Steve McDermott - Heritage Financial Consultants

Steve McDermott began his career in the Operations Back Office of Legg Mason in Baltimore, MD, in 1992 as a Summer Intern. Steve has more than 30 years of financial services experience. He provides comprehensive financial planning, advising his clients in the accumulation, conservation, and ultimate distribution of their assets. He works with clients who possess a spectrum of investible assets, including wealthy families and successful family-owned businesses who need to plan for multiple generations of finance-related challenges and opportunities, as well as those who are just getting started and establishing financial systems for the first time. Steve works closely with his Practice Manager, Karin Clark, and they have been a team for more than 15 years, with almost 45 years of combined experience.

Steve knew he wanted to be an investment advisor since the age of 16, following in the footsteps of his father, Col. Frank McDermott (retired U.S. Army), who joined the field following a 30-year military career. Steve has worked with firms such as Legg Mason Wood Walker, UBS/PaineWebber, Wilmington Trust, and M&T Securities. Steve attributes his time working as a Portfolio Manager for Wilmington Trust as the most impactful part of his career. This position as Portfolio Manager gave him a unique experience managing asset risk for high-net-worth clients.

Steve was born in San Antonio, Texas, and grew up in a military family, moving to several countries and many states along the way. Steve and his wife, Jenny, have been together since they were seniors in high school, and they now have two adult children, Ava and Connor. Ava and Connor joined Steve in his practice in 2021 and 2022, respectively. If Steve is not spending time with his family, including his six older siblings, he is spending time and staying in touch with his many cherished friends. Steve’s hobbies include fishing, golfing, and coaching. Steve has coached football at the Youth, Junior High, and High School levels since 1999. Currently, he is an Assistant Football Coach at The Tatnall School in Wilmington, Delaware, home of the 2023 1A State Champions.

Meet Steve

Steve McDermott's Team

Karin Clark

Practice Manager

Ava McDermott

Client Relationship Manager

Connor McDermott

Client Relationship Manager

Certifications

Licensed General Securities Representative
General Securities Sales Supervisor
Series 7, 9, 10, 65, and 66 registered
Registered Investment Advisor Representative

Education

B.S., Finance, University of Maryland, College Park

Community Involvement

John Carroll High School (Assistant Head Coach, JV Head Coach, and Assistant Football Position Coach, 1998-2003)
Bel Air Youth Football (Assistant Head Coach, 2004-2009)
Fallston Youth Football (Assistant Head Coach, 2010-2018)
Assistant Football Coach at The Tatnall School in Wilmington, DE

People We Work With

Retirement on the Horizon

Building a thoughtful transition plan for the next chapter.

Elaine is a seasoned professional preparing for retirement who wanted more confidence in her investment strategy. She contributes to her employer’s 403(b) and a Roth IRA, and she has consolidated past workplace plans into a single IRA. With her mortgage nearly paid off and an emergency fund in place, she’s focused on making informed decisions for the years ahead.

Because Social Security will be her only fixed income, Elaine looks to her investments to provide the rest. We help her manage and distribute those assets in a coordinated, tax-efficient way so she can approach retirement with clarity and direction.

Planning as a Surviving Spouse

Providing stability and guidance through life’s transitions.

Linda and her husband, Robert, first came to us with questions about retirement options—pensions, 401(k) rollovers, and income strategies. They had saved diligently and were preparing for a fulfilling retirement together. After Robert retired, he moved his 401(k) into an IRA and began taking required minimum distributions.

When Robert passed unexpectedly several years later, Linda continued working with us to stay organized, supported, and informed. Today, she remains focused on living well, while also ensuring her plans reflect the legacy she intends to leave for her family.

Organizing Inherited Accounts

Coordinating new assets with an existing financial plan.

Mark inherited a combination of investment accounts, his parents’ home proceeds, and his father’s retirement plan. His career provides stable income, so he doesn’t rely on the inheritance for day-to-day expenses. He’s managing a mortgage, contributing to his 401(k), and is now able to fully fund Roth IRAs.

We help Mark integrate these inherited assets into his overall strategy, understand the tax considerations, and make informed decisions about how to manage and distribute the accounts over time.

The following are fictional clientele for illustration purposes only and do not depict any specific clients or their situations. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if our company is engaged to provide investment advisory services.

Primary Service Areas

Estate planning consultation

Investment portfolio design

Retirement and income planning

Insurance and annuity solutions

Group retirement

Business succession planning