Harness Wealth upraises $15million to make the family office service available | MENA startups, innovation, and tech news

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Harness Wealth upraises $15million to make the family office service available
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Harness Wealth upraises $15million to make the family office service available

“Harness Wealth helps you find the services and firms you need to reach your financial goals.”

-harnesswealth.com

Harness Wealth has raised around $15million to make family offices come into the picture. Harness Wealth was founded in the year 2018 by Catherine Prentke English, David Snider, and Drew Schwartz. It was established to boost the faith of the next generation and to make better financial moves. Launched in New York, it works under niches such as: consulting, financial services, and wealth management.

What is a family office?

The family office is a confidentially confined company that grips investment management and wealth management for a propertied wealthy family, generally one with over $100 million in investable assets, with the goal being to effectively grow and transfer wealth across generations. As stated by a 2019 Global Family Office Report by UBS and Campden Wealth, 68% of the 360 family offices surveyed were founded in 2000 or later.

Why do we need a family office?

“Some high net-worth individuals may want to consider opening a family office. A family office provides a wider range of services tailored to meet the needs of HNWIs. From investment management to charitable giving advice, family offices offer a total financial solution to high-net-worth individuals.” according to investopedia.com.

Harness, charges fees for their consulting into the financial sector and investment to people. Snider, one of the founders adds: “We only do well if they find long-term success with the advisers on our platform,”

Harness closed on $15 million in Series A funding led by Jackson Square Ventures, which brings the company’s total funding to $19 million.

“Harness Wealth isn’t itself a financial advisory firm — the company serves to connect clients to carefully vetted firms. Advisors on the platform typically charge a 1% management fee and require a minimum of $250,000 in investable assets, but flat-fee financial planning services are also available with no minimum.” according to nerdwallet.com.

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