Means Investment Co., Inc. (Bangor)

Name: Means Investment Co., Inc.
Address: 802 Stillwater Ave., Bangor, ME, 04401 3614
Telephone: 1-207-947-6763

Means Investment Co., Inc. is a large advisory firm based in Bangor. It manages $430.08 million of regulatory assets for 2,014 client accounts. It has been registered with the SEC as an adviser since 2015 and has operated in the jurisdictions of Florida, Maine, Massachusetts, and 3 other states.

Means Investment Co. provides financial planning services, portfolio management for individuals and small businesses, and provide general investment advice. It prepares financial plans for less than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Means Investment Co.: assets under management

The assets under management (AUM) of Means Investment Co., Inc. is $430.08 million. The firm's AUM has grown by 261% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $403.41 million in discretionary accounts and $26.68 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $202.21 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.4 million.

Investments

The firm invests in exchange traded securities the most. They account for 47% of the total AUM. The second-largest asset type is investment and business development companies, which make up 46% of the firm’s portfolio. Investments in cash and cash equivalents form 5% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Means Investment Co., Inc. for their services and products based on a percentage of assets under management. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Paul Banwell Means serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and state or municipal government entities. The largest group of clients of Paul Banwell Means is high net worth individuals with 140 clients and $229.93 million of assets under management. Among the 8 most similar advisory firms, Means Investment Co. has the 4th lowest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $430.08 million for 898 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Means Investment Co. doesn't advise any private funds.

Careers at Means Investment Co., Inc.

The company employs 12 people that are either part- or full-time employees. 58 percent of the employees work as investment advisers or researchers. 7 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Paul Banwell Means has been acting as President since 1 Oct 1981. Erin Leigh Barry joined the executive team most recently as the Chief Financial Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Paul Banwell Means	President	1 Oct 1981	25% - 50%	330815
John Russell Dudley	Senior vice president	1 Dec 2004	Other	4410559
Zachary Paul Means	Vice president	1 Oct 2013	25% - 50%	5002275
Ryan Paul Willette	Chief operations officer	1 May 2015	Other	5056955
Zachary Paul Means	Ceo	1 Jun 2016	50% - 75%	5002275
Eric George Woodbury	Cco	1 Mar 2018	Other	4931203
Erin Leigh Barry	Chief financial officer	1 May 2019	Other	7121420

Based in Bangor

The principal office where Means Investment Co., Inc. performs its advisory services is located at 802 Stillwater Ave., Bangor, ME 04401 3614, which is also the mailing address of the firm. An additional office of the firm is in Presque Isle, ME. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 1-207-947-6763 or by fax 1-207-947-8559. The normal business hours are 8:00 a.m.- 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at meanswealth.com and its LinkedIn profile.