February 20, 2023

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V O L . X X I X N O. I V F E B R UA R Y 2 0 , 2 0 2 3 22 W E A LT H M A N A G E M E N T / R E T I R E M E N T F O C U S and that investors should be looking for advisors that are true fiduciaries, operating in a fee-only capacity." In 2021, the firm promoted Barry from CFO to CEO after Zachary Means, the firm's third-generation leader, moved from CEO to president. Barry is the first non-family member to serve as CEO. Founded in 1935, the family-owned has offices in Bangor, Presque Isle and Greenville and Greenwood, S.C. It has $766 million in assets under management; $676 million was in Maine. e figures represent a doubling of assets under management in the past five years. Barry says she believes the activity is due in large part to Means Wealth's service model. Barry says clients are "tired of poor service levels and the lack of quality advice they are receiving from others in the industry. ey want advi- sors who are accessible and transpar- ent. ey also want full-scale planning, which is why we have been beefing up our services to ensure that it's not just investments — it's retirement planning, tax advice and estate protection, among many other things." Additional growth activity includes recently moving their Greenville, S.C., location to a newly renovated building in the heart of downtown Greenville. 'Business of life' Over the past couple of years, Portland- based wealth management firm R.M. Davis Inc. added a dozen or so employ- ees, today employing about 60 people and managing approximately $6 billion in assets for clients in 45 states and sev- eral foreign countries. In recent months, the firm has named five new managing directors and added new hires to its Portsmouth, N.H., office. Plans also include growing their research department. "We've grown in a deliberate and meaningful way," says CEO Geoffrey Alexander. It also has undergone substan- tive strategic planning over the last few years that touches technology, operations and — most importantly, Alexander says — human capital. One goal is for more opportunities for professional development and promo- tions with an eye toward supporting a culture of collaboration. Decades ago, says Alexander, the industry focused largely on invest- ment management. Today, he says, "Our responsibil- ity is to look beyond the portfolios and provide insight and direction that caters to all financial aspects of life." He describes a conversation with a client who needed budget guidance. "at has little to do with invest- ments," he says. "We've been involved in real estate and business transactions. We do comprehensive insurance analysis and help with Medicare Part D or help people figure out private pay insurance — and yet we don't sell insurance. It really does cover a spectrum." Alexander characterizes the indus- try's shift as "helping people with the business of life." "at dovetails back to organiza- tion's structure and business plan – do we have the talent and the resources to help people with the issues they face?" he says. He adds, "ese are the reasons that we are looking to the future to continue to provide dynamic services as financial needs shift while also expanding on a regional and national level." Laurie Schreiber, Mainebiz senior writer, can be reached at lschreiber @ Whether you're starting your first job or retiring from your last, we understand that every financial situation is different ... just like the people we serve. WE'RE A BANK FOR EVERYONE. www.KennebecSavings.Bank We invite you to experience the difference. » C O N T I N U E D F RO M P R E V I O U S PA G E P H O T O / C O U R T E S Y O F R . M . DAV I S I N C . We've grown in a deliberate and meaningful way. — Geoffrey Alexander R.M. Davis Inc. Geoffrey Alexander, CEO of R.M. Davis Inc., characterizes the industry's shift as "helping people with the business of life."

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