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 10 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 completely no-frills set-up with a financial professional, you can simply answer a few questions and the SmartAsset financial advisor matching tool will pair you with financial advisors in your area.
|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||R.M. Davis, Inc. Find an Advisor||$4,008,378,236||$300,000|| || |
|2||H.M. Payson Find an Advisor||$3,588,535,961||None|| || |
|3||Vigilant Capital Management, LLC Find an Advisor||$1,040,651,971||None|| || |
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|4||Old Port Advisors, Inc. Find an Advisor||$716,146,607||$100,000|| || |
|5||HeadInvest Find an Advisor||$568,436,365||$500,000|| || |
|6||Cribstone Capital Management, LLC Find an Advisor||$451,605,677||$500,000|| || |
|7||Means Wealth Management Find an Advisor||$297,856,000||$250,000|| || |
|8||Bigelow Investment Advisors, LLC Find an Advisor||$296,973,478||$300,000|| || |
|9||Robinson Smith Wealth Advisors, LLC Find an Advisor||$242,175,173||None|| || |
|10||Aries Wealth Management, LLC Find an Advisor||$170,044,639||$250,000|| || |
How We Found the Top Financial Advisor Firms in Maine
Our SmartAsset personal finance experts only considered Maine-based firms that are registered with the U.S. Securities and Exchange Commission (SEC). That’s because the SEC requires all of its registered firms to abide by fiduciary duty, which obligates them to act in a client’s best interest at all times. We removed a firm from contention if it didn’t offer financial planning services, had disclosures or didn’t manage individual accounts. Sorted from the most assets under management (AUM) to the least, these are the top firms in Maine that met these requirements.
R.M. Davis, Inc.
With more than $4 billion in assets under management (AUM), R.M. Davis, Inc. holds the lead as the largest firm on this list by nearly $500 million. This fee-based firm also boasts an impressive number of advisor certifications, with seven chartered financial analysts (CFAs), six certified financial planners (CFPs), two certified public accountants (CPAs), two certified trust and financial advisors (CTFAs), one investment advisor certified compliance professional (IACCP) and one chartered investment counselor (CIC) on staff.
The Portland-based 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, pension and profit-sharing plans, estates, charitable organizations, businesses and municipalities.
R.M. Davis, Inc. Background
R.M. Davis, Inc. has been in business since 1978. CEO and founder Robert M. David is the firm's largest shareholder.
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, Inc. Investing Strategy
Individual equities, fixed income securities, mutual funds and exchange-traded funds (ETFs) make up the typical investments that R.M. Davis, Inc. 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.
While R.M. Davis, Inc. claims the title of the largest firm on this list in terms of assets under management, H.M. Payson has one of this lists's largest advisory staffs at 23 members. 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 firm works with a variety of other client types as well, including institutions, businesses, estates, trusts, foundations, charitable organizations, pension and profit-sharing plans, investment companies and municipalities. Overall though, individuals dominate its client base.
The fee-based firm employs seven chartered financial analysts (CFAs), five certified financial planners (CFPs), two certified trust and financial advisors (CTFAs) and one certified IRA services professional (CISP). The CISP certification is hardly ever seen, and H.M. Payson is the sole firm on this list to have a CISP on its team.
H.M. Payson Background
H.M. Payson is one of the oldest firm 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
This firm claims that its biases don’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.
Vigilant Capital Management, LLC
Vigilant Capital Management, LLC 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. Vigilant principally does business in Portland.
The firm has a small individual client base that’s made up of less fewer than 300 non-high-net-worth individuals and high-net-worth individuals. Estates, trusts, pension and profit-sharing plans, corporations and charitable entities will find services available at this firm as well.
The firm’s team includes five certified financial planners (CFPs), five chartered financial analysts (CFAs), one financial paraplanner qualified professional (FPQP) and one certified exit planner (CExP).
Vigilant Capital Management, LLC Background
Vigilant Capital Management, LLC was established in 2002. The holding company 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, LLC Investing Strategy
To find suitable investments for its clients, Vigilant Capital Management utilizes what it calls a “research and portfolio management process.” This process 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 believes that certain investment types are “evergreen” and therefore usually beneficial to client portfolios. These investment types include individual stocks and bonds, exchange-traded funds (ETFs), options, pooled investment vehicles and mutual funds.
Old Port Advisors, Inc.
Old Port Advisors, Inc. (OPA) is an SEC-registered advisory firm that provides its clients with various wealth management services. The 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.
OPA currently generates more than $700 million in assets under management. To open an account with OPA, you’d generally need at least $100,000. However, SEC documents show the firm’s individual client base consists of mostly high-net-worth individuals.
Old Port Advisors, Inc. Background
OPA formed in 1994 as Investment Management & Consulting Group, Inc. During October 2014, it changed its name to Old Port Advisors. Today, the firm offers its services to a diverse mix of client types including individuals, businesses, trusts and estates.
The firm’s team includes one chartered financial analyst (CFA) and one certified divorce financial analyst (CDFA).
Old Port Advisors, Inc. Investing Strategy
Depending on factors like risk tolerance, OPA may allocate your assets toward equities, fixed-income, mutual funds, exchange-traded funds, real estate investment trusts (REITs) and alternative investments.
The firm 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 (stocks) and short and intermediate term bonds in addition to selected domestic and internatinoal 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 financial advisor firm with offices in Portland. Clients will have access to just one chartered financial analyst (CFA) on the firm’s seven-person advisory team. The individual client base at this firm is nearly evenly divided between non-high-net-worth individuals and high-net-worth individuals. Other typical clients include endowments, trusts, corporations 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 will accept smaller accounts at its discretion.
HeadInvest was created in 1989. It’s principally owned by CIO Carl Gercke and partners Donna McConnell, Kenneth Blaschke and Stephen Poulos. This group has spent, on average, nearly 25 years in the financial management 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.
Cribstone Capital Management, LLC
Cribstone Capital Management runs its main office out of Augusta. The firm’s team includes one chartered financial analyst (CFA) and one certified private wealth advisor (CPWA).
Cribstone calls for an account minimum of $500,000 for new clients. The majority of the firm’s individual clients do not have a high net worth. Other typical clients of this firm include estates, trusts, pension and profit-sharing plans, corporations, foundations, endowments and charitable organizations.
As a fee-based firm, Cribstone Capital’s advisors may earn commissions from selling insurance policies and/or trading securities in client portfolios. The firm does abide by fiduciary duty though, binding it to act in a client’s best financial interest.
Cribstone Capital Management, LLC Background
Managing partner Scott Upham wholly owns the firm. It has been in business as an investment advisor since 2015.
The services at this firm cover a wide range of needs, including:
- Retirement planning
- Business planning
- Trust and estate planning
- Financial reporting
- Tax planning
- Risk management
- Charitable gift planning
- Distribution planning
- Insurance planning
- Investment consulting
- Cash flow forecasting
Cribstone Capital Management, LLC Investing Strategy
Retirement planning is one of the hallmarks of Cribstone Capital Management’s financial planning services, so it’s no surprise that the firm also claims to have its own proprietary retirement income strategy. Large pension plans are the template for this strategy, which takes an assets-versus-liabilities approach that considers both the money you have and your financial obligations.
The firm says that this strategy diverges from the typical fully balanced portfolio mindset. In this approach, the firm instead focuses on purchasing individual bonds that are set to mature on a consistent basis, with the idea that they will fund your retirement.
Means Wealth Management
More than nine out of every 10 individual clients at Means Wealth Management do not have a high net worth. This may be due to the firm’s relatively low account minimum of $250,000, a requirement that it may waive in certain situations.
The firm is based in Bangor. None of the eight advisors on this firm’s team holds an advanced certification. Additionally, the fee-based firm’s advisors sell insurance policies on a commission basis. However, it is worth noting that the firm says it plans to phase out this part of its business this year. Like every firm on this list, Means Wealth Management is bound by fiduciary duty, forcing it to always act in your best financial interest.
Means Wealth Management Background
Means Wealth Management was created in 1935, making it the second oldest firm on this list. President Paul Means and CEO Zachary Means, a father-son financial advisor team, own the firm.
Clients can schedule a free consultation with one of the advisors at this firm through its website. Simply add your name, phone number, email address and state of residence, and mark down what services interest you. The firm offers:
- Wealth management
- Retirement planning
- Estate planning
- Philanthropic strategies
- Institutional asset management
- Strategic insurance planning
- Business succession planning
Means Wealth Management Client Experience
At the outset of your relationship with Means Wealth Management, you and your new advisor will discuss your ultimate financial goals, including your retirement plans, philanthropic interests, legacy plans and more. Throughout these discussions, you’ll also identify your personal risk tolerance and time horizon. This information will then determine your personal investment plan, which will be based on unbiased market research.
You’ll have the opportunity to approve this plan, and its implementation will occur solely at your behest. As your portfolio matures and market changes inevitably occur, the firm will keep you up to date on any improvements you can make. If you so desire, Means Wealth will also collaborate with your other advisors, such as your lawyer or accountant.
Bigelow Investment Advisors, LLC
Bigelow Investment Advisors, LLC is a fee-only firm based in Portland. Its team includes two certified financial planners (CFPs), two chartered financial analysts (CFAs) and one financial paraplanner qualified professional (FPQP).
The firm’s relatively modest $300,000 account minimum has led to a large disparity in its individual client base, with more than four times as many non-high-net-worth individuals as high-net-worth individuals. The firm also works with institutions, retirement plans, estates, trusts, small businesses and non-profit groups.
Bigelow Investment Advisors, LLC Background
Bigelow Investment Advisors, LLC was originally opened in 2007. The firm’s main owners are President Kathryn Dion and CEO Gary Robinson. However, mutual savings community bank Gorham Savings Bank 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
- Estate planning
Bigelow Investment Advisors, LLC 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.
Robinson Smith Wealth Advisors, LLC
Robinson Smith Wealth Advisors, LLC has a relatively small individual client base, with just over 150 individual clients. This group includes nearly equal parts non-high-net-worth individuals and high-net-worth individuals. The firm also serves businesses, trusts, estates and charitable organizations.
This fee-only firm is based in Portland. Its four-person team has a total of six certifications. More specifically, there are four certified financial planners (CFPs), one financial paraplanner qualified professional (FPQP) and one certified investment management analyst (CIMA) on staff.
Robinson Smith Wealth Advisors, LLC Background
RAWA has been in business as a registered investment advisor since 1995. Co-CIO David Robinson is the firm's majority owner.
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, LLC Investing Strategy
Making successful long-term investments is the ultimate objective of Robinson Smith Wealth Advisors, LLC. 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.
Aries Wealth Management, LLC
Wrapping up our list of the top 10 financial advisor firms in Maine is Aries Wealth Management. The three-person advisory team at Aries currently oversees more than $100 million in assets under management. According to SEC files, it serves fewer than 100 individual clients.
To receive investment management services from Aries, you’d generally need a minimum initial investment of $250,000. In most cases, you’d need to maintain this minimum account size to continue receiving asset-management services.
Aries Wealth Management Background
Aries Wealth Management has been providing investing advisory services since 2015. Its current owners are firm President and Founder Jason Viola, along with Principal Laurie Latham. The firm’s small team doesn’t hold accreditations like chartered financial analyst (CFA). However, Associate Vice President Jessica Roberts is currently working on becoming a certified financial planner (CFP) through the College for Financial Planning.
In addition, Viola has held several leadership positions in the financial services industry including vice president for UBS Financial Services and TD Wealth Management.
Aries Wealth Management Investing Strategies
Aries Wealth Management provides asset-management and comprehensive portfolio management services. The former involves the creation of an investment portfolio based on a client’s risk profile and other personal factors. It’s designed to meet a particular investment goal. The firm reviews the investment at least on a quarterly basis and rebalances the portfolio if necessary.
Comprehensive portfolio management involves asset-management and holistic financial planning services. In this case, the firm can create and manage a portfolio for you. Aries then monitors this portfolio on an ongoing basis. The firm can also advise you on other financial matters like tax planning, debt management and more.
Aries generally allocates client assets toward individual stocks, bonds, exchange-traded funds (ETFs), options and mutual funds, as well as other public and private securities.
To find more of the best financial advisors in Maine, use our advisor matching tool. After answering a few simple questions, you'd be linked to up to three advisors in your area. You can review their credentials and set up interviews before deciding to work with one.