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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We match nearly 50,000 people with financial advisors per month. Get connected to an advisor that serves your area today.| Rank | Financial Advisor | Assets Managed | Minimum Assets | Financial Services | More Information |
|---|---|---|---|---|---|
| 1 | H.M. Payson  Find an Advisor | $8,129,599,283 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
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| 2 | R.M. Davis Inc.  Find an Advisor | $7,267,414,894 | $1,000,000 |
| Minimum Assets$1,000,000Financial Services
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| 3 | HeadInvest  Find an Advisor | $969,679,151 | $1,000,000 |
| Minimum Assets$1,000,000Financial Services
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| 4 | Old Port Advisors  Find an Advisor | $746,437,303 | $250,000 |
| Minimum Assets$250,000Financial Services
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| 5 | Great Diamond Partners, LLC  Find an Advisor | $613,396,493 | $5,000 minimum annual fee |
| Minimum Assets$5,000 minimum annual feeFinancial Services
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| 6 | Penobscot Financial Advisors  Find an Advisor | $434,543,021 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
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| 7 | Aries Wealth Management, LLC  Find an Advisor | $530,707,864 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
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| 8 | Bigelow Investment Advisors, LLC  Find an Advisor | $476,220,823 | $300,000 |
| Minimum Assets$300,000Financial Services
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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:
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AUMFirms with more total assets under management are ranked higher. -
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Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher. -
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Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher. -
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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
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. 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.
R.M. Davis
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. 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.
HeadInvest
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).
The heart of HeadInvest’s strategy is Price/Value analysis. This involves using computer-assisted quantitative techniques to do thhe following: Analyze a company’s financial quality and liquidit, 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.
Old Port Advisors
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. The firm’s services include wealth management, portfolio management, fiduciary consulting and trust services.
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.
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.
Great Diamond Partners
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 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.
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, 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.
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.
Aries Wealth Management
Aries Wealth Management, a fee-based firm, rounds out our list of the top advisors in Portland. 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.
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.
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.
Bigelow Investment Advisors
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. 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 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.
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.
