Top Financial Advisors in Annapolis, MD

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Scarborough Capital Management sits at the top of our list of the top-rated financial advisory firms in Annapolis. The Scarborough team includes (advisors may have more than one certification):

• Eight chartered retirement planning consultants (CRPCs)
• Seven certified financial planners (CFPs)
• One chartered mutual fund counselor (CMFC)
• One certified college planning specialist (CCPS)
• One retirement income certified professional (RICP)
• One accredited investment fiduciary (AIF)
• One chartered federal employees benefits consultant (ChFEBC).

Many of its advisors are also brokers and licensed insurance agents who can earn commissions on certain transactions, which can present a conflict of interest. Despite being a fee-based, Scarborough Capital advisors must act in the best interest of its clients. 

The firm does not seem to require a minimum balance to open an investment account. As a result, a vast majority of its clients are individuals who do not have a high net worth. The firm also works with high-net-worth invidividuals. 

Scarborough Capital Management Background

Scarborough Capital began in 1989 as The Scarborough Group, Inc., and changed its name in 2008. Five years later, five advisors —  Ryan Ansted, Ian Arrowsmith, Gregory Ostrowski, James Sprinkel and Shawn Walker — bought the firm. They’re all still equal partners and work as advisors at the firm.

The practice offers discretionary investment management services, financial planning, consulting services and educational seminars. It also provides 401(k) and 403(b) plan management as a sub-advisor to Retirement Management Systems Inc.

Scarborough Capital Management Investment Strategy

The firm seeks to optimize portfolios for return and risk by using the principles of asset allocation and diversification. In designing client portfolios, advisors utilize model portfolios provided by an independent third-party research company. The models, which range from conservative to aggressive, are guidelines, and advisors may deviate from them — or not use them at all. 

Investments may include mutual funds, stocks and cash holdings. The firm uses both long-term purchases (buying securities and holding them for at least a year) and short-term purchases (buying securities with the intent to sell them within a year).

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Although it's a fraction of the size of No. 1 firm on this list, Bay Point Wealth is the second highest-rate firm in Annapolis. While based in the state capital, Bay Point Wealth also has offices in Columbia, Maryland, Asheville, North Carolina, and Sarasota, Florida. The Annapolis team has five certified financial planners (CFPs) on staff, as well as three certified public accountants (CPAs) and one chartered financial analyst (CFA).

The fee-only firm mostly works with high-net-worth individuals and individuals under the high-net-worth threshold. It also offers its services to pension and profit-sharing plans, trusts, estates, charitable organizations, corporations and other business entities. It doesn’t publish a minimum account size requirement.

Bay Point Wealth Background

William Hufnell founded the firm in 1995. Hufnell is a principal owner of business with James Kantowski and Lyn Dippel. 

Bay Point Wealth provides asset management on a discretionary basis, meaning its advisors make all the buying and selling decisions for a client’s portfolio. It also offers financial planning and advice not related to securities, such as estate planning.

Bay Point Wealth Investment Strategy

The firm generally allocates client assets to no-load mutual funds and exchange-traded funds (ETFs), typically using discount brokers. It also invests in individual equities and individual bonds. When evaluating securities, it will apply charting, fundamental, technical and cyclical methods of analysis. It notes that it does not participate in initial public offerings (IPOs).

Bay Point Wealth strives to minimize costs and taxes that may otherwise eat into clients' returns. The firm will also rebalance portfolios according to clients' individual needs and investment objectives. 

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Marks Wealth Management (MWM), a fee-only firm, is next on our list. MWM works with high-net-worth individuals and individuals without a high net worth. Clients may also request services to trusts, estates, charities, corporations and other business entities. 

There is no set account minimum for new clients and advisory fees are based on a percentage of a client's assets under management. 

The MWM team includes one certified financial planner (CFP).

Marks Wealth Management Background

Founded in 2020, MWM is the youngest first on our list. Charles Marks, the firm's CEO and managing director, was recognized by Forbes Magazine as one of Maryland's Best-In-State Wealth Advisors in 2019 and 2020. 

In addition to asset management, MWM offers a variety of financial planning services, including:

• Business planning
• Cash flow forecasting
• Trust and estate planning
• Financial reporting
• Investment consulting
• Insurance planning
• Retirement planning
• Risk management
• Charitable giving
• Education planning
• Tax planning

Marks Wealth Management Investment Strategy

Like many other firms, MWM manages accounts on a discretionary basis. The firm creates custom portfolios that primarily allocate assets among various exchange-traded funds (ETFs), mutual funds and individual debt and equity securities. 

MWM tailors its services to the needs of individual clients, taking into consideration a person's time horizon, risk tolerance, liquidity constraints and investment objectives. Investment decisions are often made using both fundamental and technical research.

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1 North Wealth Services (1NWS) takes the No. 4 spot on our list of the top-rated firms in Annapolis. The team at this fee-only firm includes two certified financial planners (CFPs) and one chartered advisor in philanthropy (CAP).

Most individual clients do not have a high net worth, but many do. 1NWS also serves corporations, retirement plans, estates, trusts and charitable foundations. It sets the minimum for investment accounts at $500,000, though it may waive the requirement at its discretion.

1 North Wealth Services Background

The firm first registered in Maryland in 1992. Information is not available about its founder. The current owner, CEO James Brennan, bought the firm in 2018 and remains its sole owner.

The primary business of 1NWS is providing investment advice and discretionary asset management services. It also offers financial planning on an hourly or fixed-fee basis, covering topics that include:

• Retirement planning
• Tax planning and strategy
• Risk assessment
• Cash flow analysis
• Education funding
• Life transition planning
• Pension planning
• Charitable giving
• Divorce
• Business succession

1 North Wealth Services Investment Strategy

Depending on the client’s profile and goals, 1NWS generally applies a blend of the following investment strategies:

• Capital Preservation Strategy: Used to preserve capital while earning a higher return than cash
• Total Return Strategy: Assets are invested in fixed income instruments such as corporate bonds, mortgage-backed bonds, municipal bonds, as well as mutual funds and exchange-traded funds (ETFs). This strategy may also include the purchase of high dividend-paying stocks, preferred stock and shares of master limited partnerships (MLPs)
• Growth Strategy: Money is invested in assets whose returns come mostly from market appreciation, such as individual stocks and stock or bond mutual funds/ETFs
• Alternative Strategy: This strategy may invest in mutual funds and ETFs that hold long/short equity or bond positions, precious metals, commodities and real estate 

In choosing securities, 1NWS primarily uses fundamental analysis and to a lesser extent, technical analysis. 

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ValueWealth is a fee-only firm that occupies the No. 5 spot on our list. The vast majority of ValueWealth's clients are individuals who do not have a high net worth, although the firm does work with those who do.  There are no institutional clients at the firm.

Although some advisors at the firm are licensed to sell securities, ValueWealth states in its firm brochure that it does not receive compensation for the sale or management of such products. Fees for investment management services are based on a percentage of assets under management, while financial planning fees are charged either hourly or at a flat rate.

The team at ValueWealth includes one certified financial planner (CFP). There is no minimum account size.

ValueWealth Background

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The Ellerson Group, another fee-only firm, currently works solely with individuals, half of whom have a high net worth. The firm also offers its services to pension and profit-sharing plans and nonprofit organizations

The Ellerson Group has one chartered financial analyst (CFA) on staff. It does not appear to require a minimum account size for new or existing clients.

The Ellerson Group Background

James Ellerson founded the firm in 1995 after working for 13 years at another firm as an investment advisory representative. He is the sole owner of the business. 

According to the one-page brochure the firm filed with the SEC, The Ellerson Group offers investment management services, as well as financial planning and consulting services that include:

• Estate planning
• Tax planning
• Retirement plan support
• College savings plans
• Philanthropic planning
• Executive compensation monitoring
• Insider stock sales management

The Ellerson Group Investment Strategy

Again, the firm filed a one-page brochure with the SEC, so not a lot of information is publicly available about its investing strategies. It seems to have a conservative focus based on a description of its equity strategy on its website. The practice also states that it invests its fixed income portfolios, primarily in individual bonds, certificates of deposit, income stocks and income mutual funds.

According to SEC data, assets under The Ellerson Group’s management were allocated as:

• 43% in exchange-traded equities
• 30% in securities issued by registered investment companies (like mutual funds) or business development companies
• 17% in cash or cash equivalents
• 10% in investment-grade corporate bonds

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Chesapeake Financial Planning is a fee-based firm with a team of advisors that includes one certified financial planner (CFP). The firm works with only individuals, most of whom do not have high net worths.

Fees are generally based on a percentage of assets under management. However, Chesapeake advisors earn commissions as brokers and/or insurance agents. This is a potential conflict of interest, but it shoul dbe noted that advisors must act in the best interest of the client as fiduciaries.

The minimum account size is either $50,000 or $100,000, depending on which program you are enrolled in.

Chesapeake Financial Planning Background

Founded in 1990, Chesapeake is currently owned by Elizabeth Bennett, the firm's sole certified financial planner. Bennett, who has worked in the financial services industry since 1991, joined Chesapeake in 2014.  The firm was registered in Maryland until 2019 when it registered with the SEC.

Services offered at Chesapeake include asset management, financial planning, financial consulting and educational seminars.

Chesapeake Financial Planning Investment Strategy

Fundamental and technical methods of analysis are at the heart of the investment strategy at Chesapeake. According to the latest SEC filing, 100% of client money is invested in securities issued by registered investment companies such as mutual funds or business development companies. Client assets are primarily invested in open-ended mutual funds, including no-load and load-waived funds, as well as exchange-traded funds (ETFs).

Chesapeake uses asset allocation and financial planning software, including E-Money and Morningstar Advisor Workstation, to assess clients' needs and develop customized plans for them. 

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Financial Concepts Unlimited is a fee-based firm whose clients need at least $30,000 in investable assets to open an account. Its advisors are also brokers and insurance agents, meaning they earn commissions on certain transactions. While this creates a potential conflict of interest, advisors must always act in the best interest of the client.

Not surprisingly, individual clients who do not have a high net worth outnumber those who do. Financial Concepts also works with several pension and profit-sharing plans. 

Financial Concepts Unlimited Background

The firm was first registered with a state authority in 1990. In 2011, current CEO John Taylor became its sole owner.

Financial Concepts describes its services as mutual fund asset allocation, variable annuity sub-account management and financial planning. On its website, it further specifies its financial planning offerings include estate and business planning and executive benefits and tax planning.

Financial Concepts Unlimited Investment Strategy 

Based on the client’s profile and objectives, Financial Concepts will recommend at least one of seven proprietary model portfolios. These models consist of advisor-class shares of mutual funds, stocks, bonds, options and other security instruments. The firm may also modify models and utilize unaffiliated third parties as sub-advisors. 

As of its latest filings with the SEC, assets under management were primarily invested in securities issued by registered investment companies (like mutual funds) or business development companies. Ten percent of assets were invested in stocks. 

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RCS Financial Planning rounds out our list of the top nine financial advisory firms in Maryland's capital city. This fee-only firm has a team that includes three certified financial planners (CFPs) and one chartered financial analyst (CFA).

With no minimum requirement to open an investment account, the firm serves far more individuals who do not have a high net worth than those who do. It also works with pension and profit-sharing plans.

RCS Financial Planning Background

RCS Financial was formed in 2017 and received its SEC registration the following year. It is solely owned by president Ted Toal, a certified financial planner with over 20 years experience in the financial services industry.

The boutique practice provides discretionary portfolio management services. It also offers financial planning, selection of other advisors and pension consulting services. RCS Financial additionally works with clients on their life insurance needs, tax concerns, retirement planning, college planning and debit/credit planning.

RCS Financial Planning Investment Strategy

The firm centers its strategy on Modern Portfolio Theory, a philosophy that seeks maximum returns for a given amount risk. Advisors at RCS Financial generally use long-term trading strategies.

According to the most recent SEC data, assets under RCS Financial’s management were mostly (96%) allocated to securities issued by registered investment companies (such as mutual funds) or business development companies. Stocks and cash holdings are also used.