Maryland RIA Landscape — 2025

A data-driven overview of SEC-registered wealth advisory firms headquartered in Maryland, including growth trends, succession risk analysis, and M&A opportunity signals.

Source: SEC Form ADV · Updated Q4 2024

Total Firms

293

Total AUM?

$459.7B

Median AUM

$337M

13F Filers

58

AUM Tier Distribution

Under $100M38

$100M–$500M150

$500M–$1B40

$1B–$5B54

$5B+11

State Snapshot

Total Firms293

Total AUM$459.7B

Median AUM$337M

13F Filers58

High Succession Risk48

Elevated Succession Risk25

Succession Risk Breakdown

High

48 firms (16%)

Elevated

25 firms (9%)

Moderate

73 firms (25%)

Lower

146 firms (50%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
CONNECTUS WEALTH, LLC	HUNT VALLEY	$8.7B	+109.1%	Lower
THE PROSPERITY CONSULTING GROUP, LLC	OWINGS MILLS	$3.2B	+102.8%	Lower
ATCAP PARTNERS, LLC	ROCKVILLE	$63M	+76.5%	Moderate
T. ROWE PRICE ADVISORY SERVICES, INC.	OWINGS MILLS	$3.9B	+61.0%	Moderate
CAMPBELL & COMPANY INVESTMENT ADVISER LLC	BALTIMORE	$3.5B	+51.6%	Moderate
HULL STREET ENERGY, LLC	BETHESDA	$3.3B	+49.3%	Lower
FCP FUND MANAGER, L.P.	CHEVY CHASE	$3.8B	+44.7%	Lower
ENLIGHTENMENT CAPITAL, LLC	CHEVY CHASE	$2.3B	+43.5%	Lower

M&A Opportunity Signals

🎯

69Acquisition candidates

Firms with elevated/high succession risk and AUM $100M–$5B

📈

38Growing but vulnerable

Positive 3Y CAGR with high succession risk — attractive for acquirers

📉

9Mid-market shrinking

AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk

🔒 Top 25 Acquisition Targets — Ranked by Composite Score

Rank	Firm	AUM	Score
1	MONTGOMERY INVESTMENT MANAGEMENT INC	$490M	49
2	KENDALL CAPITAL MANAGEMENT	$604M	47.6
3	TRED AVON FAMILY WEALTH, LLC	$474M	46.8
4	MV CAPITAL MANAGEMENT, INC.	$1.3B	45.8
5	MARATHON CAPITAL MANAGEMENT LLC	$790M	44.3
6	TRUMBOWER FINANCIAL ADVISORS LLC	$1.8B	43.8

🔒

Acquisition Target Rankings

Full ranked list of 25 acquisition targets with composite scores based on succession risk, growth trajectory, and peer benchmarking.

Methodology. This report covers SEC-registered investment advisers classified as wealth advisory firms (filter: is_wealth_advisory = true) headquartered in Maryland. AUM figures are drawn from the most recent Form ADV filing. Succession risk tiers are computed using a proprietary 5-pillar model incorporating founder tenure, ownership concentration, AUM dependency, team depth, and filing recency. Growth CAGR is calculated from the three most recent annual filings where available. Acquisition scores blend succession risk (40%), AUM growth trajectory (35%), and national peer rank (25%). Data sourced from SEC EDGAR. This page is for informational purposes only and does not constitute investment advice.