How to Hire the Best Financial Advisor in Columbia, MD

By Gary Williams, CFP®, CRPC®, AIF®

Why Do I Need a Financial Advisor?

If you’re reading this, you’re likely searching for the best financial advisor in Columbia, MD. With 30 years of experience, my goal is to share my knowledge to help you make an informed decision.

Given the importance of this subject and the vast amount of information available, let’s review:

the reasons you might want to consider hiring a financial advisor;
the criteria and qualifications a discerning investor should consider when interviewing a financial advisor; and
the process for hiring a financial advisor.

Before we dive in, I’ll briefly provide a summary of my background. My goal is not necessarily to tout my firm as the best financial advisor in Columbia, Maryland, but to provide you with an independent viewpoint so you can make an informed decision.

As I mentioned above, I have three decades of experience as a financial advisor and serve as the CEO of the independent and fiduciary wealth management business I founded. I hold numerous designations, including Certified Financial Planner® professional, Chartered Retirement Planning Counselor™, and Accredited Investment Fiduciary®. My firm provides wealth management for mostly individual affluent households. We define wealth management as the combination of both comprehensive financial planning and investment management.

Before discussing how to hire the best financial advisor for retirement, or any other goals you are trying to reach, let’s discuss why you would want to hire a financial advisor. We can break this down into three reasons: time, training, and temperament.

Time

Time is our most valuable resource. Consider the complexity of your financial situation; the planning, investment, and tax considerations; and whether you can dedicate enough time to manage it effectively. Further, when managing your investments on your own, you will have an inherent duty to keep a pulse on the markets and the world more broadly. The time required to do so could potentially be better allocated toward your career, family, or retirement.

Determining how much time is needed depends on the complexity of your situation, your skillset or capacity, and your resources. To help gauge this time commitment, consider the complexity of the goals you have. For example, some common goals include retirement planning, college planning, life and disability insurance protection planning, tax planning, and estate planning, among others. Life events—marriage, divorce, inheritance, becoming a parent, and starting or selling a business—add layers of complexity.

You may be able to find enough time to manage your own wealth, but it could come at the cost of prioritizing other activities that you may enjoy more.

Training

Do you have to become a Certified Financial Planner® practitioner or earn your Series 66 license from the Securities and Exchange Commission (SEC) to manage your finances? No. However, you do need to have a good understanding of economic factors, tax strategies, financial instruments and investments, and asset allocation, among other subject matter.

While there’s unlimited information available online, Google can’t analyze your individual situation and translate the knowledge into actionable recommendations for you to implement to improve your financial situation. This is where the experience of a seasoned financial advisor comes into play.

How much knowledge you need to manage your own affairs is subjective and is partially dependent on your financial situation and complexity. Unfortunately, there’s no test you can take to determine whether you have enough expertise to manage your own planning and investment needs. You can devote time to training through reading and studying financial literature and attending informational seminars, but applying that knowledge is another challenge.

Temperament

Unlike time and training, which you can choose to devote your resources toward, temperament is a bit different. You need to carefully self-reflect and ask yourself whether you can make unemotional decisions with your money and investments. Most people believe they can, but in a bear market or when cash is king, it’s difficult for many people to remain objective. You could hire coaches to help you with your ability to make even-keeled decisions with your money, but part of this trait, in my opinion, is nature as opposed to nurture.

This topic could be the subject matter for an entire book. The reality is, most people have a tendency to display overconfidence bias. For example, did you know that 73% of US drivers consider themselves better-than-average drivers? Men, in particular, are confident in their driving skills with 8 in 10 considering their driving skills better than average. This overconfidence bias can lead you to believe that you are better than average at managing your finances as well.

As you see, there are many nuances to your unique situation and personality that will determine whether you should hire a financial advisor, and, while many financial advisors will be able to help you, it will be up to you to decide whether you value their expertise and service.

Considerations When Hiring a Financial Advisor in Columbia, MD

My goal is to help you find the best financial advisor—whether in Columbia, MD, or beyond. Frankly, in today’s world of video conferencing, if you don’t have a strong preference for meeting face-to-face in an office, you can work with an advisor anywhere in the world.

If your finances are relatively simple, you may be more suited to working with a Robo advisor. On the other hand, if you have complex financial goals and planning needs in addition to investable assets, building a relationship with a financial advisor may make sense. Let’s dive into how to vet the person, team, or company that will help you plan your financial future.

Titles Matter

Investment advisors, brokers, certified financial planners, financial advisors, financial planners, and insurance agents—there are many names used by professionals who provide financial planning and investment advice. How do you discern which one is most appropriate for your situation?

It’s important to differentiate between a title and a designation. For example, a Certified Financial Planner® professional is a distinguished designation that is earned through both coursework and tests as well as years of experience and continuing education, whereas the other titles listed are likely determined by the type of organization the individual is working for. It’s important to note that if someone is providing investment advice (which most financial advisors do), they must be registered as an investment advisor with either the SEC or the state of their primary business address, depending on their assets under management. See below for more information on designations.

Some financial advisors have a fiduciary duty to their clients, meaning they are obligated to act in their client’s best interests rather than their own. Alternatively, some advisors work under Regulation BI, which doesn’t require them to act as a fiduciary. You should understand the difference before you hire an advisor and start receiving recommendations.

Compensation Matters

There are two main ways a financial advisor is compensated: by a fee or by a commission.

When we are discussing financial planning and investment management, an advisor who is only charging a fee for service is working as a fiduciary. Conversely, an advisor who is charging a commission for the investments they are managing or recommending is working under Regulation BI as mentioned above and may recommend products based on incentives.

While I am biased and believe that a fee-only financial advisor is more aligned with their client’s best interests, there are cases where commission-based investments may make sense. The key is understanding how the advisor is compensated and what conflicts of interest could arise from their compensation method.

Designations Matter

The list of designations that an advisor can earn is extensive. When you are reviewing a financial advisor’s credentials and you see letters following their name, the discerning investor should have two thoughts. First, what educational requirements were required to earn the designation, and what ongoing continuing education is required? For example, a CFP® needs to go through a board-certified training program and have three years of experience. Second, does the designation provide the advisor with knowledge that is helpful in your area of need? For example, if the advisor’s designations are focused on insurance and your planning needs are geared toward retirement, the designation may not be of value in your particular situation.

Experience Matters

Does your financial advisor need to have 20 years of experience to be qualified? The answer is obviously no. What’s important is the collective experience of the financial advisor and their team. For example, if the advisor has 30 years of experience, they may not need additional team members to have the knowledge necessary to advise you. On the contrary, if they have only five years of experience, they may not have the breadth and depth of financial markets acumen, investment products, and financial planning knowledge to provide the best guidance possible. In this case, you’ll want to determine whether they have team members who work closely with them. A well-led firm with younger associates will have a team approach similar to a teaching hospital where the more seasoned professionals mentor junior financial planners.

Comfort Matters

Besides the easy-to-compare qualifications like experience, designations, and compensation, another equally important consideration is your comfort with this individual and company. “Trust your gut,” as they say. For example, during the initial or any follow-up conversations, did the individual carefully listen to your concerns? Did they seem trustworthy? Assuming you met in person, did they and their office and staff appear professional? There are many other questions you could ask as you ponder your confidence, trust, and comfort with your next financial advisor. But after you weigh the quantifiable factors, hopefully your “sixth sense” will help you confirm (or not) your comfort with this individual.

Regardless of the title they use or the designations, certifications, licenses, etc. they claim to have, it’s up to you to vet an advisor thoroughly. Like any major purchase, you should do your research, and hopefully, the above information will provide you with the confidence to accomplish your financial goals.

To recap, when searching for the best financial advisor in our hometown of Columbia, MD, or beyond, you will want to first determine why you may need the help of a professional. For example, do you need help with retirement planning, college education planning, tax reduction strategies, estate planning, or perhaps, all of these areas. From there, you need to know what criteria you should consider when searching for the best financial advisor. Next, we are going to learn about the process of hiring a financial advisor.

Schedule a Consultation

We’re here to help you feel confident about your financial future by giving you clear guidance and smart investment strategies that make sense for your life. You won’t find one-size-fits-all here—we take the time to get to know you, your goals, and what a fulfilling retirement really looks like for you. Ready to take the first step? Let’s hop on a quick call and see if we’re the right team to help you get there.

Schedule

The Process for Hiring a Columbia Financial Advisor

Next, we’ll focus on the steps to finding the right financial professional to help you plan for your most important goals in life. Whether it is retirement planning, college planning, or legacy planning, your relationship with a financial advisor can become one of the most important relationships in your life.

Now that you know, or at least believe, that you should consider hiring a financial advisor and you know the criteria to consider, the next question to be answered is how you determine who to interview for the job. There are several ways to approach this very important step in the process. I suggest meeting with at least three financial advisors in order to be able to compare their service offerings.

Seek Endorsements

One way to find an advisor is to ask your friends and family who they use. An endorsement from someone you trust and respect can carry a lot of weight.

Another option is to visit various organizations that financial advisors belong to. For example, there are many resources and articles online to assist you with determining why you should consider hiring a financial advisor, including how to find a financial advisor.

Some examples include the following:

Each of these organizations offers a “Find an Advisor” program in which you can enter some basic information, such as your zip code to find local advisors. Armed with this information, you can do a preliminary search of the results to determine whether the advisor has been subject to disciplinary action. You should also peruse their website and do a Google search to see whether there is any newsworthy information about this individual or firm. In addition, you can ask other trusted professionals such as your CPA or attorney. There is no right or wrong way; the above options will certainly suffice to provide you with more than enough options to write down on your consideration list.

Interview to Find the Best Financial Advisor for You

After narrowing down your list to what you believe would be the two to three best financial advisors for retirement planning or whatever goal(s) you are working toward, the next step is to schedule meetings with them. Using the criteria I described above, during these interviews, you are going to size them up and compare them to one another.

Think of these meetings as a first date or a job interview. During each meeting, you will likely take notes as you ask questions and learn about the services the advisor provides. If the meeting is mutually beneficial and you see the value in building a longer-term relationship, the “date” could lead to a lifelong relationship, or if we stay with my analogy, a marriage of sorts. Just like any other relationship in life, communication is key—and as you move forward, it’s important to define what long-term success looks like and ensure your advisor can support you in achieving it. While I encourage you to interview two to three potential advisors, I would also strongly emphasize that you avoid “paralysis by analysis.” Someone who is prone to research could easily get caught up in overanalysis at this juncture of decision-making. I would encourage you to weigh the merits of each potential advisor using the information you gathered in your interviews and then trust your instincts.

Gary S. Williams, CFP®, CRPC®, AIF®, is the founder and CEO of Williams Asset Management, a distinguished and award-winning fiduciary financial advisory firm located in Howard County, Maryland. Their offices are located at 8850 Columbia 100 Parkway, Suite 204, Columbia, Maryland.

Awards & Recognitions

Gary S. Williams, CFP®, CRPC®, AIF® named 2024 Best Financial Planners, Created by Money. Presented in September 2024 based on data gathered in 2024. Not indicative of advisor’s future performance. Your experience may vary.
2024 Baltimore’s Best Financial Advisor, created by The Baltimore Sun. Published on July 9, 2024. Data based on voting period between April to June 2024. Award winners are determined by readers voting for local financial planning businesses in Baltimore, MD. Readers were able to vote more than once. This award does not imply an endorsement, recommendation, or reflect the performance of the advisor.
2024 Largest Wealth Management Firms in Greater Baltimore area, created by Baltimore Business Journal. Presented 11/01/2024. Firms were ranked by the number of Baltimore-area professionals they employ at the time they completed the survey. These numbers were not independently verified. Advisors may pay a fee to hold out marketing materials. Not indicative of advisor’s future performance. Your experience may vary.
2024 Best of Howard Readers’ Choice Poll – Best Financial Advisor, created by The Baltimore Sun. Published on October 27, 2024. Data is based on the voting period between May 2024 and ends July 2024. Award winners are determined by readers voting for local financial planning businesses in Howard County, MD. Readers were able to vote more than once. This award does not imply an endorsement, or recommendation, or reflect the performance of the advisor.
Gary S. Williams, CFP®, CRPC®, AIF® named 2025 Forbes Best-In-State Wealth Advisors, created by SHOOK Research. Presented in April 2025 based on data gathered from June 2023 to June 2024. Not indicative of advisor’s future performance. Your experience may vary.
Gary S. Williams, CFP®, CRPC®, AIF® named 2025 5-Star Financial Planners, created by Investment News, presented in April 2025 based on data collected during the previous year. Not indicative of firm’s future performance. Your experience may vary.
2025 Greater Baltimore’s Best Places to Work, created by the Baltimore Business Journal (BBJ). This award is based on employee opinions on various employee satisfaction factors and are not specific to financial services and do not imply an endorsement, recommendation, or reflect the performance of the advisor. Advisor may pay a fee to hold out marketing materials.

Start the Conversation

Let’s talk about what matters most to you—and how we can help you get there. Schedule your intro call today.

Schedule