Top 10 financial advisor firms in Bethesda

21 SEC-registered financial advisor firms are headquartered in Bethesda, MD, with $27.9B in combined regulatory assets under management. The largest by assets are Pennington Partners & Co. ($5.09B), Heritage Investors Management ($4.63B) and XML Financial ($3.3B).

21
Financial advisor firms: $27.9B
Their combined AUM: $682M
Median firm AUM: 6,699
Clients of the top 10

The 10 largest by assets

1
Pennington Partners & Co.
RIA
$5.09B
Up to 1.50% a year
2
Heritage Investors Management
RIA
$4.63B
0.50% to 1.00% a year
3
XML Financial
RIA
$3.3B
0.10% to 1.00% a year
4
Fulton Breakefield Broenniman,llc
RIA
$2.39B
0.65% to 1.00% a year
5
Trumbower Financial Advisors
RIA
$1.98B
0.30% to 1.00% a year
6
Edgemoor Investment Advisors
RIA
$1.52B
0.60% to 1.00% a year
7
Sargent Investment Group
RIA
$1.48B
Up to 1.00%
8
MV Capital Management
RIA
$1.44B
0.60% to 1.50% a year
9
Warner Financial
RIA
$852M
0.50% to 0.90% a year
10
Aegis Wealth Management
RIA
$744M
0.30% to 1.00% a year

Profiles of the top 10

No. 1 · RIA

Pennington Partners & Co.

Pennington Partners & Co. is an investment adviser based in Bethesda, MD, registered with the SEC since 2016. It provides financial planning and investment management. Its clients include high-net-worth individuals and pooled investment vehicles. Its regulatory assets under management total $5.09 billion, as filed on 6 April 2026.

Pennington Partners & Co. charges up to 1.50% a year for its Investment Advisory Services Fees.

Regulatory AUM: $5.09B
Clients: 112
Advisory staff: 10
Fee schedule: Up to 1.50% a year
Custodians: Charles Schwab, Fidelity
Headquarters: 7500 Old Georgetown Road, Suite 705, Bethesda, MD 20814
Phone: 202-370-6435
Website: penningtonpartners.co

No. 2 · RIA

Heritage Investors Management

Heritage Investors Management is an investment adviser based in Bethesda, MD, registered with the SEC since 1975. It provides financial planning and investment management. Its clients include high-net-worth individuals, charitable organizations, and corporations and other businesses. Its regulatory assets under management total $4.63 billion, as filed on 27 August 2026.

Heritage Investors Management charges 0.50%–1.00% a year for its Investment management.

Regulatory AUM: $4.63B
Clients: 762
Advisory staff: 8
Fee schedule: 0.50% to 1.00% a year
Custodians: Chevy Chase Trust
Headquarters: 7101 Wisconsin Avenue, Suite 950, Bethesda, MD 20814-4878
Phone: 301-951-0440
Website: heritageinvestors.com

No. 3 · RIA

XML Financial

XML Financial is an investment adviser based in Bethesda, MD, registered with the SEC since 2016. It provides financial planning and investment management. Its clients include individual clients, high-net-worth individuals, and corporations and other businesses. Its regulatory assets under management total $3.3 billion, as filed on 2 June 2026.

XML Financial charges 0.10%–1.00% a year for its Portfolio Management Service.

Regulatory AUM: $3.3B
Clients: 2,944
Advisory staff: 26
Founded: 2004
Fee schedule: 0.10% to 1.00% a year
Custodians: Fidelity, Wells Fargo Clearing Services
Headquarters: 6901 Rockledge Drive, Suite 730, Bethesda, MD 20817
Phone: 301-770-5234
Website: xmlfg.com

No. 4 · RIA

Fulton Breakefield Broenniman,llc

Fulton Breakefield Broenniman,llc is an investment adviser based in Bethesda, MD, registered with the SEC since 2000. It provides financial planning and investment management. Its clients include individual clients, high-net-worth individuals and charitable organizations. Its regulatory assets under management total $2.39 billion, as filed on 13 August 2026.

Fulton Breakefield Broenniman,llc charges 0.65%–1.00% a year for its Portfolio Management Fee.

Regulatory AUM: $2.39B
Clients: 1,012
Advisory staff: 15
Founded: 2000
Fee schedule: 0.65% to 1.00% a year
Custodians: Charles Schwab
Headquarters: 4520 East-West Highway, Suite 450, Bethesda, MD 20814
Phone: 301-657-8870
Website: fbbcapitalpartners.com

No. 5 · RIA

Trumbower Financial Advisors

Trumbower Financial Advisors is an investment adviser based in Bethesda, MD, registered with the SEC since 1996. It provides financial planning and investment management. Its clients include high-net-worth individuals, individual clients and charitable organizations. Its regulatory assets under management total $1.98 billion, as filed on 6 March 2026.

Trumbower Financial Advisors charges 0.30%–1.00% a year for its Assets under proactive management.

Regulatory AUM: $1.98B
Clients: 246
Advisory staff: 8
Fee schedule: 0.30% to 1.00% a year
Custodians: Fidelity
Headquarters: 3 Bethesda Metro Center, Ste 340, Bethesda, MD 20814-5330
Phone: 301-215-8340

No. 6 · RIA

Edgemoor Investment Advisors

Edgemoor Investment Advisors is an investment adviser based in Bethesda, MD, registered with the SEC since 1999. It provides financial planning and investment management. Its clients include high-net-worth individuals, investment companies and individual clients. Its regulatory assets under management total $1.52 billion, as filed on 25 March 2026.

Edgemoor Investment Advisors charges 0.60%–1.00% a year for its Investment Advisory Services.

Regulatory AUM: $1.52B
Clients: 321
Advisory staff: 6
Founded: 1999
Fee schedule: 0.60% to 1.00% a year
Minimum account: $1,000,000
Custodians: Charles Schwab, Fidelity
Headquarters: 7250 Woodmont Avenue, Suite 315, Bethesda, MD 20814
Phone: 301-543-8881
Website: edgemoorinv.com

No. 7 · RIA

Sargent Investment Group

Sargent Investment Group is an investment adviser based in Bethesda, MD, registered with the SEC since 2018. It provides financial planning and investment management. Its clients include high-net-worth individuals, charitable organizations and individual clients. Its regulatory assets under management total $1.48 billion, as filed on 26 May 2026.

Sargent Investment Group charges up to 1.00% for its Investment Advisory Fees. The brochure does not state whether the rate is annual.

Regulatory AUM: $1.48B
Clients: 407
Advisory staff: 13
Founded: 2018
Fee schedule: Up to 1.00%
Minimum account: $2,000,000
Custodians: Folio Investments, Charles Schwab
Headquarters: 4920 Elm Street, Suite 305, Bethesda, MD 20814
Phone: 202-580-6400
Website: sargentinvestmentgroup.com

No. 8 · RIA

MV Capital Management

MV Capital Management is an investment adviser based in Bethesda, MD, registered with the SEC since 2006. It provides financial planning and investment management. Its clients include high-net-worth individuals, pension and profit-sharing plans, and charitable organizations. Its regulatory assets under management total $1.44 billion, as filed on 31 March 2026.

MV Capital Management charges 0.60%–1.50% a year for its Non-wrap fee basis.

Regulatory AUM: $1.44B
Clients: 516
Advisory staff: 8
Fee schedule: 0.60% to 1.50% a year
Custodians: Fidelity, Broadridge Business Process Outsourcing
Headquarters: 3 Bethesda Metro Center, Suite 650, Bethesda, MD 20814-6336
Phone: 301-656-6545
Website: mvfinancial.com

No. 9 · RIA

Warner Financial

Warner Financial is an investment adviser based in Bethesda, MD, registered with the SEC since 2005. It provides financial planning and investment management. Its clients include high-net-worth individuals, individual clients and charitable organizations. Its regulatory assets under management total $852 million, as filed on 9 February 2026.

Warner Financial charges 0.50%–0.90% a year for its Asset Management Services.

Regulatory AUM: $852M
Clients: 256
Advisory staff: 4
Fee schedule: 0.50% to 0.90% a year
Custodians: Charles Schwab
Headquarters: 4550 Montgomery Ave, Suite 352 North, Bethesda, MD 20814
Phone: 301-961-9505
Website: warner-financial.com

No. 10 · RIA

Aegis Wealth Management

Aegis Wealth Management is an investment adviser based in Bethesda, MD, registered with the SEC since 2005. It provides financial planning and investment management. Its clients include high-net-worth individuals, individual clients and charitable organizations. Its regulatory assets under management total $744 million, as filed on 31 March 2026.

Aegis Wealth Management charges 0.30%–1.00% a year for its Portfolio Management Fees.

Regulatory AUM: $744M
Clients: 123
Advisory staff: 6
Fee schedule: 0.30% to 1.00% a year
Custodians: Charles Schwab
Headquarters: 6903 Rockledge Drive, Ste. 530, Bethesda, MD 20817
Phone: 301-664-2313
Website: aegiswealth.com

Questions about financial advisors in Bethesda

How many financial advisor firms are headquartered in Bethesda?

21 SEC-registered financial advisor firms report their principal office in Bethesda, MD, managing $27.9B in regulatory assets between them. The other 27 advisers headquartered in the city are broker-dealers, other kinds of wealth firm, or fund and institutional managers.

Source: Form ADV Part 1A, Items 1.F, 5.D and 5.F

What is the largest financial advisor firm in Bethesda?

Pennington Partners & Co., with $5.09B in regulatory assets under management on its latest Form ADV. The next largest are Heritage Investors Management ($4.63B) and XML Financial ($3.3B).

Source: Form ADV Part 1A, Item 5.F

How large is a typical financial advisor firm in Bethesda?

The median firm manages $682M in regulatory assets. That is the midpoint of the 21 firms headquartered in Bethesda.

Source: Form ADV Part 1A, Item 5.F

How much do financial advisors in Bethesda charge?

Of the 10 largest firms, 10 publish an asset-based fee schedule for their main service in their brochure. The highest rate in those schedules runs from 0.90% to 1.50% of assets, depending on the firm; each firm's fee is in its profile above.

Source: Form ADV Part 2A brochures, Item 5

How can I check a financial advisor's record in Bethesda?

Search the firm or the person on the SEC's Investment Adviser Public Disclosure site, adviserinfo.sec.gov, which shows registrations, Form ADV filings and any disclosures. Each firm profile in this directory links its SEC record.

Source: SEC Investment Adviser Public Disclosure

How is this list ordered?

By regulatory assets under management as filed on Form ADV, largest first. A firm is included when its principal office is in the city and most of its client assets belong to individuals and its type is RIA, which leaves out broker-dealers, wirehouses, RIA networks, digital advice, bank, insurance and family-office firms. A firm with only a branch office here is listed in its own headquarters city.

Source: Niva directory methodology

Bethesda has 21 financial advisor firms; see every adviser in the city →

The 10 largest by assets

Profiles of the top 10

Questions about financial advisors in Bethesda

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