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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.

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

Investment Philosophy

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
AUM Annual Fees
First $1,000,000 0.75%
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
$500K $3,750
$1MM $7,500
$5MM $33,000
$10MM $71,000

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.

Tips for Becoming a Better Investor 

  • If you're looking for a financial advisor who can help you invest, you may not know where to begin. Luckily, SmartAsset's free tool can pair you with up to three advisors in your area, with the final choice of who to work with being up to you. Get started now.
  • 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.

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.

Least
Most
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