Top Financial Advisors in Maine

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H.M. Payson, a fee-only firm in Portland, is the top-rated advisory practice in the state of Maine, according to our metrics. H.M Payson's clients are a combination of 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 4,000 individual and institutional clients. 

Collectively, the firm has a number of financial certifications including 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.

The firm does not have a set account minimum or minimum investment requirement. And as a fee-only practice, its advisors do not sell financial products for additional compensation. 

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. 

As for service offerings, the firm provides active management of equity and fixed-income portfolios, wealth management services and personalized financial planning. The firm also offers specialized solutions such as Payson Choice for goal-based planning, the Payson Total Return Fund, and H.M. Payson Private Markets, LP, which focuses on private equity and alternative investments for long-term growth.

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.

Accounts with less than $400,000 often receive asset allocations comprising mutual funds and ETFs. 

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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.

This fee-only firm manages assets for around 2,500 individual clients, most of whom do not have a high net worth. However, the firm also serves charitable organizations, retirement plans, government entities and corporations. 

As a fee-only firm, R.M. Davis and its advisors do not receive additional compensation for selling or recommending third-party products and services. The firm's leadership team boasts certifications like chartered financial analyst (CFA), Certified Financial Planner™ (CFP®), certified investment couselor (CIC) and more.

R.M. Davis Background

Owned by nine shareholders, R.M. Davis began its operations back in 1978. 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.

In addition to its main office in Portland, the firm has an office in Portsmouth, New Hampshire. 

R.M. Davis Investment Strategy

R.M. Davis follows a long-term investment strategy focused on individual equities, fixed-income securities, mutual funds, and ETFs. The firm tailors asset allocations to each client's objectives, which are regularly reviewed and adjusted. The investment approach emphasizes discipline and avoids market timing, favoring large- and mid-cap companies with growth potential.

For fixed-income securities, R.M. Davis typically employs a laddered maturity structure of up to 15 years. They maintain flexibility to adjust portfolios based on client needs or market conditions, and do not rely on environmental or social criteria in their investment decisions.

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HeadInvest is a fee-only firm managing an array of clients, but high-net-worth individuals comprise the largest share of the firm's client base. 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 $1,000,000 and charges a minimum annual fee of $10,000. HeadInvest's team of advisors includes one chartered financial analyst (CFA).

HeadInvest Background

Based in Portland, HeadInvest was founded in 1989, making it one of the older firms on this list. It is owned entirely by an entity called C-DSK LLC. HeadInvest's services are primarily centered on financial planning and portfolio management. 

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.

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Old Port Advisors is a fee-based advisory firm located in Portland. 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 firm also works with retirement plans, charitable organizations, corporations and other businesses. 

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 employees 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 Certified Financial Planner™ (CFP®) designation. 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 and was known as Investment Management Consulting Group until 2014. Fredric P. Williams, who serves as managing director of the firm, is the principal owner of the firm. Vice presidents Jason Foster, Tracy Rogers, Ben Daigle and Jake Kenyon are all minority owners. 

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.

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Penobscot Financial Advisors is another fee-only advisory firm located in Portland. The firm primarily serves individuals and high-net-worth individuals, but also maintains relationships with some charitable organizations and retirement plans. 

There is no minimum asset requirement to start a financial planning relationship with Penobscot, but there is a $200,000 account size minimum for wealth management and standalone asset management services. 

Penobscot Financial Advisors charges a wealth management fee of 1% for managing assets up to $1 million, with the rate decreasing for larger asset amounts. The firm also sets a minimum annual fee that varies based on the complexity and total household assets, excluding the primary residence. These fees are subject to negotiation at the advisor's discretion but can range from $3,900 to $6,300.

The firm has a number of accredited advisors on staff, including multiple chartered financial analysts (CFAs) and Certified Financial Planners™ (CFPs®), among others. And as a fee-only firm, Penobscot advisors do not receive third-party compensation for selling securities or insurance products. This eliminates the conflict of interest associated with selling commissioned products and services. 

Penobscot Financial Advisors Background

Penobscot Financial Advisors, which is currently registered with the SEC under the name “Penobscot Wealth Management,” was initially founded in 2000 as Bradley & Johndrow. It’s been known as Penobscot Financial Advisors since 2011. 

The firm is jointly owned by James E. Bradley III and Craig A. Joncas, who both hold significant stakes in the company.

Penobscot Financial Advisors offers comprehensive wealth management services, including financial planning, consulting and discretionary investment management. Their financial planning services address areas such as retirement planning, investment strategy and personal savings. Additionally, they offer retirement plan advisory services to help plan sponsors meet fiduciary obligations. These services are personalized to each client's financial situation and objectives.

Penobscot Financial Advisors Investment Strategy

Penobscot Financial Advisors emphasizes a long-term investment approach and strategic asset allocation. Their typical investment vehicles include securities, real estate investment trusts (REITs), and maintaining cash positions to balance and diversify portfolios.

The firm tailors its investment strategies to align with each client's unique investment goals, financial situation, time horizon and risk tolerance. Additionally, other relevant factors that influence financial planning are considered to ensure a comprehensive and personalized investment experience.

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Great Diamond Partners is a fee-based firm that serves more than 300 clients, including non-high-net-worth individuals and high-net-worth individuals. The firm also works with pension and profit-sharing plans, as well as charitable organizations. 

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.

The firm doesn't have an account minimum, but it does charge a minimum annual fee of $5,000.

Great Diamond’s team has 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 also works with a third-party company to handle insurance needs of clients. 

Based in Portland, 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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Located in Bangor, VanceGray Wealth Management is the only firm on this list not based in Portland. This fee-based practice mainly works with individuals below the high-net-worth mark, but also serves those above it. Additionally VanceGray works with some retirement plans, charities, corporations and other businesses. 

The firm does not require a minimum account size to engage their services. For financial planning and consultations, they charge an hourly rate of $300, though this can be negotiated beforehand. When it comes to asset management, the firm applies a management fee that combines a flat fee with a percentage of the assets under management. For the first $1 million in assets, the fee is set at 1%. These fees can be adjusted under special circumstances at the firm's discretion.

VanceGray's small advisory team includes two advisors who hold the Certified Financial Planner™ (CFP®) designation – one of whom is also a certified public accountant (CPA). In addition to client-paid fees, advisors on staff can receive sales commissions from insurance products that advisory clients purchase through them. While this is a conflict of interest, the firm must act in clients' best interests as a fiduciary. 

VanceGray Wealth Management Background

VanceGray Wealth Management was founded in 2007 and is solely owned and operated by Vance Gray. While the firm is registered with the SEC as Gray Wealth Management, Inc., it conducts business as VanceGray Wealth Management.

In addition to portfolio management, the firm offers comprehensive financial planning that includes a thorough review of the client's financial status, personal ambitions and risk preferences. The firm provides specialized consultative services addressing particular areas such as estate planning, education planning and retirement planning, based on individual client requests.

For clients with 401(k) plans, the firm offers advisory services that focus on aligning asset management with the client's goals, investment objectives, tax considerations and risk tolerance. Pension consulting is also available, aiding in the setup of both defined benefit and defined contribution plans.

VanceGray Wealth Management Investment Strategy

VanceGray Wealth Management relies on a tactical allocation strategy to diversify portfolios and uses cash positions strategically to hedge against market fluctuations.

The firm invests in a variety of assets including exchange-listed and over-the-counter securities, securities from foreign issuers, corporate debt and certificates of deposit. Additionally, they invest in municipal and treasury securities, life insurance, annuities and mutual fund shares.

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Robinson Smith Wealth Advisors in South Portland has a small staff of advisors on its team, including Certified Financial Planners™ (CFP®) and advisors with the certified investment management analyst (CIMA) and certified private wealth advisor (CPWA) designations.

The fee-only firm's client base comprises slightly more high-net-worth individuals than non-high-net-worth individuals. It also works with at least one charitable organization. The firm notes in its SEC-filed documents that most of its clients invest at least $1 million, although the firm may accept clients with less. 

Fees for financial planning are fixed or hourly, while fees for investment management are based on a percentage of assets under management. 

Robinson Smith Wealth Advisors Background

Robinson Smith Wealth Advisors was founded in 1995. The principal owners of the firm are David Smith and Tracey Daigle, who are both senior financial advisors.  

The firm can help 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. A client's assets may be invested in a combination of money market funds, mutual funds, ETFs, target date exchange-traded funds, closed-end funds, interval funds, individual fixed-income securities, stocks, options, structured notes, as well as a real estate private equity fund.

The firm also works with a number of clients interested in investing based on environmental, social and governance criteria (ESG).

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Bigelow Investment Advisors is a fee-only advisor managing millions in client assets. A majority of clients of the firm are individuals below the high net worth threshold, although a large percentage have a high net worth. Institutional clients include retirement plans, charitable organizations, other investment advisors and corporations.

The firm has multiple advisors on staff who hold the Certified Financial Planner™ (CFP®) designation, as well as one certified public accountant (CPA) and one chartered financial analyst (CFA).

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 and has been majority-owned by Gorham Savings Bank since 2022. However, starting January 1, 2025, Maine Community Bank will become the majority owner of Bigelow Investment Advisors following a merger between Gorham Savings Bank and Maine Community Bank.

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. The firm may invest in a combination of  individual stocks and bonds, ETFs, mutual funds, real estate investment trusts 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. Bigelow places an emphasis of diversification and asset allocation, and does not use frequent trading, trading on margin or market timing strategies.

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Aries Wealth Management, a fee-based firm in Portland, rounds out our list of the top financial advisors in the Pine Tree State. Aries 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, although a majority of clients have a high net worth. For both asset management and portfolio management, fees are based on a percentage of your overall assets under management. The only institutional clients are a couple of charitable organizations and retirement plans.

At least of advisor on staff is a licensed insurance agent and receives additional compensation when selling insurance products. This is a conflict of interest because third-party compensation, like sales commissions, create a financial incentive to recommend certain products and services over others. However, Aries Wealth Management is a fiduciary and must act in clients' best interests.

Aries Wealth Management Background

Aries Wealth Management was founded in 2015, meaning its one of the youngest firms on this list. It is wholly owned by the president and founder Jason Viola.

The firm offers a variety of financial services including asset management, comprehensive portfolio management, financial planning, estate planning 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 individual stocks or bonds, ETFs, options, mutual funds, as well as other public and private securities or investments.