Top Financial Advisors in Portland, ME

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H.M. Payson is a fee-only firm that ranks No. 1 on our list of the top financial advisors in Portland, Maine. H.M Payson serves individuals with and without a high net worth, as well as retirement plans, investment companies, estates, trusts, foundations, charitable organizations and business entities. H.M. serves more than 4,000 individual and institutional clients. 

While the firm does not have a minimum investment or account size requirement, clients with less than $1 million are typically managed by Payson Choice, an account offering that H.M. Payson created in 2019 for investors with lower asset levels. 

The team at H.M Payson includes advisors with the Certified Financial Planner™ (CFP®), chartered financial analyst (CFA), certified trust and financial advisor (CTFA), chartered alternative investment analyst (CAIA) and chartered SRI counselor (CSRIC) designations.

As a fee-only practice, H.M. Payson's revenue comes from client-paid fees, not third-party sales commissions. Advisors on staff do not receive commissions for selling or recommending certain products and services. 

H.M. Payson Background

H.M. Payson was founded in 1854 by Henry Martyn Payson, making it the oldest firm on this list by far. The firm is owned by eight employees who are managing directors. Financial planning, portfolio management, pension consulting, publication of periodicals and newsletters and educational seminars are among H.M.’s key advisory services. 

In addition to its spot atop this list, H.M. Payson is also ranked No. 1 on our list of the top financial advisors in Maine. 

H.M. Payson Investment Strategy

H.M. Payson says it aims to reduce portfolio risk through diversification and prudent risk management. The firm also uses a variety of proprietary investment models, and it employs conservative options strategies when dealing with client portfolios. 

H.M. constructs diversified portfolios consisting of individual common stocks, including foreign companies trading as American Depository Receipts, exchange-traded funds (ETFs) and mutual funds, individual bonds, fixed-income securities and money market funds, according to its firm brochure.

When it comes to management style, the firm relies on an active approach for both equity and fixed-income portfolios.

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With a minimum account size requirement of $1 million, R.M. Davis earns its compensation through asset-based fees, hourly charges and fixed fees. The fee-only firm manages assets for more than 2,300 clients, most of whom are non-high-net-worth individuals. But the firm also serves charitable organizations, retirement plans, government entities and corporations. 

With over $6 billion in assets under management (AUM), R.M. Davis manages the second-most money on our list after H.M. Payson, which has nearly $7 billion in AUM. 

The team at R.M. Davis features advisors with the chartered financial analyst (CFA), Certified Financial Planner™ (CFP®) and certified public accountant (CPA) designations, among others. However, these advisors do not receive third-party compensation when recommending certain products and services to advisory clients, which would constitute a conflict of interest. This means R.M. Davis is a fee-only firm. 

R.M. Davis Background

Owned by nine shareholders, R.M. Davis began its operations back in 1978. The firm specializes in investment management, portfolio consulting services, wealth management and financial planning services, trustee and trust administration services, as well as personal affairs management servicesfinancial planning and selection of other advisors. But the firm also offers trust services, personal affairs management and wealth management.

R.M. Davis Investment Strategy

R.M. Davis takes a long-term approach to investing, emphasizing disciplined investing that avoids market timing, even during periods of volatility. The firm discourages strategies aimed at capitalizing on short-term market fluctuations, as they believe these carry significant risks and do not align with responsible long-term financial planning.

Instead, R.M. Davis focuses on building portfolios that are resilient over time, designed to endure market downturns while preparing for the future.

The firm's equity investments typically follow a blended style, with a focus on companies of various market capitalizations, particularly large- and mid-cap companies. R.M. says it mainly invests in individual equities, individual fixed-income securities, equity mutual  funds and/or exchange-traded funds (ETFs), as well as cash.

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HeadInvest is a fee-only firm managing assets for an array of clients, which includes a higher distribution of high-net-worth individuals. The firm also works with individual clients below the high-net-worth line, as well as institutional clients like retirement plans, charitable organizations, government entities and corporations. 

The firm has a minimum account size of $1 million, though the firm may make exceptions to this rule. HeadInvest's team of advisors includes two chartered financial analysts (CFAs).

HeadInvest Background

HeadInvest was founded in 1989 by Donald L. Head, making it one of the older firms on this list. It is owned entirely by C-DSK LLC. The services clients can expect from HeadInvest include financial planning, investment management, retirement planning, tax planning, charitable giving, education planning and estate planning.

HeadInvest Investment Strategy

The heart of HeadInvest’s strategy is Price/Value analysis. This involves using computer-assisted quantitative techniques to do the following:

• Analyze a company’s financial quality and liquidity
• Create a theoretical valuation for stock and compare it to the actual value
• Find companies with a good price compared to earnings, dividends and book value

There are a number of standard strategies for HeadFirst clients: core, growth and dividend value are the main strategies, but the firm can also come up with a custom strategy if a customer wants.

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Old Port Advisors manages nearly $700 million in assets for its clients. Most of the firm's clients are individuals below the high-net-worth theshold, though a lesser number do have a high net worth. The only institutional clients at the firm are retirement plans and charitable organizations. 

Like some other firms on this list, Old Port is a fee-based advisor. In addition to investment management fees based on a percentage of assets under management, some members of the firm may make money from selling insurance to clients. This can create a potential conflict of interest, but when working as advisors, the staff must act in the best interest of the client.

The firm's team includes advisors with the Certified Financial Planner™ (CFP®) designation, as well as the chartered life underwriter (CLU), charterd financial consultant (ChFC), certified divorce financial analyst (CDFA) and charterd retirement planning counselor (CPRC) credentials. The minimum investment to open an account is 250,000, though the firm may be willing to waive this requirement.

Old Port Advisors Background

Old Port Advisors was founded in 1994, making it one of the older firms on this list. Until 2014, the firm was known as Investment Management Consulting Group. Fredric P. Williams, who serves as managing director of the firm and its principal owner. However, in January 2024, Williams transferred minority interests in the business to Jason Foster, Tracy Rogers, Ben Daigle and Jake Kenyon.

The firm’s services include:

• Wealth management
• Portfolio management
• Fiduciary consulting
• Trust services

Old Port Advisors Investment Strategy

A client’s individual goals are incredibly important to Old Port's advisors when they draw up an investment plan. The firm may rely on global, balanced or value-oriented investment strategies when designing and managing client portfolios. Most clients see their money invested in a mix of domestic and international stocks and funds. 

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Penobscot Financial advisors is a fee-only firm, meaning all of its compensation comes from client-paid fees. With several advisors on staff, the team comprises Certified Financial Planners™ (CFPs®), chartered financial analysts (CFAs) and other accredited professionals.

There is no minimum account size for Penobscot's financial planning services. However, wealth management and standalone asset management services come with a $200,000 minimum. Clients here are mostly not high-net-worth individuals, though some high-net-worth clients are also on the books. The only institutional clients the firm advises are charitable organizations and retirement plans.

Penobscot Financial Advisors Background

Penobscot Financial Advisors was founded in 2011. Its owners are James E. Bradley III, who is the chief investment officer (CIO), and Craig A. Joncas, who is the CEO. The firm’s services include wealth management, financial planning, investment planning, retirement planning, personal savings, education savings and investment management.

Penobscot Financial Advisors Investment Strategy

Advisors at Penobscot use fundamental, technical, cyclical, behavioral and charting analysis to build portfolios for clients. Long-term investments are preferred, the firm’s advisors also make some short-term purchases as well. Portfolios typically comprise mutual funds, closed end funds, hedge funds and/or exchange-traded funds (ETFs). Individual stocks, bonds or options contracts may also be included in clients' portfolios.

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Fee-based firm Great Diamond Partners serves more than 300 clients, including non-high-net-worth individuals and high-net-worth individuals. The firm also works with retirement plans and charitable organizations. The firm doesn’t have a minimum account size requirement, but it does charge a minimum annual fee of $5,000, which means clients with less than $500,000 under management will pay a management fee of more than 1%. 

Asset-based fees, hourly fees and fixed fees mainly make up the firm’s advisory charges, but some advisors may also earn commissions from insurance products. This can create a potential conflict of interest. However, the firm honors a fiduciary duty to protect each client’s best interests.

Great Diamond’s team presents a range of qualifications, including the certified exit planning advisor (CEPA), Certified Financial Planner™ (CFP®) and chartered life underwriter (CLU) designations.

Great Diamond Partners Background

Founded in 2019, Great Diamond primarily focuses on portfolio management, financial planning and business transition planning advisory services. The firm’s owners are its founding partners, Steven Tenney, Joseph Powers, Helen Andreoli and John Piper.

Great Diamond Partners Investment Strategy

Great Diamond uses a number of investment methods when selecting securities. This includes fundamental analysis, technical analysis and modern portfolio theory (MPT). The firm also employs long-term purchases and margin transactions when handling client assets. 

Great Diamond says on its firm brochure that it chooses investment strategies based on each client’s risk tolerance, time horizon, financial information, liquidity needs and other factors.

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Robinson Smith Wealth Advisors has a small team that includes advisors who hold the Certified Financial Planner™ (CFP®), certified investment management analyst (CIMA) and certified private wealth advisor (CPWA) designations. The fee-only firm's clients include a nearly even mix of high-net-worth and non-high-net-worth individuals. The firm can also work with insitutional clients, like charities and retirement plans. 

Robinson Smith requires an initial investment of at least $1 million, although it may accept clients with less. Fees investment management are based on a percentage of assets under management. While the firm typically doesn't charge clients a separate fee for financial planning, it doesn offer standalone financial planning and consulting services for a fixed fee that can range between $5,000 and $50,000.

Robinson Smith Wealth Advisors Background

Robinson Smith Wealth Advisors was founded in 1995 by David Robinson. In 2013, he teamed up with David Smith to form Robinson Smith. Robinson retired in 2022, leaving Smith as one of two principal owners of the business. Tracey M. Daigle, a senior financial advisor who joined the practice in 2019, is the principal owner of the firm. Daigle is also the firm's chief compliance officer.

The firm helps clients with investment management, financial planning, consulting, education planning, insurance and risk management, retirement planning and estate planning.

Robinson Smith Wealth Advisors Investment Strategy

Robinson Smith's investment strategy involves allocating client assets across a diverse range of investment vehicles, including money market funds, mutual funds, ETFs, target date ETFs, closed-end funds, and individual securities such as stocks, bonds and structured notes. The firm can also incorporate ernvironmental, social and governance (ESG) criteria for clients interested in socially responsible investing.

Additionally, RSWA may recommend independent investment managers for asset management or exchange funds for clients with concentrated stock positions. The firm uses both long-term and short-term purchase strategies and consults with clients regularly to ensure that investments align with their risk tolerance, goals, and financial objectives.

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Bigelow Investment Advisors is a fee-only firm managing nearly a half billion dollars in client assets. Clients of the firm are mostly non-high-net-worth individuals, with some high-net-worth individuals as well. Institutional clients include retirement plans, charitable organizations, at least one business and one other investment advisor. 

The firm has multiple advisors on staff with professional credentials, including the chartered financial analyst (CFA), Certified Financial Planner™ (CFP®) and certified public accountant (CPA) designations. There is a minimum account size requirement of $300,000 at this firm. If you can't reach this minimum but expect to be able to in the future, they may still take you on as a client.

Bigelow Investment Advisors Background

Bigelow Investment Advisors was founded in 2007 by Kathryn M. Dion and Gary L. Robinson. Gorham Savings Bank, a Maine-based community bank, acquired a majority stake in the business in 2022. Meanwhile, employees Michael Christopher Moore, Patrick Benjamin Flood, and Racquel Heath Tibbett are minority owners. 

The firm’s services include portfolio management, investment advice and financial planning. The financial planning services are offered to clients who also use the firm for investment advice. However, Bigelow also own to working with clients who want separate, standalone financial planning services without the ongoing portfolio management.  

Bigelow Investment Advisors Investment Strategy 

The money Bigelow Investment Advisors invests for its clients is split among multiple security types. The firm emphasizes the use of diversification and asset allocation, and takes a long-term approach to investing. Bigelow may invest in individual stocks and bonds, ETFs, mutual funds, real estate investment trusts (REITs) and cash equivalents. In line with their long-term investing strategy, the firm does not engage in frequent trading, marking timing tactics or trading on margin. 

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Aries Wealth Management, a fee-based firm, rounds out our list of the top advisors in Portland. Aries has one of the smallest advisor teams of any firm on this list, but it includes two certified public accountants (CPAs) and one chartered financial analyst (CFA).

There is no minimum account size for services at this firm. For both asset management and comprehensive portfolio management, fees are based on a percentage of your overall assets under management. Aries clients are nearly evenly split between individuals of high net worth and those who are not. The firm also manages the money of a small number of retirement plans and charitable organizations.

At least one person on staff is a licensed insurance agent and can receive sales commissions when they recommend products to advisory clients. While this is a conflict of interest, Aries has a fiduciary duty to act in clients' best interests. 

Aries Wealth Management Background

Aries Wealth Management was founded in 2015, making it one of the youngest firms on this list. Jason Viola, the firm's president and founder, owns 100% of the business. 

The firm offers a variety of financial services including asset management and comprehensive portfolio management – the latter of which combines asset management and financial planning services.

Aries Wealth Management Investment Strategy

At Aries Wealth Management, advisors use charting, cyclical analysis, fundamental analysis and technical analysis to figure out what securities to invest client money in. Both short- and long-term purchases may be used. Portfolios may include individual stocks, bonds, ETFs, options, mutual funds and other public and private securities or investments.