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Penobscot Investment Management Company, Inc.

Updated today

Client assets under management

$1,473,834,735

Clients

548

58% high-net worth

Advisors

5

of 14 employees

Firm type

Team

4-10 advisors or $500M+ in AUM

Clients per advisor

110

Very High

Average account size

$2,689,479

About

Penobscot Investment Management provides discretionary portfolio management to individuals, trusts, pension and profit‑sharing plans, estates, charitable organizations and corporations, serving about 548 client accounts through a five-person advisory team. The firm reports managing approximately $1.63 billion on a discretionary basis and does not impose a formal account minimum for opening or maintaining an advisory relationship.

The firm pursues long‑term capital appreciation and income growth through broadly diversified portfolios with an emphasis on dividend‑paying companies that demonstrate above‑average dividend growth, while retaining the flexibility to invest in non‑dividend payers with strong fundamentals. Penobscot allocates across stocks, bonds and cash, will increase fixed‑income or cash exposure when it views equities as overvalued, generally avoids margin, short selling and option strategies unless a client requests them, and uses an ESG screening tool at a client’s request to evaluate corporate environmental, social and governance attributes.

Compared with many peers, Penobscot combines a long operating history (founded in 1988) with relatively large discretionary assets managed by a small team, and it provides trustee services for client accounts—subjecting those trustee accounts to independent surprise exams as required by the SEC. The firm also discloses formal referral and promoter compensation arrangements (including ongoing referral fees paid to Schwab following the TD–Schwab merger) and participates in institutional custodian programs with Schwab and Fidelity that provide operational and research services to the adviser.

Client services

Portfolio management

Expertise

ESG / Sustainable investing

Fee options

Percentage

$0 - $1,000,000.00: 1.00% $1,000,000.01 - $1,999,999.99: 0.80% $2,000,000.00+: 0.60%

Other

Fee-only: Annual management fees based on tiered AUM schedule; fees are negotiable.

Main office location

Penobscot Investment Management Company, Inc.

155 Federal Street, Suite 1602

Boston MA 02210, United States

Number of offices

1

Most active in

California · Colorado · Connecticut · Florida · Maine · Massachusetts · New Hampshire · New York · Texas · Vermont · Washington

Disclosures

Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.

Business activities & affiliations

Advisors at this firm

user avatar

Christopher C

CFA®

Boston, MA

Penobscot Investment Management Company, Inc.

Christopher Childs is a CFA® charterholder with seven years of industry experience. He is currently with Penobscot Investment Management Company, Inc., where he has worked since 2023. His prior experience includes roles at Wilmington Trust Company and People's United Advisors, among others. Outside of his advisory work, he serves as Chair of the Investment Committee for the Suffield Historical Society and is a member of the Board of Finance & Retirement for the Town of Suffield. Penobscot Investment Management provides discretionary and non-discretionary portfolio management to individuals, trusts, pension and profit-sharing plans, estates, charitable organizations, and corporations. The firm manages approximately $1.39 billion in client assets with a team of seven advisors and emphasizes diversified equity portfolios focused on dividend-growth companies, employing ESG screening and adjusting allocations based on market valuations.

ESG / Sustainable investing
user avatar

Daniel F

Series 65

Boston, MA

Penobscot Investment Management Company, Inc.

Daniel Ford is a financial advisor at Penobscot Investment Management Company, Inc. in Boston, MA, holding a Series 65 credential and bringing 16 years of industry experience. He has been with Penobscot since 2009. Ford also serves as a trustee of accounts. Penobscot Investment Management provides discretionary and non-discretionary portfolio management to individuals, trusts, pension and profit-sharing plans, estates, charitable organizations, and corporations. The firm manages approximately $1.39 billion in client assets with a team of seven advisors, focusing on diversified equity holdings emphasizing dividend-growth companies, while employing ESG screening tools and adjusting allocations based on market valuations.

ESG / Sustainable investing
user avatar

Colleen M

CFA®, Series 63, Series 65

Boston, MA

Penobscot Investment Management Company, Inc.

Colleen Macpherson is a CFA® charterholder with 12 years of industry experience. She has worked at Penobscot Investment Management Company, Inc. since 2016 and spent one year at Eaton Vance Management prior to that. Penobscot Investment Management provides discretionary and non-discretionary portfolio management to individuals, trusts, pension and profit-sharing plans, estates, charitable organizations, and corporations. The firm emphasizes diversified equity holdings with a focus on dividend-growth companies and incorporates ESG screening in its investment process.

ESG / Sustainable investing
user avatar

Eugene C

Series 65

Boston, MA

Penobscot Investment Management Company, Inc.

Eugene Clapp is a financial advisor at Penobscot Investment Management Company, Inc. in Boston, MA, holding a Series 65 credential. He joined Penobscot in 2025 and has prior experience at Toast, Inc., Babson College, HubSpot, Inc., and Mendix Inc. He also serves as a director of Penobscot Capital Investment Company. Penobscot Investment Management provides discretionary and non-discretionary portfolio management to a range of clients including individuals, trusts, and charitable organizations. The firm emphasizes diversified equity portfolios with a focus on dividend-growth companies and incorporates ESG screening in its investment process.

ESG / Sustainable investing
user avatar

Charles K

Series 63, Series 66

Boston, MA

Penobscot Investment Management Company, Inc.

Charles Kane is a financial advisor at Penobscot Investment Management Company, Inc. in Boston, MA, with 17 years of industry experience. He holds Series 63 and Series 66 designations and has been with Penobscot since 2010. Outside of his advisory role, he serves as a director and vice president of the Motor Car Company of New England and holds director positions with the Buchanan Family Foundation and the Duxbury Bay Maritime School. Penobscot Investment Management provides discretionary and non-discretionary portfolio management to individuals, trusts, pension and profit-sharing plans, estates, charitable organizations, and corporations. The firm’s investment approach emphasizes diversified equity holdings focused on dividend-growth companies, with adjustments toward fixed income or cash when equities appear overvalued, and incorporates ESG screening for S&P 500 issuers.

ESG / Sustainable investing
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