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Independent RIAs in Maryland

As of October 2, 2026, 436 independent wealth management RIAs based in Maryland reported $115.0 billion in regulatory assets under management; the largest by assets was D.F. Dent and Company, Inc., with $7.9 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs
436
SEC-registered
147
State-registered
289
Regulatory assets under management
$115.0 billion
Client accounts
185,602
Median firm size
$74.6 million
Broker-dealer affiliated firms, not included
11, with $37.7 billion

Maryland requires IAR continuing education, in effect since 2022. Status from NASAA's IAR CE map, checked October 5, 2026. IAR CE in Maryland.

Top firms in Maryland

Largest independent RIAs by assets under management

Rank Firm City RAUM
1 D.F. Dent and Company, Inc. Baltimore $7.9 billion
2 Greenspring Advisors, LLC Towson $6.5 billion
3 Pennington Partners & Co., LLC Bethesda $5.1 billion
4 Prosperity - An Eisneramper Company Owings Mills $5.0 billion
5 Heritage Investors Management Corp Bethesda $4.6 billion
6 Verdence Capital Advisors, LLC Hunt Valley $4.6 billion
7 XML Financial Group Bethesda $3.3 billion
8 Baltimore-Washington Financial Advisors Columbia $3.0 billion
9 FBB Capital Partners Bethesda $2.4 billion
10 Cornerstone Advisory Hunt Valley $2.2 billion

Top 100 in Maryland

Fastest-growing independent RIAs over one year

Rank Firm City Growth Starting value
1 Tritonpoint Partners, LLC Chevy Chase 159.6% $110.3 million
2 MDRN Capital Annapolis 110.5% $160.9 million
3 Catoctin Ridge Wealth Partner Thurmont 94.5% $102.3 million
4 Prosperity - An Eisneramper Company Owings Mills 72.9% $2.9 billion
5 Greenspring Advisors, LLC Towson 71.2% $3.8 billion
6 Capital Squared Financial LLC Rockville 62.7% $122.1 million
7 Beacon Investment Advisors LLC Gaithersburg 60.5% $337.6 million
8 PKS Investment Advisors LLC Salisbury 51.5% $242.4 million
9 RMG Advisors Rockville 46.1% $137.2 million
10 Elite Income Advisors, Inc. Ellicott City 42.2% $150.1 million

Top 100 in Maryland

Fastest-growing independent RIAs over three years

Rank Firm City Growth Starting value
1 Pennington Partners & Co., LLC Bethesda 44.0% $1.7 billion
2 Black Diamond Financial, LLC Lutherville 35.9% $545.9 million
3 Beacon Investment Advisors LLC Gaithersburg 35.1% $219.9 million
4 PKS Investment Advisors LLC Salisbury 35.0% $149.2 million
5 Buttonwood Financial Advisors, Inc. Baltimore 33.5% $203.2 million
6 HF Advisory Group, LLC Annapolis 33.4% $135.6 million
7 Bluestone® Financial Advisors, LLC Bethesda 27.4% $100.3 million
8 Valuewealth Services, LLC Annapolis 25.6% $161.1 million
9 Macroview Investment Management LLC Bethesda 25.2% $197.4 million
10 Prostatis Financial Advisors Group Hanover 24.9% $310.9 million

Top 100 in Maryland

Fastest-growing independent RIAs over five years

Rank Firm City Growth Starting value
1 Prosperity - An Eisneramper Company Owings Mills 72.0% $334.6 million
2 Pennington Partners & Co., LLC Bethesda 35.6% $1.1 billion
3 Buttonwood Financial Advisors, Inc. Baltimore 29.8% $131.1 million
4 The Marshall Financial Group LLC Hunt Valley 28.7% $208.3 million
5 Prostatis Financial Advisors Group Hanover 27.6% $179.0 million
6 Macroview Investment Management LLC Bethesda 23.0% $137.4 million
7 Black Diamond Financial, LLC Lutherville 22.9% $488.6 million
8 Sandbox Financial Partners, LLC Bethesda 21.9% $252.8 million
9 XML Financial Group Bethesda 21.0% $1.3 billion
10 Baltimore-Washington Financial Advisors Columbia 19.2% $1.2 billion

Top 100 in Maryland

Independent RIAs with the biggest asset gains over one year

Rank Firm City Increase
1 Greenspring Advisors, LLC Towson $2.7 billion
2 Prosperity - An Eisneramper Company Owings Mills $2.1 billion
3 Pennington Partners & Co., LLC Bethesda $1.1 billion
4 Verdence Capital Advisors, LLC Hunt Valley $715.4 million
5 Baltimore-Washington Financial Advisors Columbia $490.5 million
6 Heritage Investors Management Corp Bethesda $451.7 million
7 Black Diamond Financial, LLC Lutherville $326.5 million
8 XML Financial Group Bethesda $304.8 million
9 GLR Partners Columbia $260.7 million
10 Tritonpoint Capital, LLC Chevy Chase $250.2 million

Top 100 in Maryland

Independent RIAs with the most clients

Rank Firm City Most clients
1 Baltimore-Washington Financial Advisors Columbia 5,301
2 Retirement Management Systems Leonardtown 3,071
3 XML Financial Group Bethesda 2,974
4 Scarborough Capital Management Annapolis 2,674
5 Prosperity - An Eisneramper Company Owings Mills 2,621
6 Greenspring Advisors, LLC Towson 1,905
7 Verdence Capital Advisors, LLC Hunt Valley 1,876
8 Innovative Wealth Building LLC California 1,773
9 Prostatis Financial Advisors Group Hanover 1,573
10 Red Oak Financial Group Towson 1,202

Top 100 in Maryland

Independent RIAs with the fastest client growth over one year

Rank Firm City Growth Starting value
1 Tred Avon Family Wealth, LLC Easton 129.9% 177
2 Montgomery Financial Ocean City 74.7% 545
3 Valuewealth Services, LLC Annapolis 73.6% 242
4 Greenspring Advisors, LLC Towson 48.9% 1,279
5 Prosperity - An Eisneramper Company Owings Mills 44.6% 1,813
6 MDRN Capital Annapolis 41.5% 402
7 Red Oak Financial Group Towson 34.3% 895
8 Glashofer Financial Advisors Potomac 33.1% 124
9 Catoctin Ridge Wealth Partner Thurmont 32.2% 706
10 Scarborough Capital Management Annapolis 29.4% 2,066

Top 100 in Maryland

Independent RIAs with the most accounts

Rank Firm City Most accounts
1 Verdence Capital Advisors, LLC Hunt Valley 7,802
2 Prosperity - An Eisneramper Company Owings Mills 7,473
3 Greenspring Advisors, LLC Towson 7,119
4 XML Financial Group Bethesda 5,987
5 Baltimore-Washington Financial Advisors Columbia 5,301
6 Innovative Wealth Building LLC California 4,646
7 Retirement Management Systems Leonardtown 4,472
8 Scarborough Capital Management Annapolis 4,323
9 Prostatis Financial Advisors Group Hanover 3,806
10 Financial Consulate Hunt Valley 3,375

Top 100 in Maryland

Independent RIAs with the most advisory staff

Rank Firm City Most advisory staff
1 Prosperity - An Eisneramper Company Owings Mills 60
2 Greenspring Advisors, LLC Towson 39
3 Verdence Capital Advisors, LLC Hunt Valley 29
4 Bull Harbor Capital LLC. Bethesda 28
5 XML Financial Group Bethesda 26
6 MDRN Capital Annapolis 22
7 SC&H Wealth Hunt Valley 20
8 D.F. Dent and Company, Inc. Baltimore 16
8 Prostatis Financial Advisors Group Hanover 16
10 FBB Capital Partners Bethesda 15

Top 100 in Maryland

Independent RIAs with the most high net worth clients

Rank Firm City Most high net worth clients
1 Greenspring Advisors, LLC Towson 1,118
2 Prosperity - An Eisneramper Company Owings Mills 995
3 D.F. Dent and Company, Inc. Baltimore 903
4 Baltimore-Washington Financial Advisors Columbia 872
5 XML Financial Group Bethesda 833
6 Verdence Capital Advisors, LLC Hunt Valley 755
7 Scarborough Capital Management Annapolis 732
8 Heritage Investors Management Corp Bethesda 585
9 SFG Wealth Management Towson 554
10 Retirement Management Systems Leonardtown 553

Top 100 in Maryland

Independent RIAs with the most CFP professionals

Rank Firm City Most CFP professionals
1 Greenspring Advisors, LLC Towson 29
2 Prosperity - An Eisneramper Company Owings Mills 17
3 Financial Consulate Hunt Valley 13
4 XML Financial Group Bethesda 11
5 Verdence Capital Advisors, LLC Hunt Valley 10
6 SC&H Wealth Hunt Valley 9
6 Berman McAleer Timonium 9
8 FBB Capital Partners Bethesda 8
8 Scarborough Capital Management Annapolis 8
8 Councilor Wealth LLC Bethesda 8

Top 100 in Maryland

Newest independent RIAs

Rank Firm City Amount
1 Williams Asset Management Columbia $661.1 million
2 CJC Wealth Management Olney $121.9 million
3 Sera Capital Management, LLC Annapolis $114.3 million
4 Oxford Planning Group, LLC Woodstock $112.9 million
5 Snyder Asset Management, LLC Hunt Valley $112.3 million
6 One Oak North Bethesda $110.4 million
7 A. J. Perry & Co. Towson $108.8 million
7 Northbrook Financial Baltimore $108.8 million
9 Safe Harbor Retirement Planners Abingdon $108.7 million
10 Cobalt Financial Partners LLC Sykesville $108.1 million

Top 100 in Maryland

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in Maryland, from October 2018, each snapshot classed from its own Form ADV answers.

FirmsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
050100150201820202021202320242026147October 1, 2018: 108October 1, 2019: 111October 1, 2020: 118October 4, 2021: 128October 3, 2022: 134October 5, 2023: 137October 1, 2024: 136September 2, 2025: 140October 2, 2026: 147
Data table
As ofFirms
October 1, 2018108
October 1, 2019111
October 1, 2020118
October 4, 2021128
October 3, 2022134
October 5, 2023137
October 1, 2024136
September 2, 2025140
October 2, 2026147
Regulatory assets under managementSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$50B$100B$150B201820202021202320242026$107BOctober 1, 2018: $51.1 billionOctober 1, 2019: $52.9 billionOctober 1, 2020: $62.2 billionOctober 4, 2021: $63.5 billionOctober 3, 2022: $87.8 billionOctober 5, 2023: $81.8 billionOctober 1, 2024: $76.9 billionSeptember 2, 2025: $98.6 billionOctober 2, 2026: $107.4 billion
Data table
As ofRegulatory assets under management
October 1, 2018$51.1 billion
October 1, 2019$52.9 billion
October 1, 2020$62.2 billion
October 4, 2021$63.5 billion
October 3, 2022$87.8 billion
October 5, 2023$81.8 billion
October 1, 2024$76.9 billion
September 2, 2025$98.6 billion
October 2, 2026$107.4 billion
Client accountsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
050K100K150K200K201820202021202320242026162KOctober 1, 2018: 93,477October 1, 2019: 97,139October 1, 2020: 102,291October 4, 2021: 107,872October 3, 2022: 139,314October 5, 2023: 155,718October 1, 2024: 171,517September 2, 2025: 190,257October 2, 2026: 161,823
Data table
As ofClient accounts
October 1, 201893,477
October 1, 201997,139
October 1, 2020102,291
October 4, 2021107,872
October 3, 2022139,314
October 5, 2023155,718
October 1, 2024171,517
September 2, 2025190,257
October 2, 2026161,823
Median firm size (RAUM)SEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$100M$200M$300M$400M201820202021202320242026$324MOctober 1, 2018: $264.5 millionOctober 1, 2019: $245.7 millionOctober 1, 2020: $285.1 millionOctober 4, 2021: $284.1 millionOctober 3, 2022: $309.4 millionOctober 5, 2023: $288.3 millionOctober 1, 2024: $310.0 millionSeptember 2, 2025: $350.5 millionOctober 2, 2026: $324.0 million
Data table
As ofMedian firm size (RAUM)
October 1, 2018$264.5 million
October 1, 2019$245.7 million
October 1, 2020$285.1 million
October 4, 2021$284.1 million
October 3, 2022$309.4 million
October 5, 2023$288.3 million
October 1, 2024$310.0 million
September 2, 2025$350.5 million
October 2, 2026$324.0 million

The market in Maryland now

Headline figures

MeasureIndependent RIAsSEC-registeredState-registered
Firms436147289
Regulatory assets under management$115.0 billion$107.4 billion$7.5 billion
Accounts185,602161,82323,779
Clients83,95069,26114,689
Employees1,9481,503445
Advisory employees1,268907361
Investment adviser representatives1,293920373
Median RAUM$74.6 million$324.0 million$22.8 million
Average RAUM$316.7 million$746.0 million$34.4 million

Firms by size

Advisers grouped by regulatory assets under management.

MeasureIndependent RIAsSEC-registeredState-registered
Firms under $100 million2142212
RAUM of firms under $100 million$6.6 billion$106.1 million$6.5 billion
Firms $100 million to $250 million52466
RAUM of firms $100 million to $250 million$8.5 billion$7.8 billion$677.1 million
Firms $250 million to $500 million49481
RAUM of firms $250 million to $500 million$16.9 billion$16.6 billion$337.9 million
Firms $500 million to $1 billion23230
RAUM of firms $500 million to $1 billion$16.1 billion$16.1 billion$0
Firms $1 billion to $5 billion21210
RAUM of firms $1 billion to $5 billion$42.4 billion$42.4 billion$0
Firms $5 billion to $10 billion440
RAUM of firms $5 billion to $10 billion$24.5 billion$24.5 billion$0
Firms $10 billion and up000
RAUM of firms $10 billion and up$0$0$0

Concentration

How much of the market the largest advisers hold.

Concentration: independent RIAsAs of October 2, 2026.
Top 10 share of RAUM 38.8%
Top 100 share of RAUM 87.5%
MeasureIndependent RIAsSEC-registeredState-registered
Top 10 share of RAUM38.8%41.6%17.3%
Top 100 share of RAUM87.5%93.5%85.2%

How advisers are paid

Share of advisers reporting each form of compensation on Form ADV Item 5.E. A firm can report several.

How advisers are paid: independent RIAsAs of October 2, 2026.
Charge a percentage of assets 89.0%
Charge hourly fees 59.6%
Charge subscription fees 1.8%
Charge fixed fees 67.4%
Receive commissions 1.6%
Charge performance-based fees 4.1%
Other compensation 8.7%
MeasureIndependent RIAsSEC-registeredState-registered
Charge a percentage of assets89.0%98.0%84.4%
Charge hourly fees59.6%62.6%58.1%
Charge subscription fees1.8%0.7%2.4%
Charge fixed fees67.4%73.5%64.4%
Receive commissions1.6%1.4%1.7%
Charge performance-based fees4.1%1.4%5.5%
Other compensation8.7%6.8%9.7%

Custody

Advisers reporting custody of client cash or securities on Form ADV Item 9.

MeasureIndependent RIAsSEC-registeredState-registered
Have custody50.5%51.0%50.2%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

MeasureIndependent RIAsSEC-registeredState-registered
Broker-dealer affiliated0.9%2.7%0.0%

New firms and successions

New registrations and firms reporting that they succeeded to another adviser's business (Form ADV Item 4).

MeasureIndependent RIAsSEC-registeredState-registered
New registrations321517
SuccessionsNo data0No data

Other measures

MeasureIndependent RIAsSEC-registeredState-registered
Firms reporting RAUM363144219
Discretionary RAUM$104.7 billion$98.4 billion$6.3 billion
CFP professionals463340123
25th percentile RAUM$16.0 million$205.6 million$6.5 million
75th percentile RAUM$256.8 million$678.6 million$51.8 million
90th percentile RAUM$677.4 million$1.6 billion$85.3 million
Average account size$619,371$663,871$316,539
Offer financial planning80.7%89.1%76.5%
RAUM growth, one yearNo data9.0%No data

As of October 2, 2026. Definitions of every measure are on the methodology page.

Cities

Cities with at least five independent RIAs.

Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.