Finding a Top Financial Advisor Firm in Bangor, Maine
Despite having only around 12,000 people living within its borders, Bangor, Maine, has a fairly large selection of financial advisor firms to choose from. To help you sift through these options, SmartAsset has found the top firms in the city of Bangor. In our reviews, we highlight a number of important factors for each firm, including their minimums, investment strategies and available services. To expand your search, use SmartAsset’s financial advisor matching tool. It connects you with up to three advisors who serve your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Means Wealth Management Find an Advisor||$860,271,260||$250,000|| || |
|2||VanceGray Wealth Management, Inc. Find an Advisor||$278,071,751||No minimum|| || |
Minimum AssetsNo minimum
|3||Birchbrook Find an Advisor||$246,123,208||No set account minimum|| || |
Minimum AssetsNo set account minimum
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|4||Alterity Financial Group, LLC Find an Advisor||$156,622,532||$50 minimum annual fee|| || |
Minimum Assets$50 minimum annual fee
|5||Eagle Financial Strategies Find an Advisor||$127,569,848||No minimum|| || |
Minimum AssetsNo minimum
What We Use in Our Methodology
To find the top financial advisors in Bangor, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:
- AUMFirms with more total assets under management are ranked higher.
- Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher.
- Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher.
- Age of FirmFirms that have been in business longer are ranked higher.
All information is obtained through public records and is updated annually after the firms’ form ADV filing. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria. SmartAsset is not a client of the aforementioned firms, and did not receive compensation for including any of the firms on the aforementioned list.
Means Wealth Management
At the top of the list, Means Wealth Management is a fee-based firm which has clients that are mostly individuals, with a smaller number of high-net-worth clients as well. Institutional clients include charitable organizations, government entities and corporations
There are eight advisors on staff at Means. They include a certified public accountant (CPA) and an accredited investment fiduciary (AIF). The minimum account size here is $250,000, which the firm may waive at its discretion. Fees for asset management are generally based on a percentage of assets under management.
Some advisors at this firm are insurance agents that can earn sales commissions. This is a potential conflict of interest, though all advisors are bound by their fiduciary duty to put clients' interests first.
Means Wealth Management Background
Means was founded by David G. Means in 1935. It was originally a broker-dealer and became a registered investment advisor in 2010. The firm is now wholly owned by his son, President Paul B. Means, and CEO Zachary P. Means. In addition to its headquarters in Bangor, the firm has offices on Presque Isle, ME, and in Greenville and Greenwood, South Carolina.
The firm’s services include investment advising, asset allocation strategies, performance monitoring, market updates and educational materials.
Means Wealth Management Investing Strategy
The firm utilizes model portfolios that are based on investment objectives and risk tolerances. The strategy involves an advisor customizing client's investments after they have reviewed their demographic, finance and other information. The portfolio construction requires consideration of asset allocation, position weightings, diversification and other factors. According to the firm, "risk tolerance will result in an investment strategy designed for growth (aggressive), moderate growth, balanced, conservative or preservation of capital. Both active and passive (index-based) management styles will be used. Portfolio holdings to existing accounts will not be changed when substitutions to a model are made."
VanceGray Wealth Management
VanceGray Wealth Management is a fee-based firm. That means some advisors at VanceGray also earn commissions for selling insurance products. This is a potential conflict of interest, but advisors must act in the best interest of the client at all times.
Clients of VanceGray are mostly individuals, most of whom are non-high-net-worth. The few institutional clients of the firm include pension plans, charitable organizations and corporations.
The team of advisors here includes two certified financial planners (CFPs) and two certified public accountants (CPAs). The firm itself has no minimum requirement.
VanceGray Wealth Management Background
Vance Gray founded in his namesake firm in 2007 and is still its sole owner. Gray is one of the firm's senior financial advisors and has 30 years' experience in the financial services industry.
Services include asset management, financial planning, consulting, estate planning, education planning and retirement planning.
VanceGray Wealth Management Investing Strategy
VanceGray Wealth Management primarily invests client assets in individual stocks, bonds, cash, cash equivalents and mutual funds. Tactical allocation is the most common strategy for clients at VanceGray, which is designed to reduce risk and increase performance for a given risk level. Fundamental and technical methods of analysis are the main tools used to make investment choices.
Birchbrook is a fee-only firm with a fairly small team of on-staff advisors. The firm's team includes three chartered financial analysts (CFAs), one certified financial planner (CFP) and one certified trust and financial planner (CTFA). The firm's clients are mostly individuals, around 75% of whom do not have a high net worth. Institutional clients include retirement plans, charitable organizations and corporations.
The firm used to have a $500,000 account minimum, but it has since been eliminated. There is now no minimum account size for new clients.
Prior to its June 2021 rebranding to Birchbrook, this firm was known as Deighan Wealth Advisors. The firm's history can be traced back to 1994 when it was created by Jean M. Deighan and Jenifer L. Butler. Deighan no longer works at or owns the firm, as it is now owned by Butler, Lucie Estabrook and Jennifer Eastman.
Services at the firm include investment management and financial planning. The latter is a completely customizable service, though it can cover topics like retirement planning, legacy planning, trust planning and more.
Birchbrook Investment Strategy
When evaluating investments, the firm primarily uses fundamental analysis. According to the firm's Form ADV, this type of analysis puts "great emphasis on measures of intrinsic value, earnings growth, and strong financial statements," for the investments being considered.
Birchbrook may use a plethora of securities when investing client assets. These can include stocks, mutual funds, exchange-traded funds (ETFs), warrants, corporate debt oblifations, commercial paper, certificates of deposit (CDs), municipal securities and bonds.
Alterity Financial Group
Alertity Financial group is a fee-based firm that specializes in serving individuals, high-net-worth individuals as well as corporations and other businesses. The firm has five financial advisors, including one that is a certified financial planner (CFP).
The firm has no minimum investment for clients to open an account. However, Alterity generally imposes a minimum annual fee of $50 per account.
Alterity Financial Group Background
Founded in 2010, the Alerity is owned by Jeffrey Chapman. Clients can engage with the firm to manage all or a portion of thier assets on a discretionary or non-discretionary basis.
According to the firm, "Alterity also may render non-discretionary investment management services to clients relative to variable life/annuity products that they may own, their individual employer-sponsored retirement plans, and/or 529 plans or other products that may not be held by the client’s primary custodian. In so doing, Alterity either directs or recommends the allocation of client assets among the various investment options that are available with the product. Client assets are maintained at the specific insurance company or custodian designated by the product."
Alterity and its employees are fiduciaries who are required to make the best interests of the firm’s clients.
Alterity Financial Group Investing Strategy
The firm's investing strategy involves technical analysis, fundamental analysis and cyclical analysis. The firm also chooses securities for each account based on asset allocation decisions and input from its clients that are based on the needs for immediate income and liquidity. The firm doesn't make decisions based on the attractiveness of individual stocks versus bonds. The main purpose is to maximize the accounts long-term return as well as protecting assets for its clients.
Eagle Financial Strategies
Rounding out the top 5 of our list is Eagle Financial Strategies, which is a fee-based firm that serves individuals, high-net-worth individuals, pension and profit sharing plans as well as corporations and other businesses.
Eagle Financial Strategies doesn't have a minimum account size requirement. The firm also does not provide advice to private funds or mutual funds.
Eagle Financial Strategies' Background
The firm does business under the name Eagle Financial Strategies, but the firm's original name, Alpha Capital Advisors, Inc., was incorporated in 1996. The firm's principal owner and chief compliance officer is Richard Nickerson. The firm is not registered as a broker-dealer and none of its associated persons are registered as representatives of a broker-dealer.
Eagle Financial Strategies' Investment Approach
The firm uses asset allocation targets for each client among different types of investments. The firm also uses technical analysis, which involves using chart patterns, momentum, volume, and relative strength in an effort to pick sectors that may outperform market indices.
Fundamental analysis is also involved, as the firm looks to analyze individual companies and their industry groups, which involve reviewing financial statements, details on a company's product line, experience and expertise of a company's management and the future outlook for the company.