Form ADV Part 3 – Client Relationship Summary
Harrison & Company Wealth Management, LLC (hereinafter referred to as “HCO Private Wealth”) is an investment adviser registered with the Securities and Exchange Commission offering advisory accounts and services. Brokerage and investment advisory services and fees differ, and it is important that you understand the differences. This document gives you a summary of the types of services and fees we offer. Please visit www.investor.gov/CRS for free, simple tools to research firms and for educational materials about broker-dealers, investment advisers, and investing.
Relationships and Services
Questions to ask us: Given my financial situation, should I choose an investment advisory service? Why or why not? How will you choose investments to recommend to me? What is your relevant experience, including your licenses, education, and other qualifications? What do these qualifications mean?
What investment services and advice can you provide me? Our firm primarily offers the following investment advisory services to retail clients:
- Portfolio management – we construct an investment portfolio designed to meet a long-term return objective, which will, in turn, meet your future goal. For most clients, the goal is financial freedom and/or retirement.
- Financial planning – we provide comprehensive financial planning services focused on retirement planning, tax strategies, cash flow automation, asset protection, estate planning, and other financial strategies.
As part of our standard services, we typically monitor client accounts daily. Our firm has discretionary management without any material limitations. We limit the types of investments that are recommended since not every type of investment vehicle is needed to create an appropriate portfolio. To maintain our high level of service, we cannot accept all new prospects and require a minimum investable asset size of $500,000. Please also see our Form ADV Part 2A (“Brochure”), specifically Items 4 & 7.
Fees, Costs, Conflicts, and Standard of Conduct
Questions to ask us: Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me? How might your conflicts of interest affect me, and how will you address them?
What fees will I pay? We are a fee-only firm, meaning that we charge a percentage (%) fee on the amount of assets we manage. This fee aligns our interest with yours in the fact that we will be paid more if we increase the value of your assets and will be paid less if the account value decreases. We are incentivized to maximize the value of your investments. We collect no commissions from the investments we select for your portfolio. Our fixed fee arrangements are based on the amount of work we expect to perform for you, so material changes in that amount of work will affect the advisory fee we quote you. All fees are paid quarterly in advance based on the quarter-ending balance for the previous quarter. You pay our fees even if you do not have any transactions and the advisory fee paid to us generally does not vary based on the type of investments selected. Please also see Items 4, 5, 6, 7 & 8 of our Brochure.
Some investments (e.g., mutual funds, variable annuities, etc.) impose additional fees (e.g., transactional fees and product-level fees) that reduce the value of your investment over time. The same goes for any additional fees you pay to a custodian. Additionally, you will pay transaction fees, if applicable, when we buy or sell an investment for your account. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. Please also see our Brochure for additional details.
What are your legal obligations to me when acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have? When we act as your investment adviser, we act in your best interest and do not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here are some examples to help you understand what this means.
- If you ask for investment advice on assets that we won’t manage, we will gladly provide you with advice, however, that advice is rendered with the knowledge that our recommendation to invest in an alternate investment (such as Real Estate or a local business) will result in a loss of assets at our firm and our ability to bill those assets.
- When you ask us for advice on assets that we don’t hold such as your 401(k) account, we cannot bill those assets directly which may mean we don’t get paid for our advice which could. Theoretically, this could influence the quality of our advice.
How do your financial professionals make money? Primarily, our financial professionals receive cash compensation from the advisory services we provide to you because of the advisory fees we receive from you. This compensation may vary based on different factors. Please also see Item 10 of our Brochure for additional details.
Questions to ask us: As a financial professional, do you have any disciplinary history? For what type of conduct?
Do you or your financial professionals have a legal or disciplinary history? We do not have legal or disciplinary events. Visit www.investor.gov for a free, simple search tool to research us and our financial professionals.
Questions to ask us: Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?
For additional information on our advisory services, see our Brochure available at https://adviserinfo.sec.gov/firm/summary/150248 and any individual brochure supplement your representative provides. None of our investment advisors are representatives of broker-dealers. If you have any questions, need additional up-to-date, or want another copy of this Client Relationship Summary, then please contact us at 540-204-9310.
Material Changes to Client Relationship Summary
There are no material changes to the language in our CRS since the prior version. The formatting in this version has been updated.