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Domain Money is a paid financial advice platform that connects users with Certified Financial Planners (CFPs) for financial planning sessions. Although it's not cheap, it could be of great benefit to some people who need help understanding their financial situation and creating a long-term plan for future savings and investments.
The Domain money The team consists of four CFPs. Three plans are available, ranging from a single 90-minute session to a comprehensive six-month financial report. It offers a 100 percent satisfaction guarantee. So if the service doesn't meet your expectations, you may be able to get a refund.
As a paid financial planning service, we like Domain Money better than competing financial advisors that charge a percentage of assets under management (AUM). However, the pricing model is a bit high for many people, especially when compared to several other financial planning options.
- Paid financial planning without long-term commitment or AUM fees
- Choose between three plans ranging from $2,500 to $7,500
- Domain Money offers good value for some wealthier households, but is not ideal for everyone
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What is Domain Money?
Domain Money is a paid financial planning service that offers various plans to help customers improve their finances while focusing on different goals.
The relatively small team was founded in 2021 and is based in New York City. Planning begins with a complete review of your existing financial accounts, including cash and investments. Advisors create a customized plan for your money, including a review of what is working well and specific actions you should take to achieve your goals.
The team behind Domain Money has worked with major financial firms including Marcus by Goldman Sachs, SoFi and Clarity Money. It is backed by major venture capital firms and investors, including Salesforce's Marc Benioff and Ashton Kutcher.
What does it offer?
Domain Money offers three paid packages. You can start with a free introductory strategy session to decide if Domain Money is a good fit for you before committing to a paid plan.
One-page plan
Domain Money's most affordable offering is the One Page Plan, which has a one-time flat fee of $2,500. With the One Page Plan, you start with a 30-minute introductory session. The consultant will then take a few weeks to go through everything before reviewing the results and your long-term plan in another 90-minute planning session.
The One Page Plan focuses primarily on saving, spending and cleaning up your financial situation. Your plan includes a look at your net worth, cash flow, current expenses, a revised spending plan, an analysis of your current investments, and a goal-oriented plan. At the end, you will receive a to-do list with simple steps to achieve your financial goals.
Strategic plan
The Strategic Plan is the mid-range offering and costs $4,500. With this plan, you and your advisor will focus on up to three areas of your finances that you need help with. The most common areas are cash flow, ability to afford a home, and retirement. However, you can choose whatever is most relevant to your financial goals.
Customers who choose this plan receive two meetings with their financial advisor and one month of unlimited phone and email support. Like the One Page Plan, you get reports including a review of your net worth, cash flow, expenses, investments, and a goal-based plan with specific actions to follow.
Comprehensive plan
The comprehensive plan costs $7,500 and includes six months of working with your dedicated financial advisor. It includes four interviews and a detailed review of your entire financial situation. Areas of focus include goal setting, cash flow analysis, debt management, investing, tax planning, real estate, education savings, retirement planning, insurance and estate planning.
This detailed plan essentially includes everything you get with the cheaper plans and more. You'll complete your six months with a detailed plan and actionable steps to keep your financial goals safely on track.
Are there any fees?
Domain Money is completely transparent about its fees. Although it's expensive, there's no doubt about what you'll pay, and there are no upsells beyond the three plans.
- One-page plan: $2,500
- Strategic plan: $4,500
- Comprehensive plan: $7,500
We like that there are no AUM fees and you won't be pressured to roll your investments into a Domain Money account. However, $2,500 for a 90-minute planning session and more for longer-term plans is a lot of money.
How does domain money compare?
We looked up Domain money compared to Facet Wealth and Farther, alternative financial advisory products.
Facet Wealth is a financial advisor and investment service provider rolled into one, offering a mix of full-service financial advice and robo-advising for your investment portfolio. It is a subscription service that costs between $1,200 and $6,000 per year. $500 a month is a big chunk of change. Unlike Domain Money's limited-term plans, Facet Wealth relationships continue for as long as you wish to continue using the service.
There is also another hybrid robo-advisor with a human financial advisory component. The fee is 0.80% of your assets under management and there is a minimum amount of $100,000 to get started. You would also pay the advisor an additional annual fee.
Check out our full Facet Wealth review and Farther review to learn more about each service and whether they may be a better fit for your needs.
How do I open an account?
You can open an account by filling out the form to book a free strategy session. Start by entering your contact information and basic financial information. You can then choose a time that suits you for your 30-minute conversation. At this point, you have to wait about two weeks before you find time to speak to a counselor.
Is it safe and secure?
Domain Money does not take control of your money, so you can consider it safe. The advisors are CFP experts you can trust to provide the best possible unbiased financial advice. There is no AUM model, so you can trust the advisor to work in your best interest.
How do I contact Domain Money?
New customers first fill out an online form to arrange their first meeting. Once you are an active customer, you can contact your advisor by phone or email.
Customer service can be reached via email. The contact address is support@domainmoney.com. Domain Money's phone number is 646-970-6926.
Why should you trust me?
I'm a financial journalist with more than a decade of experience writing about money online. I have two finance degrees and spent a large portion of my MBA program investing. I have interviewed and reviewed many financial advisors so I can provide an informed opinion on Domain Money and other financial advisory services to help you find the best option for your budget and financial needs.
Who is domain money suitable for and is it worth it?
Domain Money is best suited for individuals and families with a solid income who want to improve their financial situation.
If you are heavily in debt or don't have enough income to afford at least $2,500 for financial advice, you may want to look for a cheaper service.
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