Maine RIA Landscape — 2025

A data-driven overview of SEC-registered wealth advisory firms headquartered in Maine, including growth trends, succession risk analysis, and M&A opportunity signals.

Source: SEC Form ADV · Updated Q4 2024

Total Firms

40

Total AUM?

$25.0B

Median AUM

$223M

13F Filers

13

AUM Tier Distribution

Under $100M4

$100M–$500M25

$500M–$1B6

$1B–$5B4

$5B+1

State Snapshot

Total Firms40

Total AUM$25.0B

Median AUM$223M

13F Filers13

High Succession Risk4

Elevated Succession Risk8

Succession Risk Breakdown

High

4 firms (10%)

Elevated

8 firms (20%)

Moderate

9 firms (23%)

Lower

19 firms (48%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
HARPSWELL CAPITAL ADVISORS, LLC	YARMOUTH	$497M	+22.9%	Lower
COSTON, MCISAAC, AND PARTNERS INC.	BAR HARBOR	$467M	+20.1%	Elevated
PENOBSCOT WEALTH MANAGEMENT	PORTLAND	$435M	+19.9%	Lower
GREENBACKER CAPITAL MANAGEMENT LLC	PORTLAND	$3.4B	+19.6%	Moderate
VIGILANT CAPITAL MANAGEMENT, LLC	PORTLAND	$2.2B	+16.6%	Moderate
GRAY WEALTH MANAGEMENT, INC	BANGOR	$329M	+16.2%	Moderate
RM FINANCIAL SERVICES, LLC	FALMOUTH	$221M	+15.0%	Lower
MEANS INVESTMENT CO., INC.	BANGOR	$1.3B	+13.2%	Lower

M&A Opportunity Signals

🎯

11Acquisition candidates

Firms with elevated/high succession risk and AUM $100M–$5B

📈

3Growing but vulnerable

Positive 3Y CAGR with high succession risk — attractive for acquirers

📉

2Mid-market shrinking

AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk

🔒 Top 25 Acquisition Targets — Ranked by Composite Score

Rank	Firm	AUM	Score
1	COSTON, MCISAAC, AND PARTNERS INC.	$467M	46.4
2	PORTLAND GLOBAL ADVISORS LLC	$1.0B	44.3
3	GIBSON FINANCIAL SOLUTIONS, INC.	$125M	43.6
4	CLARK & STUART INC	$168M	39.8
5	ALPHA CAPITAL ADVISORS, INC	$130M	32.9
6	BIGELOW INVESTMENT ADVISORS, LLC	$555M	27.1

🔒

Acquisition Target Rankings

Full ranked list of 25 acquisition targets with composite scores based on succession risk, growth trajectory, and peer benchmarking.

Methodology. This report covers SEC-registered investment advisers classified as wealth advisory firms (filter: is_wealth_advisory = true) headquartered in Maine. AUM figures are drawn from the most recent Form ADV filing. Succession risk tiers are computed using a proprietary 5-pillar model incorporating founder tenure, ownership concentration, AUM dependency, team depth, and filing recency. Growth CAGR is calculated from the three most recent annual filings where available. Acquisition scores blend succession risk (40%), AUM growth trajectory (35%), and national peer rank (25%). Data sourced from SEC EDGAR. This page is for informational purposes only and does not constitute investment advice.