Finding a Top Financial Advisor Firm in Maine
Culling through the numerous financial advisor firms in Maine to find the one for you can be an arduous task. To make your choice easier, SmartAsset has determined the top financial advisor firms in the state. Below, we’ve laid out what each firm charges in fees, what types of clients it usually works with and more. If you’re looking for a simple set-up with a financial professional the SmartAsset financial advisor matching tool will connect you with financial advisors in your area.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||H.M. Payson Find an Advisor||$5,186,371,052||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||R.M. Davis, Inc. Find an Advisor||$5,380,525,208||$300,000|| || |
|3||Vigilant Capital Management, LLC Find an Advisor||$1,746,255,482||No set account minimum|| || |
Minimum AssetsNo set account minimum
|4||Old Port Advisors, Inc. Find an Advisor||$910,605,681||$100,000|| || |
|5||HeadInvest Find an Advisor||$782,423,323||$500,000|| || |
|6||Robinson Smith Wealth Advisors, LLC Find an Advisor||$344,772,724||No set account minimum|| || |
Minimum AssetsNo set account minimum
|7||Bigelow Investment Advisors, LLC Find an Advisor||$369,838,579||$300,000|| || |
|8||Penobscot Financial Advisors Find an Advisor||$229,212,942||Varies based on account type|| || |
Minimum AssetsVaries based on account type
|9||Birchbrook Find an Advisor||$211,474,117||No set account minimum|| || |
Minimum AssetsNo set account minimum
|10||VanceGray Wealth Management, Inc. Find an Advisor||$210,705,766||$1,000|| || |
How We Found the Top Financial Advisor Firms in Maine
To find the top financial advisors in Maine, we first identified all firms registered with the SEC in the state. 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:
While R.M. Davis claims the title of the largest firm on this list in terms of assets under management, H.M. Payson has this lists's largest advisory staff. It’s one of the few firms on this list that does not require a minimum account size. So even at its vast size, the firm works with more non-high-net-worth individuals than high-net-worth individuals.
The Portland-based financial advisor firm works with a variety of other clients as well, including institutions, businesses, estates, trusts, foundations, charitable organizations, retirement plans and investment companies. Overall though, individuals dominate its client base.
The fee-only firm employs nine chartered financial analysts (CFAs), six certified financial planners (CFPs), and one certified trust and financial advisor (CTFA).
H.M. Payson Background
H.M. Payson is one of the oldest firms on this list, with a founding year of 1854. The firm is independently owned, and its ownership is split among eight employees, all of whom are managing directors at the firm.
While investment management and overall wealth planning are the firm’s primary services, it also offers clients retirement-specific planning, custody services, trustee services and investment advisor transfers.
H.M. Payson Investing Strategy
H.M. Payson claims that any biases it or its advisors may have won’t impact its investment decisions. Instead, the firm’s independent research governs how it invests its clients’ assets. This is done in an attempt to stay up-to-date with the market’s current offerings.
The aforementioned research consists of deep market analysis that seeks to identify companies that have specific characteristics. The firm considers a company’s overall position in its market, its current financial standing and its management philosophy.
With billions in assets under management (AUM), R.M. Davis holds the lead as the largest firm on this list. This fee-only firm also boasts an impressive number of advisor certifications, with nine chartered financial analysts (CFAs), seven certified financial planners (CFPs), three certified public accountants (CPAs), two certified trust and financial advisors (CTFAs) and one chartered investment counselor (CIC) on staff.
This Portland-based financial advisor firm requires a $300,000 account minimum, which is about average compared to other firms on this list. Likely as a result of this, the firm’s individual client base is split about evenly between those who do and don’t have a high net worth. While individuals make up the largest sect of this firm’s clientele, it also has working relationships with trusts, retirement plans, estates, charitable organizations, businesses and government entities.
R.M. Davis Background
R.M. Davis has been in business since 1978. The firm is independent and employee-owned, with nine different members of its staff holding a stake in the company.
Its advisory services range from wealth management to financial planning. More specifically, you can take advantage of financial assessments, estate planning, retirement planning, tax management, education fund planning, insurance review and Social Security and Medicare planning services through R.M. Davis.
R.M. Davis Investing Strategy
Individual equities, fixed-income securities, mutual funds and exchange-traded funds (ETFs) make up the typical investments that R.M. Davis uses in client portfolios. The firm focuses on these investment types, because they are inherently diversified and allow for even further diversification within their markets.
Although socially and environmentally responsible investing has exploded in popularity in recent years, this firm does not engage in these strategies. However, its advisors do realize that clients will likely have specific preferences for their portfolios, and the firm is positioned to work within the framework of those priorities.
Vigilant Capital Management
Vigilant Capital Management has one of the simplest fee structures of any firm on this list, as it only charges its clients based on a percentage of their assets under management. Most other firms on this list charge fixed fees and hourly rates in addition to an asset-based fee. This financial advisor firm primarily does business in Portland.
The fee-only firm has a small individual client base that’s made up hundreds of non-high-net-worth and high-net-worth individuals. Estates, trusts, retirement plans and charitable entities will find services available at this firm as well.
The firm’s advisory team includes six certified financial planners (CFPs), five chartered financial analysts (CFAs), one certified exit planner (CExP) and one certified investment management analyst (CIMA).
Vigilant Capital Management Background
Vigilant Capital Management was established in 2002. The holding company called Vigilant Capital, LLC owns the firm.
Rather than build a set of specific financial planning and wealth management services, Vigilant Capital Management says it creates portfolios based solely on clients’ needs.
Vigilant Capital Management Investing Strategy
To find suitable investments for its clients, Vigilant Capital Management utilizes a significant research process. This is not only based on larger macroeconomic trends, but also on a detailed valuation of how profitable a security is at any specific moment in time. The firm’s advisors determine these qualifications during regular meetings, and they take into account factors such as country GDP reports, fiscal policies, economic indicators, inflation, consumer trends and geopolitical events.
Even still, the firm uses a specific set of investment types in its client portfolios. These include individual stocks and bonds, exchange-traded funds (ETFs), options, pooled investment vehicles and mutual funds.
Old Port Advisors
Old Port Advisors (OPA) is an SEC-registered advisory firm that provides its clients with various wealth management services. OPA currently boasts nearly a billion dollars in client assets under management. To open an account with OPA, you generally need at least $100,000 in investable assets. The firm’s individual client base consists of mostly high-net-worth individuals, along with some high-net-worth individuals, retirement plans and charitable organizations.
The firm’s team of advisors includes one certified financial planner (CFP). As a fee-based firm, some of these advisors can earn commissions from the sale of certain insurance products. While this creates a potential conflict of interest, the firm's fiduciary duty legally requires it to act in clients' best interests at all times.
Old Port Advisors Background
OPA was formed in 1994 as Investment Management & Consulting Group, Inc. In October 2014, it changed its name to what it currently is: Old Port Advisors, Inc. Today, the firm is owned by its managing director and founder, Fredric W. Williams.
The Portland-based financial advisor firm can help you build a comprehensive financial action plan. This can addresses various topics including cash-flow management, tax planning, insurance policy review and more. The firm also provides asset-management services to its clients by creating diversified portfolios based on their goals.
Old Port Advisors Investing Strategy
OPA aims to develop an asset allocation distinctive to a client’s investment goals and financial situation. However, it says it focuses on creating a global, value-oriented investment strategy that emphasizes diversification. That means that most clients own a mix of equities and short and intermediate term bonds in addition to selected domestic and international closed end funds and exchange-traded funds (ETFs).
Through its ongoing monitoring and client reviews, the firm may rebalance portfolios if deemed necessary.
HeadInvest is a fee-only financial advisor firm with offices in Portland. Clients will have access to one chartered financial analyst (CFA) on the firm’s advisory team. The individual client base at this firm is nearly evenly divided between non-high-net-worth and high-net-worth individuals. Other typical clients include endowments, trusts, corporations, government entities and retirement plans.
Prior to opening a relationship with this firm, be sure you have at least $500,000 in investable assets. However, the firm does state that this is a case-by-case minimum, meaning it may accept smaller accounts at its discretion.
HeadInvest was created in 1989. It’s principally owned by chief investment officer (CIO) Carl Gercke and partners Donna McConnell, Kenneth Blaschke and Stephen Poulos. This group has spent, on average, around 30 years in the financial services field.
HeadInvest focuses on providing services for individuals and institutions. These services tend to be holistic in nature.
HeadInvest Investing Strategy
Depending on your personal financial goals, HeadInvest will implement either an equity, fixed income or balanced portfolio strategy. While the choices of asset classes and asset allocations within these strategies are important, the firm’s periodic rebalancing policy is equally as valuable, as it’s meant to keep your specifically built financial plan in place.
For its equity portfolios, the firm employs a core growth strategy and uses tax-efficient exchange-traded funds (ETFs) and mutual funds. On the other hand, fixed-income and balanced portfolios are made up of mostly fixed income investments, with the occasional ETF and/or mutual fund included. Your risk tolerance, time horizon and liquidity needs will ultimately shape your portfolio’s asset allocation, though.
Robinson Smith Wealth Advisors
Robinson Smith Wealth Advisors has a relatively small individual client base, with around 175 such clients. This group is skewed a bit towards high-net-worth individuals, though it also works with those below the high-net-worth threshold. The firm also serves businesses, trusts, estates, retirement plans and charitable organizations.
This fee-only financial advisor firm is based in Portland. Its team includes three certified financial planners (CFPs), one certified private wealth advisor (CPWA) and one certified investment management analyst (CIMA).
Robinson Smith Wealth Advisors Background
Robinson Smith Wealth Advisors has been in business as a registered investment advisor since 1995. Managing members David Robinson and David Smith are the firm's majority owners.
Retirement planning is by far the largest focus of this firm. However, if you’re looking for more general investing advice and management, it offers these services as well.
Robinson Smith Wealth Advisors Investing Strategy
Making successful long-term investments is the ultimate objective of Robinson Smith Wealth Advisors. Its advisors avoid short-term investing approaches because of the significant and risky market shifts that can adversely affect a client portfolio.
In support of this approach, the firm almost exclusively uses the following investment types: money market funds, exchange-traded funds (ETFs), mutual funds, closed-end funds, fixed-income securities, options, structured notes and independent managers. Exact asset allocations will depend on a client’s specific financial needs and objectives.
Bigelow Investment Advisors
Bigelow Investment Advisors is a fee-only financial advisor firm based in Portland. Its team of advisors includes two chartered financial analysts (CFAs), two certified financial planners (CFP) and one certified public accountant (CPA).
The firm’s relatively modest $300,000 account minimum has led to a large disparity in its individual client base, with about four times as many non-high-net-worth clients as their high-net-worth counterparts. The firm also works with institutions, such as retirement plans, estates, trusts and non-profit groups.
Bigelow Investment Advisors Background
Bigelow Investment Advisors was originally opened in 2007. The firm’s main owners are president and chief compliance officer (CCO) Kathryn Dion and CEO Gary Robinson. However, a Maine-based community bank called Gorham Savings Bank also became a minority owner in 2008.
Bigelow offers a number of client services, such as investment management, wealth management, trust management, financial planning, retirement planning, education planning, charitable giving planning and estate planning.
Bigelow Investment Advisors Investing Strategy
Bigelow Investment Advisors doesn’t believe in frequent trading, market timing or margin trading investment strategies. Instead, the firm sticks to a long-term, heavily diversified approach. Its client portfolios will almost always contain some combination of exchange-traded funds (ETFs), mutual funds, real estate investment trusts (REITs), cash equivalents, stocks and bonds.
The firm views rebalancing as an especially integral part of its clients’ success. While the most common reason this will occur is when the market fluctuates, you also have the ability to prompt your own rebalancing. Simply let your advisor know of any modifications you want to make to your account and the process will begin.
Penobscot Financial Advisors
Penobscot Financial Advisors is a fee-only financial advisor firm. That means all of its compensation comes from client-paid fees and not third-party sales commissions. The firm is headquartered in Portland, though it also has an office in Bangor.
Individual clients make up the vast majority of Penobscot's client base. Of these individuals, most of them do not have a high net worth. A handful of charities, retirement plans and businesses round out its clientele. The firm does not have a minimum for financial planning clients, though standalone investment management clients will need to adhere to a $200,000 minimum.
Penobscot Financial Advisors Background
Penobscot Financial Advisors was established in 2011 under in its current name. Prior to then, it had been known as Bradley & Johndrow since 2000. Today, the firm is principally owned by CEO Craig A. Joncas and chief investment officer James E. Bradley III.
At this firm, financial planning and investment management services can be accessed either individually or together. Financial planning can cover a wide range of topics, such as retirement planning, savings planning, education fund planning, investment planning and more.
Penobscot Financial Advisors Investing Strategy
Penobscot Financial Advisors aims to work with clients closely when managing their personal investment portfolio. To accomplish this, the firm will heavily interact with you at the dawn of your client-advisor relationship and on a regular basis throughout the course of your stay here. In order to provide a personalized investment strategy, the firm will account for your risk tolerance, time horizon, income needs and short- and long-term goals.
When it's time to invest your assets, the firm will look to spread the wealth across various investment types. It does this to diversify and protect your assets from risk as much as possible. Investments typically used include mutual funds, hedge funds, ETFs, stocks, bonds and options.
Bangor-based Birchbrook works almost entirely with individuals. Within this group, most clients come in below the high-net-worth threshold, though the larger pool of assets under management belong to the high-net-worth clients. The firm also maintains advisory relationships with charities, retirement plans and businesses. This is a fee-only firm.
There is no specific account minimum necessary to become a client of Birchbrook. The team of advisors here includes three chartered financial analysts (CFAs), one certified trust and financial advisor (CTFA) and one certified financial planner (CFP).
Founded in 1994, Birchbrook is the new name of the firm that used to be known as Deighan Wealth Advisors. This rebranding occurred in June 2021. Jean Deighan, one of the firm's original founders, sold her shares in the company as of 2019. Birchbrook's new group of all-women owners include CEO Lucie Estabrook, chief operating officer (COO) and chief compliance officer (CCO) Jennifer Eastman and Deighan's co-founder Jenifer Butler.
Financial planning services at this firm are completely personalized to the client's individual needs. Services are also available for clients' trusts and estates.
Birchbrook Investing Strategy
According to Birchbrook's SEC-filed Form ADV, its "strategies are designed to meet client requirements, including risk tolerance and time horizon." This client-centric approach means you'll receive a custom plan as opposed to a model portfolio. When it comes to trading investments, the firm generally sticks to either long-term purchases (held for at least a year) or trades (held for less than 30 days). The firm believes in strong diversification, also indicating in its ADV that "any one security will not account for more than 10% of the total portfolio value unless so directed by the client."
VanceGray Wealth Management
The minimum account size at VanceGray Wealth Management is quite low at $1,000, which makes its services more accessible than some of the other firms with minimums on this list. Likely due to this, the firm's client base is dominated by non-high-net-worth individuals, though it also has some high-net-worth individuals as clients too. Businesses, charities and retirement plans are also clients of VanceGray.
The small team of advisors here hold a few certifications. These include two certified financial planners (CFPs) and two certified public accountants (CPAs).
As a fee-based firm, there are certain on-staff advisors here that can receive commissions from insurance sales. A potential conflict of interest comes from this, though the firm's fiduciary duty legally binds it to act in clients' best interests, no matter what.
VanceGray Wealth Management Background
VanceGray Wealth Management was founded in 2007, making it one of the younger firms on this list. The firm only has one owner in Vance Gray, who is also its founder, president, senior financial advisor and chief compliance officer (CCO).
Investment management services here are customizable and comprehensive, as are its financial planning offerings.
VanceGray Wealth Management Investing Strategy
The first thing you'll do as a client of VanceGray Wealth Management is fill out what it calls a "Client Profile Form." This will give your advisor some insight into the type of investor you are. More specifically, it will detail your risk tolerance, time horizon, liquidity needs, tax situation and long-term financial goals. The firm may also allow you to set certain parameters around how your funds are invested.
VanceGray uses a tactical allocation approach when building your portfolio, ensuring your investments are diversified. It invests in a wide range of securities, including annuities, mutual funds, stocks, bonds, ETFs and more.