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Fidelon

Realterm is a investment adviser based in Annapolis, MD, that holds a 70.9/100 Fidelon TransparencyScore (th percentile), with 109 registered advisors. Score based on public SEC and FINRA filings.

70.9Transparency Score
Bottom11%

Realterm

A fee-only investment adviser with a clean regulatory record and fiduciary commitment.

201 West Street, Annapolis, MD, 21401
410-280-1100Website
Investment AdviserFiduciary
Prep Kit

Fidelon Fact Sheet

Realterm is an investment adviser that reports a clean regulatory record with zero complaints or fines. The firm is based in Annapolis, Maryland and manages private funds and real estate investments. It also provides portfolio management for joint ventures and handles development, construction, property management, and leasing. Realterm charges asset-based fees and reports custody of client assets, which means it or a related party can hold or access client funds.

70.9FairBottom 11% of scored firms
How they're paidPaid more when your account grows — a conflict to weigh.
Performance-based fees
Duty to youLegally required to put your interests first.
Registered adviser · fiduciary
Assets under managementAcross 16 client accounts.
$10.9B
Firm size
109 advisors
Who holds your moneyThe firm or a related party can hold or access client funds.
Custody disclosed
Regulatory recordNo customer complaints, regulatory actions, or fines on file.
Clean — 0 disclosures
Based on live filings from SEC Form ADV and FINRA BrokerCheck. Scored using Fidelon's published methodology. Data as of May 2026

Peer Context

Compare Realterm to other firms in MD →Find more financial advisors in Maryland →

Key Findings

Strengths

  • Fee-only compensation — no commission income reported
  • Registered as investment adviser with fiduciary obligation
  • No broker-dealer registration — advisory services only
  • Clean regulatory record — no disclosures, arbitrations, or fines
  • Transparent fee structure — charges advisory fees, no commissions

Things You Should Know

  • Fee disclosure could be more detailed — while this firm charges fee-only (no commissions), its regulatory filings describe fee schedules and service terms less clearly than top-scoring peers

Conflict Audit

Conflict AuditCaution

Our analysis identified 2 potential conflicts of interest in regulatory filings.

✓
Not registered as broker-dealer
✓
No commission-based compensation
⚠
Receives compensation from sources other than client fees
✓
No related-party custodian
⚠
Charges performance-based fees — may incentivize riskier strategies
✓
No other business lines disclosed

Source: Form ADV Part 1, Items 6-8; Part 2A, Items 10-14

Regulatory Events

Next Steps

This firm's score reflects some areas where disclosure could improve. Here's what that means for you.
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Meeting Prep Kit for Realterm

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✓Fee structure breakdown
✓Conflict of interest analysis
✓Regulatory track record
✓Fiduciary status check
✓Personalized questions to ask
✓How they compare locally

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Frequently Asked Questions

What does the TransparencyScore measure?

The TransparencyScore measures how clearly and completely an advisor or firm discloses important information in their regulatory filings — things like fees, conflicts of interest, disciplinary history, and business practices. A higher score means better disclosure quality, not better investment performance.

Where does this data come from?

All data comes from public regulatory filings: SEC Form ADV (Parts 1, 2, and 3), FINRA BrokerCheck, and the SEC's Investment Adviser Public Disclosure (IAPD) database. These are official filings that firms and advisors are legally required to submit.

Does a low score mean they're a bad advisor?

Not necessarily. A low score means the firm's public filings are less transparent — they may use vague language about fees, skip details about conflicts, or have a more complex regulatory history. Some excellent advisors work at firms with poor disclosure practices. The score measures the filing, not the person.

How often is this data updated?

Fidelon refreshes data from SEC and FINRA sources on a regular schedule. Form ADV filings are updated annually by firms (with amendments throughout the year), and BrokerCheck data is updated as events are reported. Scores are recalculated after each data refresh.

Can an advisor or firm improve their score?

Yes. Scores are based on what's in public filings. A firm that rewrites its ADV brochure in clearer language, discloses conflicts more specifically, or resolves outstanding regulatory issues will see its score improve at the next refresh. The incentive structure is intentional.

Data Sources

SEC Form ADV Part 1 — Filed May 2026SEC Form ADV Part 2ASEC IAPDFINRA BrokerCheck

Scores are generated using Fidelon's published scoring methodology and reflect the quality of public disclosures, not the quality of investment advice. A firm that improves its disclosures will see its score improve. Fidelon does not provide investment advice.

Verify on SEC IAPD

Last scored: · Score version: 3.8 · CRD #322689

Realterm Transparency Score: 70.9/100 — Fidelon