Harness Wealth

Harness Wealth

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Written by Lorraine Roberte
Edited by Shawn Richardson

About Harness Wealth

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Harness Wealth connects you with equity-focused investment firms that offer financial planning, tax help and trust and estate services. Clients are matched with firms and services based on their investible assets and financial goals. Along with its wealth advisor marketplace, Harness Wealth offers data tools that help you track your assets and provide insights on equity decisions.

Pros

  • Free introductory calls
  • One-on-one equity tax planning sessions
  • 100% refund guarantee for first year

Cons

  • Significant assets required for some services

Bottom Line

Harness Wealth connects you with a variety of firms through its advisor marketplace. There's no fee to access Harness Wealth’s platform, but there are investable asset minimums and fees for certain services.

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What is Harness Wealth?

Harness Wealth is a financial advice platform. It offers a centralized location to connect with equity specialists, track your finances and get insights on your taxes.

The company mostly works with clients that have complex assets or those who are trying to manage significant financial milestones, including:

  • Entrepreneurs and business owners
  • Employees with equity
  • Venture capitalists and angel investors
  • Crypto, token and NFT owners
  • Multistate and international entities

When you access Harness Wealth’s advisor marketplace, you’re referred to financial, tax and estate planning firms that work together to manage your assets. Harness Wealth also has an in-house tax brand, Harness Tax, that may be recommended in the marketplace based on your profile.

How does Harness Wealth work?

To get started with Harness Wealth, you must register for an account and fill out a short questionnaire. Harness Wealth uses your asset makeup, current milestones and financial goals to get a holistic view of your financial health.

Based on your profile, Harness Wealth matches you with tax, financial and estate firms. Typically, Harness wealth refers two to three firms for each type of service.

Harness Wealth puts its partner firms through a rigorous screening process to ensure clients receive quality service. The evaluation process for firms focuses on:

  • Compliance
  • Fees
  • Services and expertise
  • Staff
  • Security and technology
  • Affiliations and references

After receiving your recommendations, speak to the Harness Wealth Concierge to answer questions and schedule consultations with the firms. These meetings can happen over the phone, via video call or even in person. You may also request a follow-up consultation with the advisor.

Each introductory call with a firm is free. The consultation process is different for each type of firm, but generally the consultations last 30 to 45 minutes. Remember to prepare your necessary financial documents ahead of the consultation.

It’s up to you to decide which firms best suit your financial needs. Harness Wealth recommends choosing one firm in each category for an optimal wealth management strategy, but that’s not required. You can start with a firm that fills one of your needs and connect with another firm later.

Harness Wealth services

Harness Wealth partners with firms to provide you with financial advisory, tax and trust and estate planning services.

Financial advisory services include:
  • Holistic wealth management
  • Stand-alone financial planning
  • Alternative investment advice
  • Insurance recommendations
Tax services provided by participating firms include:
  • Annual tax filing
  • Comprehensive tax planning
  • IRS dispute resolution
  • Equity planning
  • Business tax returns
  • International tax management and filing
Trust and estate services include:
  • Estate planning
  • Trust creation and administration
  • Probate litigation

Harness Wealth also provides its own in-house tax service, Harness Tax. With Harness Tax, you can get a one-on-one virtual equity tax planning session with an experienced advisor. During this one-hour session, you create an equity plan and your advisor:

  • Reviews your equity and tax documents
  • Answers any questions on equity
  • Gives you projected outcomes for your equity decisions (like selling stock)

Harness Wealth fees

Harness Wealth does not charge you for using its platform.

Fees for wealth management services depend on the firm you select and your available assets. In general, you’re charged based on the amount of your investable assets managed by the firm.

The service fees for investment management services are generally 1% or lower for your first $1 million. That’s about $10,000 to start, but your fees go down as your assets increase. Financial, tax and estate planning services typically have a flat fee between $1,000 and $5,000 per service or an hourly rate between $200 and $600 per hour.

Harness Wealth’s one-on-one virtual tax planning sessions are $250 per session at the time of publishing.

Harness Wealth FAQ

What type of investment firms are on Harness Wealth?

Harness Wealth partners with financial advisory firms, tax firms and trust and estate firms. The company recommends having all three firms work together on your financial goals, but you can just pick one type of firm if you prefer.

Is Harness Wealth a fiduciary?

Harness Wealth is not a fiduciary when it refers clients to firms, but its financial firms are registered with the SEC and must act as fiduciaries for clients.

If you’re working with tax advisors from Harness Tax, then Harness Wealth may be acting as a fiduciary, but this isn't entirely clear.

Is Harness Wealth good for beginners?

Harness Wealth recommends its services for entrepreneurs, investors or employees with complex financial situations pertaining to their equity or who have experienced a major financial milestone.

Does Harness Wealth have local advisors?

Clients with state-specific needs may be able to connect with local firms on Harness Wealth’s advisor marketplace.

Does Harness Wealth have account minimums?

The firms on Harness Wealth’s platform vary in their investable assets minimums depending on the type of service you need:

  • Holistic wealth management requires at least $250,000 in total investable assets.
  • Alternative investment advice requires at least $5 million in total investable assets.
  • Insurance recommendation service requires at least $100,000 in total investable assets.

Stand-alone financial plans have no asset minimums, though.

Is Harness Wealth legit?

Harness Wealth is a legitimate company. Its advisor marketplace is a great resource for founders, early employees and investors that are looking for personalized tax and financial advice. Just make sure you have enough assets to qualify for whatever financial advisory services you may need. Remember, if you’re dissatisfied with service in the first year, Harness Wealth offers to refund 100% of your fees.

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Rated with 1 star
Verified Reviewer
Original review: Nov. 4, 2022

My company considered using this service and was alarmed by the lack of oversight and confusing offerings. My boss tried to register a complaint with management and never heard back. A true waste of time and almost set my firm up for legal issues with employees.

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Harness Wealth Company Information

Company Name:
Harness Wealth
Website:
www.harnesswealth.com