Wealth advisor Edmund “Ned” Muskie Jr. on coming home to Maine and what it takes to build the future you’re envisioning.
Photograph by Benjamin Williamson
The pandemic prompted plenty of Americans to reassess their quality of life, and one of them was Edmund “Ned” Muskie, the youngest child of former Maine governor, four-term U.S. Senator and U.S. Secretary of State Edmund Muskie (below). After a 35-year career in banking and wealth management that included posts in London and DC and visits to 74 countries, Muskie relocated earlier this year to Maine, where he spent childhood summers and made some of his most cherished memories: swimming in the ocean at Kennebunk Beach, fly-fishing on Mooselookmeguntic, learning to become a scratch golfer, and tagging along with his dad to visit constituents from Kittery to Lubec.
“Whenever people ask where I’m from, I’ve always said I grew up in Washington, but in my heart, I’m a Mainer,” Muskie says.
Now, as a senior wealth advisor for Camden National Wealth Management, Muskie helps families, nonprofit organizations, business owners, and public institutions map out their financial futures. “I’m excited to be in a place I’ve always loved, knowing that I have so many places left to explore and people to get to know,” Muskie says. “Moving to Maine feels like an adventure and an opportunity to reconnect. I am pleased to work with a boutique wealth management firm that provides me the platform to meaningfully advise my clients.”
What sort of expertise does Muskie bring back to his heart’s home state? We asked him to share a few bedrock tips for planning a financial future.
Stick to your plan. “The pandemic has created a lot of volatility. There’s a temptation to make a knee-jerk change to one’s long-term investment plan, but if you look at history, every time there’s a correction, the market has recovered. Market volatility is to be expected, and it can create opportunities.”
Diversify, really. “Folks often think that having a handful of mutual funds or a few growth stocks in the tech sector constitutes a diversified portfolio. But you want to invest across sectors and geographic areas, among large, small, and mid-cap stocks, and among stocks and bonds. Working with a wealth advisor who also takes into account your future goals and objectives, can ensure you’re appropriately diversified to reach your personal goals.”
Don’t procrastinate, update your estate plan. “A well-drafted plan usually includes a financial power of attorney, health-care directive, and a will. For some, a living trust is advisable. Having these documents in place ensures your wishes are carried out exactly as you intended them, allowing you to pass along a legacy to the next generation. Without a will, your assets pass to beneficiaries in accordance with state law, which may not reflect your wishes. We review your estate plan, in the context of your complete financial picture, and provide guidance about next steps, coordinating directly with your attorney to make your experience as seamless as possible.”
Camden National Wealth Management provides investment management, goals-based financial planning, and trust and estate services to individuals and institutional clients in Maine and throughout the United States.