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V O L . X X X I I N O. I I JA N UA R Y 2 6 , 2 0 2 6 18 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 M aine's wealth management industry saw a number of transitions over the past two years. Veterans in the industry have started up new, smaller firms. Others are look- ing at growth strategies through hiring or acquisitions by larger companies looking for entry to the Maine market. ere's been an emphasis on client service in an increasingly complex field, with strategies that include low client- to-advisor ratios and hiring from indus- tries outside financial services. New hiring strategy At Portland-based Great Diamond Partners, the hiring strategy has changed over time, says Helen Andreoli, the firm's co-founder and managing partner. Two hires in 2025 brought the team to 12 and increased client assets under management from around $640 million to just under $800 million. Established in 2019, Great Diamond's client trends include an increased focus on younger profes- sionals who benefit from consulting services through their career and not just when they're ready to retire, says Andreoli. Women, with more money than ever, are a growing market. From the HR standpoint, Great Diamond has worked from the start with Portland social impact consul- tancy Conscious Revolution with a focus on "finding the right people ver- sus just focusing on the skills. ey've helped us widen how we would look for people." Great Diamond positions itself as a client-centered alternative. Wealth currents More transitions IIS Financial Services, in South Portland and Augusta and with roots going back to 1994, rebranded as Pine Harbor Advisors, to reflect Maine and an evolution of services. Hughes Wealth Advisors relocated from 5 Ward St. to 10 Market St., both in Scarborough, doubling its space. R.M. Davis, established in 1978 and based in Portland, added seven hires. HM Payson, founded in 1854 and based in Portland, was acquired by Miami-based Corient Private Wealth LLC, established in 2020 and a sub- sidiary of Toronto-based CI Financial Corp. (TSX: CIX). Spinnaker Trust hired seven new pro- fessionals in 2025, including a deputy chief investment officer and specialists in trusts and ESOPs. We've hired people who have worked in the hospitality industry — people who have a genuine ability to serve clients. — Helen Andreoli Great Diamond Partners P H O T O / T I M G R E E N WAY Helen Andreoli at Great Diamond Partners says the firm has been looking outside financial services for hires who have customer service experience in other industries. Growing teams, relocations, acquisitions and new firms highlight the wealth management industry B y L a u r i e S c h r e i b e r

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