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. 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. 

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.

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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 Certified Financial Planner™ (CFP®), chartered financial analyst (CFA), certified investment couselor (CIC) and more.

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.

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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 a chartered financial analyst (CFA).

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.

The firm’s services include wealth management, portfolio management, fiduciary consulting and trust services. 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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Great Diamond Partners is a fee-based firm that serves 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 Financial Planner™ (CFP®), certified exit planning advisor (CEPA) and chartered life underwriter (CLU) designations.

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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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 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 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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Aries Wealth Management is another fee-based firm in Portland. The team at Aries has members who hold the certified public accountant (CPA) and chartered financial analyst (CFA) designations.

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 one 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.

The firm offers a variety of financial services including asset management, comprehensive portfolio management, financial planning, estate planning and individualized investment advice. 

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.

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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 designations such as Certified Financial Planner™ (CFP®), certified public accountant (CPA) and 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.

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.

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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Robinson Smith Wealth Advisors in South Portland has a small staff of advisors on its team, including Certified Financial Planners™ (CFPs®) 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. 

The firm can help clients with investment management, financial planning, consulting, budgeting, education funding, insurance, retirement planning and estate planning.

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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Bangor-based Birchbrook works almost entirely with individuals. Within this group, most clients come in below the high-net-worth threshold, though the larger pool of assets under management belong to the high-net-worth clients. The firm also maintains advisory relationships with charities, retirement plans and businesses. This is a fee-only firm.

There is no specific account minimum necessary to become a client of Birchbrook. The team of advisors here hold designations including chartered financial analyst (CFA), certified trust and financial advisor (CTFA) and Certified Financial Planner™ (CFP®). 

Financial planning services at this firm are completely personalized to the client's individual needs. Services are also available for clients' trusts and estates.

According to Birchbrook's SEC-filed Form ADV, its "strategies are designed to meet client requirements, including risk tolerance and time horizon." This client-centric approach means you'll receive a custom plan as opposed to a model portfolio. When it comes to trading investments, the firm generally sticks to either long-term purchases (held for at least a year) or trades (held for less than 30 days). The firm believes in strong diversification, also indicating in its ADV that "any one security will not account for more than 10% of the total portfolio value unless so directed by the client."