About

Andrew Parrillo: Investment Maverick and Industry Disruptor

After four decades navigating the complex world of institutional investing, Andrew D. Parrillo has emerged as an unlikely revolutionary. His mission? To expose the wealth management industry's well-kept secrets and level the playing field for individual investors.

From Air Force Navigator to Investment Trailblazer

Parrillo's journey began far from Wall Street. As a U.S. Air Force Captain and Senior Navigator, he learned the discipline and strategic thinking that would later define his investment philosophy. After earning his degree from Boston University, he transitioned to finance, where he would spend the next four decades mastering the art of institutional investing.

His early career included managing the Trust Investment Division's Retirement Investment Department at Fleet National Bank (later acquired by Bank of America) and serving as a Senior Vice President at Wellesley Group, Inc. But it was in 1995 when Parrillo truly found his calling, founding Newport Capital Advisers LLC, an SEC-registered investment advisory firm that would become his platform for challenging conventional wisdom.

The Talent Arbitrage Strategy

What set Parrillo apart wasn't just his investment acumen—it was his contrarian approach to manager selection. While most institutional advisors chased established firms with massive assets under management, Parrillo went the opposite direction. He specialized in what he calls "talent arbitrage"—identifying brilliant investment managers who were overlooked by the institutional community simply because they were too small or too new.

This strategy proved prescient, particularly in the post-2008 environment when many established funds struggled. Parrillo's flagship fund, Victory Road Diversified Partners, L.P., operated from 2000 to 2020 with a unique mandate: generate returns independent of traditional equity and bond market directions using capacity-constrained strategies focused on inefficient market verticals.

The results spoke for themselves. By focusing on fundamentally-based strategies with low correlation to each other, and requiring investment managers to demonstrate "passion, humility, and simplicity of approach," Parrillo built portfolios that thrived when others faltered.

A Fiduciary's Fiduciary

Throughout his tenure at Newport Capital Advisers, Parrillo built his reputation on an unwavering commitment to fiduciary standards. Every client came through referrals—a testament to his integrity in an industry often criticized for putting profits before people. His approach was refreshingly straightforward: always put client interests first, charge only asset-based fees, and maintain complete transparency in all dealings.

His client roster read like a who's who of sophisticated investors: endowment funds, family offices, wealthy individuals, and defined benefit pension plans. As a frequent speaker at national conferences, Parrillo became a respected voice on asset allocation and hedge fund selection, sharing insights gleaned from decades of successful investing.

The Plot Twist: Retirement and Reinvention

When Parrillo retired at the beginning of 2020, many assumed his story was over. They were wrong.

Recognizing a massive opportunity to disrupt the legacy wealth management industry, he came out of retirement in August 2023 with a radical new concept: a registered investment advisory firm that charges fixed fees instead of asset-based fees. This seemingly simple change represents a fundamental shift in how investment advice is delivered and compensated.

The Science of Risk and Return

Parrillo's new firm employs Nobel Prize-winning prospect theory, developed by Daniel Kahneman, to objectively determine each client's risk and return preferences. This scientific approach allows clients to understand their risk tolerance before it's exceeded—a crucial advantage in volatile markets.

The firm's analytical approach is unprecedented in its granularity. Each portfolio constituent is analyzed individually and in aggregate to determine probable risk and return expectations over various time horizons, with particular emphasis on six-month projections in dollar terms above and below current asset values. This level of precision gives clients unprecedented clarity about what to expect from their investments.

A Voice for Transparency

In January 2024, Parrillo crystallized his decades of experience and insights into "Beat the Wealth Management Hustle," a book that pulls back the curtain on industry practices and shows individual investors how to optimize their advisory relationships or invest independently using institutional-level strategies.

The book advocates for complete transparency and disclosure—principles that guided Parrillo's entire career. It represents his commitment to democratizing access to sophisticated investment strategies previously available only to institutions and ultra-high-net-worth individuals.

The Man Behind the Strategy

Despite his professional success, Parrillo remains grounded in family and personal pursuits. His three sons have made their homes across the country—in New York City, Burlington, Vermont, and Denver, Colorado—while he maintains his commitment to physical fitness and outdoor activities.

At an age when most would be content with past achievements, Andrew Parrillo continues to challenge the status quo, driven by a simple belief: that every investor deserves access to the same level of expertise, transparency, and fiduciary care that institutions take for granted.

His story is far from over. In fact, it might just be getting started.

July 2025

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