487 million for them, as of June 2026. They include 119 individual clients, 107 high-net-worth individuals, and 12 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 26 June 2026
What services does Brown, Lisle/Cummings offer?
Brown, Lisle/Cummings provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, estate planning, insurance, retirement plan services, and tax planning.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Brown, Lisle/Cummings charge?
Brown, Lisle/Cummings charges 1.00%–1.50% a year for its Individual Portfolio Management. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
Which custodians does Brown, Lisle/Cummings use?
Brown, Lisle/Cummings’ separately managed account assets are held at National Financial Services LLC (Boston, MA), with $487M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 26 June 2026
How many financial advisors does Brown, Lisle/Cummings have?
Brown, Lisle/Cummings has 8 investment adviser representatives registered with state securities authorities, out of 13 employees, and 8 perform investment advisory functions. 8 employees are registered representatives of a broker-dealer and 3 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Brown, Lisle/Cummings invest in?
At the end of its last fiscal year, Brown, Lisle/Cummings’ separately managed accounts held 70% exchange-traded equities, 21% registered funds (mutual funds, ETFs, BDCs), 6% cash and equivalents, 2% U.S. government and agency bonds, 1% investment grade corporate bonds and 1% other. The 1% other category is described as: Stock Rights and Warrants Rights,state and Local Governmetn Fixed Income.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Brown, Lisle/Cummings?
Brown, Lisle/Cummings’ direct owners are David Anthony Izzi, John Arthur Marginson, Louis George Jr Murphy, Scott Sawyer Lisle, Joseph Hugh Jr McGinn and Clifford Burrell Jr Tracy, each holding 25% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 26 June 2026
How does Brown, Lisle/Cummings get paid?
Brown, Lisle/Cummings is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Brown, Lisle/Cummings?
Brown, Lisle/Cummings’ main office is at 56 Exchange Terrace, Suite 300, Providence, RI 02903-1772. Its phone number is 401-421-8900. Its website is brownlislecummings.com.