Finding the Top Financial Advisor Firms in Portland, Maine
If you’re considering working with a financial advisor in Portland, Maine, we can help you find one. The team at SmartAsset researched firms in the area to bring you the top financial advisors in Portland. We covered key details such as minimum investments, services offered and any advisor certifications. In addition, try SmartAsset's free tool that matches you with as many as three financial advisors serving your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||H.M. Payson Find an Advisor||$6,751,331,883||No set account minimum|| || |
Minimum AssetsNo set account minimum
|2||R.M. Davis, Inc. Find an Advisor||$6,804,970,153||$300,000|| || |
|3||Vigilant Capital Management, LLC Find an Advisor||$2,240,163,925||No set account minimum|| || |
Minimum AssetsNo set account minimum
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|4||Old Port Advisors, Inc. Find an Advisor||$1,108,742,667||$100,000|| || |
|5||HeadInvest Find an Advisor||$883,236,624||$500,000|| || |
|6||Robinson Smith Wealth Advisors, LLC Find an Advisor||$392,180,792||No set account minimum|| || |
Minimum AssetsNo set account minimum
|7||Bigelow Investment Advisors, LLC Find an Advisor||$419,377,895||$300,000|| || |
|8||Great Diamond Partners, LLC Find an Advisor||$671,174,324||No set account minimum|| || |
Minimum AssetsNo set account minimum
|9||Aries Wealth Management, LLC Find an Advisor||$367,462,622||No set account minimum|| || |
Minimum AssetsNo set account minimum
|10||Penobscot Financial Advisors Find an Advisor||$281,657,713||Varies based on account type|| || |
Minimum AssetsVaries based on account type
What We Use in Our Methodology
To find the top financial advisors in Portland, 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.
H.M. Payson is a fee-only firm serving individuals with and without a high net worth, retirement plans, investment companies, estates, trusts, foundations, charitable organizations and business entities. H.M. serves more than 3,000 clients.
Collectively, the firm’s staff qualifications feature 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.
H.M. Payson Background
H.M. Payson was founded in 1854 by Henry Martyn Payson, making it the oldest firm on this list. 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.
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.
With a minimum account size requirement of $300,000, R.M. Davis earns its compensation through asset-based fees, hourly charges and fixed fees. The fee-only firm manages assets for around 2,500 clients, most of whom are non-high-net-worth individuals. But the firm also serves charitable organizations, retirement plans, government entities and corporations. This is largest firm on this list in terms of assets under management (AUM).
R.M. Davis Background
Owned by nine shareholders, R.M. Davis began its operations back in 1978. The firm's leadership team boasts certifications like chartered financial analyst (CFA), certified financial planner (CFP), certified investment couselor (CIC) and more. The firm specializes in portfolio management, financial 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' research and portfolio management decisions are guided by the firm’s exploration of long-term economic, social and geopolitical trends, according to its website. In its focus on long-term trends, R.M. primarily utilizes quantitative and fundamental research.
R.M. says it mainly invests in individual equities, individual fixed-income securities and international equity mutual and/or exchange-traded funds (ETFs) traded on U.S. stock exchanges or available through U.S.-based transfer agents.
Vigilant Capital Management
Vigilant Capital Management is a fee-only firm, meaning the only money the firm earns is from client-paid fees. The firm does not provide a minimum account size, so technically anyone can become a client. Vigilant works with several different client types, most of whom are high-net-worth individuals, as well as some other individuals who don't fit in that group. Institutional clients include charitable organizations and retirement plans.
There are multiple advisors working at the firm holding many different designations such as certified financial planners (CFPs), chartered financial analysts (CFAs), certified public accountants (CPAs), certified exit planners (CExPs) and certified investment management analysts (CIMAs).
Vigilant Capital Management Background
Vigilant Capital Management was founded in 2002. The principal owner is its similarly-named parent company, VIGILANT Capital, LLC. The firm’s services include wealth planning, investment advice, trusts, retirement planning, estate planning, tax planning, banking, insurance planning and charitable planning.
Vigilant Capital Management Investment Strategy
Vigilant Capital Management puts together an investment portfolio for each client based on his or her individual needs and goals. This includes your personal risk tolerance, time horizon, income requirements and liquidity needs.
Most of the client assets Vigilant manages are invested in individual stocks traded on exchanges. The rest is split between various bond types, mutual funds and cash or cash equivalents.
Old Port Advisors
Old Port Advisors manages millions in assets for its clients. Most of the clients at the firm are individuals with less than a high net worth, though a lesser number do surpass that threshold. The only institutional clients at the firm are retirement plans and charitable organizations.
Old Port is one of only a few fee-based advisors on this list. 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 the certifications of a certified financial planner (CFP). The minimum investment to open an account is $100,000, 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, owns 100% of the company.
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 focus, though, is on putting together a balanced, global portfolio with value-oriented strategies. Most clients see their money invested in a mix of stocks, bonds, mutual funds and ETFs.
HeadInvest is a fee-only firm managing an array of clients, which includes a nearly even distribution of high-net-worth and non-high-net-worth individuals. There are also institutional clients of the firm, including retirement plans, charitable organizations, government entities and corporations.
The firm has a minimum account size of $500,000, though the firm may make exceptions to this rule. HeadInvest's team of advisors includes one chartered financial analyst (CFA).
HeadInvest was founded in 1989, making it one of the oldest firms on this list. It is owned entirely by the employees of the firm. The services clients can expect from HeadInvest include financial planning, investment management, retirement planning, philanthropic planning and financial counseling.
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
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.
Robinson Smith Wealth Advisors
Robinson Smith Wealth Advisors has a small staff of advisors on its team, including the certifications of certified financial planners (CFPs), certified investment management analysts (CIMAs) and certified private wealth advisors (CPWAs). The fee-only firm's clients include a nearly even mix of high-net-worth and non-high-net-worth individuals, plus institutional clients like charitable organizations, retirement plans and corporations.
Fees for financial planning are fixed or hourly, while fees for investment management are based on a percentage of assets under management. The firm’s SEC documents do not list a specific minimum account size.
Robinson Smith Wealth Advisors Background
Robinson Smith Wealth Advisors was founded in 1995. The principal owner and managing member of the firm are David P. Robinson. David M. Smith bought an ownership stake and became a managing partner in 2013. The firm helps clients with investment management, financial planning, consulting, budgeting, education funding, insurance, retirement planning and estate planning.
Robinson Smith Wealth Advisors Investment Strategy
Fundamental analysis, which involves reviewing the fundamental financial condition and position of companies being considered for investing, is the main method of analysis Robinson Smith Wealth Advisors uses for figuring out which investments are best for clients. Other factors the firm will account for include your risk tolerance, time horizon and financial goals. The money the firm manages is mostly invested in mutual funds, but securities, government bonds, corporate bonds and cash are also used.
Bigelow Investment Advisors
Bigelow Investment Advisors is a fee-only advisor managing millions 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 and charitable organizations.
The firm has multiple advisors on staff that hold designations such as chartered financial analysts (CFAs), certified financial planners (CFPs) and certified public accountants (CPAs). 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. The majority owners are president Kathryn M. Dion and CEO Gary L. Robinson. The firm also has one minority owner in Gorham Savings Bank, a local community bank in Maine.
The firm’s services include portfolio management, investment advice and financial planning. The financial planning services are only offered to clients who also use the firm for investment advice and are generally not offered as a separate service.
Bigelow Investment Advisors Investment Strategy
The money Bigelow Investment Advisors invests for its clients is split among multiple security types. These include stocks, municipal bonds, federal bonds, investment-grade corporate bonds, mutual funds, and cash and cash equivalents. The firm uses a variety of analytical tools to decide which securities to place customers’ money in. Factors that affect your portfolio include your time horizon, long-term goals and risk tolerance.
Great Diamond Partners
Fee-based firm Great Diamond Partners serves more than 250 clients, including non-high-net-worth individuals and high-net-worth individuals. Although it currently doesn't work with any, its services are also available for retirement plans, charitable organizations and corporations. The firm doesn’t have a minimum account size requirement.
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.
Aries Wealth Management
Aries Wealth Management, a fee-only firm, has one of the smallest advisor teams of any firm on this list. The team at Aries 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 portfolio management, fees are based on a percentage of your overall assets under management. Clients of Aries are nearly evenly split between individuals of high net worth and those who are not. The only institutional clients are a couple of charitable organizations.
Aries Wealth Management Background
Aries Wealth Management was founded in 2015, meaning its one of the youngest firms on this list. It is majority-owned by the president and founder Jason Viola and minority-owned by Laurie Latham, both of whom also serve as portfolio managers for the firm.
The firm offers a variety of financial services including asset management, comprehensive portfolio management, financial planning, estate planning, tax consideration and individualized investment advice.
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. Investments include stocks, government bonds, corporate bonds, mutual funds and cash or cash equivalents.
Penobscot Financial Advisors
Penobscot Financial advisors is a fee-only firm, meaning all of its compensation comes from client-paid fees. With several advisors on staff, certifications on the team include certified financial planners (CFPs), chartered financial advisors (CFAs) and accredited investment fiduciary (AIF).
There is no minimum account size for Penobscot's financial planning services. However, its investment services come with a $200,000 minimum. Clients here are mostly not high-net-worth, though some high-net-worth clients are also on the books. The only institutional clients the firm advises are charitable organizations, retirement plans and businesses.
Penobscot Financial Advisors Background
Penobscot Financial Advisors is a fairly young firm, having been 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. The majority of client assets are invested in mutual funds. Stocks and cash are also used, with a small investment in bonds.