As Maryland’s largest city and economic hub, Baltimore has a stacked roster of financial advisors. With such a deep talent pool, how do you choose? Benzinga has made it easy — peruse our list of the best financial advisors in Baltimore, Maryland, to find one suited to your financial needs.
Best Financial Advisors in Baltimore, Maryland Near You:
- Best for Retirement Planning: WBH Advisory
- Best Robo-Advisor: M1 Finance
- Best for Women Investors: &Wealth Partners
- Best Portfolio Analysis: Personal Capital
Best for Retirement Planning: WBH Advisory
WBH Advisory is a mostly fee-only (one client remains under a fee-based agreement) firm offering these advisory services:
- Wealth Management
- Portfolio Management + Financial Planning
- Digital Offering (a digital advisory service limited to a small percentage of clients)
WBH works with individuals, trusts, retirement plans, nonprofit and charitable organizations, corporations, partnerships and LLCs.
Portfolio design is determined on a client-by-client basis. The firm follows a structured investment management strategy that follows this route:
Introductory meeting → Exploration phase → Detailed planning → Ongoing aid and advice
Wealth management is comprehensive, or modular. WBH pays special attention to retirement, splitting it into 3 stages. First, your advisor will focus on the early years. This is defined by early retirement or the potential gap between retiring and gaining access to retirement funds.
Next, you’ll plan for the “draw down” phase. This period is marked by increased access to retirement funds and further financial security. WBH counsels that this is a great time to make the most of your income or begin legacy planning.
Finally, your advisor will strategize best practices to transfer your wealth and values to younger generations.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Performance-based fees
- Financial planning services
Address
1829 REISTERSTOWN ROAD, SUITE 225 BALTIMORE MD, 21208
Phone number
410-653-7979
- Customizable Auto Investing
Best Robo-Advisor: M1 Finance
If you want a robo-advisor but prefer to drive your investment strategy, try out M1 Finance. M1 isn’t a comprehensive financial planner;identifying your goals and how to best meet them is left up to you. But M1 will handle all the trading with dynamic rebalancing guided by your portfolio mix.
M1 has more than 80 expertly-designed portfolio mixes. You can also build a custom portfolio of stocks and bonds, primarily using exchange-traded funds (ETFs). M1 uses fractional shares, ensuring every dime you put in is invested.
There are 2 membership levels: M1 Basic and M1 Plus. M1 Basic is free to use. There are no trading commissions and no management fees. M1 Plus costs $125 annually but has the added benefit of an additional afternoon trading window.
If you’re an experienced investor looking for a digital investment manager, M1 is perfect for you. Or, if you’re newer but want to challenge yourself, use M1’s educational resources to build your knowledge base.
Best for Women Investors: &Wealth Partners
&Wealth Partners is a firm with offices in Maryland and New York specifically formed to cater to female investors. Women investors often have unique needs. These can include navigating major life events or taking control of your finances for the first time after a divorce.
&Wealth offers financial planning, investment management and divorce financial planning. The firm advises individuals, pension and profit-sharing plans, trusts, estates and charitable organizations.
While there is no set account minimum, there is generally a $10,000 minimum annual fee. This fee means enlisting &Wealth’s advisory services to make the most sense for high-net-worth individuals or institutional clients.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Financial planning services
- Selection of other advisers (including private fund managers)
Address
1629 THAMES STREET SUITE 300BALTIMORE MD, 21231
Phone number
410-844-3300
- High Net Worth Individuals
Best Portfolio Analysis: Personal Capital
If you want to use a robo-advisor for at least $100,000 in assets, Personal Capital offers advisory services to investors like you.
Comprehensive financial planning and investment management make up Personal Capital’s advisory services. A balance between $100,000 and $200,000 means access to investment management. At this tier, a team of human advisors expertly manage your portfolio.
Comprehensive wealth management is available to you once your balance rises above $200,000 up to $1 million. You’ll have the professional, laser-focused guidance of 2 dedicated advisors at this tier.
Wealth investment management fees range from 0.89% to 0.49% of AUM depending on your balance.
Personal Capital also offers financial tools free of charge for any client. Use these tools for a clear look at your finances and to educate yourself on how to best manage your money.
If you want to use a digital investment manager to handle large sums of money, Personal Capital may be your best bet.
Frequently Asked Questions
Can financial advisors help mitigate debt?
Yes. If debt management is one of your goals, an advisor will guide you through best practices to do so. But they can’t directly manage it for you. You’ll be responsible for following their advice and taking action.
What’s the difference between financial planning and retirement planning?
Retirement planning is typically part of a comprehensive planning strategy. Retirement planning aims to maximize the income you earn throughout life, ensuring financial security after you stop working. Financial planning can be comprehensive or modular and focuses on growing your wealth throughout the earning stage.
Which certifications should my financial planner have?
A planner should be a certified financial planner™ (CFP®), certified public accountant (CPA) or chartered financial analyst (CFA). A CFP® is the most comprehensive certification. CPAs specialize in accounting and tax planning. CFA expertise lies in investment and financial analysis.
Take Advantage of a Financial Advisor’s Expertise
Grow your wealth or tackle a specific financial obstacle by enlisting the expertise of a professional. Most financial advisor firms offer financial planning along with investment management, so you can draw a roadmap to make the most of your money and secure your future.
The first step is easy — most advisors offer free consultations. Call to set up one today.
Methodology
To determine the top financial advisors in Baltimore, Maryland, we pored through all SEC-registered advisory firms who have an office in Baltimore. To winnow down the list we only included advisors who were registered fiduciaries, had no past disclosures, and have minimal personal conflicts of interest. To further break down the list to the true top advisors in the area, we gave weight to advisors that offer both investment management and planning, have no conflicts of interest, have offices in multiple states, have a wrap fee program and have over $50 million in assets under management.