Services Provided by Harness Wealth Firms
For those with complex financial situations, the optimal approach for your finances is having three types of firms (financial advisory, tax, and trust & estate) working collaboratively to reach your goals. However, the various blends of the types of services is highly personal and may change with you as your life and career progress. It is not required that you use any particular service.
Similar to how you may have a primary care doctor but also work with other medical specialists for your overall health, your financial team is made up of advisors who are all experienced specialists in their respective fields. Harness Wealth makes it easier for you find the right firms for you, and for you to work with them on an ongoing basis.
Below you will find a breakdown of the services offered by the firms on Harness Wealth, so you can have a general sense of what the services are, how much they cost, and what type of advisor(s) will be working with you.
Please note that the investable assets minimums are not required universally. These are the asset minimums for the firms on our platform.
|Service||Total investable assets minimum||Staff||Description of service||Frequency||Typical fees|
|Holistic Wealth Management||$250,000||CFP (Certified Financial Planner), CFA (Chartered Financial Analyst), CAIA (Chartered Alternative Investment Analyst), CPA (Certified Public Accountant), Tax Attorney (JD)||Combine financial planning with high-touch, ongoing advising. A team of financial, tax, and legal experts will help source and manage investments that align with your values and goals.
Includes all financial planning services described in the row below.
|Ongoing||1% for the first $1,000,000 of investable assets. The % fee on assets typically declines as assets increase.|
|Standalone Financial Plan||$0||CFP (Certified Financial Planner)||Set goals and evaluate the trajectory of your current and future income, investments, and spending with a CFP. Evaluate scenarios based on upcoming milestones and get coaching on how to adjust your financial behavior and decisions.||One-time or annual||$2,000-3,000|
|Alternative Investments||$5,000,000||CFP (Certified Financial Planner), CFA (Chartered Financial Analyst), CPA (Certified Public Accountant), Tax Attorney (JD)||Get access to a custom portfolio managed by a team of investment analysts with broader assets that can obtain higher returns or lower volatility. You’ll have access to illiquid asset classes like real estate, private equity, hedge funds, venture capital, commodities, and more.||Ongoing||1% for the first $1,000,000 of investable assets. The % fee on assets typically declines as assets increase.|
|Insurance||$100,000||CFP (Certified Financial Planner), CFA (Chartered Financial Analyst), CPA (Certified Public Accountant), Tax Attorney (JD)||As part of a broader financial strategy, investment advisors are able to make strategic recommendations for the appropriate policies, ranging from life insurance to specialty policies.||One-time||The firm does not receive commissions for these insurance policies, and will typically refer you to an insurance partner but will all communications are managed through the firm.|
|Service||Staff||Description of service||Frequency||Typical fees|
|Annual Tax Filing||CPA (Certified Public Accountant), MST (Master of Science in Taxation), Enrolled Agent (EA)||Annual tax filing through a CPA (Certified Public Accountant), which includes compiling documents, preparing, and filing all tax forms for your household.||Annual||$1,000-5,000 based on complexity of needs|
|Comprehensive Tax Planning||CPA (Certified Public Accountant), MST (Master of Science in Taxation), Enrolled Agent (EA)||Ongoing tax guidance from an accountant on your income, investments, deductions, major purchases, relocations, estate, and gifts throughout the year. Also receive expert insight into the industry and state-specific tax optimization that affect you. Includes quarterly estimated tax payments.||Quarterly||$200-600 per hour. If any type of legal structuring (K-1 reporting and estimates) is required, fees will go up.|
|Equity Planning Session||CPA (Certified Public Accountant), LLM in Taxation (Master of Laws)||A personalized one-hour virtual meeting with an accountant experienced in working with equity. Talk through your equity concerns, goals, and next steps. This service is offered exclusively by Harness Tax.||One-time||$250|
|IRS Dispute Resolution||Tax Attorney (JD), CPA (Certified Public Accountant), and Enrolled Agent (EA)||Advising and representation during an IRS audit or request for additional information.||One-time||$200-600 per hour|
|Business Tax Returns||CPA (Certified Public Accountant), MST (Master of Science in Taxation), Enrolled Agent (EA)||Corporate tax strategy for small businesses setup and maintenance, consulting income, or other business-related tax questions.||Annual or ongoing||$1,000-5,000 based on complexity of needs|
|International Taxes||CPA (Certified Public Accountant), MST (Master of Science in Taxation), Enrolled Agent (EA) and relevant local and international certifications.||Assistance with strategically managing tax obligations across multiple countries and the required annual filings and documentation.||Ongoing, but dependent on countries’ filing schedules and duration of international residency and holdings.||Annual engagement fee of $2,000-7,000 or $400-600 per hour|
Trust & estate
|Service||Staff||Description of service||Frequency||Typical fees|
|Estate Planning||Licensed attorneys (JD) with specialized experience and certifications in Trusts & Estates, by state.||The creation of core estate planning documents, such as a will or a trust to protect assets during your lifetime, reduce tax implications during asset transfer, capture gift tax exclusions, identify beneficiaries, and more.||One-time||$300-600 per hour|
|Trust Creation and Administration||Licensed attorneys (JD) with specialized experience and certifications in Trusts & Estates, by state.||Creation and administration of trusts: Grantor-Retained Annuity Trusts (GRATs), Spousal Lifetime Access Trusts (SLATs), etc.||One-time||$3,000-20,000, depending on complexity of the trust.|
|Probate Litigation||Licensed attorneys (JD) with specialized experience and certifications in Probate Litigation, by state.||Legal representation for beneficiaries of trusts and estates for claims or disputes during the probate process (e.g. the verification and execution of an existing will).||One-time||$300-600 per hour|
This list of services can be a bit overwhelming — if you need any assistance identifying which services are the most relevant for you, please sign up here to receive recommendations based on your personal goals and financial situation. You can also learn more about our process for referring you to firms to help you implement these services here.
Please note that you will not be charged an incremental fee by Harness Wealth or our advisors for using our service. There is also no cost to having initial consultation meetings with advisors as part of the selection process.