Harness Wealth

Overview

Harness Wealth is a financial technology company founded in 2018, aimed at connecting high-net-worth individuals and those with complex financial situations to bespoke tax and financial advisors. Co-founded by David Snider and Katie Prentke English, Harness Wealth leverages technology to facilitate personalized financial planning and advisory services. As of 2023, Harness Wealth has raised a total of $36 million across several funding rounds. It is headquartered in New York City.

Recent Developments

• September 2024: Harness Wealth was recognized on the 2024 Inc. 5000 list as one of the fastest-growing tax technology and WealthTech companies. Their ranking highlighted significant revenue growth from 2020 to 2023, positioning them as a leader in their sector.
• March 2024: The company announced a $17 million extension to its Series A funding round, which brought the total Series A funding to $32 million. This funding is aimed at expanding their tax advisory services, particularly focusing on technology founders, professional athletes, and other high-profile clients.
• July 2024: Harness Wealth continued to develop its tax management services by offering new tools for advisors to streamline practice management, further enhancing the collaboration between tax advisors and their clients.
• October 2023: The company introduced Harness Wealth for Advisors, a comprehensive suite of tax advisory solutions aimed at improving accessibility to sophisticated tax planning.

Company Information

Attribute	Information
Founding Date	2018
Headquarters	New York City, New York, USA
Founders	David Snider, Katie Prentke English
Revenue	Not publicly disclosed
Profits	Not publicly disclosed
Key Investors	Activant Capital, Bain Capital, Torch Capital
Industry	Financial Technology (FinTech), Wealth Management
Number of Employees	Estimated at 50-100 as of 2024

Early History

Harness Wealth was founded by David Snider and Katie Prentke English in 2018 with the vision of modernizing wealth management by merging technology with human insight. The company was conceived as a response to the increasing complexity of financial management for individuals with significant equity-based compensation, particularly those involved in the technology sector. By developing a sophisticated platform, Harness Wealth aimed to streamline the financial advisory process, making it accessible to clients through a curated network of top tax, financial, and legal advisors.

Company Profile and Achievements

Harness Wealth operates a unique business model that merges traditional financial advisory services with modern technology solutions. The cornerstone of its offering is its platform, which connects clients to a network of vetted advisors specializing in taxes, financial planning, and estate management. Key achievements include:

• Platform Development: Established a comprehensive advisor marketplace that caters to clients with complex financial needs, offering services typically reserved for the ultra-wealthy.
• Funding Success: Successfully completed several funding rounds, raising a total of $36 million, allowing the company to expand its service offerings and technological capabilities.
• Client Expansion: Significant growth in client numbers, including high-profile individuals such as tech founders, professional athletes, and prominent artists, diversifying its user base.
• Technological Advancements: Introduction of the "Harness for Advisors" platform, which enhances the advisory process through integrated technology that allows advisors to manage client practices more effectively.

Current Operations and Market Position

Harness Wealth currently positions itself as a leader in the WealthTech industry, focusing on expanding its digital platform to provide sophisticated, tailor-made financial solutions. The company targets affluent individuals and families, helping them navigate financial complexities ranging from tax planning to estate management. With its advisor marketplace, Harness Wealth aims to provide better advisory options by linking clients with reputable, highly-rated advisors, thus increasing its market share in the upscale financial advisory sector.

Conclusion

Harness Wealth stands out in the WealthTech industry due to its innovative approach to financial advisory services, integrating advanced technology with personalized human advisory. By focusing on niche markets with complex financial needs, the company has established a unique position that resonates with tech-savvy, high-net-worth individuals. Moving forward, Harness Wealth is well-positioned to continue its growth trajectory, leveraging its platform to address the evolving financial needs of its clientele and setting a precedent for how financial advisory services can be modernized through technology.