Frequently Asked Questions

Your Questions Answered

We know that choosing a wealth management partner is a big decision, and you probably have a few questions. Our goal is to make things as clear and transparent as possible, so you feel confident about who we are, how we work, and the value we provide. Here are some of the most common questions clients ask us along with the answers you need.

Frequently Asked Questions

Browse the categories below and select the questions that interest you. Just click to open the answer.

What Makes DWM Different

The answer is no – financial advisors are not all the same. DWM is a unique fiduciary. We provide holistic wealth management that includes strategic planning, tax reduction, and investment stewardship. Just like a three-legged stool, these three elements need to work together to maintain the strength and stability needed to accomplish our clients’ goals. Our main focus is always on you and your money – not us.

Our size is a great advantage to our clients. You can work with all members of our team, so that each of us gets to know you and you get to know us. This allows us to customize the strategies and value we provide to you.

Currently in the U.S., there are 300,000 financial advisers. Of those, only 100,000 are Certified Financial Planners (CFPs). Only 5,000 are CPAs, and only 5,000 are Chartered Financial Analysts (CFAs). Very few firms have all this expertise under one roof, and DWM is one of them. At DWM, we have 3 CFPs, 1 CPA, and 2 CFAs.

Further, only 5% of financial advisers are fiduciaries. Fiduciaries are required to always put their clients’ interests before their own and avoid conflicts of interest. DWM is a fiduciary and long-time member of NAPFA, the country’s leading professional association of fee-only fiduciaries, as well as 5 other strategic partners. We are stewards of your funds who continually look to protect and grow your assets and your legacy.

We do not sell insurance products (annuities, life, disability, long term care, etc.). However, we are very familiar with insurance coverage, products, and costs. Part of our ongoing review for you includes our independent, comprehensive review of your insurance. With your approval, we will collaborate with insurance agents to help you obtain the right coverage at the right price. We are not compensated in any manner from the insurance agencies, nor you for providing this service.

RIA firms are registered with the Securities and Exchange Commission or state securities regulators, are subject to the Investment Advisers Act of 1940 and have a fiduciary interest to act in your best interests. Many independent RIAs, like DWM, are owned by the individual advisors who run them and provide wealth management services on a fee-only basis.

Working With DWM

Choosing the right advisor may be one of the most important financial decisions you make in your lifetime. Choose an advisor you feel comfortable with-both personally and professionally. It’s smart to take your time, talk face-to-face and ask the right questions.

Print out the NAPFA questionnaire and bring it to your advisor interviews.

We encourage quarterly meetings. Regarding regular telephone and email communication, we adhere to an internal “within one business day rule,” meaning we will get back to you within 24 hours (with exception to weekend and/or holiday). However, we typically respond within hours of a call or email.

We take client confidentiality very seriously. Your personal and financial information is protected by strict professional standards and secure technology. We only share information as needed to serve you, and always with confidentiality safeguards in place.

If you think that any of your family or friends would benefit from the same value-added wealth management services that you are accustomed to, we are pleased to offer them a free consultation and/or portfolio review. If you provide a referral you can rest assured that:

  • We will keep both yours and their information confidential
  • There is no pressure for them to become clients
  • We will follow up 2 – 3 times and will not hassle them if they decide not to use our services
  • If our firm is not the right fit we will gladly refer them to a professional appropriate for their situation

As your life and the world around you change, your financial plan and investment portfolio should evolve too. While many fee-only advisors stop after creating the initial plan, DWM takes it further by ensuring your strategy is implemented, monitored, and adjusted over time. We regularly review investments, evaluate tax strategies, and adapt to shifts in performance, tax laws, and economic conditions. “Set it and forget it” might have worked decades ago, but it doesn’t work today. Staying proactive helps protect and enhance your wealth, manage taxes efficiently, and keep your financial plan aligned with your goals.

Yes, we do. Our original plan was adopted in 2001 and we review and update it annually.

Investments & Compensation

DWM is a fee-only firm. For our total wealth management services, we charge a percentage of assets under management, billed in advance at the beginning of each calendar quarter. This fee covers all of the work we do on financial planning as well as tax projections and strategies.

Charles Schwab & Co. is our primary independent third-party custodian. Schwab has a strong financial position and concentrates its activities on serving 6,000 registered investment advisors like DWM, along with Schwab retail customers. Schwab’s business is only as a custodian, and they never engage in investments using customers’ assets as collateral, as Lehman Brothers did in 2008. Assets custodied at Schwab are protected under the Securities Investor Protection Corporation (SIPC) up to $500,000 per account, with additional insurance through Lloyd’s of London up to an aggregate of $600 million.

Discretionary trading allows us to make day-to-day investment decisions on your behalf, what to buy, hold, or sell, and when to do so, based on your goals and agreed-upon strategy. Before any trading begins, we create a customized Investment Policy Statement (IPS) that outlines your objectives, risk tolerance, and constraints. This serves as our guide for managing, monitoring, and rebalancing your portfolio with care and discipline.

Because of the Tax Cuts and Jobs Act of 2017 and starting in calendar year 2018, investment fees are no longer tax deductible for individuals.

Fiduciary Standards & Ethics

Acting as a Fiduciary means we are legally held to act in good faith and in the best interest of you and every client. We are required to provide written disclosure of any conflicts of interest or any other factors that could influence the choices we provide and decisions we make on your behalf.

The National Association of Personal Financial Advisors (NAPFA) is the country’s leading organization of fee-only financial advisors who are committed to working in their clients’ best interests. Since 1983, NAPFA has set the highest standards for professional competence, ethics, and client-focused financial planning.

The Financial Planning Association (FPA®) is the largest membership organization for personal financial planners in the U.S. Its members follow the FPA Standard of Care, providing ethical, objective, and transparent advice through a client-centered approach.

CERTIFIED FINANCIAL PLANNER™ (CFP®) – Awarded by the Certified Financial Planner Board of Standards to professionals who meet rigorous education, exam, experience, and ethics requirements. CFP® professionals are trained in all areas of financial planning, including investments, taxes, retirement, risk management, and estate planning.

CHARTERED FINANCIAL ANALYST® (CFA) – A globally recognized designation that sets the standard for investment professionals. Candidates complete a graduate-level curriculum and three challenging exams emphasizing ethics, analysis, and portfolio management.

CERTIFIED PUBLIC ACCOUNTANT/PERSONAL FINANCIAL SPECIALIST (CPA/PFS) – Earned by CPAs with additional expertise in estate, tax, retirement, and investment planning. This credential recognizes advanced education and experience in personal financial planning.

ACCREDITED WEALTH MANAGEMENT ADVISOR® (AWMA®) – Focuses on strategies for wealth accumulation, equity-based compensation, tax reduction, and asset protection. Recipients complete advanced coursework and demonstrate the ability to apply these strategies in real-life situations.

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Form CRS