Boston, MA Congress Street Office

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.