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.

Financial advisory

Please note that the investable assets minimums are not required universally. These are the asset minimums for the firms on our platform.

ServiceTotal investable assets minimumStaffDescription of serviceFrequencyTypical fees
Holistic Wealth Management$250,000CFP (Certified Financial Planner), CFA (Chartered Financial Analyst), CAIA (Chartered Alternative Investment Analyst), CPA (Certified Public Accountant), Tax Attorney (JD)Full service financial management to create and execute on strategies across financial planning, investment management, tax planing, estate planning, and insurance.
Includes all financial planning services described in the row below.
Ongoing1% for the first $1,000,000 of investable assets. The % fee on assets typically declines as assets increase.
Standalone Financial Plan$0CFP (Certified Financial Planner)Manage expenses and major purchases, set and plan for goals such as saving for retirement and college. Best suited for those with simple/straightforward planning needs.One-time$2,000-3,000
Alternative Investments$5,000,000CFP (Certified Financial Planner), CFA (Chartered Financial Analyst), CPA (Certified Public Accountant), Tax Attorney (JD)Access to and guidance for private equity, venture capital, hedge funds, real estate, commodities, and other alternative asset classes.Ongoing1% for the first $1,000,000 of investable assets. The % fee on assets typically declines as assets increase.
Insurance$100,000CFP (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-timeThe 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.

 

Tax

ServiceStaffDescription of serviceFrequencyTypical fees
Tax PreparationCPA (Certified Public Accountant), MST (Master of Science in Taxation), Enrolled Agent (EA)Document preparation and filing any tax forms for individual or family taxpayers.Annual$1,000-5,000 based on complexity of needs
Tax PlanningCPA (Certified Public Accountant), MST (Master of Science in Taxation), Enrolled Agent (EA)Year-round tax planning to optimally structure your finances and investments from a tax perspective. Typically inclusive of tax preparation.Ongoing$200-600 per hour. If any type of legal structuring (K-1 reporting and estimates) is required, fees will go up.
IRS Dispute ResolutionTax 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 ReturnsCPA (Certified Public Accountant), MST (Master of Science in Taxation), Enrolled Agent (EA)Document preparation and filing any tax forms for small and medium-sized businessesAnnual or ongoing$1,000-5,000 based on complexity of needs
International TaxesCPA (Certified Public Accountant), MST (Master of Science in Taxation), Enrolled Agent (EA) and relevant local and international certifications.Document preparation, filing, and advising for individuals and families with assets and/or income outside of the United States.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

ServiceStaffDescription of serviceFrequencyTypical fees
Estate PlanningLicensed attorneys (JD) with specialized experience and certifications in Trusts & Estates, by state.Legal guidance and document creation for estate planning, including wills, advance healthcare directives, power of attorney.One-time$300-600 per hour
Trust Creation and AdministrationLicensed 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 LitigationLicensed 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

 

Next steps

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.