How to Find a Fiduciary Retirement Advisor in Maryland: Complete 2025 Guide

Introduction

If you’re approaching retirement in Maryland with $1,000,000 or more saved, you’ve probably realized the game has changed. This isn’t about growing your portfolio anymore—it’s about making sure your money lasts 30+ years while minimizing taxes, optimizing Social Security, and navigating Medicare’s income-related premium surcharges.

The question most Maryland retirees ask me: How do I find a financial advisor who actually specializes in retirement income planning—not just investment management?

It’s a legitimate concern. If you’re a federal employee in Maryland with a TSP and FERS pension, a corporate executive with stock options and multiple 401(k)s from job changes, or the “millionaire next door” who accumulated through prudent saving and investing, you’re facing planning decisions that most “wealth management” firms don’t actually specialize in.

The advisor who helped you accumulate $1.5 million may not be the right fit for helping you turn that into sustainable retirement income—especially when taxes, healthcare costs, and Social Security timing can swing your outcome by six figures.

In this guide, I’ll walk you through exactly how to evaluate retirement planning advisors, what questions separate the specialists from the generalists, and what red flags to watch for. By the end, you’ll know how to find a fiduciary advisor who can help you retire with confidence.

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Why Finding the Right Retirement Advisor in Maryland Matters More Than Ever

Here’s what I’ve observed working with over Maryland retirees over the past two and a half decades: the planning decisions you make in the 5 years before and after retirement have a bigger impact on your financial security than the previous 30 years of saving.

That’s because retirement introduces new complexities most people haven’t dealt with:

• Sequence of returns risk: A market downturn in your first few years of retirement can permanently damage your plan—no matter how well diversified you are
• Tax planning windows: The years between retirement and Required Minimum Distributions (age 73) are often your best opportunity to reduce lifetime taxes
• Social Security optimization: Claiming at the wrong time can cost you $100,000+ over your lifetime
• Medicare IRMAA brackets: Your income determines whether you pay $207/month or $700/month for Medicare Part B—that’s a $6,000+ annual difference

A Real Maryland Example: The $80,000 Tax Mistake

Last year, a couple from Annapolis came to me after retiring at 62. They’d been taking Social Security early and living off their traditional IRA while letting their Roth IRA “grow for later.” Their previous advisor told them this was fine.

The problem: Their IRA withdrawals were pushing them into higher tax brackets and triggering IRMAA surcharges on Medicare. Over 10 years, this approach would cost them over $80,000 in unnecessary taxes and Medicare premiums.

We restructured their withdrawal strategy using what we call Retirement GPS coordination:

• Optimized their projected taxes annually, and projected over time
• Implemented strategic Roth conversions during low-income years
• Used tax-loss harvesting in their brokerage account
• Coordinated withdrawals to stay below IRMAA thresholds

This is why finding an advisor who specializes in retirement income planning matters, especially in Maryland where you’re dealing with both federal and state taxes.

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The 5-Step Framework for Finding the Right Retirement Advisor

Step 1: Verify They’re a True Fiduciary (Not Just “Acting Like One”)

What It Is: A fiduciary is legally required to put your interests ahead of their own—all the time, not just when it’s convenient.

Why It Matters: Many advisors use the phrase “we act in your best interest” but aren’t held to the fiduciary standard. They can recommend products that earn them higher commissions as long as they’re “suitable” for you—even if better options exist.

What Most People Miss: Some advisors are fiduciaries only for certain services. A broker might be a fiduciary when managing your IRA but not when recommending an annuity.

The Better Approach: Look for fee-only Registered Investment Advisors (RIAs) without broker dealer relationships and/or insurance licenses. They’re fiduciaries by law for all services and don’t earn commissions from selling products. You can verify an advisor’s registration at SEC’s Investment Adviser Public Disclosure website. Be sure to read the advisor’s ADV Part II, and ensure they do not have broker dealer relationships or insurance licenses.

Questions to Ask:

• “Are you a fiduciary 100% of the time, for all services you provide?”
• “Will you provide that commitment in writing?”
• “Do you earn any commissions or third-party compensation from product sales or insurance?”
• “Are you registered with the SEC or Maryland securities division?”

Red Flag: If they hesitate or say they’re a fiduciary “when wearing my advisory hat” but not for product recommendations—that’s a dual-hat arrangement that creates conflicts of interest.

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Step 2: Confirm They Actually Specialize in Retirement Income (Not Just Retirement Savings)

What It Is: Retirement income planning means expertise in withdrawal strategies, tax coordination, Social Security optimization, and healthcare cost planning—not just portfolio management and asset allocation.

Why It Matters: The skills needed to grow a portfolio during your working years are completely different from the skills needed to create sustainable retirement income. In our work with Maryland retirees, we’ve found that tax planning and withdrawal sequencing often have a bigger impact than investment selection.

What Most Advisors Miss: Many advisors still rely on the old “4% rule” or basic Monte Carlo simulations that assume constant spending and don’t account for:

• Dynamic spending adjustments based on market performance
• Tax-efficient withdrawal sequencing across multiple account types
• Social Security timing coordinated with other income sources
• Required Minimum Distributions (RMDs) starting at age 73
• Medicare IRMAA bracket management

A More Sophisticated Approach: At RCS Financial Planning, we use Income Lab’s guardrails methodology—a research-backed approach developed by financial planning academics that allows you to adjust spending based on portfolio performance while maintaining a high probability of success. This is fundamentally different from outdated safe withdrawal rate assumptions.

For Maryland Federal Employees: If you have a FERS pension and TSP, you need an advisor who understands:

• The special supplement if you retire before 62
• How your pension affects Social Security taxation
• TSP withdrawal options (monthly payments vs. partial withdrawals vs. annuity vs. a rollover to your IRA)
• Coordinating FEHB with Medicare

Questions to Ask:

• “What percentage of your clients are retirees or within 5 years of retirement?”
• “What methodology do you use for retirement income planning—and how is it different from the 4% rule?”
• “Can you show me an example of how you coordinate Social Security timing with tax-efficient withdrawals?”
• “How do you handle Required Minimum Distributions in your planning?”

Green Flag: They should be able to explain their specific process and show you examples of comprehensive retirement income plans they’ve created.

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Step 3: Understand Their Fee Structure (And Calculate What It Really Costs)

What It Is: How your advisor gets paid directly affects the advice you receive and your long-term returns.

Why It Matters for Maryland Retirees: Many retirees think they’re not paying anything for financial advice when, in reality, they’re paying more than they realize—the fees are just hidden inside products.

Example: The “Free” Annuity That Costs 3% Per Year

A couple in Anne Arundel County came to me after purchasing a variable annuity with a “guaranteed income rider.” The advisor told them there was “no fee” and they’d receive guaranteed income for life.

When we analyzed the contract, here’s what they were actually paying annually:

• Mortality & Expense (M&E) charges: 1.25%
• Administrative fees: 0.15%
• Underlying fund expenses: 0.85%
• Guaranteed income rider fee: 0.95%
• Total all-in cost: 3.20% per year

On their $800,000 annuity, that’s $25,600 per year in fees—far more than they would have paid a fee-only fiduciary advisor. Over 20 years, that’s over $500,000 in costs, not counting the compounding growth they lost.

The advisor wasn’t completely honest about “no fee”—there was no separate advisory fee. But the product fees were embedded and much higher than transparent advisory fees would have been.

The Three Main Fee Models:

1. Fee-Only (AUM-based): You pay a percentage of assets managed (typically 0.5%-1.5% annually)

• Pros: Ongoing service and attention; advisor’s compensation grows when your portfolio grows
• Cons: Can become very expensive for larger portfolios; creates incentive to keep everything invested rather than paying off your mortgage or making other financial moves (although a true fiduciary will always recommend what’s best for your situation, even if it results in withdrawals from the portfolio)

2. Fee-Only (Flat Fee or Retainer): You pay a fixed annual fee or hourly rate regardless of portfolio size

• Pros: More objective advice on decisions like paying off debt, real estate, or business planning; costs stay predictable as your portfolio grows
• Cons: May have minimum asset requirements; need to ensure ongoing service, not just one-time planning

3. Commission-Based: Advisor earns commissions on products they sell (annuities, insurance, loaded mutual funds)

• Cons: Creates significant conflicts of interest; advisor is not a fiduciary; often more expensive long-term
• When it might make sense: For very specific insurance needs if you understand the compensation structure

Understanding What You’re Actually Paying:

Here’s what many Maryland retirees don’t realize: You’re already paying investment fees—you just don’t see them.

If your 401(k) or IRA holds mutual funds with expense ratios averaging 0.50% annually (the national average), you’re paying $5,000 per year on a $1 million portfolio. That cost never shows up on a statement—it’s deducted directly from fund returns.

When financial media warns “don’t pay someone to manage your money,” they’re comparing advisory fees to doing it yourself—but they ignore that you’re still paying fund expenses either way.

The Real Cost Comparison:

Let’s say you have $1 million invested:

• DIY approach: 0.50% in fund expenses = $5,000/year (invisible)
• With a fiduciary advisor: 0.05% in fund expenses + 1.00% advisory fee = 1.05% total = $10,500/year (transparent)
• Your incremental cost: $5,500/year for comprehensive retirement planning

For that $5,500 difference, a good advisor provides:

• Tax planning that can save $5,000-$15,000+ annually
• Social Security optimization worth $50,000-$100,000+ lifetime
• Medicare IRMAA management saving $2,000-$5,000/year
• Withdrawal strategies that reduce sequence of returns risk
• Ongoing coordination of retirement income, taxes, and healthcare decisions

The question isn’t whether to pay for financial advice—you’re paying investment costs either way. The question is whether comprehensive retirement planning that can save you multiples of the advisory fee is worth an incremental 0.55% (55 basis points).

For Larger Portfolios:

If you have $1.5 million, many advisors offer breakpoint pricing. For example, you might pay 1% on the first $1 million and 0.75% on amounts above that, bringing your effective rate to around 0.97% all-in—not much more than what you’re already paying in a typical 401(k).

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Step 4: Look for Proactive Tax Planning Expertise (This Is Where Real Value Shows Up)

What It Is: Tax planning for retirees means coordinating withdrawals from different account types, Roth conversions, Social Security timing, charitable giving, and capital gains management to minimize lifetime taxes—not just preparing tax returns.

Why It Matters in Maryland: Maryland retirees face both federal income tax and Maryland state income tax on most retirement income. Strategic planning can save you six figures over a 20-30 year retirement.

However, Maryland does offer a pension exclusion (up to $41,200 for 2025 for those 65+) that can shelter some retirement income in addition to a possible senior credit depending on you total Adjusted Gross Income. A good advisor should know how to maximize this.

What Most Advisors Miss:

Most “financial advisors” focus only on portfolio management and ignore tax coordination opportunities:

• Roth conversion windows: The years between retirement (age 60-65) and RMDs (age 73) are often your best opportunity to convert traditional IRA money to Roth at low tax rates
• Qualified Charitable Distributions (QCDs): For those 70½+, directing up to $108,000 of your RMD (QCDs can exceed your RMD amount) directly to charity keeps it out of your taxable income
• Capital gains management: Harvesting losses or gains strategically based on your tax bracket
• IRMAA bracket awareness: Keeping income below $206,000 (married) or $103,000 (single) avoids Medicare premium surcharges
• Maryland pension exclusion optimization: Coordinating which income sources to tap when

A Real Anne Arundel County Example:

We work with a married couple in their early 70s in Anne Arundel County who had adjusted gross income of $155,000. They were charitably inclined and had been donating $6,000 annually to their church from their checking account while taking IRA distributions.

The problem: At $155,000 of AGI, they were just above Maryland’s $150,000 threshold where they lost a valuable $1,750 senior tax credit (a hard cliff). They were also losing federal benefits tied to that same threshold.

By redirecting their $6,000 annual donation as a Qualified Charitable Distribution (QCD) directly from their IRA to their church instead of writing a check, we reduced their AGI to $149,000. This single change triggered multiple benefits:

• Federal: Restored $12,000 in enhanced senior deductions (tax savings: $1,456)
• Maryland: Qualified for the full $1,750 senior tax credit they’d been losing (plus additional state tax savings from lower AGI)
• Total tax savings: Approximately $3,897

Their $6,000 donation effectively cost them only $2,103 out of pocket—just 35 cents on the dollar.

The key insight: Understanding Maryland-specific tax thresholds and coordinating federal and state benefits can multiply the value of basic tax strategies.

Questions to Ask:

• “Do you provide multi-year tax projections as part of retirement planning?”
• “How do you coordinate Roth conversions with my other retirement income?”
• “Can you explain how Medicare IRMAA brackets might affect my costs?”
• “Do you work directly with my CPA, or do I need to coordinate everything?”

Green Flag: They should ask detailed questions about your tax situation in the first meeting and show you multi-year tax projections.

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Step 5: Evaluate Their Process for Comprehensive Retirement Coordination

What It Is: True retirement planning coordinates all the moving pieces: investments, taxes, Social Security, Medicare, estate planning, and long-term care considerations. Everything affects everything else.

Why It Matters: These decisions don’t exist in silos. Your Social Security claiming strategy affects your tax plan. Your withdrawal strategy affects IRMAA. Your estate plan affects your beneficiary designations and tax efficiency.

What Most Advisors Miss: Most advisors focus primarily on portfolio management and ignore the coordination work that actually creates retirement security. At RCS Financial Planning, we use a systematic approach we call “Retirement GPS” to keep all these pieces aligned.

The Components of Comprehensive Retirement Planning:

Income Planning:

• Sustainable withdrawal strategies using guardrails methodology
• Coordination of Social Security, pension, RMDs, and portfolio withdrawals
• Income floor vs. income ceiling planning

Tax Coordination:

• Multi-year tax projections (10+ years)
• Roth conversion planning
• Withdrawal sequencing strategies
• Charitable giving optimization

Social Security Optimization:

• Analysis of claiming ages for both spouses
• Break-even calculations
• Survivor benefit planning
• Coordination with Medicare decisions

Healthcare Planning:

• Medicare Part B and Part D enrollment timing
• IRMAA bracket management
• Long-term care insurance evaluation
• Health Savings Account (HSA) strategies for those with high-deductible plans

Estate Coordination:

• Beneficiary designations aligned with estate plan
• Tax-efficient wealth transfer strategies
• Trust funding coordination
• Legacy planning for heirs

For HighIncome Professionals: If you’re a high-income professional or executive with stock options, deferred compensation, or complex equity packages, you need an advisor who can model the tax implications of equity compensation in retirement.

Questions to Ask:

• “Do you provide a comprehensive written retirement plan?”
• “How often do we review and update the plan?”
• “Who coordinates between my tax preparer, estate attorney, and other professionals?”
• “What does your typical client planning process look like, from initial meeting to ongoing service?”

Green Flag: They should describe a systematic, repeatable process—not a custom approach they make up for each client.

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Where to Find Retirement Planning Advisors in Maryland

Start With Fee-Only Fiduciary Networks:

• NAPFA (National Association of Personal Financial Advisors): Fee-only fiduciary advisors searchable by location and specialty
• XY Planning Network: Fee-for-service advisors, many specializing in retirement planning
• Garrett Planning Network: Hourly, fee-only financial planners
• Fee-Only Network: Fee-only advisors who don’t earn commissions

For Federal Employees:

Maryland has one of the highest concentrations of federal employees in the country, especially in Montgomery County, Howard County, and Anne Arundel County around Annapolis.

If you’re a federal employee with FERS, TSP, and federal benefits, you need someone who understands:

• TSP withdrawal options and tax implications
• FERS pension and Social Security coordination
• Federal Employee Health Benefits (FEHB) and Medicare decisions
• The special retirement supplement for those retiring before 62
• Thrift Savings Plan rollovers vs. keeping money in TSP

Ask for Referrals:

• Your CPA or tax preparer
• Your estate planning attorney
• Colleagues who have retired recently
• Professional associations in your industry

Maryland-Specific Consideration: Look for advisors with Maryland expertise. Out-of-state advisors may not understand Maryland’s pension exclusion, state tax treatment of different income sources, or local healthcare costs.

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Red Flags: When to Walk Away

Be cautious and consider walking away if an advisor:

Refuses Fee Transparency

• Won’t clearly explain how they’re compensated or says “you don’t pay anything”
• Gives vague answers about total costs
• Avoids putting fees in writing

Pushes Specific Products Before Understanding Your Situation

• Recommends annuities, whole life insurance, or specific investments in the first meeting
• Has a “solution” before understanding your full financial picture
• Seems to have the same recommendation for everyone

Makes Unrealistic Promises

• Guarantees investment returns
• Claims they can “beat the market consistently”
• Promises you’ll never run out of money without showing detailed analysis

Doesn’t Ask Detailed Questions

• Doesn’t inquire about your goals, tax situation, risk tolerance, or concerns
• Rushes through the discovery process
• Focuses more on their services than understanding your needs

Limited Retirement Expertise

• Most clients are still working/accumulating wealth
• Can’t explain their specific retirement income planning methodology
• Doesn’t mention tax coordination, Social Security, or Medicare planning

Poor Communication

• Uses jargon without explaining it
• Can’t explain their investment philosophy in plain language
• Makes you feel confused or pressured rather than informed and confident

Trust your instincts. You should leave every meeting feeling more informed and confident—not confused, pressured, or uncertain.

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Take Your Next Steps: Finding the Right Fit for Your Maryland Retirement

Three Things You Can Do Right Now:

1. Clarify Your Top Priorities Write down your top 3-5 retirement concerns:

• Making sure income lasts 30+ years?
• Minimizing taxes on retirement withdrawals?
• Optimizing Social Security claiming strategy?
• Planning for healthcare and potential long-term care costs?
• Leaving a legacy for children or charity?

This helps you evaluate whether an advisor addresses what actually matters to you—not just what they want to sell.

2. Create Your Interview Questions Use the questions from this guide and bring them to every advisor meeting. Pay attention to:

• How clearly they answer
• Whether they seem annoyed by detailed questions (red flag)
• If they back up claims with specific processes and examples

3. Verify Credentials and History Before meeting with any advisor, check:

• FINRA BrokerCheck: Look up their registration, credentials, and any disciplinary history (note that investment advisor representatives without broker dealer relationships will not appear in this Broker Check, as they do not sell products for commissions)
• SEC Investment Adviser Public Disclosure (IAPD): For RIAs, see their Form ADV which discloses fees, conflicts, and business practices
• CFP Board: Verify CFP® certification and check for any disciplinary actions

Ready for Personalized Guidance?

If you’re a Maryland resident approaching or in retirement with $1 million+ in invested assets, I’d be happy to have a conversation about whether our approach aligns with your goals.

Schedule a complimentary 30-minute introductory call to discuss:

• Whether our retirement income planning methodology is the right fit for your situation
• How we coordinate taxes, Social Security, Medicare, and withdrawal strategies
• What a comprehensive retirement plan looks like using Income Lab and Retirement GPS
• Our fee structure and what ongoing service includes

Not ready to talk yet?

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Final Thoughts: Making the Right Choice for Your Maryland Retirement

Finding the right retirement planning advisor is one of the most important financial decisions you’ll make. The difference between working with a specialist who understands retirement income coordination and working with a generalist focused on accumulation can literally be worth hundreds of thousands of dollars over a 20-30 year retirement.

Take your time. Ask detailed questions. Don’t settle for someone who can’t clearly explain how they’ll help you with taxes, Social Security, Medicare, and sustainable withdrawal planning—not just investment management.

The right advisor becomes a trusted partner who helps you navigate market volatility, tax law changes, and healthcare decisions with confidence. They should make complex decisions clearer, not more confusing.

You’ve spent 30-40 years building your retirement savings. Now it’s time to find an advisor who specializes in making that money last—and making sure you keep as much of it as possible from taxes along the way.