Quick Summary
- Fee-only financial planning with no AUM fees
- Choose between three plans ranging from $2,900 to $9,000
- May offer good value for some wealthier households but isn’t ideal for everyone
Pros
Cons
Domain Money is a flat-fee financial planning and wealth management platform that connects clients with Certified Financial Planner (CFP) professionals. Unlike many traditional financial advisors, Domain Money’s pricing isn’t based on an assets under management (AUM) model, nor does it require a minimum investment. You’ll pay a flat annual membership fee based on the level of planning and support that you need.
With first-year memberships ranging from $3,900 to $9,000, Domain Money isn’t cheap. However, its services have expanded significantly in recent years, and now include financial planning, investment management, tax planning and filing, estate planning, real estate guidance, and ongoing financial coaching.
In this full review, we look at Domain Money’s key features, pros and cons, and share who we believe the platform is best suited for.
What Is Domain Money?
Domain Money is a fee-only financial planning platform. The company was founded in 2021 and is based in New York City. The team behind Domain Money has worked with major financial companies, including Marcus by Goldman Sachs, SoFi, and Clarity Money. It’s backed by major venture capital firms and investors, including Marc Benioff of Salesforce and Ashton Kutcher.
What Does It Offer?
Domain Money offers three annual membership levels. Essential, Strategic, and Comprehensive. Here’s a closer look at some of Domain’s key features:
Dedicated CFP Financial Planning
When you become a Domain client, you will be matched with a designated CFP professional who will work with you on a 1:1 basis. Domain’s financial planners are fiduciary advisors, which means that they are legally and ethically required to act in the client’s best interest when providing financial advice.
They will look at your overall financial picture and develop a complete financial plan that includes specific action items based on your goals. Plans can address various issues, such as cash flow, debt, investing, home affordability, retirement, even education savings. Domain Money doesn’t require a minimum investment balance, and you can include your spouse or partner in your membership at no additional cost.
Three Membership Levels
Domain Money offers three membership levels: Essential, Strategic, and Comprehensive. Here’s a breakdown of what’s included at each level. Pricing for all plans is included in the table below.
Essential
The Essential Membership is designed for W-2 employees, DIY investors looking for a second opinion, and people still building a solid financial foundation. In addition to a dedicated CFP, you’ll get 1 dedicated financial coaching session per year, an interactive financial plan with action items, an investing strategy, 3.5% APY on your savings, and more.
Strategic
The Strategic Membership includes everything in the Essential plan, but bumps the annual coaching sessions from 1 to 3 and offers other expanded services, including Back-Door Roth conversions, Direct Indexing and Tax Loss Harvesting, Equity Comp planning for Restricted Share Units (RSUs) and Employee Stock Purchase Plans (ESPPs), real estate keep vs. sell analysis, estate planning services, and more.
Comprehensive
Higher net worth clients can benefit from unlimited coaching services and a concierge support team with a Comprehensive Membership. This premium tier expands on Strategic, and offers support for K-1s and investment properties, Equity Comp planning for ISO, NSO, etc., Roth conversion laddering, retirement investment drawdown analysis, home renovation vs. relocation, charitable giving strategies, comprehensive estate planning, and more.
Are There Any Fees?
We love that Domain Money is completely transparent with its fees. While it’s expensive, there’s no question about what you’ll pay, and no upsells beyond the three plans. I should point out that the annual pricing drops after the 1st year on all plans, as illustrated in the table below:
|
|
Essential |
Strategic |
Comprehensive |
|---|---|---|---|
|
1st Year Pricing |
$3,900 |
$5,200 |
$9,000 |
|
Renewal Pricing |
$2,900 |
$4,200 |
$8,000 |
|
Who It’s For |
W-2 professionals, DIY investors, those starting to build a financial foundation |
Families and mid-career professionals, people looking to maximize their finances |
Higher net-worth individuals, pre-retirees, people who need to make more complex financial decisions |
Domain Money’s fees are not cheap, but they offer investment management without an AUM advisory fee. Domain uses Altruist, an independent custodian and third-party investment platform, to manage your investments. While Domain Money doesn’t charge an AUM fee, Altruist may charge up to a 0.12% Turnkey Asset Management Platform fee for some of its model portfolios.
How Does Domain Money Compare?
Farther is hybrid robo-advisor with a human financial advising component. The fee is 0.80% of your assets under management, and there’s a $100,000 minimum to get started. You would pay an additional annual fee to the advisor as well.
Check out our full Facet Wealth and Farther reviews to learn more about each service and if they may be a better fit for your needs.
|
Header
|
 |
 |
 |
|---|---|---|---|
|
Rating |
|||
|
Fees |
$2,900 to $9,000/year |
Up to 2% |
$900 to $10,000/year |
|
Fee-Only |
Yes |
No |
Yes |
|
Asset Management |
Yes |
Yes |
Yes |
|
Minimum Investment |
N/A |
May vary by advisor |
$0 |
|
Cell
|
How Do I Open An Account?
You can get started by booking a free strategy session. During the initial conversation, you’ll discuss your financial situation, goals, which will help Domain Money determine if it is the right fit. If you decide to move forward, you’ll choose one of its three membership levels.
After you receive your initial financial plan, the relationship will continue through annual plan updates, coaching sessions, etc. Each year, you’ll want to assess whether you’re getting the value you’re paying for and if it’s worth continuing the relationship.
Is It Safe And Secure?
Domain Money is a registered investment advisor, and its CFP professionals are fiduciaries, which means they are required to act in your best interests. According to Domain Money, it’s advisors are also full-time employees rather than commissioned salespeople. If you move your investments to Domain Money, your money will be held through Altruist, an independent custodian, and not directly with Domain Money.
How Do I Contact Domain Money?
New customers start by completing an online form to schedule their first meeting. Once you’re an active customer, you can contact your advisor by phone or email.
Customer service is available by email. The contact address is support@domainmoney.com.
Why Should You Trust Me?
I’m a finance writer with more than a decade of experience writing about money online. I have two finance degrees and spent a large part of my MBA program focused on investments. I’ve interviewed and reviewed many financial advisors, allowing me to give an informed opinion of Domain Money and other financial advising services to help you hone in on the best option for your budget and financial needs.
Is It Worth It?
I think Domain Money is best suited for people with enough financial complexity to benefit from comprehensive financial advice, but don’t want to pay an advisor a percentage of their investment portfolio. For example, the Strategic or Comprehensive plans may make sense if you’re juggling with decisions tied to investments, taxes, equity compensation, real estate, retirement planning, etc.
That said, Domain Money is expensive, and even the flat-fee may be difficult to justify if you have a small portfolio or a relatively simple financial situation. In that case, you may be better off with a low-fee robo-advisor platform, or using a self-directed trading app, if you have sufficient investment knowledge.
Ultimately, I like their transparent pricing, comprehensive planning services, and the fact that you’re dealing with fiduciary advisors.
Editor: Colin Graves
Reviewed by: Robert Farrington
The post Domain Money Review: Fee-Only Financial Planning appeared first on The College Investor.
