Elise Kiely: [00:00:00] Hi friends. This is Elise Kiely, and you're listening to Elegant Maine Living as a real estate advisor with Legacy Properties Sotheby's International Realty. I don't just help people buy or sell homes. I help them create a lifestyle. And if you're listening, chances are you love Maine the way I do for its natural beauty, its values-driven communities, and for the people who live here with intention, purpose, and elegance.
Now, let me ask you something. Have you heard about the great wealth transfer happening right now as baby boomer generation advances? Maybe you've seen headlines about trillions of dollars moving between generations. Or maybe you felt that shift in your own family, in your own [00:01:00] business, or among your peers, and maybe you've wondered how will this affect investing?
How are women who were one of the major recipients of this transfer preparing and what does this moment mean for our society, for my children, for our families, and our future? Then this episode is for you. Because today I'm speaking with a powerhouse Mainer who has her finger firmly on the pulse of these questions.
And that is my friend Amelia Dow, CEO, and co-founder of Portland Trust Company. Amelia is not only a trailblazer in Maine's financial world. She's a compassionate, forward-thinking advisor who works with individuals, families, and institutions to build trust, manage transitions, and guide legacy with clarity and purpose.
And she's here to talk with us about what's changing in the world of finance with this transfer of [00:02:00] wealth. How's this impacting our communities and especially in the role of women and wealth? Amelia, welcome. Thank you. Thank you so much, Elise. I'm so happy to be here. I have really been looking forward to this conversation because I feel like we've had bits and pieces of this conversation whenever we talk on the phone or see each other in person, and I could talk about this for hours, so we're gonna keep this tight and organized.
And for our listeners who may not know your background, because you have a really interesting background, tell us a little bit about your path to banking and to finance, and what drew you to trust work, and what led you to co-found the Portland Trust Company. Yeah, it is definitely an interesting story.
Amelia Dow: We often joke in banking that no one grows up saying they want to be a banker, right? But somehow we all end up there. I grew up in Western Maine where there wasn't a lot of business and organizations to [00:03:00] join as an employee. So I saw very early on. Many people create jobs around what they love to do.
Elise Kiely: So I knew that was an option in. Eh, college, I studied economics and I went to an all women's college, and so those two really important factors shaped the next step for me. Oh, that's interesting because you went to Wheaton. I went to Wheaton. And at that time that's right, it was all women.
Amelia Dow: Yes. I was a member of the last all women's class. Wow. What a. What an opportunity and an experiment in development and gender issues. It was really fascinating to go through that as a young adult. So right after graduation it was a tough time to find jobs, so I decided to create one. And my passion outside of work are animals and animal welfare.
Elise Kiely: So I opened a pet store and the timing was such that. There we had [00:04:00] decided to advertise on a fairly unknown cable tv station called CNN. And so we had a lot of, we bought a lot of cheap advertising on CNN and then a war broke out and. I remember that. It just took off on us. It was crazy. So that was my first experience.
And and that was here in Maine where you opened the pet store? It was not I actually have been in Maine. From the very beginning, my family's been here and I went to college in Massachusetts at Wheaton and stayed there to open the business and after a year and a half sold it so I couldn't move back to Maine.
I just couldn't wait to get back. We're so glad you did, Amelia. Oh. So am I. Yeah. So then so I had that in the back of my head, but I landed in working in a bank in at a very, low position, entry level position in the investment world. And when I was studying economics, I loved every minute of it.
So it was really [00:05:00] exciting to just start at the bottom and work. My way up. So you knew that was your interest, economics, finance and all of that. Absolutely. So it was a local community bank, was it? I actually worked at a large regional bank Okay. For almost the first 20 years of my career. Oh wow.
Okay. Wow. And so then you came an entry level, worked your way up? I did. And found yourself into the trust department. Exactly. I spent the beginning of my career more on the legal and risk side of the business, the compliance side. And it was just a great opportunity because I got to learn everything about it from the inside out.
Amelia Dow: And then, it moved into the private bank and wealth management area as a trust officer. So for those of us that aren't as familiar with trusts and the trust department, give us a quick education on what, what happens in the trust department of a bank. So it's interesting the start of Portland Trust company.
Was that we recognized that trust actually doesn't [00:06:00] belong in a bank because it's very different. So I use the term banking very loosely. When I describe myself at this point what we do in the trust department or in a wealth management firm is we basically take responsibility for people's finances, for their portfolio.
So one component, obviously. As the investment management side. And so we are managing people's money for their future and to meet their goals. On the trust side, we have been given trustee powers, which allows us to make decisions for others. We can act as a conservator, we can act as a personal representative or a trustee of a trust.
And so when people create a trust, they're doing so. Really, at the end of the day, it's to control what happens to the money. After their death. And so because they're not there to do it, they're trusting us, thus the name trustee, to do it [00:07:00] for them. So as a common example, a grand grandparent sets up a trust, the beneficiaries, maybe a grandchild.
They may not want the grandchild because they're a certain age or a certain capacity or experience to have complete control over the money. Exactly. So that grandchild will then come to the trust officer, and I need tuition, I need a car, I need a house. I want to go travel. Exactly. And then the trust will then be the discretionary to say, I think this is consistent with your grandparents' wishes.
Or I think this is not consistent. Exactly. We'll go back to the document and say, is this what the intention was of the grantor? I bet you have some great, interesting stories. Oh my God, that's one thing. Having been. In the industry over 30 years. It, there's no two days. There's no two days the same. And it never gets boring, right?
You just never know what's coming. Another, there's other reasons for trust. It [00:08:00] used to be they were primarily a tax efficient vehicle, but that's, that has diminished over time. And now, we see a lot of supplemental needs trust. For maybe disabled individuals. The autism wave has hit where Oh, interesting.
Elise Kiely: There's a high number of adults living who are autistic and have a trust and with a supplemental needs trust. It's arranged in a way that protects benefits. So they can have money under very specific situations that wouldn't disqualify them. Wow. And so I imagine a lot of, there's a lot of interesting stories when you have to tell a beneficiary that this is inconsistent with the purpose of the trust.
Amelia Dow: Exactly. That can be very disappointing and surprising, probably Yes. To somebody who feels that. That's their money. Yeah. I learned one thing that really stuck with me when I was working at the larger bank is when you are a customer somewhere and then you get a survey follow up and.[00:09:00]
We lobbied and said, that is just not fair to us because we have to say no. And it just didn't result in positive survey results. Imagine that. And ultimately at the end of the day, they were taken away. Yeah. You. Yeah. That's a hard, that's a very difficult job to do, and it has to be done with diplomacy and Right.
Elise Kiely: And firmness. It's not discretionary it. Yeah. And it's not your decision. It's the decision of whoever established the trust. So you were doing this in the larger regional bank. Yeah. And you did start to feel that this was not an appropriate thing for the bank to do. Is that what you were feeling?
Amelia Dow: It was a publicly traded bank, it was a publicly, traded company and it. It over time, I started to see the shift of it being the work I did more about shareholders of the bank than the actual clients. Oh, interesting. And I came to a crossroad where I [00:10:00] felt that very strongly, and I, at the end of the day, I really wanted to have a client centric.
Line of work. And this is in around 2014, 2015 timeframe? Yes. Yeah. Yeah. Two, right after 2010 is when it really became evident to me. And so at the end of the day, for me personally, it's all about relationships and it's all about people. So I just felt. There was a shift for me that I was working for shareholders.
I didn't even know versus my clients who someone had trusted their care to me. So that for me philosophically was very difficult. So I decided to move over to community banking thinking, okay, that might give me a better opportunity to not worry about shareholders and remain client centric.
The issue is. That highlighted for me, as I mentioned at the beginning, what we [00:11:00] do is really not banking. We don't have widgets, we don't have goals of, you must open eight new accounts. We don't have goals of, you must bring on X amount of deposits. And that's how a traditional bank operates.
But for us, it might take three years to develop a relationship. We're asking. Something very large from people saying it's really trust based. Yes. So it, there's no, someone might come to me tomorrow with a need that has $10 million or someone might come with $1 million. I have no control.
Over it. My partner Jim McLeod was, I met him at the community bank where I was. And we just kept knocking our head against the wall saying, there's got to be a better way to do this. There has to be a better way. So we decided. 'cause he was feeling the same thing you were feeling about the need for more personal relationship.
Yes. Yes. And how to run. Wealth management [00:12:00] outside of the constraints of a traditional bank who they do what they do really well. It's just very different than what we did. So we decided to start a trust company, which was a crazy thing to do, and, but it allowed us a really unique opportunity to create something from the ground up exactly how we wanted it, which was to have it be a hundred percent client-centric.
Elise Kiely: Amelia, let me pause you for a second because I'm imagining this is just after 2010, we've gone through the Great Recession. We all have this collective hangover from the Great Recession and are a little gun shy. I imagine when you went home and said. To your family, I'm going to thinking about leaving this very secure, very steady, very well-respected company where I have a good path ahead of me.
I want to do this, start this new company, [00:13:00] right? For the philosophical reasons that we're motivating you and be a founder of a startup Amelia? That takes courage. Crazy. It's crazy. It takes a little craziness.
Amelia Dow: So I have to say, I have a business partner again. Jim McLeod. Great guy. Great guy.
And together, he and I 180 degree difference. We compliment each other a hundred percent. And for me, that has been obviously key for both of us. And I never could have done it without ying and yang the way we've been and. It's all about finding those relationships. That's what life is about and that's how you move forward and you're successful and you're happy.
And so when we, shared our vision, we were just spot on together. And the interesting thing, Elise, is that we literally both had daughters who were starting [00:14:00] college that fall. Amelia and we both have two children, so I don't think I appreciated that it was at the time. Absolutely. One was headed to Tulane and one was headed to Fordham, and we decided to just quit our jobs and start a bank.
Okay. That's pretty incredible, right? So how does one do that, right? Yeah. You go to crooked mile for coffee. Yeah. And you run into the leadership team from Anders Skagen Bank, and you mention to them that you have some thoughts and if they had needs. Going forward to reach out to us. And we knew that Anders Cogan Bank and many other community banks, I should say, are having that same struggle of what do we do with this thing called wealth management. We don't, it's not what we do. We don't really know what to do with it. And serendipitously, they Neo called us, about six weeks later, and we [00:15:00] explained our idea and he brought in other leaders from the bank, Paul Anderson, who was the president at that time.
And on a handshake, we all agreed this was an incredible path forward. From a technical standpoint, we had to create. LLC and then apply to the bureau of Financial Institutions. So you needed to get your licenses, you needed to get your accreditation and yeah, we had to become chartered as a bank in the state of Maine.
Elise Kiely: So you are a chartered bank? We are Portland Trust Company. It is. Yep. And you talked about the relationship with Andrew Skagen Bank. As a, as a partner. Absolutely. With you and Jim to help form this, and full disclosure, as you mentioned Neil, Kiely is my husband, who was I think Chief Strategy Officer at the time or something At Andrew SCO and Bank.
Amelia Dow: He was on the board. That's right. He was on the board. Board. Still on the board, right? Yeah. And so you all had this. Secret public meeting at Crooked Mile, great coffee [00:16:00] shop. In downtown Portland, in the old port, and on a napkin, planned this out. We didn't even go into the crooked mile.
We were on the sidewalk outside. Yeah. So it started a very long relationship, just talking about shared visions and, it's all. It's no different than it's Gemini or Portland Trust Company and Andrew s Goggin. You outline your relationship. And that's what we do as a trustee too.
It's very clear what our role is. And Jim and I were creating the company and Andrew s Gogan bank from a regulatory perspective was very important. But they really understood that this wasn't what they did. Been the silent supporters. All along so supportive and, but leave the running of the company and doing what we do best to Jim and I and our team.
Elise Kiely: So you and Jim start this company. Yes. Need to get office space. Yep. Furniture. Phone systems. Yeah. All the things you need to get when you're starting a company. Yeah. [00:17:00] And then you need to get clients. Yes. And you obviously had been in. The finance world. In Maine. So you have a lot of relationships.
And did you all send out an announcement? How did those early days work for you? Yeah, it's somewhat like drinking from a fire hose. We, it, we just build one relationship at a time. So when the company was started, there were some clients that previously had been clients of Anders Goggin Bank's Trust department.
Amelia Dow: So that was our seed. Many clients who heard about what we were doing from our previous. Employment places came, wanted to follow along, and we just started telling our story. We did a little advertising. We went back on CNN. We did some print ads and we just started telling the story.
But together, Jim and I have a very long history in in the area, and not only Portland but Maine. Jim was in the Bangor [00:18:00] area for years and years. So we just drew on those relationships and told the story and people were really excited because there isn't a place. Like Portland Trust Company.
So what sets Portland Trust Company apart? What makes it so unique and special? We really truly at the end of the day focus on individuals and people and that includes our employees. Everyone is treated as I don't wanna say equal, because. That doesn't always work, but everyone has a voice.
And we really work together as a team. We collaborate on everything we do, which is not. As typical in this industry, it tends to be more siloed. But we believe that all of those perspectives bring a better result in the end, and we really try to focus on getting to know our people. Whether it's our clients, our employees, our partners, and the legal community in Maine has been [00:19:00] amazing.
Elise Kiely: Yeah. We have a great bar in Maine, great legal community. Oh my gosh. Some really smart.
Amelia Dow: Powerhouse attorneys. Absolutely. And caring, some attorneys who are really involved and passionate about what they do. So that's a good combination. I think it's similarity to the legal community.
Elise Kiely: We're talking about the. The wealth management community and the trust people that you have in your office. And the same with real estate advisors. I think of myself as a counselor and an advisor. Yes. And I want the best outcome for each individual situation. I. More than I want an individual transaction.
It's not transaction focused. It's really relationship focused. A hundred percent. And so I, and I think that main lends itself to that beautifully, right? Because we are big enough to draw talent, right? And interesting people, and interesting issues. But we're small enough so that we see each other at the crooked mile or we see each other at restaurants and walking down the street, right?
And I think that's so important to [00:20:00] build that. That professional, trusted community. So looking back, you've now been in business a little over 10 years. Crazy. Wow. Looking back, what have you seen change in the last 10 years? And we're gonna get to the great wealth transfer in a second. 'cause that's really interesting.
But what have you seen change in the last 10 years with how people. Handle their wealth and their investments and the type of trust. You talk a little bit about the was it support? What was the kind of trust you mentioned, oh, the supplemental needs trust. You talked a little bit about the supplemental needs trust.
Amelia Dow: Yeah. But is that, is, have you seen other changes? I think one of the biggest changes I two come to mind Elise. One is that. Our clients, whether it was the Great Recession, whether it was the tech bubble, whether it was COVID they have been through cycles of this market. And so we're very long-term oriented investors.
[00:21:00] We're not day traders, we're not, we're looking to outperform every other money manager out there. We, what we wanna do is allow our clients to truly benefit from. Any growth the market has to offer with a little extra. So what we have found with our clients being invested in that manner over the past 10 years, they don't call when the market goes down.
They don't call, they, there's no keeping them up at night because of short term volatility. They're calm, they know we're in control and we've got it. So I would say definitely they're just that. That has been a big change as people get to know us. Work with us. But this market, the volatility going up and going down and going up and going down. So that's very positive change. Another thing that I've noticed, and I'm a huge advocate for, is that this wealth transfer of [00:22:00] what you said a lot is going to women is starting to happen more during life. And so I think people feel that they ha they can really create gifts for their family or their children or otherwise charitable during their lifetime that they can then.
Enjoy. And is that a change? My sense is 20 years ago absolutely. It was the reading of the will and there was a big ceremony Yes. Or this narrative that there'd be a big ceremony and Yes. Who gets what. Yes. And it's in the last 10 or 15 that you've seen Absolutely. Absolutely. The gifting.
Elise Kiely: Yeah. Really post COVID. I think COVID just woke us all up in so many ways. And people are just realizing life is short. We don't know. So let's. Give this gift now. And be a part of it and enjoy it. And what are some ways you're seeing people give gifts to another generation or to an institution?
Amelia Dow: An alma mater or a charitable cause? A nonprofit. Yeah. Ed education is. Tops. People are [00:23:00] wanting to help educate their children or their grandchildren. A lot of times grandparent will see that they're really helping their own children by funding their grandchildren's education.
Education's probably the first, kids starting out today in their twenties, it's tough. It is a tough. Place. Yeah. And thirties and you see it in the real estate. Homes are not affordable for so many, and so I see grandparents and parents wanting to help their kids.
With something to level the playing field from where I was when I wanted my first home, I was able to save for it. And I think people in our generation, it was hard when I first figured out that we needed 20% for a house. And I thought that was insurmountable. But you sacrifice, you skimp you do it.
Elise Kiely: And now and I've talked about this on this issue on this podcast with Chris Lynch who owns Legacy Properties and others about how the changing dynamics now for people. [00:24:00] In their first home and people's first home is happening later and later in their life. Now it's absolutely, now it's late twenties.
Yeah. Or early thirties. Yeah. And. Then the house that they need is not the same house that would've attracted them in their early twenties. A three bedroom with one bath isn't gonna cut it when you're in your late twenties, early thirties. And maybe there's a partner, maybe there's a baby. There's definitely a dog.
'cause everybody has their dog now. So I've seen that of parents giving cash. Yes. Grandparents giving cash so that. These first time home buyers are in a cash position. Which is really interesting. It's a big change. It's a big change because, when I was there it was possible to live and save for that first home.
Amelia Dow: And now kids are paying rent that many times is more than a mortgage. And a kids. Huh? I'm dating myself 20 to 30 year olds. It is just impossible. And so I think that people with wealth are really [00:25:00] pleased to have the opportunity during their lifetime and they get to see it. And it's a good time.
Elise Kiely: Yeah. And so you're seeing it in terms of education, tuition, dollars Yes. To minimize or even eliminate student debt? Yes. Which can be crippling. Yes. For some people Yes. And also for house purchases. Correct. For and are you seeing other. Other interests being served for maybe a health savings account or prepaying for retirement.
Are you seeing any of that come into play as well?
Amelia Dow: Not as much in our demographic, not as much in our demographic, there's just so many things and the earlier people start, the better grandparents and parents with wealth really are in a position to do more than just give money.
And that's to educate. And encourage teenagers start saving money. My son started his Roth at age 14. Wow. And he's. He's in a great position eight years later.
Elise Kiely: So let's talk about that a little further. 'cause I think people in our generation, [00:26:00] and a lot of people listening to this podcast are, we can't ever help worry about your children, even your adult children if they're in their twenties and or even thirties.
What are some of the concerns that your clients have who have adult children with educating them about. Money and investing in a 401k or how to save from their paycheck. Do you ever have that kind of conversation with your clients?
Amelia Dow: I do. I'm a big fan of it. At Thanksgiving I tell people, what are we gonna talk about at dinner?
Elise, it's such a psychological thing. Money. Yeah. And people don't talk about it. They're not comfortable. It used to be rude. I know, right? You didn't talk about money, religion, or politics. And now we can't help but talk about them. I know. Yeah. I'd argue it's rude to leave someone with that mess to clean up knowing nothing, it's hard.
Elise Kiely: A hundred percent hard. These are the conversations that feel so uncomfortable to go [00:27:00] into. But you're just so glad afterwards. Do you see your clients asking you. To educate, to go in and have a conversation with their children, whether they're teenagers or in their twenties, because sometimes being a parent, I recognize that a lesson is better learned from a third party than it is from a parent.
Amelia Dow: Absolutely. Absolutely. And we'll do that. We will, open up a, an IRA or we will call and talk about, talk to someone who's been named as a beneficiary. And just let them know that this is our relationship with them. And it won't include their parents unless they want us to, but absolutely, we're happy to.
Elise Kiely: So they could have a direct conversation with you? Yeah. Yeah. That wouldn't necessarily get back to their Yeah, get back to their parents. Yeah. Interesting. Yeah. Amelia, as I reflect on this first part of our conversation, what really stands out to me is the intention behind your work. The idea that wealth advising is not just about numbers or returns, it's about relationships, [00:28:00] stewardship, and a trust in its true sense.
And I'm also struck by the shift you're seeing less about wealth transferring at the end of life, and more about how the older generations, parents and grandparents. Are showing up now to support the younger generation, whether that's through education, a first home, or simply creating a stronger foundation.
I'm looking forward to the second half of our conversation where we go deep into the great wealth transfer and what that really means, how it's unfolding, and why women are going to play such a significant role in shaping what comes next. So we'll pick up from there, and to my friends and listeners, thank you so much for being with us today.
I truly appreciate your time, your attention, and the courtesy of your reviews and shares. I'm happy to engage. If you have any questions or if I can help in your real estate journey, simply click on the links in the show notes or contact me through the Elegant Maine Living website. [00:29:00] I'm always happy to help in any way that I can, and we welcome you to come and explore Maine.
Thank you for listening to Elegant Maine Living, where elegance isn't just an aesthetic, it's a way of life. Until next time, keep living with elegance.
