In the case of the highly rated Wells Fargo, the threshold for dealing with a wealth management company is normally someone who has about $5 million in liquid assets and a net worth of around $25 million.
"We've done a lot of homework to show why we should [expand into suburban Maryland],” Dearden says.
That homework includes calculating that Montgomery County has more than 67,000 households with more than $1 million in liquid assets.
Residents with that kind of money often need wealth managers to help with estate planning, risk management, tax management and capital gains planning.
Financial planners, on the other hand, tend to focus on lifestyle spending, savings, investment management and retirement planning.