If you're in investment sales, you likely already know that one of the biggest problems of selling to the RIA channel is the sheer size of it.
The RIA market across the United States consists of over 36,000 firms, which means that while there are more than enough to choose from when looking for new clients, narrowing down the list to only those that allocate to outside managers is going to be key.
Here at Dakota, we’ve raised over $6 billion from over 350 RIAs, and that has been possible because we qualify and curate our list to only RIAs that allocate to outside managers.
In an effort to help narrow down the sheer size of the market, we’ve put together a list of the top 10 RIAs in each major metro area across the country. To determine our list, we looked for three things:
- An AUM above $200 million
- A dedicated analyst team
- An RIA that actively allocates capital to outside investment management firms
In this article, we're highlighting the top 10 RIAs in Baltimore, Maryland from our curated institutional investor database, Dakota Marketplace.
However, this is by no means a “best of” list, as there are so many high quality RIAs in Baltimore. By the end of the article, you'll have a clear idea of the landscape and who you can be calling on.
1. BDO Wealth Advisory
About: BDO delivers assurance, tax, and financial advisory services to clients throughout the country and around the globe. They offer numerous industry-specific practices, world-class resources, and an unparalleled commitment to meeting our clients’ needs. BDO currently serves more than 400 publicly traded domestic and international clients.
About: WMS has over 25 years of experience helping families navigate the complexities of their wealth through sophisticated planning and investing. They employ an open approach, partnering with their clients’ accountants, attorneys and other advisors, and selecting the most compelling investments from outside managers.
About: Verdence is a nationally recognized private wealth advisory and multi-family office firm headquartered in Hunt Valley, Maryland, with offices in Northern Virginia. They are committed to their role as Fiduciary Advisors — guided by the principle that advice should be transparent, customized, and given without bias. Verdence has earned a strong reputation in the industry. Through thoughtful, strategic financial planning and education, they strive to provide financial guidance that helps clients understand, plan for, and reach their financial goals.
About: Harbor is a wealth management firm providing customized, thoughtful and comprehensive financial planning and investment portfolio design. The firm was created with the sole purpose of providing objective investment solutions and trusted wealth management advice.
About: Founders believes in transparency. They believe that “interdependent” more accurately reflects the nature of the RIA/B-D relationship than “independent.” Why? Both the B-D and the financial advisor need each other to thrive. Instead of ignoring the true nature of the relationship, they choose to celebrate it, bringing more care and attention to the relationship between the RIA-B/D and the financial advisor.
Founders is the first interdependent RIA-B/D. This nomenclature both celebrates the true nature of the relationship between RIA-B/Ds and financial advisors and sets the stage for developing a genuine, personal relationship rooted in partnership.
About: Managing more than $1.5 billion* (as ofJanuary 31, 2021) in assets is a great responsibility we don’t take lightly. In addition to our retirement planning and portfolio management, our clients benefit from 155 years of our team’s collective expertise and diligent advocacy. They also gain access to the same types of investments and portfolios typically granted to large institutions.
About: Pennington Partners & Co. operates through a highly aligned partnership model using a cooperative approach for the benefit of a select group of individuals and families nationwide. The team specializes in developing and implementing customized strategic plans and investment portfolios for each individual or family, delivered with personalized service.
The evolution of family offices as a solution for families of complex wealth has become more and more prevalent over the past 10-15 years. Pennington offers a modern approach for those who are seeking a personalized, unbiased advocacy for the management of wealth and life.
About: The Will Group at RS Will Wealth Management offers an unwavering commitment and interactive approach to planning, while never compromising the service you deserve. Our clients are family, in every sense of the word. They share life’s challenges and celebrations while offering sound advice when you need it most.
As an independent wealth management practice in partnership with Kestra Financial, they offer a fully personalized investment approach with the freedom to choose from any product or service available to meet the needs of their clients.
About: Berman McAleer is an independent wealth management firm based in Maryland with an office in New York. They focus on the total financial well-being of select families that choose to partner with them.
The team cares deeply about the personal and financial success of the clients they serve, and their decision-making reflects those priorities. They limit the number of new clients we accept each year, and have taken the unusual step of closing to new clients on three separate occasions. To keep interests aligned with those of their clients, Berman McAleer's advisors are salaried instead of being incentivized with production or asset-based goals, and we eschew the use of any proprietary products or accounts.
About: Baltimore-Washington Financial Advisors, Inc. was founded in 1986. It is among the largest and oldest independent, Fee-Only investment planning firms and financial advisories in the Baltimore-Washington metropolitan area serving Howard County, Anne Arundel County, Baltimore County, and areas nationwide.
While the above are the RIAs in Baltimore with the highest AUM, you can access the complete list of Baltimore RIAs in Dakota Marketplace. To find out more, we'd love to offer a free trial of the platform.