# Penobscot Financial Advisors

Penobscot Financial Advisors is an Asset Manager based in Portland, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Portland, United States
- **Region:** North America
- **Address:** Bangor, ME, United States
- **Founded:** 1998
- **Assets under management:** Undisclosed
- **Website:** penobscotfa.com
- **LinkedIn:** https://www.linkedin.com/company/penobscot-financial-advisors

## Regulatory record

- **CRD number:** 286211
- **SEC file number:** 801-108988
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/286211

## About

Penobscot Financial Advisors is a fee-only fiduciary firm offering financial planning and wealth management. As fee-only advisors, they do not receive compensation from any source other than their clients. Their CERTIFIED FINANCIAL PLANNER professionals provide personalized planning, and the team includes analysts who hold the Chartered Financial Analyst designation for strategic, tax-efficient investing. Wealth Management combines financial planning and asset management for clients seeking an ongoing partner for long-term financial success.

## Offices

- Portland, ME, United States

## People

- James E. Shone — President
- Daniel L. Carter — Vice President

## Questions

### Who makes the investment decisions at Penobscot Financial Advisors?

An internal investment committee, led by President James Shone, sets the firm's asset-allocation models and selects the underlying fund vehicles. The committee operates with an evidence-based discipline, favoring Dimensional Fund Advisors and Vanguard mutual funds. Implementation is centralized, so client-level advisors do not deviate from the house models.

### Does Penobscot Financial Advisors invest in private equity or hedge funds?

No. The firm deliberately excludes private capital and alternative strategies. Client portfolios are built entirely from publicly traded, liquid securities — primarily mutual funds and exchange-traded funds — sourced from Dimensional Fund Advisors, Vanguard, and similar low-cost managers.

### What is Penobscot's geographic footprint and client base?

The firm is headquartered in Bangor, Maine, with an additional office in Portland. Its client base is concentrated in New England and consists largely of individual professionals, retirees, trusts, and small institutional accounts such as local endowments. Penobscot does not market itself nationally or operate outside the Northeast.

### What is the firm's custody and fee structure?

Client assets are custodied at Charles Schwab Institutional, a common setup for independent RIAs. Penobscot charges a fee based on a percentage of assets under management or fixed retainers and does not earn commissions or proprietary-product revenue, maintaining a strict fee-only fiduciary model.

### Who runs the firm, and what is the succession plan?

President James Shone founded the firm and remains the lead principal, with Vice President Daniel Carter as the other named senior leader. Public disclosures do not outline a formal internal succession or external sale plan, leaving the eventual transition of ownership and client oversight as the primary long-term governance question for the practice.

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Last updated: 2026-08-11T15:07:41.444Z

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