Facet Wealth is a next-gen financial planning firm that pairs each client with a dedicated Certified Financial Planner™ to manage investments, savings, insurance, taxes, and estate plans. Every client works directly with their CFP® professional to create and manage a dynamic financial plan. When you work with an advisor through Facet Wealth, you only pay an annual flat fee based on the services you need.
Some people are confident in managing their finances on their own. But others prefer the help of an expert to make sure they are on track to meet their financial goals. If you want help with your financial plan, investments, insurance, or other financial needs, a CFP® professional from Facet Wealth could be right for you.
About Facet Wealth
Launched in 2016, Facet Wealth pairs you with a dedicated CFP® professional who works directly with you. All Facet advisors are fiduciaries, which means they have to put your best interests above their own. Facet Wealth charges customers an annual fee that isn’t based on their wealth or assets under management but on the services they need.
Some people can handle their investments and financial plans on their own. But many find the services of a financial planner are worth the cost. Whether you want someone to put a plan together for you or just want a professional second opinion on what you’re doing, Facet Wealth may be exactly what you need.
Facet Wealth can help you with the following services:
- Retirement planning
- Education planning
- Life planning
- Asset management
- Tax planning
- Estate planning
- Legacy planning
- Debt management
- Cashflow management
Facet Wealth Features
Facet Wealth offers many advantages and features clients find useful. Here are some of the best aspects of working with this service.
Dedicated Financial Advisor
When you sign up with Facet Wealth, you are paired with a CFP® professional—the gold standard in financial expertise— who will work with you as long as you stay with the company. This person will get to know you and your financial situation and will work with you to help you achieve financial wellness. Facet planners know that life is always changing and believe that financial plans should be dynamic, so your planner will work with you to update your financial plan or investments when you need to pivot.
Advisors at Facet Wealth are well-rounded financial experts who can take a holistic look at your finances to help you with a wide range of financial questions and needs.
Portfolio Management With Your Current Brokerage
Facet Wealth advisors can take the reins and manage all of your investments for you, or they can work with you through your current brokerage accounts.
- Facet Wealth advisors work directly with accounts at Charles Schwab, Fidelity, TD Ameritrade, and Pershing.
- Your portfolio will be invested mostly in exchange-traded funds (ETFs) and mutual funds. And the selection of these is based on your financial goals and personal risk tolerance.
- Your portfolio is fully managed by Facet Wealth and periodically reviewed and rebalanced.
- Your human advisor can also give you advice would be out of the scope of a robo advisor, such as how to manage debt.
- You can work with your advisor to manage your 401(k), IRAs, stock options, work benefits, and other financial accounts and decisions.
Facet Wealth clients can log in at any time to view their information on the Facet Wealth dashboard, where they access their personal financial “blueprint.” This includes a summary of their goals, investments, bank accounts, insurance, retirement, assets, debts, estate planning, and other details. Clients can monitor their finances and track their progress towards their financial goals at a glance.
To monitor your information, you have to securely link your Facet Wealth account to your other financial accounts. This works similarly to popular financial apps like Mint and only has to be done once. Facet Wealth uses a proprietary system built upon the robust and secure Amazon Web Services platform and gathers the most up-to-date information so you always have your financial information at your fingertips.
The importance of working with an advisor who is a fiduciary can’t be understated. Fiduciary means the advisor has to put your best interests first. While you may think that’s a given when you hire someone to help you with your money, that isn’t always the case.
Some old-school financial planners get paid commissions by investment fund companies if they send client assets to those funds. But those funds are not always in the client’s best interest. When you work with a fee-only fiduciary planner (more on the fee in the next section), you are in the best position to have your needs met. Facet Wealth planners do not earn commissions and have no products to sell.
Flat Annual Fee
Facet Wealth charges a flat annual fee depending on the service level you choose.
- The fee ranges from $1,200 per year to $6,000 per year.
- The $1,600 plan looks like the best fit for the average user, as it includes financial planning, investment management, and retirement planning, among other features.
The flat fee avoids conflicts of interest caused by the commissions we discussed in the previous section. It also makes your costs predictable, as you don’t pay based on a percentage of assets under management (AUM), another common way for financial advisors to charge.
How Does Facet Wealth Work?
The Facet Wealth experience starts with a 30-minute introductory call where you review your goals and current financial situation in depth. This initial meeting maps out your goals and plans and gets a snapshot of where your finances are so that Facet can understand the services and support you will need. If you’re happy with the call, you can sign up for whichever plan makes sense for your needs. There is no pressure.
Once you sign up, you can chat with your advisor by phone or by using a video conference call, and calls can be scheduled outside of normal business hours. You choose which works best for your needs.
Clients schedule video and phone calls with their planners directly. There is no call center. Clients may schedule meetings with their planner as the need arises, or can adhere to the standard schedule, and meet with their planner at regular intervals several times a year.
Facet Wealth Pricing
Depending on your situation, pricing could be a bit high for your needs. However, those with significant assets may save a bundle using Facet Wealth compared to an advisor that charges based on AUM. The flat fees are competitive with many traditional fee-only financial planners and in many cases can be lower.
The basic membership level for $1,200 per year may not include everything you’re looking for. The highest service levels are ideal for business owners and those with a high net worth. Most people will land somewhere in the middle, which includes planning for education, retirement, and insurance coverage, services that align with the average person looking for a financial advisor.
Facet Wealth Pros & Cons
Dedicated financial advisor
— Clients are assigned to a dedicated advisor who works with them one on one. You can contact your advisor directly, no call center required.
Fee-only fiduciary model
— Predictable fees with a structure designed to put your needs first and avoid conflicts of interest.
Works with popular brokerages
— Facet Wealth advisors can manage your accounts directly through four popular custodians.
Pricing may be high for some people
— While $100 per month for a financial advisor isn’t a bad deal, it may not be worthwhile for many people. As plans become more expensive, they may become cost prohibitive.
Final Thoughts on Facet Wealth
Facet Wealth offers traditional financial advising through the phone and video conferencing. Because of its transparent, flat pricing, and fiduciary status, it’s a good choice for people who want to work with a financial advisor remotely. If you’re looking for a human financial planner to work with, Facet Wealth is definitely worth checking out.