Portland financial firm in hiring mode amid market volatility
Photos / Courtesy Penobscot Financial Advisors
Craig Joncas, left, is CEO of Penobscot Financial Advisors, which announced a merger with Portland Integritas Advisors, a one-person firm founded in 2012 by Karen Elise Kilbride.
Penobscot Financial Advisors, a registered investment advisor based in Portland with an office in Bangor, recently added to its team of 10 via a merger with Portland Integritas Advisors, a one-person firm founded by Karen Elise Kilbride more than a decade ago.
The enlarged Penobscot Financial Advisors serves more than 740 clients and manages nearly $350 million in assets. The company plans to make two more new hires this year, according to CEO Craig Joncas.
"We are currently in need of another financial advisor to support our new client growth, and will be looking for a good fit dedicated to our investment committee later in the year," he told Mainebiz via email.
His business outlook this year: "We think 2023 will continue to be a volatile year for the markets through the first half, with some stability coming in the second half."
Joncas said both firms are part of a small group of fee-only registered independent financial advisors in Portland, adding: "It's a small community and our companies shared a lot of core values as a result."
Before the merger with Portland Integritas Advisors, Penobscot Financial Advisors was ranked No. 13 among Maine-based registered investment advisors in the 2023 Mainebiz Book of Lists, published in December.
At Penobscot Financial Advisors, Kilbride will continue to serve clients she's advised for many years and sit on the firm’s financial and investment planning committees, "contributing her years of experience and skill to better our client outcomes," Joncas said.
Kilbride founded her firm in 2012.
"Combining firms with PFA was synergistic,” she said in a news release announcing the merger. “PFA is a good match in firm philosophy, focus on quality and service offering to Portland Integritas Advisors clients. Expanding the team of credentialed professionals to better serve clients was always part of a longer-term strategy, which was fulfilled with the affiliation with PFA.”
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