Harvest Investment Services, LLC
Harvest Investment Services is a financial advisor firm located in Oakbrook Terrace, Illinois, a small town on the outskirts of Chicago. The firm actually makes an appearance on SmartAsset's list of the top financial advisor firms in Oakbrook Terrace. Harvest has secondary offices in California, Indiana, Michigan and Pennsylvania.
Harvest provides its clients, the majority of whom are individuals, with investment management and financial planning services. Along with these tailored advisory services, the firm also has a number of portfolio models that it uses. As a fee-based firm, certain on-staff advisors can receive commissions from the sale of insurance products.
Harvest Investment Services Background
Harvest Investment Services has been in business since 2011 and is principally owned by its parent company, Harvest Financial Planning, LLC, which is, in turn, owned by the firm's founder and managing director, Tim J. Newell. Newell has nearly 40 years of experience in the financial services industry.
The team of advisors at this firm boasts a number of advisory certifications. These include certified financial planner (CFP), accredited investment fiduciary (AIF), certified kingdom advisor (CKA), certified estate planner (CEP), certified investment management analyst (CIMA) and more.
Harvest Investment Services Client Types and Minimum Account Sizes
Harvest Investment Services currently works almost entirely with non-high-net-worth individual clients. The rest of the firm's client base is comprised of individuals with a high net worth.
Harvest Investment Services generally requires a $25,000 minimum account size. However, the firm may decide to waive or reduce its minimum at its discretion.
Services Offered by Harvest Investment Services
Harvest Investment Services works with clients through its financial planning and investment management services. Advisors provide investment management by tailoring investment strategies to the needs of each client. The firm also uses AlphaSolutions investment models to help clients grow their assets according to a preset portfolio plan. Harvest tends to manage assets on a discretionary basis.
The firm's financial planning services may include a wide variety of financial topics. These advisory arrangements may be broad or narrow in scope, depending upon the client's wishes. Specific financial planning services include:
- Education planning
- Retirement planning
- Cash flow planning and analysis
- Debt management
- Business planning
- Charitable giving planning
Harvest Investment Services Investment Philosophy
Harvest Investment Services tailors its investment management services to the goals of each individual client. Advisors meet with new and existing clients to determine their desired investment strategies based on their risk tolerance, time horizon, income needs and other important investor characteristics. Advisors may invest a client's assets in a custom portfolio, or they may decide to use one or more AlphaSolutions model portfolios.
When it comes to specific investment strategies, advisors at Harvest pick from a variety of options. The firm's Actively Managed Tactical Strategy is its most commonly used, and it couples global capital appreciation strategies and risk control tactics. Advisors also use charting analysis, technical analysis, fundamental analysis and cyclical analysis when making final investment decisions. They use several methods when buying and selling securities, including long- and short-term purchases, short sales and option writing.
Fees Under Harvest Investment Services
Harvest Investment Services charges fees for investment management services based on an annual percentage of each client's total AUM. The firm utilizes a single fee schedule for its these sevices. For reference, a 2018 study by RIA in a Box shows the average annual advisory fee is 0.95% of AUM.
|Harvest Investment Services Fee Schedule|
|Portfolio Value||Maximum Annual Fee|
|$50,000 - $100,000||2.55%|
|$100,000 - $250,000||2.30%|
|$250,000 - $500,000||2.05%|
|$500,000 - $750,000||1.80%|
|$750,000 - $1,000,000||1.60%|
|$1,000,000 - $1,500,000||1.30%|
|$1,500,000 - $2,000,000||1.05%|
Below is an overview of what you can expect to pay if you become a client at Harvest. Note that fee rates for all balances of $2 million and up are negotiable, so an estimate cannot be made in some instances.
|*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 Harvest Investment Services*|
|Your Assets||Harvest Investment Services Maximum Fee Amount|
When it comes to financial planning services, Harvest charges hourly or fixed fees. Hourly fees typically won't exceed $500 per hour and fixed fees generally range up to $10,000 per engagement.
What to Watch Out For
Harvest Investment Services does not have any disclosures listed on its Form ADV.
Harvest is a fee-based firm. In turn, some advisors at the firm may receive commissions from the sale of insurance products if they're also registered as insurance agents. The potential conflict of interest this creates is offset by the fact that the firm is a fiduciary, which legally obligates it to act in clients' best interests at all times.
Opening an Account With Harvest Investment Services
Those looking to open an account with Harvest Investment Services should go to the firm's website and submit a contact form. You can also call the firm at (630) 613-9230 if you prefer working over the phone.
All information is accurate as of the writing of this article.
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