Austin-based financial advisor Durbin Bennett Private Wealth Management, LLC is for those who have at least $1 million in investable assets and prefer working with a fee-only company. Currently holding the No. 2 spot in SmartAsset's list of top financial advisors in Austin, Texas, this fiduciary financial advisor firm has been recognized as a top wealth manager by Bloomberg, CNBC and the Financial Times. You can become a client as an individual, or with a company or charity. Billed mainly as a wealth management firm providing investment management and strategic wealth planning, Durbin Bennett also provides retirement planning, tax planning and family office coordination.
Durbin Bennett Private Wealth Management Background
Richard Bennett co-founded the firm in 1987 after serving as director of financial planning services at Price Waterhouse Coopers. Today, he’s the strategic planning partner at Durbin Bennett and has one of the largest ownership stakes in the company. Bennett is a certified public accountant (CPA) and a CFP.
Matthew Jachimiak, one of Durbin Bennett’s six partners, is the chief investment officer. After joining the firm in 2004 as a senior portfolio manager, he worked his way up to his current role. Jachimiak has an MBA from University of Texas at Austin and is a CFA and a chartered alternative investment analyst (CAIA). After Bennett, Jachimiak holds the second-biggest stake in the firm.
The company has six partners who act as advisors and officers. One partner, Margaret Huang Casey, is the firm’s chief operating officer. There are four client service associates with whom clients interact, as well as a dedicated wealth management specialist. Most of the staff have financial certifications such as CFA, CFP or CFA.
Services Offered by Durbin Bennett Private Wealth Management
Durbin Bennett provides both discretionary and non-discretionary asset management services and investment consulting services. Discretionary management means you can choose to have your portfolio managed without your input. That can be preferable for those who don’t have the time or expertise to actively manage their account. If you’re a hands-on person, a non-discretionary account means that you have final say on all trading decisions.
Durbin Bennett Client Types and Minimum Account Sizes
Durbin Bennett serves a range of clients, including:
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Individuals and high-net-worth individuals
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Pension and profit-sharing plans (other than plan participants)
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Corporations
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Charitable organizations
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Other investment advisers
- Pooled investment vehicles
The firm requires an account minimum of $1 million for portfolio management and may incur other minimum account requirements for other services. All minimum account requirements are grandfathered in if they happen to change in the future. All minimum account requirements are subject to being changed at the sole discretion of the firm.
Durbin Bennett Private Wealth Management Investing Philosophy
At Durbin Bennett, your portfolio is constructed with the belief that “markets are irrational or inefficient” over the short term, but efficient over the long term.
This translates to portfolios made with passive core components and more active satellite components. Your balance of passive to active is determined during your discussions with your advisor.
One of the other core tenets behind Durbin Bennett’s investment philosophy is rebalancing as needed, not based on monthly or quarterly timelines. This means that the company adheres to tolerance ranges for rebalancing decisions. Ultimately, this saves transaction costs as well as capital gain generation (which can impact taxes).
Net return rather than gross return is what the advisors at Durbin Bennett believe in, according to the company’s brochure. This means long-term gains over short-term gains. Tax implications are also considered which means putting tax-disadvantaged assets into tax-deferred accounts to reduce your tax liability.
Fees Under Durbin Bennett Private Wealth Management
Durbin Bennett charges wealth management fees based on the client’s assets under management. Below is the firm’s current tiered fee schedule (these fees do not include transactions costs, brokerage commissions and other expenses):
| Portfolio Value | Base Fee |
| First $1,000,000 | 1.00% |
| $1,000,001 to $5,000,000 | 0.75% |
| $5,000,001 to $10,000,000 | 0.50% |
| $10,000,001 to $25,000,000 | 0.35% |
| Over $25,000,000 | 0.20% |
Accounts smaller than $1 million are charged more than the industry average, which is 0.95%, according to a 2018 study of 1,500 firms by RIA in a Box. Here is the estimated dollar amount you'd pay in advisory fees based on the size of your account:
| *Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount. | |
| Estimated Investment Management Fees at Durbin Bennett Private Wealth Management* | |
| Your Assets | Annual Fee Amount |
| $1MM | $10,000 |
| $5MM | $37,500 |
| $10MM | $50,000 |
| $25MM | $87,500 |
| $50MM | $100,000 |
Durbin Bennett provides strategic wealth planning in an effort to help you make current and future financial decisions based on your retirement needs, cash flow, investments, insurance and tax matters. This service is included if you’re already paying for investment supervisory services. If you’d like strategic wealth planning without having account management, you’ll pay a fixed fee that can range from $5,000 to $40,000.
Learn more about advisors' typical costs here.
Durbin Bennett Private Wealth Management Awards and Recognitions
Durbin Bennett was recognized as the 42nd top registered investment advisor in 2015 by Bloomberg. CNBC named the company 52 out of the top 100 fee-only wealth managers of 2015. In 2015 and 2016, the Financial Times named Durbin Bennett as one of its top financial advisors.
What to Watch Out for
Durbin Bennett reported no disclosures of legal or disciplinary action in its most recent filings with the Securities and Exchange Commission.
Opening an Account With Durbin Bennett Private Wealth Management
To start a relationship with Durbin Bennett, you can call the firm at (512) 610-6930 to schedule an appointment, visit the website and fill out a contact form or send an email to info@durbinbennettwealth.com.
All information is accurate as of the writing of this article.
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