Frequently Asked Questions
For example, “Roth conversions” or “Do I have to move my accounts?”
Best matches
I haven’t answered that one here yet. Try different words, or send me your question.
These answers come from the questions prospective clients ask me most often. Please read through them before we talk. If your question isn’t here, bring it to your free, 30-minute introductory call.
Schedule a CallAbout the Firm
No. It is just me. I own and operate Discovery Wealth Planning LLC.
Yes, Discovery Wealth Planning serves as a financial fiduciary.
As a CERTIFIED FINANCIAL PLANNER™ professional, I must act in the best interests of clients, at all times and in all situations. As a financial fiduciary, I am held to the following duties:
- Duty of Loyalty: As a CFP® professional, I must place the interests of my clients above my own, avoid (or fully disclose) conflicts of interest and receive clients’ informed consent.
- Duty of Care: I must act with the care, skill, prudence and diligence that a prudent professional would exercise in light of a client’s goals, risk tolerance, objectives, and financial and personal circumstances.
- Duty to Follow Client Instructions: I must comply with all objectives, policies, restrictions and other terms of the engagement and all reasonable and lawful directions of my clients.
Reference: https://www.cfp.net/-/media/files/cfp-board/standards-and-ethics/cfp-code-and-standards.pdf
Yes, Discovery Wealth Planning LLC is a fee-only advisor.
I charge a simple, straightforward hourly fee for financial planning, which means I receive no product commissions or other sales-related compensation. My only compensation comes directly from clients.
No.
Life-centered planning is an approach to managing your financial life that is built, first and foremost, around achieving your specific goals with strategies that complement your lifestyle.
It looks at your whole financial life and puts your best interests first, with the aim of improving how you feel about both your finances and your life.
As my firm’s name suggests, I believe the most important stage in any client-advisor relationship is the discovery process. I take time to understand and articulate your values, priorities, circumstances, and aspirations before recommending strategies to help you reach your specific life goals.
Yes. I maintain a network of outside professionals to assist when specialized expertise is required.
Unfortunately, no. The Testimonials page on my website serves as this resource.
If something happens to me, clients will receive a communication that Discovery Wealth Planning LLC is being wound down and will no longer offer services. Any unpaid fees for recent services rendered at that time would simply be forgiven.
Yes. I intentionally limit calendar availability for prospective introductory calls to ensure I maintain ample, everyday availability for my existing clients.
Primarily, we will use email, Zoom, RightCapital, and Dropbox.
We will use RightCapital as part of our planning together. Here are their Terms of Service, Security, Privacy, and Disclosure documents.
We will use Dropbox to share files securely. Here are their information security protocols.
All information will also be shared with Slant, my Customer Relationship Management (CRM) system (Security Overview, Compliance documentation (certifications), Privacy Policy, Terms of Service).
Email: chris@discoverywp.com. My phone number is 703-281-3735 for any urgent matters.
My office is at 111 Church St NW, Suite 201, Vienna, VA 22180, just outside Washington, D.C. Meetings take place by video call and/or in person, so many clients work with me remotely.
Who I Work With
You may be a good fit if…
- Work is optional, or you’re wondering whether it is. Many of my clients are already retired, about to retire, or deciding whether they need to keep working.
- You are roughly 55 to 75 years old and in or near retirement.
- You are a collaborator. You want a thought partner and professional guidance, and you’re comfortable implementing recommendations on your own.
- You are open to going through an extensive discovery process and sharing all the details of your financial life.
- Both you and your spouse/partner (if applicable) are willing to be active participants, at least through the Initial Engagement.
- You want to simplify your financial life, with fewer financial institutions, fewer accounts, and fewer investments.
- You want to work with an advisor who provides organization, accountability, objectivity, education, and partnership.
My service model is not the right fit for everyone. It is probably not a fit if you are:
- Looking for someone to manage your investments
- Not interested in sharing all the details of your financial life
- Looking only for a limited-scope engagement that would not allow me to do full due diligence on your whole financial life
- Part of a couple where one spouse or partner is not willing to participate in (at least) the Initial Engagement
- A wealth accumulator in your 20s, 30s, or 40s
- Someone with international planning needs (expats, foreign accounts, dual citizens, world travelers, etc.)
- Someone with a complex portfolio of residential and/or commercial real estate
- Looking for a complex or actively managed investment strategy
- Someone with a net worth greater than about $15 million
Yes. Most of my clients live in the Washington, D.C. metro area, in Virginia, Maryland, and D.C., and a fair number are in Pennsylvania. Many work with me remotely. I can work with clients where Discovery Wealth Planning LLC is registered or exempt from registration; see the Disclosure page.
Every new client starts with the comprehensive Initial Engagement. A limited-scope engagement that would not let me do full due diligence on all aspects of your financial life is not a good fit for my service model.
The Initial Engagement
Typically, it includes 2 to 3 collaborative meetings, setup and access to RightCapital software, a written Executive Summary, and ample time for follow-up questions and additional guidance.
Typically about 1.5 to 3 months. This timeline includes all information gathering, meetings, and an additional one month for follow-ups and additional guidance.
For an Initial Engagement, you can typically expect 2 to 3 meetings conducted via video call and/or in person.
It is a detailed, narrative-format document (typically about 5 to 10 pages) featuring bulleted, action-oriented recommendations. It covers core planning areas: Cash Flow, Investments, Insurance, Income Taxes, and limited Estate Planning best practices.
Unfortunately, no sample summaries are available to share.
The client does. I provide the expert advice, and you retain full implementation control.
It is highly preferred but not required. Linking does allow for the most efficient planning; however, you may instead securely upload recent statements for all assets and liabilities to our shared, secure Dropbox folder. Please note that manual data entry may add time to the engagement, so please tell me early if you plan to send statements instead.
Services, Investments, and Taxes
While I do manage investments for a very small number of clients, all new client relationships are “advice-only,” meaning I make the recommendations and the clients handle the implementation.
Yes, you retain 100% control. Your assets can be custodied anywhere you like. While many clients choose to consolidate accounts to make tracking and implementation easier, it is entirely up to you.
I believe strongly in a passive investment approach, building simple investment portfolios with low-cost, total market index funds. Highly diversified portfolios can often be built using just 1 to 4 exchange-traded funds (ETFs), which are usually more tax-efficient than mutual funds.
In tax-advantaged accounts (like IRAs), you could rebalance immediately since there are no tax consequences. In taxable accounts, we’ll likely want to prioritize reducing concentrated positions over time to manage the income tax impact. A specific plan would be discussed during an Initial Engagement.
No. Retirement income preferences are unique to every client. While I prefer a simple, easy-to-implement two-bucket strategy, I will listen to you if you have a different, preferred approach and offer my opinion. There are many very reasonable approaches to generating income in retirement (buckets, ladders, guardrails, percentages, and more). My preferred strategy is one that is easy to understand and implement and does not require expensive software or ongoing active management of investments.
No, I do not prepare or file tax returns.
Tax preparers (CPAs) generally look backward to accurately report to the IRS what happened last year. My income tax planning looks forward, focusing on multi-year strategies, like Roth conversions, asset location, and tax-efficient withdrawal sequencing, to minimize your expected total lifetime income tax liability.
Yes, absolutely. I could also suggest other firms you might consider, if interested.
I will review any existing insurance policies, including life, health, disability, long-term care, property and casualty, and umbrella coverages. I may recommend changes to existing coverage(s) and/or recommend new coverage(s). While you cannot purchase insurance products through me, I can refer you to trusted companies, or you can explore this on your own with trusted insurance companies you may already do business with.
I like to briefly review any existing estate planning documents that clients already have in place, notably to gain an understanding of trusted contacts and other relationships that may be important for the client’s financial plan. Aside from this, my advice is generally limited to best practices around documents you might consider having as part of your plan and the importance of having beneficiaries properly listed on assets. I view myself more as an accountability partner to encourage you to have a plan in place. Qualified estate attorneys are essential for helping draft documents and give expert advice. I am more than happy to work collaboratively with your trusted estate attorney or planner if you wish.
Fees and Ongoing Planning
For individuals, an Initial Engagement is 7 to 12 hours, a total of $2,765 to $4,740. For couples, it is 12 to 17 hours, a total of $4,740 to $6,715. Both are billed at $395 per hour.
For Initial Engagements, a 25% deposit is due after initial data gathering, with the remaining balance due upon completion. For On-Demand planning, you are billed monthly in arrears (after work is performed) at $395/hour, billed in 15-minute increments.
No. There are no mandatory ongoing fees or asset-management charges. If we perform planning work together, you pay an hourly fee. If no work is performed, you pay nothing.
You will transition to the On-Demand service model; however, any planning beyond the Initial Engagement is completely optional. You will only be billed if planning work is done.
No. My service model requires you to be proactive and reach out when life changes occur and there are financial implications. Quick emails and brief phone calls are always free of charge. As a best practice, I recommend having a checkup meeting at least once a year, ideally during the fall (September through November).
You will have access for at least 12 months following the Initial Engagement. If we do planning together at least once a year, your access remains continuous. If a year passes without any collaborative planning, access will end.
Yes. The introductory call is a free, 30-minute call, and there is no cost for anything before you sign an agreement.
Have a Question That Isn’t Answered Here?
I’m glad to answer it. Schedule a call to discuss your personal financial situation, or send me a message.