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Top Financial Advisor Firms in Maryland

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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. To differentiate the firms, we’ve laid out their various fee structures, advisory services, investing ideologies and more.

Still having trouble narrowing things down? A financial advisor matching tool can make your decision even simpler: Just answer a few questions about your finances and goals and you'll get matched with up to three advisors in your area.

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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$29,990,558,415 $3,000,000
  • Financial planning services
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals or newsletters
  • Educational seminars/workshops
  • Trustee and investment managing for collective funds

Minimum Assets

$3,000,000

Financial Services

  • Financial planning services
  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals or newsletters
  • Educational seminars/workshops
  • Trustee and investment managing for collective funds
2 1919 Investment Counsel 1919 Investment Counsel logo Find an Advisor

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$11,250,678,157

$2,000,000

  • Investment management
  • Financial planning
  • Family office services

Minimum Assets

$2,000,000

Financial Services

  • Investment management
  • Financial planning
  • Family office services
3 Bronfman Rothschild Bronfman Rothschild logo Find an Advisor

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$6,146,256,494 Varies by account type
  • Managed accounts
  • Financial Planning
  • Investment planning

Minimum Assets

Varies by account type

Financial Services

  • Managed accounts
  • Financial Planning
  • Investment planning
4 WMS Partners, LLC WMS Partners, LLC logo Find an Advisor

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$4,132,675,696 $3,000,000
  • Finanical planning services
  • Portfolio management
  • Selection of other advisors (including private fund managers)

Minimum Assets

$3,000,000

Financial Services

  • Finanical planning services
  • Portfolio management
  • Selection of other advisors (including private fund managers)
5 Greenspring Advisors, LLC Greenspring Advisors, LLC logo Find an Advisor

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$3,228,439,267 No set account minimum; $5,000 minimum fee
  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Investment consulting and educational services

Minimum Assets

No set account minimum; $5,000 minimum fee

Financial Services

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

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$2,478,794,000 $1,000,000
  • Financial planning services
  • Portfolio management
  • Selection of other advisors (including private fund managers)

Minimum Assets

$1,000,000

Financial Services

  • Financial planning services
  • Portfolio management
  • Selection of other advisors (including private fund managers)
7 Harbor Investment Advisory LLC Harbor Investment Advisory LLC logo Find an Advisor

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$2,132,425,335 Varies by account type
  • Investment advising
  • Separately managed accounts
  • Investment consulting
  • Retirement plan services
  • Financial planning

Minimum Assets

Varies by account type

Financial Services

  • Investment advising
  • Separately managed accounts
  • Investment consulting
  • Retirement plan services
  • Financial planning
8 Pinnacle Advisory Group, Inc. Pinnacle Advisory Group, Inc. logo Find an Advisor

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$2,050,437,552 $500,000
  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Publication of periodicals or newsletters

Minimum Assets

$500,000

Financial Services

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Publication of periodicals or newsletters
9 Verdence Capital Advisors, LLC Verdence Capital Advisors, LLC logo Find an Advisor

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$1,511,643,426 No set account minimum; $10,000 minimum fee
  • Financial planning services
  • Portfolio management

Minimum Assets

No set account minimum; $10,000 minimum fee

Financial Services

  • Financial planning services
  • Portfolio management
10 Trumbower Financial Advisors, LLC Trumbower Financial Advisors, LLC logo Find an Advisor

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$1,171,647,276 No set account minimum
  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals or newsletters

Minimum Assets

No set account minimum

Financial Services

  • Financial planning services
  • Portfolio management
  • Pension consulting services
  • Selection of other advisors (including private fund managers)
  • Publication of periodicals or newsletters

How We Found the Top Financial Advisor Firms in Maryland

We only considered financial advisor firms located in Maryland that are registered with the U.S. Securities and Exchange Commission (SEC). That’s because of the inherent fiduciary duty that comes with registering with the SEC, which requires these firms to act in clients’ best interests at all times. We removed any firm from contention if it didn’t offer financial planning, didn’t manage individual accounts or had disciplinary issues on record. The top firms that qualified based on these requirements are listed on this page, in order of the most assets under management (AUM) to the least.

Chevy Chase Trust Company

Chevy Chase Trust Company

With more than $29.99 billion in assets under management (AUM), Bethesda-based financial advisor firm Chevy Chase Trust Company should seemingly have a massive number of clients. However, the firm’s client base is made up of fewer than 1,000 individuals, all of whom have a high net worth. The firm also works with families, institutions, business owners and executives and eligible qualified plans. Like the fourth firm on this list, WMS Partners, LLC, this fee-only firm requires its clients to have at least $3 million to open an account. This is the highest account minimum on this list. 

As its name might suggest, Chevy Chase Trust Company is also a trust company. The advisory team has a total of 15 advisor certifications. This includes seven chartered financial analysts (CFAs), five certified financial planners (CFPs), one certified trust and financial advisor (CTFA), one chartered market technician (CMT) and one certified anti-money laundering specialist (CAMS).

Chevy Chase Trust Company Background

Chevy Chase Trust Company has been in business since 1997. It’s owned by Chevy Chase Trust Holdings, LLC, a holding company. The firm’s team of 34 advisors averages more than 20 years in the financial services industry.

The firm personalizes its service offerings once clients communicate their needs to their advisor. Its services include goal-based financial planning, estate planning, fiduciary services and family wealth services.

Chevy Chase Trust Company Investing Strategy

Most firms will center their investing philosophies around value/growth, small/mid/large capitalization and domestic/international categories. But Chevy Chase Trust Company chooses instead to focus on investing themes, specific sectors and industries that present opportunities for growth. 

Additionally, the firm will attempt to diversify client funds across as many asset classes as possible. Chevy Chase Trust Company uses a multitude of investments in client portfolios, including exchange-listed securities, warrants, corporate debt securities, CDs, municipal securities, investment company securities, U.S. government securities, options and partnerships.

1919 Investment Counsel

1919 Investment Counsel

1919 Investment Counsel is based in Baltimore, where it placed first on SmartAsset’s list of the top Baltimore financial advisor firms. No firm on this list has a larger advisory team than this one, which has 47 advisors on staff. This team includes 22 chartered financial analysts (CFAs), seven certified financial planner (CFPs), one certified trust and financial advisor (CTFA) and one chartered advisor in philanthropy (CAP).

The clients of this fee-based firm include a wide range of individuals and institutions. More specifically, the firm works with both high-net-worth and non-high-net-worth individuals and families. It also works with endowments, foundations, government clients, pension and profit-sharing plans, investment companies, businesses, individual retirement plans, partnerships, trusts and estates. You will need a minimum of $2 million in investable assets to open an account with this firm. 

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 might indicate - was established in 1919. This firm is now a subsidiary of Stifel Financial Corp., a financial services holding company.

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

  • Fixed income investing
  • Equity investing
  • Socially responsible investing
  • Estate planning
  • Tax minimization
  • Charitable giving
  • Global total return investing
  • Multi-cap core equity investing

1919 Investment Counsel Portfolio Options

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 discretionary services and non-discretionary investment advisory services.

Fixed income and equity discretionary services refer to standard investments accounts that this firm fills with not only fixed-income and equity investments, but also with cash equivalents and alternative investments. Because it’s a discretionary account, you are ceding all decision-making ability to the firm. 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 above services, just on a larger scale.

Bronfman Rothschild

Bronfman Rothschild

Bronfman Rothschild is a Rockville-based financial advisor firm that manages nearly $6.15 million. It has large staff, with 66 advisors managing clients' assets. The team of advisors who work with individuals and families includes eight certified financial planners (CFPs), two chartered financial consultants (ChFCs), two chartered life underwriters (CLUs), one chartered retirement planning counselor (CRPC), one certified divorce financial analyst (CDFA), one accredited investment fiduciary (AIF), one chartered financial analyst (CFA) and one certified private wealth advisor (CPWA). 

The firm works with both individuals and high-net-worth individuals, in addition to pension and profit sharing plans, charitable organizations and other corporations. There is no minimum account size requirement, but individual programs may have a recommended account size. Fees for investment management are based on a percentage of assets under management, while a flat fee is charged for financial planning services. Some advisors at Bronfman Rothschild may make commissions from selling products to clients. This is a conflict of interest, but fiduciary duty requires advisors to act in the best interest of the client.

Bronfman Rothschild, L.P. Background 

Bronfman Rothschild was founded in 2013, but the firm is a successor by conversion to Baker Tilly Investment Advisors, which had been in business since 1997. It is owned by BELR Partners, along with other entities and individuals who own less than 25% of the firm.

The firm’s services include:

  • Managed accounts
  • Financial planning
  • Investment planning
  • Insurance planning
  • Income tax planning
  • Retirement planning
  • Estate planning

Bronfman Rothschild, L.P. Investing Strategy

The following model portfolios are available at Bronfman Rothschild:

  • Capital preservation
  • Current income
  • Conservative growth
  • Moderate growth
  • Long-term growth
  • Diversified income

The firm also does individually managed accounts, where a client’s particular goals and circumstance are taken into account to create a unique plan for them. Investments include mutual funds, stocks, annuities, and exchange-traded funds (ETFs).

WMS Partners, LLC

WMS Partners, LLC

Fee-only financial advisor firm WMS Partners, LLC is headquartered in Towson. To begin a client relationship with an advisor at this firm, you must have at least $3 million ready to invest. So it should be no surprise that a large portion of this firm’s client base is currently made up of high-net-worth individuals. However, the firm’s policy of sometimes waiving its minimum has opened the door for some individuals without a high net worth to work with this firm, too.

If you’re looking for help managing your taxes, this firm has five certified public accountants (CPAs) on staff. In addition, you’ll find five chartered financial analysts (CFAs), five certified financial planners (CFPs), two accredited wealth management analysts (AWMAs) and one accredited investment fiduciary (AIF).

This is the only firm on this list that includes performance-based fees in its fee structure. These are only charged if your portfolio outperforms projections. 

WMS Partners, LLC Background

Opened in 1993, WMS Partners, LLC is employee-owned. Co-founders Timothy Chase, David Citron and Martin Eby are the firm’s principal owners. The trio has spent, on average, more than 25 years in the financial services field.

This firm has three main areas of service: multi-family office, wealth planning and investment management. It combines these resources when deciding what each client needs. These service areas may include:

  • Personal and family business consulting
  • Philanthropic advisory
  • Cash flow management
  • Estate planning
  • Risk management
  • Fringe benefit planning
  • Retirement planning
  • Tax planning
  • Investment planning
  • Family education

WMS Partners, LLC Investing Strategy

WMS Partners typically invests its clients’ assets in mutual funds, fixed income securities, exchange-traded funds (ETFs) and individual stocks. Because mutual funds and ETFs are inherently diversified, they’ve become increasingly popular and make up a solid portion of most clients’ investments.

But these investment opportunities are just the vehicle by which financial goals are realized. So as a supplement to your investment plans, the firm says it will work with your personal accountants, attorneys, insurance professionals and consultants to ensure success.

Greenspring Advisors, LLC

Greenspring Advisors, LLC

Greenspring Advisors is a Towson-based, fee-only financial advisor firm with nearly $3.23 billion in assets under management (AUM). Greenspring has 14 advisors on staff. The team includes seven certified financial planners (CFPs), four accredited investment fiduciaries (AIsF), one chartered financial consultant (ChFC), one chartered financial analyst (CFA), one certified divorce financial analyst (CDFA), one chartered life underwriter (CLU), one chartered advisor for senior living (CASL) and one chartered retirement plan specialist (CRPS). 

The firm’s individual clients are split about evenly between high-net-worth and other individuals. It also advises pension and profit-sharing plans, charitable organizations and other corporations. There is no minimum account size requirement, but the minimum annual fee is $5,000.

The firm's fees for individual investors  are based on a percentage of assets under management. Corporate retirement clients generally pay a fixed fee.

Greenspring Advisors, LLC Background 

Greenwich was founded in 2004. The two people with more than 25% of the equity in the firm are John Patrick Collins Jr., who is a partner and managing director in the private client group, and Joshua Philip Itzoe, who is holds the same position in the institutional client group.

Services offered to private clients include:

  • Investment advice
  • Tax planning
  • Retirement planning
  • Risk management analysis
  • Estate planning
  • Cash flow planning
  • Business planning
  • Education planning

Greenspring Advisors, LLC Investing Strategy

Greenspring Advisors uses both long-term and short-term purchases as part of its investment strategy. The firm uses many types of analysis to make investment choices including fundamental, quantitative, qualitative, asset allocation, mutual fund/exchange-traded fund (ETF) analysis and third-party money manager analysis.

The firm commonly uses stocks, bonds, certificates of deposit (CDs), variable life insurance, variable annuities and mutual fund shares in client portfolios.

Heritage Investors Management Corp.

Despite having more than $2 billion in assets under management (AUM), Bethesda-based financial advisor firm Heritage Investors Management Corp. has a relatively small advisory team, with just seven advisors on staff. The team has an impressive number of advisor certifications. They boast five chartered financial analyst (CFA) certifications and five chartered investment counselor (CIC) certifications, as well as a certified public accountant (CPA).

This fee-only firm calls for a $1 million account minimum. Individuals make up the majority of the firm’s client base. However, it also works with IRAs, trusts, estates, businesses, foundations, partnerships, endowments, conservatorships, associations, guardianships and pension and profit-sharing plans.

Heritage Investors Management Corp. Background

Heritage Investors Management Corp. was 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 retirement planning, trust and estate management and general financial planning. It will also incorporate additional investment services that it believes will benefit you, even if they aren’t listed above or on the firm’s website.

Heritage Investors Management Corp. Investing Strategy

Heritage Investors Management Corp. primarily invests in U.S. stocks, bonds and exchanged-traded funds (ETFs). 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. 

Harbor Investment Advisory LLC

Harbor Investment Advisory LLC

Harbor Investment Advisory LLC is a fee-based financial advisor firm based in Lutherville. It manages more than $2.13 million for its clients. The majority of Harbor’s clients are high-net-worth individuals, though it does service some other individual accounts. Harbor also provides services for pension and profit-sharing plans, charitable organizations and other corporations.

The minimum account size at Harbor varies based on the type of account, ranging from no minimum 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. Advisors at Harbor 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 29 advisors at the firm. The financial advisor team includes nine certified financial planners (CFPs), two chartered retirement planning counselors (CRPCs), two certified investment management analysts (CIMAs), two certified private wealth advisors (CPWAs), two chartered financial analysts (CFAs), one certified divorce financial analyst (CDFA), one chartered retirement plan specialist (CRPS) and one chartered alternative investment analyst (CAIA). 

Harbor Investment Advisory, LLC 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 advising
  • Separately managed accounts
  • Investment consulting
  • Retirement plan services
  • Financial planning

Harbor Investment Advisory, LLC Investing Strategy

Advisors at Harbor work with clients to develop a strategy that fit their life and goals. A mix of quantitative and qualitative analyses are used to develop this strategy. 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.

 

Pinnacle Advisory Group, Inc.

Pinnacle Advisory Group, Inc.

Pinnacle Advisory Group, Inc. is based in Columbia, although this fee-only firm also has branches in Miami and Naples, Florida. The firm manage accounts for more than 1,200 families around the globe. A smaller section of its client base includes charities, foundations and private company retirement plan providers. You’ll need at least $500,000 to open an account with the firm.

Pinnacle has more advisor certifications than any other firm on this list. The firm’s staff includes:

  • 17 certified financial planners (CFPs)
  • 4 chartered financial analysts (CFA)
  • 3 certified public accountants (CPAs)
  • 3 chartered financial consultants (ChFC)
  • 1 chartered life underwriter (CLU)
  • 1 registered employee benefits consultant (REBC)
  • 1 chartered advisor for senior living (CASL)
  • 1 certified tax specialist (CTS)
  • 1 certified trust and financial advisor (CTFA)
  • 1 certified college planning specialist (CCPS)
  • 1 chartered advisor in philanthropy (CAP)

Pinnacle Advisory Group, Inc. Background

CEO John Hill, CIC Kenneth Solow and CFO Dwight Mikulis are the co-founders of Pinnacle Advisory Group, Inc., which has been in business since 1993. The majority of this firm’s employees have spent more than 10 years in the financial services industry.

The firm offers financial planning and general investment management. Its financial planning services may include:

  • Cash flow analysis
  • Strategic tax planning
  • Retirement planning
  • Estate planning
  • Insurance review
  • Education fund planning

Pinnacle Advisory Group, Inc. Investing Strategy

The advisors at Pinnacle Advisory Group, Inc. claim they’ve found the perfect medium between the “buy and hold” investment strategy and the hedge fund investment strategy. Paramount to the firm’s investing ideology is the belief that active investment management is necessary to achieve maximum returns.

But active management is just one half of the equation, which also includes diversification. The firm believes that this combination of diversification and active management is what makes its philosophy unique. Above all, the firm believes that “asset classes will earn the best returns if [it] buy[s] them at prices that represent good value.”

Verdence Capital Advisors, LLC

Verdence Capital Advisors, LLC

Verdence Capital Advisors is an advisory firm based in Hunt Valley. It also has an office in Vienna, Virginia. The firm has more than $1.51 billion in assets under management (AUM). It services a mix of individual investors and high-net-worth individuals, along with some pension and profit-sharing plans and other institutional clients. Verdence does not list a minimum account size but does require a minimum annual fee of $10,000.

There are 16 advisors working at Verdence. The team boasts an impressive number of certifications: four certified financial planners (CFPs), five accredited investment fiduciaries (AIFs), three chartered retirement planning counselors (CRPCs), two certified business exit consultants (CBECs), two qualified family office professionals (QPOCs), two chartered investment management analysts (CIMAs), one certified exit planning consultant (CEPA) and one chartered financial analyst (CFA).

Clients of Verdence pay an annual advisory fee based on a percentage of assets under management. Some advisors at the firm are registered representatives of a broker-dealer and could make commissions from selling securities to clients. Though this represents a potential conflict of interest, fiduciary duty bounds advisors to act in the best interest of clients.

Verdence Capital Advisors Background

Verdence was formed in July of 2017. It is principally owned by Leo J. Kelly III, who also serves as the managing member of the firm.

A number of services are offered by the firm, including:

  • Investment management
  • Philanthropy
  • Estate planning
  • Tax planning
  • Wealth management

Verdence Capital Advisors Investing Strategy

Verdence uses fundamental, technical and cyclical analysis to make choices about how to invest for their clients. The firm engages in both long-term and short-term purchases of mutual funds, stocks, and bonds. 

Trumbower Financial Advisors, LLC

Trumbower Financial Advisors, LLC

Just five employees make up the advisory team at Trumbower Financial Advisors, LLC, a Bethesda-based financial advisor firm managing nearly $1.27 billion in client assets. The team’s designations include four certified financial planners (CFPs), two chartered financial analysts (CFAs) and one certified public accountant (CPA).

This fee-only financial advisor firm supplements its services with an internal accounting practice. No other firm on this list has a secondary operation like this, giving Trumbower a unique advantage in tax minimization and preparation.

The firm’s typical clients include individuals and their families, small pension and profit-sharing plans, charitable organizations, estates, trusts and personal service corporations. There is no minimum required account size. 

Trumbower Financial Advisors, LLC Background

Managing member Victoria Trumbower founded Trumbower Financial Advisors, LLC  in 1996. Trumbower, who began providing financial services in 1981, remains the firm’s sole owner.

The firm aims to provide truly comprehensive management of your finances. If you become a client at Trumbower, you’ll have cash flow and wealth accumulation management, estate planning, investment management, retirement distribution planning, proactive tax planning, tax preparation services, insurance analysis, marriage and divorce financial planning and personal record keeping services available to you.

Trumbower Financial Advisors, LLC Client Experience

Trumbower Financial Advisors builds its clients’ portfolios around three factors: risk tolerance, liquidity needs and financial goals. Once these are determined, your current investments and asset allocations are reviewed.

Once everything is out in the open, you and your advisor will choose one of the firm’s model portfolios, all of which are based on modern portfolio theory. The firm will utilize its technology-based tools to aid in this process, as well as to implement the portfolio you decide on. Lastly, the firm will evaluate the model portfolio’s performance and rebalance your account regularly and as needed.

How Many Years $1 Million 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 cost of living in retirement there.

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

Methodology SmartAsset calculated the average cost of living for retirees in the largest U.S. cities. Using that calculation, we determined how many years $1 million would last in retirement in each major city.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors throughout the country. 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.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%, reflecting the typical return on a conservative investment portfolio. Finally, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would last in each of the cities in our study.

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