Located in Memphis, Tennessee, Private Wealth Management is a fee-only advisory firm. The registered investment advisor (RIA) has more than 500 clients and more than $590 million assets under management. Private Wealth Management doesn’t have a website.
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. 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.
What Types of Clients Does Private Wealth Management Accept?
The firm works with both high-net-worth and non-high-net-worth individuals, but most of its clients are considered high-net-worth. Private Wealth Management has about 68 high-net-worth clients, with only about 6 non-high-net-worth individuals. The firm says it also provides services to charitable organizations, limited partnerships and trusts.
Private Wealth Management Minimum Account Sizes
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. The firm may set up an account of less than $1,000,000 if the client proves they can meet the required account value within a reasonable time. The firm’s brochure also says that minimum account size exceptions may also apply to both employees and their relatives, or relatives of existing clients. But client’s also receive an annual fee for their accounts. The firm charges a $6,000 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-term 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 of one-fourth of the annual fee rate. 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. Though the firm charges an annual $6,000 fee for accounts receiving ongoing management, it may charge a higher fee for accounts with a small balance.
The firm generally deducts fees directly from the client’s brokerage account after the client signs the Investment Advisory Agreement. Both Private Wealth Management and clients retain the right to terminate the agreement at any time. 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.
|Amount of Assets||Annual Management Fee|
|$1,000,000||$7,500 + 0.45%|
|$5,000,000||$25,500 + 0.40%|
|$10,000,000||$45,500 + 0.35%|
|$15,000,000||$63,000 + 0.25%|
|Amount of Assets||Annual Management Fee|
|$20,000,000||$75,500 + 0.15%|
|$30,000,000||$90,500 + 0.10%|
|$50,000,000||$110,500 + 0.075%|
|$75,000,000||$129,250 + 0.05%|
|$100,000,000||$141,750 + 0.025%|
What to Watch Out For
Private Wealth Management is a fiduciary, so its advisors are legally obligated to prioritize clients’ investment interests over their own. In addition, the firm doesn’t have any disclosures. But potential clients may want to consider the firm’s high investment minimum, along with its limited number of advisors before opening an account. Though the firm says it provides exceptions to its minimum account size rule, it may not be a good choice for individuals looking to invest less than $1 million.
Private Wealth Management may buy and sell the same securities it recommends to clients. However, because of its fiduciary duty, the firm will prioritize the client’s wishes if it creates a conflict of interest.
Private Wealth Management has no disclosures, according to its most recent Form ADV.
Opening an Account With Private Wealth Management
Because the firm doesn’t have a website, you’ll have to go to its physical address. You can stop by Private Wealth Management’s office if you live near Memphis, Tennessee. You can also set up an appointment with the firm by calling the office at (901) 322-4212.
Where is Private Wealth Management Located
The firm has only one office. It’s located in Memphis, Tennessee, at 3725 Champion Hills Drive, Suite 1400.
Tips for Becoming a Better Investor
- If you’re looking to earn money through investing, proper asset allocation is extremely important. But first, you’ll need to determine your risk tolerance and how much you can afford to spend on your investments. Whether you’re a beginner or an experienced investor, SmartAsset’s investment calculator can give you a better idea of how much your investments may earn you over time. All you’ll need is your initial investment sum, the rate and the amount at which you plan to contribute, your expected rate of return and the amount of time you expect it to grow.
- If you’re not sure how to approach your investment goals, or if you need help with financial planning, a financial advisor could be right for you. Financial advisors can help you with things like investment strategy, asset allocation and portfolio diversification. SmartAsset’s financial advisor matching tool pairs you with up to three local advisors suitable to your financial needs.
All information was accurate as of the writing of this article.