# Financial advisors in Maryland

> AdvisorCensus lists 582 investment advisory firms with a principal office in Maryland, drawn from Form ADV filings as of October 2026. Metro areas in the state are listed first; firms are listed alphabetically, and you can sort by years registered or assets band using the controls below. Firms may request removal from the directory, so this count can differ from the number of firms that file Form ADV.

Source: Form ADV filings as of October 2026. Rebuilt monthly. HTML page: https://advisorcensus.com/advisors/md/page/6

## At a glance

- Investment advisory firms: 582
- Registration: SEC-registered investment adviser: 230, State-registered investment adviser: 289, Exempt reporting adviser: 63
- How firms are compensated (Form ADV Item 5.E; shares of the firms that file it): Fee-only (AdvisorCensus test) 218 (42%); Percentage of assets 451 (87%); Hourly charges 252 (49%); Subscription fees (newsletter or periodical) 11 (2%); Fixed fees 300 (58%); Commissions 10 (2%); Performance-based fees 71 (14%); Other 68 (13%); No compensation arrangements reported 63
- Regulatory assets under management (Item 5.F): Under $25 million 134 (23%); $25 million to $100 million 89 (15%); $100 million to $500 million 120 (21%); $500 million to $1 billion 34 (6%); $1 billion to $5 billion 49 (8%); Over $5 billion 25 (4%); Not reported 131 (23%)
- Years registered: Under 5 years 189 (32%); 5 to 9 years 117 (20%); 10 to 19 years 147 (25%); 20 years or more 123 (21%); Not reported 6 (1%)

## Firms (page 6 of 12, 251 to 300 of 582, sorted by name)

| Firm | CRD | City | Registration | Assets band | Years registered | Compensation |
| --- | --- | --- | --- | --- | --- | --- |
| [Hepner Financial Services, LLC](https://advisorcensus.com/firm/hepner-financial-services-llc-144045) ([md](https://advisorcensus.com/firm/hepner-financial-services-llc-144045.md)) | 144045 | Not reported, Not reported | State-registered investment adviser | $25 million to $100 million | 19 | % of assets, Hourly, Fixed fee |
| [Hergenroeder Financial Advisors, Inc.](https://advisorcensus.com/firm/hergenroeder-financial-advisors-inc-timonium-md-121278) ([md](https://advisorcensus.com/firm/hergenroeder-financial-advisors-inc-timonium-md-121278.md)) | 121278 | Timonium, MD | SEC-registered investment adviser | $100 million to $500 million | 11 | % of assets, Hourly, Fixed fee |
| [Heritage Investors Management Corp](https://advisorcensus.com/firm/heritage-investors-management-corp-bethesda-md-110420) ([md](https://advisorcensus.com/firm/heritage-investors-management-corp-bethesda-md-110420.md)) | 110420 | Bethesda, MD | SEC-registered investment adviser | $1 billion to $5 billion | 51 | % of assets, Hourly, Fixed fee |
| [HF Advisory Group, LLC](https://advisorcensus.com/firm/hf-advisory-group-llc-annapolis-md-309051) ([md](https://advisorcensus.com/firm/hf-advisory-group-llc-annapolis-md-309051.md)) | 309051 | Annapolis, MD | SEC-registered investment adviser | $100 million to $500 million | 4 | % of assets, Hourly, Fixed fee |
| [Hillman Capital Management Inc](https://advisorcensus.com/firm/hillman-capital-management-inc-bethesda-md-110096) ([md](https://advisorcensus.com/firm/hillman-capital-management-inc-bethesda-md-110096.md)) | 110096 | Bethesda, MD | SEC-registered investment adviser | $100 million to $500 million | 26 | % of assets |
| [Hisaab Capital, LLC](https://advisorcensus.com/firm/hisaab-capital-llc-341015) ([md](https://advisorcensus.com/firm/hisaab-capital-llc-341015.md)) | 341015 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 0 | % of assets, Performance fee |
| [Hoffman Financial Consultants](https://advisorcensus.com/firm/hoffman-financial-consultants-121809) ([md](https://advisorcensus.com/firm/hoffman-financial-consultants-121809.md)) | 121809 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 35 | % of assets, Hourly, Fixed fee |
| [Holistic Private Wealth, LLC](https://advisorcensus.com/firm/holistic-private-wealth-llc-towson-md-152540) ([md](https://advisorcensus.com/firm/holistic-private-wealth-llc-towson-md-152540.md)) | 152540 | Towson, MD | State-registered investment adviser | Not reported | 16 | Fixed fee |
| [Honeygo Financial](https://advisorcensus.com/firm/honeygo-financial-forest-hill-md-309766) ([md](https://advisorcensus.com/firm/honeygo-financial-forest-hill-md-309766.md)) | 309766 | Forest Hill, MD | State-registered investment adviser | Under $25 million | 6 | % of assets, Fixed fee |
| [Houstoun Capital Management, Inc.](https://advisorcensus.com/firm/houstoun-capital-management-inc-bethesda-md-117496) ([md](https://advisorcensus.com/firm/houstoun-capital-management-inc-bethesda-md-117496.md)) | 117496 | Bethesda, MD | State-registered investment adviser | $25 million to $100 million | 14 | % of assets |
| [HR Investment Consultants, Inc.](https://advisorcensus.com/firm/hr-investment-consultants-inc-baltimore-md-115623) ([md](https://advisorcensus.com/firm/hr-investment-consultants-inc-baltimore-md-115623.md)) | 115623 | Baltimore, MD | State-registered investment adviser | Not reported | 35 | Hourly, Fixed fee |
| [Hull Street Energy](https://advisorcensus.com/firm/hull-street-energy-bethesda-md-291881) ([md](https://advisorcensus.com/firm/hull-street-energy-bethesda-md-291881.md)) | 291881 | Bethesda, MD | SEC-registered investment adviser | $1 billion to $5 billion | 8 | % of assets, Performance fee |
| [Hussman Strategic Advisors Inc](https://advisorcensus.com/firm/hussman-strategic-advisors-inc-ellicott-city-md-109400) ([md](https://advisorcensus.com/firm/hussman-strategic-advisors-inc-ellicott-city-md-109400.md)) | 109400 | Ellicott City, MD | SEC-registered investment adviser | $500 million to $1 billion | 26 | % of assets |
| [HWA Financial Group](https://advisorcensus.com/firm/hwa-financial-group-ellicott-city-md-120745) ([md](https://advisorcensus.com/firm/hwa-financial-group-ellicott-city-md-120745.md)) | 120745 | Ellicott City, MD | SEC-registered investment adviser | $100 million to $500 million | 8 | % of assets, Hourly, Fixed fee |
| [HY Financial LLC](https://advisorcensus.com/firm/hy-financial-llc-155571) ([md](https://advisorcensus.com/firm/hy-financial-llc-155571.md)) | 155571 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 15 | % of assets, Hourly |
| [HZ Investments Inc.](https://advisorcensus.com/firm/hz-investments-inc-chevy-chase-md-312268) ([md](https://advisorcensus.com/firm/hz-investments-inc-chevy-chase-md-312268.md)) | 312268 | Chevy Chase, MD | SEC-registered investment adviser | $500 million to $1 billion | 5 | % of assets |
| [IMB Partners LLC](https://advisorcensus.com/firm/imb-partners-llc-bethesda-md-316685) ([md](https://advisorcensus.com/firm/imb-partners-llc-bethesda-md-316685.md)) | 316685 | Bethesda, MD | Exempt reporting adviser | Not reported | 3 | Not reported |
| [Impact Capital, LLC](https://advisorcensus.com/firm/impact-capital-llc-rockville-md-297413) ([md](https://advisorcensus.com/firm/impact-capital-llc-rockville-md-297413.md)) | 297413 | Rockville, MD | SEC-registered investment adviser | $100 million to $500 million | 4 | % of assets, Fixed fee |
| [Impact Financial Life Planning LLC](https://advisorcensus.com/firm/impact-financial-life-planning-llc-325805) ([md](https://advisorcensus.com/firm/impact-financial-life-planning-llc-325805.md)) | 325805 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 3 | Hourly, Fixed fee |
| [Impactassets Capital Partners PB LLC](https://advisorcensus.com/firm/impactassets-capital-partners-pb-llc-bethesda-md-317840) ([md](https://advisorcensus.com/firm/impactassets-capital-partners-pb-llc-bethesda-md-317840.md)) | 317840 | Bethesda, MD | SEC-registered investment adviser | $1 billion to $5 billion | 4 | % of assets, Subscription, Fixed fee |
| [Inaltis Capital Management, LLC](https://advisorcensus.com/firm/inaltis-capital-management-llc-bethesda-md-159923) ([md](https://advisorcensus.com/firm/inaltis-capital-management-llc-bethesda-md-159923.md)) | 159923 | Bethesda, MD | State-registered investment adviser | $25 million to $100 million | 13 | % of assets, Hourly, Fixed fee |
| [Independent Access Partners, LLC](https://advisorcensus.com/firm/independent-access-partners-llc-hunt-valley-md-305842) ([md](https://advisorcensus.com/firm/independent-access-partners-llc-hunt-valley-md-305842.md)) | 305842 | Hunt Valley, MD | SEC-registered investment adviser | $100 million to $500 million | 2 | % of assets |
| [Index Portfolio Tools Advisors](https://advisorcensus.com/firm/index-portfolio-tools-advisors-159434) ([md](https://advisorcensus.com/firm/index-portfolio-tools-advisors-159434.md)) | 159434 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 14 | % of assets, Fixed fee |
| [Inner Loop Capital Management, LLC](https://advisorcensus.com/firm/inner-loop-capital-management-llc-lutherville-md-308109) ([md](https://advisorcensus.com/firm/inner-loop-capital-management-llc-lutherville-md-308109.md)) | 308109 | Lutherville, MD | Exempt reporting adviser | Not reported | 3 | Not reported |
| [Innovation X Advisors](https://advisorcensus.com/firm/innovation-x-advisors-rockville-md-322292) ([md](https://advisorcensus.com/firm/innovation-x-advisors-rockville-md-322292.md)) | 322292 | Rockville, MD | SEC-registered investment adviser | $1 billion to $5 billion | 4 | % of assets, Performance fee |
| [Innovative Wealth Building LLC](https://advisorcensus.com/firm/innovative-wealth-building-llc-california-md-314942) ([md](https://advisorcensus.com/firm/innovative-wealth-building-llc-california-md-314942.md)) | 314942 | California, MD | SEC-registered investment adviser | $500 million to $1 billion | 5 | % of assets, Hourly, Fixed fee |
| [Institutional Shareholder Services Inc.](https://advisorcensus.com/firm/institutional-shareholder-services-inc-rockville-md-111940) ([md](https://advisorcensus.com/firm/institutional-shareholder-services-inc-rockville-md-111940.md)) | 111940 | Rockville, MD | SEC-registered investment adviser | Not reported | 28 | Subscription, Fixed fee, Other |
| [Intervest Ltd](https://advisorcensus.com/firm/intervest-ltd-chevy-chase-md-104614) ([md](https://advisorcensus.com/firm/intervest-ltd-chevy-chase-md-104614.md)) | 104614 | Chevy Chase, MD | SEC-registered investment adviser | $100 million to $500 million | 40 | % of assets, Hourly, Fixed fee |
| [Investment Group Management LLC](https://advisorcensus.com/firm/investment-group-management-llc-potomac-md-165624) ([md](https://advisorcensus.com/firm/investment-group-management-llc-potomac-md-165624.md)) | 165624 | Potomac, MD | Exempt reporting adviser | Not reported | 0 | Not reported |
| [Investream](https://advisorcensus.com/firm/investream-324008) ([md](https://advisorcensus.com/firm/investream-324008.md)) | 324008 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 3 | % of assets, Fixed fee |
| [Islands East Advisors](https://advisorcensus.com/firm/islands-east-advisors-chester-md-327578) ([md](https://advisorcensus.com/firm/islands-east-advisors-chester-md-327578.md)) | 327578 | Chester, MD | State-registered investment adviser | Under $25 million | 3 | % of assets, Hourly, Fixed fee |
| [Ithaka Financial Planning, LLC](https://advisorcensus.com/firm/ithaka-financial-planning-llc-chevy-chase-md-153244) ([md](https://advisorcensus.com/firm/ithaka-financial-planning-llc-chevy-chase-md-153244.md)) | 153244 | Chevy Chase, MD | State-registered investment adviser | $25 million to $100 million | 16 | % of assets, Hourly, Fixed fee |
| [Ivy League Financial Advisors LLC](https://advisorcensus.com/firm/ivy-league-financial-advisors-llc-rockville-md-119145) ([md](https://advisorcensus.com/firm/ivy-league-financial-advisors-llc-rockville-md-119145.md)) | 119145 | Rockville, MD | SEC-registered investment adviser | $100 million to $500 million | 20 | % of assets, Hourly, Fixed fee |
| [Izuchi LLC](https://advisorcensus.com/firm/izuchi-llc-beltsville-md-332923) ([md](https://advisorcensus.com/firm/izuchi-llc-beltsville-md-332923.md)) | 332923 | Beltsville, MD | State-registered investment adviser | Under $25 million | 1 | Fixed fee |
| [Jacques Advisors, LLC](https://advisorcensus.com/firm/jacques-advisors-llc-rockville-md-116102) ([md](https://advisorcensus.com/firm/jacques-advisors-llc-rockville-md-116102.md)) | 116102 | Rockville, MD | State-registered investment adviser | $25 million to $100 million | 26 | % of assets, Hourly, Fixed fee |
| [Jasper Capital Management, L.P.](https://advisorcensus.com/firm/jasper-capital-management-l-p-chevy-chase-md-175291) ([md](https://advisorcensus.com/firm/jasper-capital-management-l-p-chevy-chase-md-175291.md)) | 175291 | Chevy Chase, MD | Exempt reporting adviser | Not reported | 0 | Not reported |
| [JBA Financial Advisors](https://advisorcensus.com/firm/jba-financial-advisors-timonium-md-132149) ([md](https://advisorcensus.com/firm/jba-financial-advisors-timonium-md-132149.md)) | 132149 | Timonium, MD | State-registered investment adviser | $25 million to $100 million | 19 | % of assets, Hourly, Fixed fee, Other |
| [Jemma Financial Services](https://advisorcensus.com/firm/jemma-financial-services-baltimore-md-284198) ([md](https://advisorcensus.com/firm/jemma-financial-services-baltimore-md-284198.md)) | 284198 | Baltimore, MD | SEC-registered investment adviser | $100 million to $500 million | 3 | % of assets |
| [JMI Management, L.P.](https://advisorcensus.com/firm/jmi-management-l-p-baltimore-md-158344) ([md](https://advisorcensus.com/firm/jmi-management-l-p-baltimore-md-158344.md)) | 158344 | Baltimore, MD | SEC-registered investment adviser | Over $5 billion | 12 | % of assets, Performance fee |
| [John Funderburk, LLC](https://advisorcensus.com/firm/john-funderburk-llc-337294) ([md](https://advisorcensus.com/firm/john-funderburk-llc-337294.md)) | 337294 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 0 | % of assets, Hourly, Fixed fee |
| [JPB Partners](https://advisorcensus.com/firm/jpb-partners-hanover-md-159961) ([md](https://advisorcensus.com/firm/jpb-partners-hanover-md-159961.md)) | 159961 | Hanover, MD | Exempt reporting adviser | Not reported | 14 | Not reported |
| [JRM Capital Management Inc.](https://advisorcensus.com/firm/jrm-capital-management-inc-142039) ([md](https://advisorcensus.com/firm/jrm-capital-management-inc-142039.md)) | 142039 | Not reported, Not reported | State-registered investment adviser | Under $25 million | 16 | % of assets, Hourly, Subscription, Fixed fee, Performance fee |
| [JSB Capital Group LLC](https://advisorcensus.com/firm/jsb-capital-group-llc-baltimore-md-336253) ([md](https://advisorcensus.com/firm/jsb-capital-group-llc-baltimore-md-336253.md)) | 336253 | Baltimore, MD | Exempt reporting adviser | Not reported | 1 | Not reported |
| [JWC Capital Management, LLC](https://advisorcensus.com/firm/jwc-capital-management-llc-annapolis-md-311713) ([md](https://advisorcensus.com/firm/jwc-capital-management-llc-annapolis-md-311713.md)) | 311713 | Annapolis, MD | State-registered investment adviser | Under $25 million | 5 | % of assets |
| [Kalamata Asset Management LLC](https://advisorcensus.com/firm/kalamata-asset-management-llc-bethesda-md-284328) ([md](https://advisorcensus.com/firm/kalamata-asset-management-llc-bethesda-md-284328.md)) | 284328 | Bethesda, MD | SEC-registered investment adviser | $100 million to $500 million | 9 | % of assets, Performance fee, Other |
| [Katalgar Capital Management, LLC](https://advisorcensus.com/firm/katalgar-capital-management-llc-146525) ([md](https://advisorcensus.com/firm/katalgar-capital-management-llc-146525.md)) | 146525 | Not reported, Not reported | State-registered investment adviser | $25 million to $100 million | 18 | % of assets, Hourly |
| [Kawg&f Financial Planning Group LLC](https://advisorcensus.com/firm/kawg-and-f-financial-planning-group-llc-timonium-md-131318) ([md](https://advisorcensus.com/firm/kawg-and-f-financial-planning-group-llc-timonium-md-131318.md)) | 131318 | Timonium, MD | State-registered investment adviser | Not reported | 21 | Other |
| [KBSTM Partners, LLC](https://advisorcensus.com/firm/kbstm-partners-llc-timonium-md-155433) ([md](https://advisorcensus.com/firm/kbstm-partners-llc-timonium-md-155433.md)) | 155433 | Timonium, MD | State-registered investment adviser | Not reported | 15 | Other |
| [Kendall Capital Management](https://advisorcensus.com/firm/kendall-capital-management-rockville-md-134740) ([md](https://advisorcensus.com/firm/kendall-capital-management-rockville-md-134740.md)) | 134740 | Rockville, MD | SEC-registered investment adviser | $500 million to $1 billion | 12 | % of assets, Fixed fee |
| [Kilner Capital Advisors, LLC](https://advisorcensus.com/firm/kilner-capital-advisors-llc-gaithersburg-md-139521) ([md](https://advisorcensus.com/firm/kilner-capital-advisors-llc-gaithersburg-md-139521.md)) | 139521 | Gaithersburg, MD | SEC-registered investment adviser | $100 million to $500 million | 18 | % of assets |

- Previous page: https://advisorcensus.com/advisors/md/page/5.md
- Next page: https://advisorcensus.com/advisors/md/page/7.md

## Questions people ask

**How many financial advisory firms are there in Maryland?**
AdvisorCensus lists 582 investment advisory firms with a principal office in Maryland, from Form ADV filings as of October 2026: 230 SEC-registered, 289 state-registered, and 63 exempt reporting advisers. Firms may request removal, so the count can differ slightly from the number of firms that file Form ADV.

**How many fee-only financial advisors are in Maryland?**
218 of the 582 firms meet AdvisorCensus's fee-only test: paid only by a percentage of assets, hourly charges, fixed fees, or subscription fees on Form ADV Item 5.E (no commissions, performance-based fees, or other compensation), with no sales-related compensation ties in the same filing: no employee registered with a broker-dealer or licensed as an insurance agent (Item 5.B), no brokerage, insurance, real estate, or other product sales business (Item 6.A), no related broker-dealer, insurance company, real estate broker, or futures commission merchant (Item 7.A), and no referral fees from others or other sales interest (Item 8). Form ADV has no fee-only box, so this is derived from the filing; it is not a fee-only certification, and a firm's own page lists its compensation arrangements as filed.

**How many financial advisors in Maryland offer financial planning?**
331 of the 519 firms in Maryland that answer Form ADV Item 5.G, which asks what advisory services a firm provides, report financial planning services, as of October 2026. Exempt reporting advisers do not answer Item 5.G. Each firm page lists every advisory service the firm reports.

**Are the financial advisors in Maryland fiduciaries?**
Every firm on this page is an investment adviser that files Form ADV, and an investment adviser owes its clients a fiduciary duty under federal law, made up of a duty of care and a duty of loyalty: it must act in the client's best interest and not put its own interests ahead of the client's, and must eliminate its conflicts of interest or disclose them fully and fairly. Form ADV has no fiduciary box because the duty comes with being an investment adviser. The duty covers the firm's advice; a firm or its people may also sell securities through a broker-dealer or insurance as licensed agents, roles held to other standards. The 218 firms that meet AdvisorCensus's fee-only test report none of those sales ties.

**How do I check whether a financial advisor has disciplinary disclosures?**
Each firm page shows how many Form ADV Item 11 disciplinary questions the firm answered yes and links to the firm's record on the SEC's Investment Adviser Public Disclosure site (adviserinfo.sec.gov), where the detail of each disclosure is public. Individual advisers' records are on the same site and on FINRA BrokerCheck.

**Does AdvisorCensus rate, verify, or recommend these firms?**
No. The directory shows what each firm filed, in alphabetical order unless you choose another sort, and no firm's position depends on payment. Firms that claim their page can add a description and links, marked as provided by the firm; the filed facts are never changed by that content.

**What does regulatory assets under management mean?**
Regulatory assets under management (RAUM) is the figure a firm reports on Form ADV Item 5.F: the securities portfolios it provides continuous and regular supervisory or management services for, at market value, including assets managed without discretion. It measures scale, not performance or quality.

## Related pages

- [Financial advisors in Maryland](https://advisorcensus.com/advisors/md) (https://advisorcensus.com/advisors/md.md)
- [Fee-only financial advisors in Maryland](https://advisorcensus.com/advisors/md/fee-only) (https://advisorcensus.com/advisors/md/fee-only.md)
- [Flat-fee financial advisors in Maryland](https://advisorcensus.com/advisors/md/flat-fee) (https://advisorcensus.com/advisors/md/flat-fee.md)
- [Hourly financial advisors in Maryland](https://advisorcensus.com/advisors/md/hourly) (https://advisorcensus.com/advisors/md/hourly.md)

Every firm in this list as CSV: https://advisorcensus.com/advisors/md.csv

Cite as: AdvisorCensus. Financial advisors in Maryland: 582 firms from Form ADV filings as of October 2026.