Cove Wealth Management

Jonathan M. Schaff serves as Chief Investment Officer and chairs the firm's investment committee, where he directs asset allocation, manager selection, and portfolio construction. David B. Armstrong, as President, oversees the firm's strategic direction and client relationships but does not run day-to-day investment operations. The two co-founders are the primary decision-makers, supported by a small team of client-service and planning professionals.

Yes. Cove operates as a registered investment adviser and explicitly states it is a fee-only fiduciary. This means the firm is legally obligated to put client interests ahead of its own and refuses commissions, referral fees, and revenue-sharing arrangements common at broker-dealers. The fiduciary duty applies to every account and recommendation the firm makes.

Cove constructs diversified portfolios spanning equities, fixed income, and alternative investments, with an emphasis on tax-aware asset location across taxable and retirement accounts. The firm uses direct indexing to manage concentrated stock positions and reduce tax drag, a technique suited to clients holding large blocks of employer equity. Portfolios are individually managed rather than relying on model-only allocations.

Cove's core client base consists of corporate executives, business owners, and professionals in the Mid-Atlantic region who need tax planning, equity compensation analysis, and retirement-income structuring. Many clients come to Cove with concentrated stock positions, deferred compensation plans, or pre-liquidity event planning needs. The firm also advises multi-generational families on estate and education funding strategies.

Cove charges a fee based on a percentage of assets under management, a standard model for fee-only RIAs that aligns firm revenue with portfolio growth rather than transaction volume. The firm does not accept commissions, product placement fees, or soft-dollar arrangements. Specific fee schedules are disclosed in the firm's Form ADV Part 2A, which prospective clients can request directly.

Cove is registered with the U.S. Securities and Exchange Commission as an investment adviser and must file a Form ADV annually disclosing its business practices, fee structure, disciplinary history, and assets under management. The firm is subject to SEC examination and must maintain books and records open to inspection. Maryland state securities regulators also maintain jurisdiction over the firm's in-state activities.

Yes. Cove offers comprehensive financial planning that covers retirement projections, tax strategy, estate coordination, insurance review, and education funding analysis. The firm added student-loan repayment and college-projections capabilities in 2024. Planning services are bundled with investment management for advisory clients.