Located in Memphis, Tennessee, Private Wealth Management is a fee-only advisory firm. The registered investment advisor (RIA) has a small client base that's dominated by individuals. Most of these individuals have a high net worth. In total, the firm manages hundreds of millions in assets under management (AUM). The firm also doesn’t have a website.
As a fee-only operation, this firm does not earn any commissions or other compensation outside of client-paid fees. Private Wealth also holds a spot on SmartAsset's list of the top financial advisors in Memphis.
Private Wealth Management Background
Private Wealth Management was founded in May 2002 and is jointly owned by Joseph Horner and Scott Robbins. Horner serves as president, while Robbins is the firm’s vice president and chief compliance officer (CCO). The firm says it requires all of its professionals to not only have prior experience in financial services, but to also have completed the undergraduate and graduate levels of college.
Private Wealth Management Client Types and Minimum Account Sizes
Private Wealth Management works with both high-net-worth and non-high-net-worth individuals, though most clients are the former. The firm says it also provides services to charitable organizations, limited partnerships and trusts.
Private Wealth Management requires a minimum account size of $1,000,000 for its clients. But the firm also retains discretion to waive the account minimum. It also charges a $6,000 minimum annual fee for accounts receiving ongoing management.
Services Offered by Private Wealth Management
Private Wealth Management provides non-discretionary investment management services to individual clients, along with financial planning and accounting services. It’s services and products include:
- Financial planning
- Retirement planning
- Estate planning
- Insurance planning
- College planning
- Compensation and benefits planning
- Investment management
- Asset allocation
- Portfolio diversification
- Portfolio risk management
- Accountant services
- Personal tax and cash flow planning
- Tax compliance
- Financial statement preparation
- Investment products
- Exchange-traded funds (ETFs)
- Mutual funds
- Money manager recommendations
Private Wealth Management describes their investment philosophy as one that works to provide investment strategies centered around meeting a client’s personal finance goals. The firm offers investment advice about securities and may structure a long- or short-term investment approach, depending on the client’s needs. Though Private Wealth Management typically invests in mutual funds and ETFs, it may also consider other securities that align with the client’s investment goals.
The firm may also recommend money managers for clients choosing to invest in specific securities. When selecting money managers, the firm says it generally assesses factors like investment style, historical performance and relationship with risk and investment philosophy. The firm then selects money managers and advisors who align with the client’s risk tolerance and investment objectives.
Fees Under Private Wealth Management Investments
Private Wealth Management bills clients quarterly, in arrears. The firm says it bases its billing on a percentage of the client’s managed assets at the beginning of the calendar quarter. Clients’ advisory fees may be altered if any significant contributions and/or withdrawals are made during the quarter. Here are the fee rates used by the firm:
|Private Wealth Management Fee Schedule|
|Next $4,000,000||$7,500 + 0.45%|
|Next $5,000,000||$25,500 + 0.40%|
|Next $5,000,000||$45,500 + 0.35%|
|Next $5,000,000||$63,000 + 0.25%|
|Next $10,000,000||$75,500 + 0.15%|
|Next $20,000,000||$90,500 + 0.10%|
|Next $25,000,000||$110,500 + 0.075%|
|Next $25,000,000||$129,250 + 0.05%|
|Over $100,000,000||$141,750 + 0.025%|
Here's a breakdown of how much you could pay for advisory services at this firm:
|*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 Private Wealth Management*|
|Your Assets||Private Wealth Management Fee Amounts|
For financial planning services, PWM may charge $100 to $500 per hour. The cost for financial planning will be agreed upon by both PWM and the client. The firm may also establish performance-based fee arrangements with clients.
What to Watch Out For
Private Wealth Management has no disclosures, according to its most recent Form ADV.
Private Wealth Management has, under certain circumstances, charged clients performance-based fees. According to the firm's Form ADV, "Performance based fee arrangements may create an incentive for PWM to recommend investments which may be riskier or more speculative than those which would be recommended under a different fee arrangement." Despite this, the firm abides by fiduciary duty.
Opening an Account With Private Wealth Management
Because the firm doesn’t have a website, you’ll have to go to its physical address to become a client. You can also set up an appointment with the firm by calling the office at (901) 322-4212.
All information was accurate as of the writing of this article.
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