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Top Financial Advisor Firms in Maryland

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Finding a Top Financial Advisor Firm in Maryland

Choosing a financial advisor is easier said than done, but the process can become much less intimidating if you have the choices narrowed down for you. So SmartAsset researched the financial advisor landscape in Maryland to find the top firms in the state. To differentiate the firms, we’ve laid out their various fee structures, advisory services, investing ideologies and more. To find a financial advisor who serves your area, try our free online matching tool.

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Rank Financial Advisor Assets Managed Minimum Assets Financial Services More Information
1 Chevy Chase Trust Company Chevy Chase Trust Company logo Find an Advisor

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$39,184,723,679 $3,000,000
  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals
  • Educational seminars
  • Trustee and investment manager for collective funds

Minimum Assets

$3,000,000

Financial Services

  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals
  • Educational seminars
  • Trustee and investment manager for collective funds
2 1919 Investment Counsel, LLC 1919 Investment Counsel, LLC logo Find an Advisor

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$21,063,150,819 $1,000,000
  • Portfolio management
  • Financial planning
  • Family office services
  • Selection of other advisors (including private fund managers)

Minimum Assets

$1,000,000

Financial Services

  • Portfolio management
  • Financial planning
  • Family office services
  • Selection of other advisors (including private fund managers)
3 Greenspring Advisors, LLC Greenspring Advisors, LLC logo Find an Advisor

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$6,126,230,881 No set account minimum
  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors (including private fund managers)
  • Investment consulting and educational services

Minimum Assets

No set account minimum

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors (including private fund managers)
  • Investment consulting and educational services
4 WMS Partners, LLC WMS Partners, LLC logo Find an Advisor

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$5,674,250,389 $3,000,000
  • Finanical planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Bill pay services

Minimum Assets

$3,000,000

Financial Services

  • Finanical planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Bill pay services
5 Harbor Investment Advisory LLC Harbor Investment Advisory LLC logo Find an Advisor

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$4,662,900,000 Varies based on account type
  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors (including private fund managers)

Minimum Assets

Varies based on account type

Financial Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors (including private fund managers)
6 Heritage Investors Management Corp. Find an Advisor

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$3,615,921,442 $1,000,000
  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)

Minimum Assets

$1,000,000

Financial Services

  • Financial planning
  • Portfolio management
  • Selection of other advisors (including private fund managers)
7 FBB Capital Partners FBB Capital Partners logo Find an Advisor

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$1,806,000,000 $5,000 minimum annual fee
  • Financial planning
  • Portfolio management

Minimum Assets

$5,000 minimum annual fee

Financial Services

  • Financial planning
  • Portfolio management
8 Facet Wealth, Inc. Facet Wealth, Inc. logo Find an Advisor

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$1,146,226,315 No set account minimum
  • Financial planning
  • Portfolio management

Minimum Assets

No set account minimum

Financial Services

  • Financial planning
  • Portfolio management
9 T. Rowe Price Advisory Services, Inc. T. Rowe Price Advisory Services, Inc. logo Find an Advisor

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$917,990,791 Varies based on account type
  • Financial planning
  • Portfolio management
  • Retirement income estimates

Minimum Assets

Varies based on account type

Financial Services

  • Financial planning
  • Portfolio management
  • Retirement income estimates
10 Maryland Capital Management, LLC Maryland Capital Management, LLC logo Find an Advisor

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$2,453,166,701 $500,000
  • Financial planning
  • Portfolio management

Minimum Assets

$500,000

Financial Services

  • Financial planning
  • Portfolio management

What We Use in Our Methodology

To find the top financial advisors in Maryland, we first identified all firms registered with the SEC in the state. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:

  • AUM
    Firms with more total assets under management are ranked higher.
  • Individual Client Count
    Firms who serve more individual clients (as opposed to institutional clients) are ranked higher.
  • Clients Per Advisor
    Firms with a lower ratio of clients per financial advisor are ranked higher.
  • Age of Firm
    Firms that have been in business longer are ranked higher.
  • Fee Structure
    Firms with a fee-only (as opposed to fee-based) compensation structure are ranked higher.

All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.

Chevy Chase Trust Company

Chevy Chase Trust Company (CCTC) is a fee-only financial advisor located in central Bethesda and is ranked Maryland's top-rated firm.

CCTC mainly serves high-net-worth individuals and families. With a $3 million minimum account size, the firm does not currently work with individuals below the high-net-worth threshold. However, it does serve other investment companies, pooled investment vehicles, pensions and profit-sharing plans, charities, local governments, insurance companies, corporations and escrows. 

The firm's advisory staff has a number of accredited professionals. Certifications include: 

As a fee-only firm, CCTC's advisors do not earn commissions or sell third-party products. Instead, their compensation comes solely from the fees that clients pay for their services. 

Chevy Chase Trust Company Background

Chevy Chase Trust Company was first established in 1997. A related holding company called Chevy Chase Trust Holdings, LLC owns the firm as one of its subsidiaries. Today, the firm is led by chief investment officer (CIO) Amy Raskin, president and CEO Jeff Whitaker, president of family wealth services Lawrence Fisher II and chief planning officer Leslie Smith.

Services available to individual clients of this firm include financial planning and investment management. More precisely, financial planning can touch on topics like income planning, risk management, insurance planning, cash flow planning, estate planning, strategic tax planning, charitable gift planning and more. 

Institutional services are also a sizable part of CCTC's offerings. In fact, the firm manages assets for charitable organizations, businesses, government entities, pooled investment vehicles, retirement plans, escrow accounts and insurance companies.

Chevy Chase Trust Company Investment Strategy

Investment services are based on the creation and management of personalized portfolios. CCTC relies two main categories of investment approaches: equity and fixed-income.

For fixed-income investing, the firm looks to both preserve your account's principal and beat inflation so your money doesn't lose value. This strategy is used to balance out an equity strategy, depending on your risk tolerance. The firm focuses on your tax situation, income needs and other client-specific considerations when building out a fixed-income portfolio.

For equity investing, the firm will allocate assets to large-, medium- and small-capitalization stocks in an effort to protect those assets from unsustainable highs and extreme lows in the market. CCTC will also invest across various geographical areas and market sectors to furthur ensure diversification. This strategy will be employed alongside its fixed-income counterpart to ensure you have enough liquidity.

1919 Investment Counsel, LLC

1919 Investment Counsel is a fee-only firm that serves both high-net-worth and non-high-net-worth individuals, as well as investment companies, pensions and profit-sharing plans, charities, local governments and corporations. 

The firm, which sits atop the Baltimore rankings, has a number of accredited professionals, including chartered financial analysts (CFAs) and certified financial planners (CFPs).

You will need a minimum of $1 million in investable assets to open an account. 

1919 Investment Counsel Background

None of the firms on this list have been around even remotely as long as 1919 Investment Counsel, which — as its name indicates — was established in 1919. The firm is now a subsidiary of Stifel Financial Corp., a financial services holding company.

1919 Investment Counsel employs various styles of investing, rather than goal-specific services. Clients of this firm can choose from the following traditional and alternative investment styles:

1919 Investment Counsel Investment Strategy

1919 Investment Counsel strives to build investment and financial plans that will meet its clients’ needs. It does this across two main verticals: equity and fixed income, offered on a discretionary and non-discretionary basis. 

Fixed income and equity discretionary services refer to standard investments accounts that use not only fixed-income and equity investments, but also cash equivalents and alternative investments. Because it’s a discretionary account, you are ceding all decision-making ability 1919's advisors. On the other hand, non-discretionary investment advisory services leave control in your hands. The firm will come up with a set of investment recommendations, which you’ll be able to approve or reject.

The firm has family office services available as well, though these aren’t available to every client. These services are meant to ensure that an entire family’s financial needs and desires are being met and will include all the services above, just on a larger scale.

Greenspring Advisors, LLC

Greenspring Advisors is the top-rated financial advisory firm in Towson, Greenspring manages more than $6 billion in client assets, the third-most on this list.

This fee-only firm works with both high-net-worth and non-high-net-worth individuals, as well as pensions and profit-sharing plans, charities and corporations.

You generally won't need a minimum investment to open an account with Greenspring, although there is a $5,000 minimum annual fee. 

Advisors at the firm have held multiple certifications, including:

Greenspring Advisors Background 

Greenspring opened its doors in 2004. Its principal shareholders are Greenspring Wealth Management, Greg Hobson, Greg Plecher, Jeff Bernfeld and Mary Goetz. John Patrick Collins Jr., the firm's chief compliant officer and managing director, controls Greenspring Wealth Management with Matt Cellini and Robert Bogue.

Greenspring offers clients private money management and wealth planning services. For investment management services, which can be on a discretionary or non-discretionary basis, the firm collects fees based on a percentage of client assets. For financial planning and consulting, which can cover such areas as tax, retirement, estate and insurance planning, fees are billed at an hourly or fixed rate.

Greenspring Advisors Investment Strategy

Like many other firms, Greenspring's investment strategy is rooted in a thorough analysis of a client's financial profile. The firm takes into account factors like a person's risk tolerance, financial situation and goals when designing an appropriate asset allocation. The firm doesn't limit exposure to certain security types. Depending on the client, portfolios may invest in a range of securities, including:

WMS Partners, LLC

WMS Partners is a fee-only firm located in Towson. With a $3 million account requirement, it caters to high-net-worth individuals, but also works with non-high-net-worth clients, pooled investment vehicles, pension and profit-sharing plans, charities and corporations. The firm may waive or lower its account minimum at its discretion.

WMS Partners operates on a fee-only basis so it earns compensation only from its clients based on the services it provides. It doesn’t earn commissions or other compensation from third-party firms for selling or recommending their products like fee-based advisors might. 

WMS has an advisory team composed of numerous accredited professionals, which have included:

  • chartered financial analysts (CFAs)
  • certified financial planners (CFPs)
  • certified public accountants (CPAs)
  • personal financial specialists (PFS)
  • accredited investment fiduciary (AIF)
  • accredited wealth management advisor (AWMA)
  • certified trust and financial advisor (CTFA)

WMS Partners Background 

WMS Partners has been in business since 1993. Eight equity partners currently own the firm. Timothy Chase, Martin Eby and David Citron hold the majority of shares. All remain active in the firm. 

The practice specializes in legacy planning and investment management. It also offers stand-alone financial planning services to its clients. 

WMS Partners Investment Strategy 

WMS Partners builds portfolios with asset allocations based on the client's personal factors such as risk tolerance, investment goals and time horizon. WMS Partners is an “open-architecture” firm that considers virtually the entire fund universe when building an asset allocation. This may include private funds and other exclusive investments.

When building customized portfolio for a client, advisors may use individual equities, fixed income securities like bonds, mutual funds, exchange-traded funds (ETFs) and private investment funds. 

Harbor Investment Advisory, LLC

Harbor Investment Advisory is a fee-based financial advisor firm located in Lutherville. It serves both high-net-worth and non-high-net-worth individuals, as well as pension and profit-sharing plans, charities and corporations.

The minimum account size at Harbor varies based on the type of account a client selects, ranging up to $1 million. Fees at Harbor are generally based on a percentage of assets under management, though some services are subject to a flat fee. Harbor advisors may also make commissions for selling products to clients. This represents a potential conflict of interest, but advisors are still bound by fiduciary duty to act in the best interest of the client.

There are numerous advisors at the firm with multiple professional certifications, including:

  • certified financial planner (CFP)
  • chartered financial analyst (CFA)
  • chartered retirement planning counselor (CRPC)
  • certified investment management analyst (CIMA)
  • certified private wealth advisor (CPWA)

Harbor Investment Advisory Background 

Harbor Investment Advisory was founded in 2010. It is wholly owned by parent company Harbor Investment Management, LLC.

The firm’s services include investment advice, separately managed accounts, investment consulting, retirement plan services and financial planning. 

Harbor Investment Advisory Investment Strategy

Advisors at Harbor work with clients to develop a strategy that fits their life and goals. A mix of quantitative and qualitative analyses are used to develop investment strategies. Possible investments include stocks, bonds, index mutual funds and alternative investments.

Quantitative analysis is done using only raw numbers; outside factors affecting the company won't be considered. Qualitative anaalysis, on the other hand, looks at the full story behind a company. If a new management team is hired or a new strategy is put in place, this analysis may cause stockpickers to buy or sell shares of the company.

Heritage Investors Management Corp.

Heritage Investors Management Corp. is a fee-only firm that serves both high-net-worth and non-high-net-worth individuals, as well as pension and profit-sharing plans, charities and corporations.

The advisory team holds multiple certifications, including: 

The firm calls for a $1 million account minimum. 

Heritage Investors Management Corp. Background

Heritage Investors Management Corp. opened in 1974. It’s independently owned by president Michael Cornfeld, who has been in the financial services sphere for more than 40 years.

The firm offers financial services such as portfolio management, retirement planning, trust and estate management and general financial planning. 

Heritage Investors Management Corp. Investment Strategy

Heritage Investors Management Corp. primarily invests in stocks, bonds, exchanged-traded funds (ETFs) and money market instruments. The decisions it makes about specific investments are not only affected by clients’ needs, but also by any domestic or foreign events that occur that could affect the market.

Heritage says that it typically engages in long-term purchases of securities, and the firm’s advisors will usually only hold onto investments long enough to make sure that taxes don’t heavily impact returns. Still, it does not believe that securities should be bought and held forever, and it will adjust portfolios in response to economic and market conditions. It occasionally engages in short-selling and margin transactions, though only after consulting with the client about the risks of these strategies. 

FBB Capital Partners

FBB Capital Partners generally provides financial planning services to clients that also enroll in its portfolio management program. Most of its clients are high-net-worth and non-high-net-worth individuals. Advisors also work with charities.

For portfolio management accounts with less than a $500,000 balance, the firm generally requires a $5,000 minimum annual fee. Depending on the scope of the services you need, the firm may provide financial planning on an hourly or fixed-fee basis. 

Advisors at the firm hold multiple certifications, including:

FBB Capital Partners Background 

FBB Capital Partners first began offering its services in 1987. The firm is under the ownership of president Michael J. Mussio, executive vice president and chief compliance officer (CCO) Stein A. Olavsrud, director of operations Bridget M. Simpson and firm founder Susan B. Fulton (via control of Julian, Inc., a separate company).

This is a fee-only firm, which means all of its earnings come from client-paid fees and not third-party commissions.

FBB Capital Partners Investing Strategy

FBB Capital Partners designs portfolios based on a client's individual circumstances such as risk tolerance and investment goals. The firm does not limit itself to certain securities and makes recommendations as it deems appropriate to your financial circumstances. Your portfolio may offer exposure to the following securities:

  • Exchange-listed securities
  • Securities traded over-the-counter
  • Corporate debt securities
  • Municipal securities
  • Mutual fund shares
  • United States governmental and agency securities
  • Options contracts on securities

Facet Wealth, Inc.

Facet Wealth does not impose a minimum investment or minimum fee for its investors. Most of its clients are non-high-net-worth individuals, though it also serves high-net-worth clients.

Facet Wealth has many on-staff financial advisors and planners. Multiple advisors hold certifications as certified financial planners (CFPs).

While many firms charge a fee based on assets under management, Facet charges a flat fee generally ranging from $1,200 to $8,000 per year. This is a fee-only firm, as all of its compensation comes from the fees clients pay and not third-party commissions.

Facet Wealth Background

Facet Wealth was founded in 2016. The firm has raised money from companies like Warburg Pincus and Slow Ventures, and the current CEO is co-founder Anders Jones. Executive chairman Patrick McKenna, Jones and Warburg Pincus combine to own the firm.

Services offered by the company include comprehensive financial planning, cash flow and income planning, retirement planning, estate planning, debt management, education planning, income tax planning, employee benefit planning and charitable planning.

Facet Wealth Investment Strategy

Facet advisors use fundamental, technical and cyclical analysis to pick securities for purchase. The firm uses both long-term and short-term purchases to maximize returns. Potential investments include open-end mutual funds, closed-end mutual funds, exchange traded funds (ETFs), individual equities and individual bonds.

T. Rowe Price Advisory Services, Inc.

T. Rowe Price Advisory Services, a brand name in the financial services industry, works primarily with non-high-net-worth individuals, as well as one corporation. 

Account minimums vary, depending on the services a client signs up for. Minimums can range up to $500,000.  

As a fee-only firm, T. Rowe Price advisors do not earn commissions for selling products or services. However, unlike most other fee-only practices, this firm does not charge fees that are based on a percentage of a client's assets. Instead, T. Rowe Price is compensated by management fees attached to the underling Price funds that clients will hold in their portfolios. 

T. Rowe Price Advisory Services Background

Founded in 2000, the firm is a wholly owned subsidiary of T. Rowe Price Group, Inc. Clients will have access to a variety of investment account options and services, including the company's ActivePlus Portfolios Program, an online discretionary investment management service available for individual retirement accounts (IRAs).

Clients can also utilize the company's Investment Allocation Tool, a non-discretionary advice service that provides point-in-time allocation recommendations. T. Rowe Price offers a similar service called the Retirement Fund Recommendation Service, which is tailored to help clients select a T. Rowe Price retirment fund best suited for their age, investment amount and other considerations. 

T. Rowe Price Advisory Services Investment Strategy

The firm currently only selects and recommends T. Rowe Price funds as part of its advisory services. The underlying strategies of these funds are comparable to those of actively managed exchange-traded funds (ETFs).

Model portfolios constructed for the APP Program offer clients broad diversification with equity allocations across small-, mid- and large-cap sectors and global markets.

Investments recommendations offered through the T. Rowe Price Investment Allocation Tool will be based on a client's answers to a special questionnaire. Clients will be able to choose between a multi-fund portfolio or a single fund portfolio. 

Retirement funds, meanwhile, rely on diversified, long-term asset allocation strategies that are paired with simplified financial planning so an investor's exposure to risk can be adjusted over time. 

Maryland Capital Management, LLC

Maryland Capital Management (MCM) is a Baltimore-based financial advisory firm that works on a fee-only basis. MCM requires clients have at least $500,000 to open an account, but may waive this requirement in certain situations.

All of MCM's individual clients are high-net-worth individuals. The firm also serves institutional clients, including pension and profit-sharing plans, charities, government entities, corporations and other investment advisors.

The firm has several advisors with financial certifications, including chartered financial analyst (CFA) and certified financial planner (CFP) designations. 

MCM charges an investment management fee based on assets under management. Its advisors do not earn commissions for selling third-party products and services. 

Maryland Capital Management Advisors Background

Founded in 1978, MCM is wholly owned by employees. The employees with more than 25% ownership are John Blair and Greg Heard. The two are principals at the firm, and Blair also serves as the president.

Services here include portfolio construction and investment planning. Financial planning can touch on a client's cash flow, income planning and more.

Maryland Capital Management Investment Strategy

Maryland Capital has four main investment strategies that it offers to clients:

  • Equity strategies: These portfolios are focused on companies with high quality and potential for above-average growth. 
  • Fixed-income strategies: Strategies that aim to preserve capital and generate income.
  • Alternative strategies: Porfolios using alternative strategies seek optimal market exposure and strive to capitalize on global trends.
  • Balanced strategies: Approaches that blend all of the other above strategies at the firm.

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research