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People Make the Difference.

Oak Wealth Partners Personnel

J. Michael Scarborough Founder and CEO Oak Wealth Partners

Mike Scarborough
President and CEO

J. Michael Scarborough (Mike), President and CEO of Oak Wealth Partners, Inc. is known for innovating the industry of managing monies for individuals in qualified plans.

Mike earned his MBA in finance from Baldwin-Wallace College and his Bachelor of Science degree in finance from Salisbury State University. In 2005 Mike was awarded an Honorary Doctorate for Public Service from Salisbury State University. He has taught personal finance and economics courses at Johns Hopkins University and Salisbury State University.

Mike has appeared on several television networks, including Fox 5 TV, and has been featured in print media and national publications such as Kiplinger's Personal Finance Magazine, Money Magazine, Pensions & Investments, USA Today and The Wall Street Journal. Mike has written three books available on Amazon.com - The Scarborough Plan: Maximizing the Power of Your 401(k), 401(k)nowledge: Practical Advice for Retiring on Your Own Terms, and his newest book titled "Ensuring Retirement is the Best Part of Your Life: Making the Most of Your 401(K) and Other Plans". 

These books provide easy to understand recommendations on strategies to improve the performance of hard-earned savings.

In addition to Oak Wealth Partners Inc., Mike is also owner of Retirement Management Systems, where he works as the Chief Compliance Officer and Investment Advisor Representative.

Brenda Knox, founder and president of Financial Elements Inc. & CERTIFIED FINANCIAL PLANNER

Matt Scarborough
Partner / Financial Advisor

Matthew Scarborough (Matt), joined Oak Wealth as a Partner and Financial Advisor in August 2019. He holds a FINRA Series 65 license as of October 2019.

Matt enjoys working with his clients to ensure their financial goals become reality. As a fiduciary financial advisor, Matt works extensively with clients on a variety of important considerations in the retirement process to make sure his clients are well prepared and educated to live their lives on their own financial terms.

Prior to joining Oak Wealth, Matt was a student-athlete at Babson College in Babson Park, Massachusetts. Matt was a member of the varsity lacrosse team at Babson and earned a bachelor’s degree in Entrepreneurship, accomplishing this in just three years (2016 – 2019). Babson is well known as the #1 school in the world for undergraduate entrepreneurial studies.

Prior to college, Matt graduated from The Hotchkiss School in Lakeville, Connecticut (2013-2016) where in his senior year he was a captain of the varsity lacrosse team. Matt also served as a summer intern at Retirement Management Systems in 2012.

Matt also serves as Chief Operating Officer at Running Hare Vineyard.

Fun Facts

This dynamic father/son duo has also partnered up on other business activities including owning/managing Running Hare Vineyard.

Recent Media Quotes

Look for a 401(k) plan that provides an assortment of investment options, rather than just a few ways to invest. “One of the major things that you want to look for in a plan for small companies is what kind of lineup of investment options will be available to the employees,” says Mike Scarborough, president and CEO of Oak Wealth Partners in Lexington Park, Maryland. “It should be broad-based in the sense that it should have large and small stocks, various types of bonds, some international exposure that is very broad-based, as well as emerging markets." This industry insight from Mike was features in an article from U.S.News.com titled "How to Pick the Best Small Business 401(k) Plan Provider," (August 2021).

Maintain a broad view of all of your holdings as you reallocate assets. It’s not enough to focus on just the 401(k). Take all of your investments into account. If you leave an employer, make sure you haven’t forgotten anything, like a 401(k) or other benefits you may have earned. If it’s an old 401(k), roll that into an IRA, which you can invest any way you want. It happens all the time — people leave money in a 401(k) and forget about it. They take more time on their vacation than they do on retirement planning, says Michael Scarborough, owner and CEO of Oak Wealth Partners, in this Bankrate.com article on Saving for Retirement (April 2019).

The move to get individual annuities out of 403(b) plans may seem contradictory to the present push to get annuities into 401(k) plans, but the issue is cost. The real issue becomes that many of these products are excessively expensive over what is appropriate. What needs to happen, and unfortunately we see little movement, they need to be using no-load products that serve the purpose of the employees, not the company that is the recordkeeper or the product sponsor. While conceptually having annuities inside of retirement accounts makes sense, especially at the end of their working careers, the expense ratios and even quality of the underlying investments should be examined closely, explains Mike Scarborough, president and CEO of Oak Wealth Partners in Lexington Park, Maryland, in this article published by PlanSponsor on The Next Evolution in 403(b) Plans (June 2020).


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