Client Relationship Disclosures
Below are links to the following important disclosure documents that we want to ensure that all Harness Wealth clients will have continuous access to:
- Disclosures as required to be made by Harness Wealth as an investment adviser registered as such with the Securities Exchange Commission:
- Additional disclosures
Please find below responses to questions that you may want to ask of us regarding our serving as an internet investment adviser on your behalf. These questions appear in our Form CRS disclosure summary and are as specified by the SEC. Our responses will explain how these topics apply to our advisory relationship, with you, and our solicitor relationships with the third-party Managers to whom you will be referred by us.
Please feel free to contact our concierge staff at either firstname.lastname@example.org or 646-586-5427 with any questions or concerns which you may have regarding any of our disclosure materials, including the responses to the Form CRS “Conversation Corner” questions. We would be happy to hear from you.
Questions About Our Services
Question #1: Given my financial situation, should I choose an investment advisory service? Why or why not?
Harness Wealth is an SEC registered internet investment adviser. We provide our clients with recommendations for third-party “Managers” via our network of advisory firms, digitally. The recommendations are determined by our algorithm based on information provided by the client. We do not provide direct personal investment advising to our clients and have no affiliation or other material relationships with any broker-dealers. All of the advisory firms on our platform are RIAs (Registered Investment Advisers). Accordingly, no choice is actually needed or presented between you retaining Harness Wealth to act as your investment adviser, as described, as compared with you retaining a broker-dealer with which we’re affiliated acting in a brokerage capacity.
Question #2: How will you choose investments to recommend to me?
Harness Wealth does not directly recommend any investments. The Firm selects third-party “Managers” via our network of advisory firms to whom individual clients are referred based on a matching of Client suitability needs and Manager skill-sets and expertise. We do make referrals based on any specific investments in which the Client should participate.
You can see a detailed overview of our requirements for firms on our platform here and our process for matching Clients to advisory firms here.
Question #3: What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean?
David Snider: David Snider is the Founder & CEO of Harness Wealth. Previously he served as COO & CFO of Compass, a real estate tech company. Prior to that, David was an investor at Bain Capital private equity. David received an M.B.A. from Harvard Business School and a B.A. from Duke University.
Catherine Prentke English: Katie Prentke English is Co-Founder & Chief Marketing Officer of Harness Wealth. Previously Katie served as CMO of Nutmeg, the largest European robo-advisor. She also held a number of marketing and product roles at American Express in both the UK and the US, including Director of UK Digital Acquisition and Centurion Product Manager. Prior to that, she worked in the Investment Bank and Private Bank at JPMorgan. Katie received an M.B.A. from Harvard Business School and a B.A. from Princeton.
Michelle Tran: Michelle Tran is the Head of Business Development for Harness Wealth. Michelle previously led enterprise sales at Apex Clearing, the leading modern clearing and custody platform. Michelle also held several global executive roles at BlackRock, including roles in Hong Kong leading ETF distribution with Global Private Banks clients and in the US working with the largest wealth managers and digital advice firms. Michelle is also the Co-founder of NYC FinTech Women, an organization of 3000 members focused on empowering and sponsoring a community of exceptional women fintech leaders. She earned B.A. from University of California, Santa Cruz.
Dwight Clancy: Dwight Clancy is Head of Product at Harness Wealth. He previously served as VP of Product at Addepar, a leading wealth management platform for financial advisors. Prior to Addepar, Dwight worked in product development at Glass Lewis, the leading independent provider of corporate governance solutions where he built products to assist institutional investors in engaging with their portfolio companies. Dwight has a B.A. from the University of California, San Diego.
Raylen Margono: Raylen Margono is Lead Engineer at Harness Wealth. He was a Data Infrastructure Engineer at Kensho, where he oversaw a suite of financial data systems. He previously worked at Artivest, Quovo, and Blackrock’s Aladdin Product Group. Raylen has a BS from New York University.
As an SEC registered internet investment adviser, none of our team members are required to hold any state or FINRA securities licenses.
Question #4: Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?
You will not be charged a fee by Harness Wealth or an additional fee from our firms for using our service. We are paid by the advisory firms (“third-party Managers”) for the Clients that we refer to them. You will pay fees directly to the advisory firms for their services, which you can read about in more detail here.
Harness Wealth ordinarily receives a portion of the fees received by any third-party Manager (or their affiliates) from a Client who was referred by us. The portion is ordinarily between 15 and 20% and are typically derived from asset-based fees or other compensation received by the third-party Manager (or their affiliates). We receive our fees on a quarterly basis from Managers following their receipt of fee payments from the Client.
You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying for services.
It is important to note that no additional fees or other amounts are added to the Manager’s normal advisory fees or to the amount charged by the Manager as a result of the referral by us to the Manager.
Question #5: How might your conflicts of interest affect me, and how will you address them?
We have an incentive for Clients to receive services from a Manager on the Harness Wealth platform because we will be receiving a portion of the fees charged by the Manager to the Client. (We also benefit if the Client commits larger, rather than smaller, amounts of their assets to the Managers’ advisement.) Clients are informed of this conflict of interest by means of a “Solicitor’s Disclosure Statement” which we ensure that they are able to see, and have signed-off on, on our website, as a prerequisite for the Client retaining our Firm.
Our parent company, Multiplier, Inc., generates income from similar fee-sharing arrangements with providers of other, non-asset management related services provided by licensed tax-preparation, accounting and/or legal services professionals to whom our Clients may also be referred.
Question #6: As a financial professional, do you have any disciplinary history? For what type of conduct?
We have no legal or disciplinary events to report regarding either the Firm or any of its officers or employees Please visit Investor.gov/CRS for a free and simple search tool to research us and our advisory firms.
Question #7: Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?
Your primary contact at Harness Wealth is our concierge team. Our concierge team does not provide any financial or investment advice. Their role is to help Clients select the right financial advisory firm(s) to meet their needs. Their functions include scheduling, answering questions about the selection process, and answering questions about the firms.