Question 1

How can I find a reputable financial advisor in Maine?

Accepted Answer

To find a reputable financial advisor in Maine, you can start by asking for referrals from friends and family members who have worked with financial advisors in the past. You can also research financial advisors online using respected regulatory organizations like FINRA and the SEC, and look for credentials such as the Certified Financial Planner (CFP) designation. For a convenient and reliable option, we recommend using  the free financial advisor match tool that helps you connect with pre-screened and vetted advisors specifically matched to your financial goals.

Question 2

What qualifications and certifications should I look for in a financial advisor in Maine?

Accepted Answer

When evaluating the qualifications of financial advisors in Maine, it is important to look for someone who is licensed and registered with the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). You may also want to consider their educational background, years of experience, and any relevant certifications, like Certified Financial Planners (CFP), Chartered Financial Analysts (CFA), Chartered Financial Consultants (ChFC), etc. To further explore the various credentials an advisor can hold, read more about advisor designations.

Question 3

What types of services can I expect from a financial advisor in Maine?

Accepted Answer

Financial advisors in Maine may offer a range of services, such as investment management, retirement planning, wealth management, estate planning, and more. Some advisors may specialize in one area, while others may offer multiple financial services. By clicking on the "View full profile" button of any vetted financial advisor in our Maine directory, you can access detailed information about an advisor's services, fees, credentials, and more. In the "Advisory Services Provided" section, you will be able to confirm what specific services are offered by an advisor.

Question 4

How can a financial advisor in Maine help with retirement planning?

Accepted Answer

A financial advisor in Maine can help you plan for retirement by assessing your current financial situation, determining your retirement goals, and creating a personalized retirement plan. They may consider factors like your desired retirement age, lifestyle expectations, and risk tolerance to determine the savings needed. Advisors can also help select suitable retirement accounts like IRAs, 401(k)s, etc., guide investment decisions, analyze Social Security benefits, and provide the guidance you need for a successful retirement. If you are seeking to learn more about how a financial advisor can help you secure your financial future in retirement, learn more about  why you should hire a retirement advisor.

Question 5

What is the typical fee structure for financial advisors in Maine?

Accepted Answer

Financial advisors in Maine can be compensated through fees, commissions, or a mix of both. Fee-only advisors charge fees solely for their services and don't earn commissions from product sales. Fee-based advisors may follow a hybrid model, combining commissions and fees. Commission-based advisors earn their income solely by selling financial products and receive a percentage of the sale. To learn more about financial advisor fees and the factors affecting them, explore the costs of hiring a financial advisor.

Question 6

How often should I meet with my financial advisor in Maine?

Accepted Answer

How often you should meet with your financial advisor in Maine may depend on your specific financial situation and goals. For complex finances, you may need to meet with your financial advisor weekly or monthly, while for those with regular income and simpler investments, quarterly or annual meetings may be enough. Your advisor can assist in determining the suitable meeting frequency based on your circumstances. Read on to learn more about  how often you should meet with your advisor.

Question 7

Are there financial advisors in Maine who are familiar with the state's unique regulations and incentives for small business owners?

Accepted Answer

Yes, there are financial advisors in Maine who provide financial guidance for small businesses and are familiar with the unique regulations and incentives for small business owners in the state. These advisors can provide tailored guidance and strategies to help small business owners navigate complex tax laws, take advantage of available incentives, and optimize their financial operations to achieve their business goals. To further explore how financial advisors listed on our directory for the state of Maine can support you, read on about  if you need a financial advisor as a small business owner.

Question 8

What questions should I ask during the initial consultation with a financial advisor in Maine?

Accepted Answer

During the initial consultation with a potential financial advisor in Maine, it's recommended to ask them about their experience, areas of expertise, investment philosophy, fee and compensation methods, and their approach to financial planning. You should also ask about their fiduciary duty, which means they are legally and ethically bound to act in your best interests. It's important to choose an advisor who communicates clearly and transparently and whose values align with your own. To further understand if a financial advisor is best suited to your financial needs, consider using the following 10 key questions you should ask your financial advisor.

Question 9

Can a financial advisor in Maine assist with philanthropic planning and charitable giving?

Accepted Answer

Yes, a financial advisor in Maine can assist with philanthropic planning and charitable giving. They can help you develop a philanthropic strategy that aligns with your values and financial goals, as well as provide guidance on charitable giving options, such as establishing a donor-advised fund or creating a charitable trust. They can also help you incorporate charitable planning into your overall financial plan and provide guidance on selecting the right charities to support. To learn more about how an advisor can assist you, read more about charitable planning strategies.

Question 10

Can I read reviews or testimonials from other clients who have worked with financial advisors in Maine?

Accepted Answer

Yes, reading reviews or testimonials from other clients who have worked with a financial advisor in Maine can be helpful when choosing a financial advisor best suited for your goals. You may also want to consider your specific financial needs, conduct thorough background checks, look for relevant credentials, and research advisor's fee structures. By following these steps, you can make a more informed choice when selecting a financial advisor who meets your specific needs and demonstrates the necessary credentials and ethical standards. For more information, refer to this guide on  choosing the best financial advisor in Maine.

Question 11

How can a financial planner in Maine help me minimize my taxes?

Accepted Answer

Many financial planners and wealth managers in Maine are also tax professionals or work closely with tax professionals to help clients with tax planning and preparation. These professionals can help you minimize your taxes by analyzing your current tax situation, identifying tax-saving strategies, and recommending tax-efficient investment options. However, WiserAdvisor's directory may not include advisors that specialize in taxes. In the "Advisory Services Provided" section, you will be able to confirm if tax advice and tax preparation services are among the services they offer.

Question 12

How can I check if a financial advisor in Maine has any disciplinary actions or complaints filed against them?

Accepted Answer

To check if a financial advisor in Maine has any disciplinary actions or complaints filed against them, you can use the Financial Industry Regulatory Authority's (FINRA) BrokerCheck tool. This tool enables individuals to complete a thorough background check on financial professionals like brokers, brokerage firms, financial advisors, investment advisors, advising firms, etc. The detailed information provided through BrokerCheck includes their employment history, certifications, licenses, and active or past violations within the last ten years so that you can make an informed decision while hiring an advisor. We recommend  using this guide to learn how to use BrokerCheck to evaluate a financial advisor's credentials.

Question 13

What are the key factors to consider when choosing a financial advisor for comprehensive financial planning in Maine?

Accepted Answer

When choosing a financial advisor in Maine, it's important to consider key factors including an advisor's qualifications, experience, and method of compensation. Additionally, it's important to consider their investment philosophy, approach to financial management, and whether a financial advisor is bound to act in your best interests. To ensure you are making an informed decision and choosing the right financial advisor to manage your finances, we recommend our guide on the  5 things to consider when hiring a financial advisor.


H.M. PAYSONPortland, ME	33	4017	$6,955,171,652	A percentage of AUM, Fixed fees
R M DAVIS INCPortland, ME	57	5680	$6,315,757,763	A percentage of AUM, Hourly charges, Fixed fees
GREENBACKER CAPITAL MANAGEMENT LLCPortland, ME	200	7	$3,800,000,000	A percentage of AUM, Performance Based
MEANS WEALTH MANAGEMENTBangor, ME	21	3038	$976,990,954	A percentage of AUM, Hourly charges, Other (PROVIDE GENERAL ADVICE & FIN. PLANNING SVCS FOR A NEGOTIATED FEE)
HEADINVESTPortland, ME	16	1240	$897,644,886	A percentage of AUM, Hourly charges, Fixed fees
PORTLAND GLOBAL ADVISORS LLCPortland, ME	11	813	$894,628,115	A percentage of AUM, Fixed fees
OLD PORT ADVISORSPortland, ME	12	2276	$698,391,919	A percentage of AUM, Hourly charges, Fixed fees
GREAT DIAMOND PARTNERS, LLCPortland, ME	10	1618	$613,396,493	A percentage of AUM, Hourly charges, Fixed fees
FOW PARTNERS, LPPortland, ME	19	5	$611,986,075	A percentage of AUM, Performance Based
BIGELOW INVESTMENT ADVISORS, LLCPortland, ME	7	869	$476,220,823	A percentage of AUM, Fixed fees
HARPSWELL CAPITAL ADVISORS, LLCNew Gloucester, ME	7	56	$446,184,778	A percentage of AUM
PENOBSCOT FINANCIAL ADVISORSPortland, ME	11	1925	$434,543,021	A percentage of AUM, Hourly charges, Fixed fees
ARIES WEALTH MANAGEMENT, LLCPortland, ME	5	557	$426,103,505	A percentage of AUM
COSTON, MCISAAC & SHEA FINANCIAL ADVISORSBar Harbor, ME	10	1513	$405,676,340	A percentage of AUM, Fixed fees
ROBINSON SMITH WEALTH ADVISORS, LLCSouth Portland, ME	7	790	$334,336,216	A percentage of AUM, Fixed fees

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