RIAs by state · SEC data as of October 1, 2026

RIAs in Maryland

The SEC-registered investment advisers based in Maryland, what they manage, and the largest independent wealth managers.

Maryland is home to 139 wealth-focused RIAs managing $143B, 21st of 51 states and DC. The largest is 1919 Investment Counsel, LLC in Baltimore, with $26B.

Wealth-focused RIAs: 139
Their assets: $143B
$1B+ firms: 28
All SEC RIAs: 225

Largest independent wealth managers in Maryland

Largest independent wealth managers headquartered in Maryland
#	Firm	Headquarters	Regulatory AUM	Individual clients	Employees
1	1919 Investment Counsel, LLC SEC record	Baltimore	$26B	4,866	131
2	D.F. Dent and Company, Inc.SEC record	Baltimore	$7.9B	1,011	31
3	Greenspring Advisors, LLC SEC record	Towson	$6.5B	1,697	68
4	T. Rowe Price Advisory Services, Inc.SEC record	Owings Mills	$5.9B	13,517	92
5	Pennington Partners & Co., LLC SEC record	Bethesda	$5.1B	102	36
6	Prosperity - AN Eisneramper Company SEC record	Owings Mills	$5.0B	2,369	82
7	Heritage Investors Management Corp SEC record	Bethesda	$4.6B	682	22
8	Verdence Capital Advisors, LLC SEC record	Hunt Valley	$4.6B	1,798	52
9	Baltimore-Washington Financial Advisors SEC record	Columbia	$3.0B	5,272	36
10	FBB Capital Partners SEC record	Bethesda	$2.4B	1,004	21
11	Cornerstone Advisory SEC record	Hunt Valley	$2.2B	808	19
12	Trumbower Financial Advisors LLC SEC record	Bethesda	$2.0B	246	11
13	Retirement Management Systems SEC record	Leonardtown	$1.9B	3,032	11
14	Berman McAleer SEC record	Timonium	$1.8B	646	29
15	WBH Advisory, Inc.SEC record	Baltimore	$1.7B	725	16

Ranked by regulatory assets under management on each firm’s latest Form ADV. Excludes broker-dealers’ advisory arms and managed-account platforms. Nationally: the 100 largest RIAs.

Questions

How many RIAs are there in Maryland?

225 SEC-registered investment advisers have their main office in Maryland, and 139 of them are wealth-focused, managing at least half of their assets for individuals and high-net-worth clients. That ranks Maryland 21st of 51 states and DC, according to Financial ADVSR’s count of SEC data as of October 1, 2026.

What is the largest RIA in Maryland?

1919 Investment Counsel, LLC, based in Baltimore, is the largest independent wealth manager headquartered in Maryland, with $26B in regulatory assets under management and 4,866 individual clients on its latest Form ADV.

How much do Maryland RIAs manage?

Wealth-focused RIAs based in Maryland report $143B in regulatory assets under management, 24th among the states. 28 of them manage $1 billion or more; the median manages $367M.

How we built this

The SEC publishes a list of every registered investment adviser, drawn from each firm’s Form ADV. We used the list current through October 1, 2026, kept the 16,943 advisers the SEC shows as approved, and placed each in the state of its main office; 14,641 are based in the United States. Regulatory assets under management come from Item 5.F, client counts from Item 5.D.

Wealth-focused RIAs manage at least half of their assets for individuals and high-net-worth clients, the same test as our RIA Custody Tracker; there are 8,130 in the US. Rankings and each state’s largest-firms list show independent wealth managers only: wealth-focused firms that offer financial planning, are not themselves broker-dealers, and hold less than half their assets in wrap programs they sponsor or manage. That leaves out wirehouse and broker-dealer advisory arms and managed-account platforms, which still count in each state’s totals.

What it doesn’t show

State-registered advisers, most of which manage less than $100 million, register with their state regulator and aren’t in SEC data.
A firm counts only in its main office state, though many have offices in several.
Figures are as of each adviser’s latest annual Form ADV update, usually its December 31 fiscal year-end, so they lag recent deals.
Firms that file under more than one registration (an RIA and a separate institutional arm, for example) appear as separate advisers.

The data is free to use with credit to Financial ADVSR. Questions or corrections: contact the editors.