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Durbin Bennett Private Wealth Management Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

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:

  • Individuals and high-net-worth individuals

  • Pension and profit-sharing plans (other than plan participants)

  • Corporations

  • Charitable organizations

  • 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

All information is accurate as of the writing of this article.

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How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research