Means Wealth Management (“Means Wealth”), a Registered Investment Adviser since June 23, 2010,
provides investment advisory services through partnerships with Fidelity Brokerage Services, LLC
(Fidelity), American Funds Service Company (American Funds) and Orion Advisor Services, LLC
(Orion). Means Wealth started doing business in Bangor, Maine as a broker-dealer in 1935. As of March
2019, Means Wealth relinquished the broker-dealer business to focus on providing financial advice
solely as a fiduciary. Means Wealth Management is the business name of Means Investment Company,
Inc., which is wholly-owned by its Chairman, Paul B. Means, and President, Zachary P. Means.
Business is conducted from the home office located at 802 Stillwater Avenue in Bangor, Maine and at
the following branch offices:
3 Houlton Road in Presque Isle, Maine;
325 Augusta Street in Greenville, South Carolina; and
104 Maxwell Avenue in Greenwood, South Carolina.
Investment Advisory Services – Means Wealth provides investment advisory services primarily to
individuals through individually managed accounts. Its Investment Adviser Representatives
(“advisors”) provide the following:
Assessment of client investment needs and objectives, tax considerations, and risk tolerance;
Development of an asset allocation strategy designed to meet each client’s objectives;
Recommendations on suitable style allocations;
Identification and evaluation of suitable investments and investment vehicles; and
Engagement of investment vehicles on behalf of clients.
Once an account is established, Means Wealth provides:
Ongoing monitoring of performance;
Review of client accounts to ensure adherence to policy guidelines and asset allocation;
Market updates and educational materials;
Account rebalancing when deemed prudent; and
Reporting of client account performance (net of fees).
Financial planning, included with portfolio management services to ongoing clients,
includes, but is not
limited to:
life insurance;
estate planning;
tax concerns;
retirement planning;
education planning; and
debt/credit planning.
We evaluate and recommend investments in mutual funds, exchange-traded funds, and individual
stocks and bonds. For some clients, we also purchase options and other types of securities. Means
Wealth can accommodate most client requested customizations to its model portfolios. For some
clients, investments will be limited to a sole investment fund sponsor, generally for retirement or
educational savings accounts.
When we provide investment advice to a client regarding their retirement plan account or individual
retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income
Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement
accounts. The way we make money creates some conflicts with our clients’ interests, so we operate under
a special rule that requires us to act in our clients’ best interest and not put our interest ahead of theirs.
Financial Planning Services – Means Wealth offers financial planning-only services on a limited basis
to prospective clients. This service includes an initial review meeting, analysis and financial plan
development, customized recommendations, and an annual financial plan review.
Qualified Plan Services – Means Wealth’s advisors serve as Investment Professionals to Qualified
Employer Retirement Plans (401(k), 403(b)) for a negotiated fee.
Investment Club – We provide nondiscretionary investment advice to an investment club. We make
investment recommendations to the investment club, whose investment decisions are made by its
securities committee, and place the trades the investment club decides to make.
As of December 31, 2023, we managed a total of $976,990,954 assets which includes $876,002,240
in discretionary assets and $100,988,714 in non-discretionary assets.