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||$3,389,330,000||$300,000|| || |
|2||H.M. Payson Find an Advisor||$2,896,154,800||None|| || |
|3||Vigilant Capital Management, LLC Find an Advisor||$765,292,000||$1,600,000|| || |
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|4||HeadInvest Find an Advisor||$525,369,800||$500,000|| || |
|5||Cribstone Capital Management, LLC Find an Advisor||$421,945,500||$500,000|| || |
|6||Means Wealth Management Find an Advisor||$213,470,800||$250,000|| || |
|7||Robinson Smith Wealth Advisors, LLC Find an Advisor||$210,204,800||$500,000|| || |
|8||Bigelow Investment Advisors, LLC Find an Advisor||$193,624,000||$300,000|| || |
|9||Deighan Wealth Advisors Find an Advisor||$184,149,900||$500,000|| || |
|10||Penobscot Financial Advisors Find an Advisor||$103,000,000||None|| || |
How We Found the Top Financial Advisor Firms in Maine
Our SmartAsset personal finance experts only considered U.S. Securities and Exchange Commission (SEC)-registered financial advisor firms based in Maine. 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-only firm also boasts the most advisor certifications, with seven chartered financial analysts (CFAs), six certified financial planners (CFPs), two certified public accountants (CPAs), two certified trust and financial advisors (CTFA), 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 owns the firm.
It’s 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 the largest advisory staff at 23 members. It’s one of just two firms on this list, alongside Penobscot Financial Advisors, that does not require a minimum account size. So even at its vast size, the firm works with more non-high-networth 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-only firm employs eight 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 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 the simplest fee structure 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 charges in addition to an asset-based fee. Vigilant principally does business in Portland.
The fee-only firm has the highest account minimum of any firm on this list, with $1.6 million required to open an account. 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 four certified financial planners (CFPs), four chartered financial analysts (CFAs), one financial paraplanner qualified professional (FPQP), one chartered advisor in philanthropy (CAP) and one certified exit planner (CExP).
Vigilant Capital Management, LLC Background
Vigilant Capital Management, LLC was established in 2002. It’s currently under the leadership of founder Daniel Mulkern and principals Scott Sorensen and Jeffrey Carlisle. 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.
HeadInvest is a fee-only 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 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, LLC is the only firm on this list that’s not located in either Portland or Bangor. Instead, its main office is in Augusta. The firm’s team includes two accredited investment fiduciaries (AIFs), one chartered financial analyst (CFA) and one certified private wealth advisor (CPWA).
Similarly to three other firms on this list, 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 and director of private client services Odette Thurston own Cribstone Capital Management, LLC. Founded in 2015, it’s the youngest firm on this list.
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.
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 equal parts non-high-net-worth individuals and high-net-worth individuals. The firm also serves businesses, trusts, estates and charitable organizations. It requires an account minimum of $500,000.
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
Co-CIOs and co-managing members David Robinson and David Smith own Robinson Smith Wealth Advisors, LLC. The firm’s doors were opened in 1995, and each owner has spent well over 20 years in the personal finance industry.
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.
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.
Deighan Wealth Advisors
Based in Bangor, Deighan Wealth Advisors is a fee-only financial advisor firm. Like a few of its peers on this list, two-thirds of the firm’s individual clients are non-high-net-worth individuals. Aside from individuals, the firm can also handle the financial needs of businesses, estates, trusts, profit-sharing plans and charitable organizations.
New clients must have at least $500,000 in investable assets to open an account with this firm. Its staff includes two certified financial planners (CFPs), one chartered financial analyst (CFA) and one certified trust and financial advisors (CTFA).
Deighan Wealth Advisors Background
Deighan Wealth Advisors was formed in 1994 by CEO Jean Deighan and CIO and president Jenifer Butler. Deighan is the principal, while Butler is currently just a shareholder.
Every client of this firm receives both investment management and financial planning services. Clients’ specific plans will be created based on their needs.
Deighan Wealth Advisors Investing Strategy
Clients’ liquidity needs can sometimes pose a dilemma for a largely long-term-focused firm like Deighan Wealth Advisors. Liquidity usually calls for quick returns and market timing, two principles that stand in stark contrast to long-term investing.
Regardless, the firm remains committed to and in favor of long-term investing and capital gain. This firm primarily invests in mutual funds, exchange-traded funds (ETFs), warrants, equities, commercial paper, certificates of deposit (CDs), corporate debt obligations, municipal securities, U.S. government securities and investment company securities.
Penobscot Financial Advisors
Penobscot Financial Advisors barely qualifies as a large advisory firm according to the SEC’s definition, as it has just $103 million in assets under management. This is one of just two firms on this list, alongside H.M. Payson, that does not have a set account minimum.
The firm has five staff members who are involved in some capacity in the management of client accounts. The team includes two certified financial planners (CFPs), one chartered financial analyst (CFA) and one accredited investment fiduciary (AIF).
The fee-based firm does staff some advisors who sell insurance policies on a commission basis. While this may create a potential conflict of interest, the firm is bound by fiduciary duty.
Penobscot Financial Advisors Background
Penobscot Financial Advisors is independently owned by CEO James Bradley, III and CCO Craig Joncas. It was founded in 2011.
The firm provides fairly typical services that are meant to cover all of your possible financial needs. These include:
- Retirement planning
- Estate planning
- Tax planning and minimization
- Needs assessments
- Investment planning
- Budget creation
- Cash flow analysis
- Risk analysis
- Debt strategies
- Asset management
- Wealth management
Penobscot Financial Advisors Client Experience
Your client-advisor relationship with Penobscot Financial Advisors will begin with a phone call, an email or a face-to-face meeting. Through discussions about your financial goals, risk tolerance, time horizon and liquidity needs, your advisor will build a plan through various investment scenarios.
Once all of the necessary information has been communicated and a plan is finalized, the firm will implement it by investing your assets into the agreed upon investment types, which typically include mutual funds and exchange-traded funds (ETFs). But the firm realizes that goals change and that its strategy must adapt in order for a portfolio to be successful. So if your objectives shift, you should let your advisor know and your portfolio will be rebalanced to accommodate your revised objectives.