Maryland Financial Group is a fee-based financial advisory firm located in Rockville, Maryland. The firm works primarily with individual clients, but also offers services to institutional investors. Maryland Financial Group offers both discretionary portfolio management and financial planning services to its client base.
Maryland Financial Group Background
Maryland Financial Group was acquired by The Monitor Group, a financial services firm also based in Rockville, in 2005. The Monitor Group remains the firm’s principal owner. Christopher and Amy Cox are the managing members of The Monitor Group.
As a result, the firm also offers its services under the following names: The Monitor Group, Newcorp Wealth Strategies, Legacy Wealth Management, Coastal Wealth Management, Barnett Wealth Advisors, Integrigen Wealth Management and MFG Business Design.
Securities at the firm are offered through LPL Financial.
Maryland Financial Group Client Types and Minimum Account Sizes
Maryland Financial Group offers investment management services to both individuals and high-net-worth individuals, including their trusts, estates and retirement accounts. The firm also works with charitable organizations, corporations and other business entities.
Maryland Financial Group typically requires a minimum investment of $25,000 for Strategic Wealth Management accounts held at LPL Financial. However, minimum account sizes for the following wrap fee programs offered through LPL range from $15,000 to $250,000.
- Optimum Market Portfolios Program (OMP): $15,000
- Personal Wealth Portfolios Program (PWP): $250,000
- Model Wealth Portfolios Program (MWP): $25,000
- Manager Access Select Program (MAS): $100,000 (in certain instances, the minimum account size may be lower or higher)
Services Offered by Maryland Financial Group
As stated earlier, Maryland Financial Group specializes in financial planning and asset management. The firm also offers consulting services and advisory services to retirement plans and their participants.
The firm's financial planning services may touch on a variety of financial tops, including:
- Tax planning
- Investment planning
- Retirement planning
- Estate needs
- Business needs
- Education planning
- Life and disability insurance needs
- Long-term care needs
- Cash flow/budget planning
The firm also offers an optional portfolio review service. Advisors will periodically review a client's portfolio and consider any changes needed to keep it consistent with their original objectives and risk tolerance.
Maryland Financial Group Investment Philosophy
Like many other firms, Maryland Financial Group tailors its investment advice to the individual needs of its clients, taking into account their risk tolerance and investment objectives. Some of the primary investment vehicles used by the firm are mutual funds, exchange-traded funds (ETFs), variable annuities, real estate investment trusts (REITs), equities and fixed income securities.
The firm uses a combination of charting, fundamental analysis and technical analysis to develop its investment advice. It relies on both long- and short-term trading strategies.
When it deems appropriate, the firm may also recommend options, which give the investor the right to buy or sell a particular security at a specified price. Maryland Financial Group notes in its firm brochure that options are complex securities that can be speculative in nature, and as a result, are inherently risky.
Fees Under Maryland Financial Group
Maryland Financial Group charges clients based on a percentage of assets under management (AUM). The firm provides the following table of maximum fee rates in its Form ADV, though it notes that fees are negotiable between clients and their advisors.
|Investment Management Fees|
|Assets Under Management||Maximum Annual Fee|
|$0 to $249,999||2.25%|
|Next $250,000 to $499,999||1.90%|
|Next $500,000 to $999,999||1.65%|
Here's what your advisory fees may look like based on the size of your account:
|*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.|
|Estimated Investment Management Fees at Maryland Financial Group*|
|Your Assets||Maryland Financial Group Fee Amounts|
For wrap fee programs, clients will pay a single annual fee that covers the costs of both advisory services and trades. Clients who enroll in one of the wrap fee programs will pay the following rates:
|Wrap Fee Program Fees|
|Program||Maximum Annual Fee|
|Manager Access Select||3.00%|
For financial planning, Maryland Financial Group charges clients either on an hourly or fixed-fee basis. The hourly charge is $300, while fixed fees range from $300 to $15,000.
What to Watch Out For
Maryland Financial Group has not had any disclosures of legal or regulatory violations over the past 10 years.
As a fee-based firm, advisors at Maryland Financial Group may also be insurance agents or registered representatives of LPL Financial, a broker-dealer. These advisors earn commissions from selling insurance products or securities, which could pose a potential conflict of interest. However, Maryland Financial Group and its advisors must abide by fiduciary duty to act in clients' best interests.
Current and potential clients should also note that LPL Financial may charge clients brokerage commissions, so look out for that when calculating fees.
Opening an Account With Maryland Financial Group
To open an account with Maryland Financial Group, a potential client can call (301) 251-8550.
Financial Planning Tips
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- Planning for your legacy is also important. You can use either a will or a living trust, but make sure you know the difference.