Portland is the most populous city in Maine and it boasts a wealth of financial planning firms to match. Take a look at Benzinga’s list of the best financial advisors in the Portland area to guide your search.
Best Financial Advisors in Portland Near You:
- Best for Retirement Planning: Robinson Smith Wealth Advisors
- Best Robo-Advisor: M1 Finance
- Best for Nonprofits: HeadInvest
- Best for Divorce-Related Planning: Cornerstone Financial Advisors
- Best Portfolio Analysis: Personal Capital
- Best for Higher Education Professionals: Penobscot Financial Advisors
Best for Retirement Planning: Robinson Smith Wealth Advisors
Robinson Smith Wealth Advisors is a fee-only firm that serves New England with offices in Maine and New Hampshire. The firm offers comprehensive wealth management and investment advising. Robinson Smith has approximately 160 clients and focuses on individuals. It also serves businesses, trusts, estates and charities.
The firm can help you through major financial milestones like selling a business. It also takes special interest in the unique needs of female clients.
Robinson Smith’s specialty is as an advisor for retirement. The firm can help you start your journey or alter its course by prioritizing long-term investments. Robinson Smith uses evidence-based investments and modern portfolio theory to diversify your portfolio.
Investment management fees range from 1.00% to 0.40% of assets under management (AUM). Fees reduce as assets increase.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Financial planning services
- Selection of other advisers (including private fund managers)
Address
2 MONUMENT SQUARE SUITE 501PORTLAND ME, 04101
Phone number
207-874-9840
- Customizable Auto Investing
Best Robo-Advisor: M1 Finance
M1 Finance offers the convenience of a robo-advisor and an investment manager to automatically balance your portfolio according to your chosen portfolio strategy.
You can choose from over 80 portfolio strategies or customize with low-cost exchange-traded funds (ETFs) and individual stocks. M1 utilizes fractional shares as well.
An M1 Basic account has no management fees and a $100 minimum. M1 Premium is available if you have a minimum balance of $25,000. Premium has the added benefit of an afternoon trading window for more control of your investments.
M1 is best for knowledgeable investors, but you can also find success if you’re a beginner who enjoys a challenge.
Best for Nonprofits: HeadInvest
HeadInvest is a fee-only fiduciary that has operated in Portland since 1989. HeadInvest advises individuals and institutions and has expertise in personal wealth management.
Nonprofit clients qualify for a discount of up to 20%. Personal clients can find support for retirement planning or multi-generational wealth issues like inheritance. The firm is also able to meet the unique needs of business owners and female clients.
HeadInvest’s investment philosophy focuses on analysis for objective decision making. Advisors work with you to select an equity, fixed-income or balanced portfolio using a 3-step process:
- Select and prioritize assets for your portfolio mix.
- Purchase securities aligned with your asset allocation strategy.
- Ongoing analysis and pertinent rebalancing.
The firm has a tiered fee structure and starts at 1% of AUM for your 1st $1,000,000. The fee reduces to 0.75% at $2,000,000 and to 0.50% at $3,000,000.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Financial planning services
- Selection of other advisers (including private fund managers)
- Publication of periodicals or newsletters
- Educational seminars/workshops
- 401K EDUCATION; OUTSIDE INVESTMENT ANALYSIS
Address
7 CUSTOM HOUSE ST 4TH FLOORPORTLAND ME, 04101-4194
Phone number
207-773-5333
Best for Divorce-Related Planning: Cornerstone Financial Advisors
Cornerstone Financial Advisors is a fee-only firm that provides investment management, financial planning, divorce planning and hourly consulting. It also offers financial education workshops at $25 to $50 per session.
Cornerstone stands out because of its divorce planning services. The firm has 2 CFP®s who are also Certified Divorce Financial Planners (CDFP). A CDFP is especially able to recognize and mitigate the unique financial obstacles that may come with the dissolution of joint finances.
Cornerstone’s clients include individuals, trusts, estates and charitable organizations. Investment advising focuses primarily on mutual and exchange-traded funds. The firm’s fee structure starts at 1% of AUM for the 1st $1,000,000. It reduces to 0.60% and 0.30% at $1,000,0001 and $4,000,001, respectively.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Financial planning services
- Selection of other advisers (including private fund managers)
- Educational seminars/workshops
Address
,
Phone number
603-431-1133
- High Net Worth Individuals
Best Portfolio Analysis: Personal Capital
Personal Capital is a comprehensive financial planner and robo-advisor for high net-worth clients who can maintain a $100,000 account minimum.
Personal Capital is a digital platform, but you’ll also get access to a team of human advisors. Personal Capital assigns your account 2 professionals for more personalized advising if you maintain a balance of at least $200,000. Estate planning is available at a $1,000,000 balance.
All clients have access to comprehensive financial planning services. Personal Capital provides a clear view of your portfolio analysis. Portfolio design is goal-based and prioritizes tax optimization strategies. Investment management fees range from 0.89% to 0.49% of AUM annually.
Personal Capital offers all the perks of online investment with the personalized approach you expect from an advisor relationship.
Best for Higher Education Professionals: Penobscot Financial Advisors
Penobscot Financial Advisors offers financial planning and investment advisory services. You can also opt for comprehensive wealth management to combine the 2. The firm advises individuals, trusts, estates and charitable organizations.
Penobscot offers holistic wealth management to individuals employed by certain New England higher education institutions. It’s the independent firm that serves the most New England professionals with Teachers Insurance and Annuity Association of America (TIAA) plans. TIAA is an insurance annuity retirement plan for educators.
Financial planning costs a flat rate fee scaled by income. Investment management has a tiered fee structure between 0.15% of AUM to 0.75% AUM.
Frequently Asked Questions
Can financial advisors help mitigate debt?
Yes. A planner can advise you on best practices if debt management is part of your financial goal. But they can’t directly manage it for you. Your follow-through is key to successful debt management.
What’s the difference between financial planning and retirement planning?
Financial planning focuses on managing your wealth as you accumulate it, though comprehensive planning often includes retirement strategies. Retirement planning aims to maximize your accumulated income to ensure financial security after you stop working.
Which certifications should my financial planner have?
A planner should be a Certified Financial Planner™ (CFP®), certified public accountant (CPA) or chartered financial analyst (CFA). A CFP® is the most comprehensive certification. CPAs specialize in accounting and tax planning. CFA expertise lies in investment and financial analysis.
Benefit From a Financial Advisor
Make the most of your finances or get help with a niche concern with a professional financial advisor. Most financial advisor firms offer financial planning and investment management services, so you can set a clear strategy for the future while growing your income.
Most advisors offer a free initial consultation so take the 1st step and make an appointment today.
Methdology
To determine the top financial advisors in Portland, we pored through all SEC-registered advisory firms that have an office in Portland. We winnowed the list by only including advisors that are registered fiduciaries, have no past disclosures and have minimal personal conflicts of interest. To further break down the list to the true top advisors in the area, we gave weight to advisors that offer both investment management and planning, have no conflicts of interest, have offices in multiple states, have a wrap fee program and over $50 million in assets under management.