Questions to Ask Before Hiring a Financial Advisor in Maryland

Choosing the right financial advisor can feel like a big decision, and it should. Your advisor will play a major role in helping you navigate taxes, investments, and retirement income for years to come.

If you live in Maryland, it’s especially important to work with someone who understands the state’s unique tax laws, cost of living, and retirement landscape. Asking the right questions before you hire can help you find an advisor who truly fits your goals and financial situation.

Here are the key questions every Maryland resident should ask when interviewing a potential financial advisor.

1. What Services Do You Provide?

Not all advisors offer the same level of planning. Some focus primarily on investment management, while others provide more comprehensive guidance that includes:

• Retirement income strategies
• Tax-aware withdrawal planning
• Social Security and pension coordination
• Estate and legacy planning
• Insurance and long-term care planning

If you’re nearing or already in retirement, look for an advisor who can coordinate all areas of your financial life, not just investments.

2. How Are You Compensated?

Understanding how your advisor is paid helps you identify potential conflicts of interest.

Common fee structures include:

• Flat fees or hourly rates for specific planning services
• Assets under management (AUM), where a percentage of your portfolio is charged for ongoing advice
• Commissions, typically tied to specific products or transactions

There’s no one right answer; what matters is transparency. Ask for a clear explanation of all costs and what services are included.

3. Who Is Your Typical Client?

It’s important to find an advisor who works with people like you. Someone who specializes in pre-retirees and retirees in Maryland will understand your challenges from required minimum distributions (RMDs) to local tax considerations.

Ask if they regularly help clients who are:

• Transitioning from work to retirement
• Managing multiple income sources (Social Security, pensions, IRAs)
• Navigating Maryland’s state and county income taxes

4. How Will You Help Me Manage Taxes in Retirement?

Taxes are one of the biggest factors affecting your retirement income, especially in Maryland, where both state and county income taxes apply.

Ask how the advisor approaches:

• The Maryland pension exclusion for retirees age 65+
• Planning around Social Security tax exemptions
• Coordinating withdrawals across taxable, tax-deferred, and Roth accounts
• Strategies for managing Roth conversions in lower-income years

Even small tax decisions can compound over time. Look for an advisor who takes a proactive, year-round approach to tax planning.

5. How Often Will We Meet to Review My Plan?

Financial planning isn’t a one-time event. Your life, goals, and tax laws all change; your plan should change too.

Ask how often you’ll meet and what those meetings include. Most retirees benefit from at least annual reviews to evaluate:

• Portfolio performance and risk
• Tax projections for the year ahead
• Changes in spending or income needs
• Updates to estate and insurance plans

Consistent communication is a sign of a strong advisor relationship.

6. What Experience Do You Have with Estate and Legacy Planning?

Maryland is one of the few states that has both an estate tax and an inheritance tax, which can impact how you pass assets to the next generation.

Ask if the advisor can help coordinate:

• Wills and trust strategies with your estate attorney
• Charitable giving plans
• Gifting strategies to children or grandchildren
• Beneficiary reviews on retirement and investment accounts

A well-structured estate plan can help ensure your legacy is passed on according to your wishes and in a tax-efficient way.

7. What Professional Qualifications Do You Hold?

Professional designations can indicate an advisor’s education and commitment to ongoing learning. Common examples include:

• CFP® (Certified Financial Planner) - focuses on comprehensive financial planning
• CPA/PFS (Certified Public Accountant/Personal Financial Specialist) - emphasizes tax integration
• ChFC® (Chartered Financial Consultant) - broad training in financial and insurance planning

While credentials are important, experience and communication style matter just as much. Choose someone who explains complex topics clearly and makes you feel comfortable asking questions.

8. Can You Provide an Example of How You’ve Helped Clients Like Me?

Ask the advisor to describe a real-world example without revealing personal details of how they’ve helped a client with similar goals or circumstances.

This gives you a sense of how they approach problems like retirement income, tax management, or estate coordination. Listen for answers that show a focus on process and education, not product sales.

9. What Technology and Reporting Tools Do You Use?

Modern planning tools can help you stay informed and engaged. Ask if the advisor provides:

• Secure online portals for accounts and performance reports
• Tax projection tools
• Retirement income simulations
• Digital meeting options

Transparency and accessibility are key to maintaining confidence in your financial plan.

10. What Happens If I Need to Leave the Firm?

A professional advisor should make this answer easy. Ask how your accounts would be transferred, whether there are exit fees, and how records are handled. Knowing this upfront provides peace of mind and helps you feel confident about starting the relationship.

Putting It All Together

The right financial advisor isn’t just someone who manages your money; it’s someone who understands your full financial picture, communicates clearly, and helps you make informed decisions that align with your goals.

If you’re evaluating financial advisors in Maryland, take this list of questions with you. The answers will tell you more than any brochure ever could.

Next Step: Talk with a Maryland-Based Financial Advisor

If you’re preparing for retirement or already there, now is the perfect time to ask these questions in a real conversation.

MY Wealth Management, Inc. is a Registered Investment Adviser. This newsletter is for educational and informational purposes only and should not be construed as personalized investment, tax, or legal advice. Advisory services are only offered to clients or prospective clients where MY Wealth Management, Inc. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by MY Wealth Management, Inc. unless a client service agreement is in place.

All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. Commentary reflects the personal views and analyses of MY Wealth Management, Inc. employees at the time of publication and should not be considered a description of advisory services or client performance.

Information provided herein should not be relied upon as the sole basis for making financial decisions. Readers should consult with their professional adviser regarding their individual situation before making any financial, tax, or legal decisions.