Financial Advisor in Harford County, MD

It means they’re legally and ethically required to put your interests first.* A fiduciary must give advice that’s best for you. That includes full transparency about fees, conflicts of interest, and recommendations. Read more: What does a fiduciary financial advisor in Harford County do that a broker doesn’t?

A fee-only advisor is paid solely through fees you pay directly and earns no product commissions. A fee-based advisor charges fees but may also earn commissions on some products, such as insurance. Both can act as fiduciaries. Knowing which model an advisor uses tells you where potential conflicts of interest may exist, so always ask. We’re fee-based and use the fiduciary standard.* Read more: How do I choose a fee-based fiduciary financial advisor in Harford County?

It depends on the advisor, but here’s how we do things at Chesapeake: Flat annual fee for planning: Our comprehensive financial planning and personal oversight ranges from $3,000 to $10,000 per year, depending on the complexity of your situation. Optional investment management: We charge a percentage of assets under management. That starts around 1.3% for smaller portfolios and decreases to as low as 0.35% as your assets grow. We’re also licensed to offer commission-based products (like life insurance), but we only recommend them when they’re in your best interest and we’ll always disclose how we’re compensated. Read more: How much does a CFP cost in Maryland?

Start with the FERS pension as base income, then decide when to claim Social Security and how to draw from the TSP around it. If you retire before 62, the FERS supplement can help bridge the gap until it stops at 62. Survivor elections and TSP withdrawal choices are hard to undo, so plan them before your retirement date. More: How does APG retirement work with FERS and TSP?

Treat the Maryland Teachers’ Pension System benefit as the foundation, then use a 403(b) or 457(b) to fill the gap between that pension and what you plan to spend. Money in a governmental 457(b) can be withdrawn after you leave employment without the 10% early-withdrawal penalty, which matters if you retire before 59½. More: HCPS retirement benefits

Maryland does not tax Social Security benefits. Pension and retirement-plan income is generally taxable, but retirees 65 or older, or totally disabled, may qualify for Maryland’s pension exclusion, and military retirees may subtract part of their retirement pay. Harford County also levies a local income tax on top of the state rate. See Does Maryland tax my retirement income? and the pension exclusion for Harford County retirees.

Check three free public databases: CFP Board’s Verify a CFP® Professional tool for certification and disciplinary history, FINRA BrokerCheck for registered representatives, and the SEC’s Investment Adviser Public Disclosure site for advisory firms and their representatives. Our Form ADV Part 2A and Form CRS are linked in the footer of every page.

Yes, both. Our headquarters is at 2402 Scotlon Ct in Forest Hill, in central Harford County, and we also have an office in Perry Hall. If you would rather meet from home or work, our TeleWealth service holds planning meetings by video. Office hours are Monday to Friday, 8:00 AM to 5:00 PM.