Baltimore-Washington Financial Advisors provides financial planning, portfolio management for individuals and small businesses, and educational seminars. Financial planning was provided to 251–500 clients last fiscal year.
Baltimore-Washington Financial Advisors reports 5,301 clients. They include 4,400 individual clients, 872 high-net-worth individuals and 18 charitable organizations. Of its assets, 95.8% ($2.86B across 4,922 accounts) are managed with discretion; $124M across 379 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 83% | 30% |
| High-net-worth individuals | 16% | 69% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 4,400 | $900M | 30.2% | $205K |
| High-net-worth individuals | 872 | $2.06B | 69.1% | $2.37M |
| Charitable organizations | 18 | $21.4M | 0.7% | $1.19M |
| Corporations and other businesses | 11 | $1.59M | 0.1% | $144K |
| Total | 5,301 | $2.99B | 100% | $563K |
- Clients
- 4,400
- Regulatory AUM
- $900M
- AUM share
- 30.2%
- Avg. per client
- $205K
- Clients
- 872
- Regulatory AUM
- $2.06B
- AUM share
- 69.1%
- Avg. per client
- $2.37M
- Clients
- 18
- Regulatory AUM
- $21.4M
- AUM share
- 0.7%
- Avg. per client
- $1.19M
- Clients
- 11
- Regulatory AUM
- $1.59M
- AUM share
- 0.1%
- Avg. per client
- $144K
Total
- Clients
- 5,301
- Regulatory AUM
- $2.99B
- AUM share
- 100%
- Avg. per client
- $563K
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
Baltimore-Washington Financial Advisors charges 0.65%–1.25% a year for its Portfolio Management. Each asset band is charged at its own rate. The fee is billed in arrears. The brochure also prices 2 other services, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$500K | 1.25% |
| $500K–$2M | 1.00% |
| $2M–$5M | 0.85% |
| $5M–$10M | 0.75% |
| $10M and above | 0.65% |
Fee details and sources
Other fees
- Financial Planning
- Financial planning is a fixed fee set by scope: $6,500 for a retirement plan and $1,000 for a financial plan review; projects are priced by scope.
- Tax Services
- Tax preparation is quoted from the prior year return, with additional hourly charges possible for complex returns; estimated-tax and tax planning work is charged by project.
Robert Carpenter owns 75% or more of Baltimore-Washington Financial Advisors. The leadership team of Baltimore-Washington Financial Advisors includes President Robert Carpenter and Chief Operating Officer Joseph Manfredi. It has 36 employees, 13 of them in advisory roles.
Leadership
- Robert CarpenterPresident & Chief Compliance Officer
- Joseph ManfrediChief Operating Officer
- Meghan ManasDirector, Client Services
Investment adviser representatives
13 representatives listed in the SEC register as of 9 October 2026.
- Joseph Anthony Caputo
- Robert G Carpenter
- Tyler Duluth Cunningham
- Townsend Hornor JR
- Thad Joseph Ismart
- Terrence Jerrel Jones
- John Christopher Kelly
- Tyler Kluge
- Joseph U Manfredi
- Samantha Nash
- Max Pflugrad
- Lawrence M. Post
- Matthew Smiler
Staff
- 36 employees
- 13 in advisory functions
- 13 state-registered reps
- Owns 75% or more of Baltimore-Washington Financial Advisors, Inc.
Robert Carpenter
Control person · since June 2012
Baltimore-Washington Financial Advisors’ regulatory assets grew 2.4× from $1.24B (March 2021) to $2.99B (March 2026); clients rose from 738 to 5,301 and employees from 19 to 36.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $2.99B | 5,301 | 36 | 1 |
| April 2025 | $2.5B | 4,597 | 32 | 1 |
| March 2024 | $1.94B | 3,822 | 28 | 1 |
| March 2023 | $1.44B | 3,616 | 22 | 1 |
| March 2022 | $1.56B | 2,683 | 21 | 1 |
| March 2021 | $1.24B | 738 | 19 | 1 |
Besides its headquarters, Baltimore-Washington Financial Advisors has 0 offices, with 1 listed address in Maryland.
Maryland · 1 listed address
- 10960 Grantchester Way, Suite 110, ColumbiaHQ
Contact and registration details
- Legal name
- Baltimore-Washington Financial Advisors, Inc.
- Headquarters
- 10960 Grantchester Way, Suite 110, Columbia, MD 21044
- Website
- bwfa.com
- Phone
- 410-461-3900
- @284379
- SEC file
- 801-76893
- Structure
- Maryland corporation
- Fiscal year end
- December
Baltimore-Washington Financial Advisors uses Charles Schwab ($2.68B) as custodian for its separately managed accounts. Baltimore-Washington Financial Advisors does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $2.68B100%
At year end, Baltimore-Washington Financial Advisors’ separately managed accounts were mostly in funds (56%) and stocks (41%). Its reported 13F holdings for the quarter ended 30 June 2026 total $2.67B across 206 positions; the largest are Vanguard Index Fds (5.0%), Invesco Qqq TR (5.0%) and Invesco Exchange Traded FD T (4.2%).
What the accounts hold
- Stocks41%
- Funds56%
- Cash3%
Reported 13F holdings
- $2.67B
- Reported 13F value
- 206
- Positions
- 35.4%
- In the 10 largest
- +15.4%
- Value vs. prior quarter
- Vanguard Index Fds · Large Cap ETF5.0%
- Invesco Qqq TR · Unit Ser 15.0%
- Invesco Exchange Traded FD T · S&P500 Eql Tec4.2%
- Nvidia Corporation4.1%
- iShares TR · Core S&P500 ETF3.1%
- Invesco Exchange Traded FD T · S&P500 Eql Wgt3.0%
- Vanguard Specialized Funds · Div App ETF3.0%
- Alphabet Inc. · Cap Stk CL C2.7%
- Vanguard Scottsdale Fds · Vng Rus1000grw2.6%
- Vanguard Index Fds · Value ETF2.6%
Together, the ten largest are 35.4% of reported value.
How many clients does Baltimore-Washington Financial Advisors have?
Baltimore-Washington Financial Advisors has 5,301 clients and manages $2.99 billion for them, as of March 2026. They include 4,400 individual clients, 872 high-net-worth individuals and 18 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 19 March 2026
What services does Baltimore-Washington Financial Advisors offer?
Baltimore-Washington Financial Advisors provides financial planning, portfolio management for individuals and small businesses, and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Baltimore-Washington Financial Advisors charge?
Baltimore-Washington Financial Advisors charges 0.65%–1.25% a year for its Portfolio Management. Each asset band is charged at its own rate. The fee is billed in arrears.
Which custodians does Baltimore-Washington Financial Advisors use?
Baltimore-Washington Financial Advisors’ separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $2.68B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 19 March 2026
How many financial advisors does Baltimore-Washington Financial Advisors have?
Baltimore-Washington Financial Advisors has 13 investment adviser representatives registered with state securities authorities, out of 36 employees, and 13 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Baltimore-Washington Financial Advisors invest in?
At the end of its last fiscal year, Baltimore-Washington Financial Advisors’ separately managed accounts held 56% registered funds (mutual funds, ETFs, BDCs), 41% exchange-traded equities and 3% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Baltimore-Washington Financial Advisors?
Baltimore-Washington Financial Advisors’ direct owner is Robert Carpenter (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 19 March 2026
How does Baltimore-Washington Financial Advisors get paid?
Baltimore-Washington Financial Advisors is paid through a percentage of assets under management and other compensation. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Baltimore-Washington Financial Advisors?
Baltimore-Washington Financial Advisors’ main office is at 10960 Grantchester Way, Suite 110, Columbia, MD 21044. Its phone number is 410-461-3900. Its website is bwfa.com.