David L. Berman

Berman McAleer LLC

berman-davidWhile most companies make the pursuit of profits their top priority, David L. Berman, co-founder and CEO of Timonium wealth management firm Berman McAleer LLC, says he has always taken a different approach. Focusing on the right things brings the right results, he said.

“Our industry is highly competitive, both for clients and talented employees,” Berman said. “The result is an atmosphere of mistrust, with most people believing that people in financial services will say or do almost anything to make money. I set out in 2002 to create an environment that would emphasize fulfillment over money, believing that outstanding financial performance would be a natural byproduct of always doing right by people.”

The results have been there, as have the awards, which include InvestmentNews’ Best Place to Work for Financial Advisers in 2018, a second place in that category in 2019, Inc. magazine’s Best Workplace in 2017 and Kestra Financial’s National Firm of the Year in 2016. In 2017, Berman McAleer was named to the Baltimore Business Journal’s Best Places to Work Hall of Fame.

Berman said he has always stuck by the commitment to his employees, even during the hard times of 2008 and 2009 when other wealth management firms were cutting jobs and compensation.

“I was committed to taking no such steps, believing that the owners who had benefited most from years of exceptional growth should be the ones to bear the hardship of the contraction,” Berman said. “I am proud of the fact that we neither laid off nor cut compensation to a single employee, despite having my income cut by over 45% as our profitability suffered with a 27% drop in market-related revenue.”

This is a winner profile from The Daily Record's 2019 Maryland's Most Admired CEOs awards. Some information for this profile was sourced from the honoree's application for the award.

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