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Are you looking for a financial advisor but keep hitting brick walls? If you’re a high-net-worth individual, you likely want a reputable advisor that can handle your assets well.
Sometimes, this can be hard since it’s hard to find the right financial advisor, but Harness Wealth promises to make it easier.
Is Harness Wealth as good as it seems? Find out in our review below.
What Is Harness Wealth?
Harness Wealth is a platform that matches you with the right financial advisor. Rather than researching, calling around, and searching for advisors yourself, Harness does all the work for you. After you provide a little information about yourself, they do the rest.
Many people prefer to work with a platform like Harness because they know the vetting was done for them – they can trust the advisor they work with and know they are matched with a professional that works with people in similar situations.
How Does Harness Wealth Work?
Harness Wealth is like a white-glove service, helping you find the perfect financial advisor. To sign up with them, it takes just a few minutes.
You’ll provide information about yourself, including your age, assets, income, liabilities, and financial goals.
You’ll also provide preferences regarding communication and any specific requests you have for an advisor.
From there, Harness Wealth looks at its available advisors and matches you with several advisors that meet your needs. Here’s where they differ.
Rather than sending you the information and letting you figure the rest out yourself, you’ll work with a personal concierge who will help you through the selection process.
Your concierge will do everything from setting up appointments, answering questions, and helping you compare the advisors provided to you. Ultimately, Harness Wealth will connect you with the best financial advisor for your individual situation and needs.
Harness Wealth Firms: What Services Are Offered?
Financial Advisory Firms
Financial advisory firms are the bread and butter of what makes up Harness Wealth’s advisors. They offer referrals to advisors with different fee structures, minimum balance requirements, and expertise.
The more information you share with your concierge about your goals and situations, the better they can match you with the right firm.
Harness Wealth matches you with highly qualified tax firms that deal with high-net-worth individuals or investors who need help with tax strategies and minimizing their tax liability.
Trust & Estate Firms
Harness Wealth matches investors with trust and estate firms to plan for your future and the future of your beneficiaries.
Whether you set up a trust or just create an estate plan, it’s one of the most important pieces of your personal finance puzzle, and Harness Wealth can match you with experts who can help you.
Harness Wealth Features and Benefits
Harness Wealth isn’t a one-size-fits-all approach. They offer tailored results based on the information you provide.
Your personal concierge will help you every step of the way, ensuring you choose the advisor that provides the services you need at the prices you can afford.
Full-Servicing Financial Planning
Harness Wealth has a large network of financial advisors, each of which specializes in different areas. You can work with a financial advisor that offers everything you need or get matched with several advisors to ensure all aspects of your financial planning are covered, such as trust/estate planning and tax planning.
Thorough Vetting Process
The largest benefit of using a platform like Harness Wealth is the vetting process all advisors go through.
This eliminates the time you might spend dealing with advisors who aren’t qualified or, worse yet, losing your money because you work with a less-than-capable advisor.
Harness Wealth uses a robust process to chose its advisors, which includes:
- A minimum of 5 interviews
- A checklist of 120 attributes they must meet
Harness Wealth checks for compliance to ensure their fees are within the average for the area, and they uphold their reputation in the community.
Harness Wealth offers all of its services free of charge to consumers. They get paid from the advisors on their list each time they are matched with a new client.
Various Investment Strategies
Harness Wealth doesn’t use a one-size-fits-all approach. They customize your plan based on your exact needs and your current/future financial situations.
Rather than having a cookie-cutter plan, you get a plan that’s fit for your needs.
You Are Their Priority
At Harness Wealth, you’re given a personal concierge who makes you the priority.
You can ask as many questions as you want, leverage his/her expertise in choosing an advisor, or have your concierge set up appointments and phone calls for you to talk with and choose your advisor.
Proprietary Technology & Algorithm
Harness Wealth uses top-of-the-line technology to match you with the right advisor. It’s more than asking you a few questions – the answers to your questions help the computer pair you up with an advisor that offers the services you need.
Harness Wealth Firm Evaluation Process
Harness is very transparent in its evaluation process. They lay out what they look for on their website for anyone to see. It’s clear that they don’t take ‘just any’ advisor. They do their due diligence and only take the best of the best.
Harness only accepts advisors with licensed staff who held the right credentials for the advisor position.
They look closely at an advisor’s education, experience, and credentials before accepting them into their system.
Harness only accepts advisors who use the top custodial platforms such as Schwab, Fidelity, TD Ameritrade, and Bank of New York Mellon.
They also only work with advisors with a clean BrokerCheck and with clear investment strategies.
Security & Technology
Harness uses top-of-the-line technology and takes security very seriously. They don’t sell your information, and they only let a select few employees handle your information.
Is Harness Wealth Free to Use?
Harness is free for consumers. The advisors themselves pay for the platform by paying Harness for the new clients they refer.
Are There Any Requirements to Use Harness Wealth?
You must have at least $250,000 in assets to use Harness Wealth. This may exclude a wide number of referrals, but there are other platforms that don’t require a minimum investment.
Harness Wealth only works with high-net-worth individuals.
How Does Harness Wealth Compare to Other Financial Advisory Services?
#1. Harness Wealth vs. Zoe Financial
Zoe Financialworks just like Harness, but without the high minimum balance requirement.
Zoe is another middleman in between advisors and clients, helping them find one another and create a match made in heaven.
Zoe, too is free for consumers as the advisors pay Zoe when they receive new clients.
#2. Facet Wealth vs. Harness Wealth
Facet Wealth is the cross between a robo-advisor and a human advisor. They only offer online (virtual) financial advisory services, but they are low-cost and robust.
You have access to a dedicated financial advisor any time you need one. Your advisor can create a financial plan for you and even manage your assets if they are held at Charles Schwab, Fidelity, or TD Ameritrade.
Facet Wealth charges a flat fee versus a percentage of assets under management.
#3. Personal Capital Wealth Management vs. Harness Wealth
Personal Capital is the cross between a robo-advisor and a DIY investment platform.
You have access to human advisors whenever you need one (a team), and you can handle your investments how you want or use the portfolio Personal Capital creates for you.
Investors need at least $100,000 invested to use Personal Capital, and they change 0.89% of assets under management.
#4. Betterment Premium vs. Harness Wealth
Betterment Premium is a robo-advisor that requires at least $100,000 of assets under management.
Betterment Premium charges 0.4% of the assets under management and is a premium plan that offers robo-advisor services plus access to a human advisor over the phone.
Frequently Asked Questions
Does Harness Wealth Charge Any Fees?
Harness Wealth is free for consumers. You don’t pay any money to Harness, but you will pay your advisor the fees they charge. Before you choose an advisor, make sure you read the fine print.
Is It Safe to Use Harness Wealth?
Harness Wealth is safe. They take security seriously, never share your information, and use top-of-the-line security online to ensure your information is safe.
Will Harness Wealth Sell My Information?
No, Harness Wealth doesn’t sell your information. They only use the information provided to match you with an advisor and nothing else.
Bottom Line: Harness Wealth Review
Harness Wealth is a great way to get the advisor that suits your needs if you’re a high-net-worth individual. You don’t have to do any of the legwork – they do it all.
All you have to do is choose the advisor from the list they send you, giving you a greater chance at finding an advisor with a good fit.