In this Facet Wealth review I will explain how Facet Wealth offers the same benefits of standard financial planning firms, with the added convenience of instant online access.
Read my Facet Wealth review to find out if it is suitable for your investing requirements.
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Who is Facet Wealth
Facet Wealth provides virtual comprehensive financial planning services at a fixed, flat annual fee. They were founded in 2016, and are backed by Warburg Pincus, a well-known global equity firm. Facet Wealth aims to provide broader access to affordable planning services, especially to young professionals.
Why Use Facet Wealth
Clients are matched with a dedicated Certified Financial Planner, meaning they get to work with one person who understands their financial needs and goals, similar to offerings of traditional financial advisors.
CFPs gain access to all of client’s accounts, so they are able to view a complete picture of their finances and provide up-to-date financial and investment advice. Clients are able to meet with their CFP whenever they need with any questions they may have.
Facet Wealth is ideal for those with high net worth due to their ability to save on fees with the flat rate.
Facet Wealth Ratings
Overall
Pros
- Flat fee doesn’t change
- Online easy-access portal
- All advisors are Certified Financial Planners
Cons
- Limited investment account management
- No in-person meetings available
- Flat fee may be relatively high for those with few financial assets
Facet Wealth Accounts
Facet Wealth offers a variety of online financial planning services to assist clients in managing money throughout their lives, from their big-picture financial future to everyday financial needs. Some of these offerings include:
Retirement Planning
A step-by-step plan to assist clients in saving and provide guidance for their needs and goals targeting their retirement investments, and maximize their retirement income.
Education Planning
Facet Wealth provides Education Planning to help clients pay for their child’s future education.
Life Planning
Life Planning is designed to assist clients in planning for life goals and milestones that are important to them.
Tax Planning
Facet Wealth’s tax preparation services can teach clients how to minimize tax liability for today and the future.
Asset Management
Manages investments of assets under management for clients, ensuring they have a diversified portfolio that fits their goals.
Estate Planning
Facet Wealth works with client’s personal attorneys to create their estate plan.
Legacy Planning
Creating a plan to give provisions to client’s family or their favorite charity.
If clients wish for Facet Wealth to perform direct investment management for them, they must utilize a portfolio with Schwab, TD Ameritrade, or Fidelity.
Facet Wealth Account Features
Facet Wealth’s website has many valuable features available for users to utilize their personal financial situation.
The Facet Wealth team provides easy access to independent financial advice and financial guidance for clients to get the most out of their financial decisions.
Between comprehensive financial planning, easy access to an investment advisor, and portfolio management, the Facet Wealth experience proves to be full of options and serve all financial needs.
Dashboard
Clients are able to login at any time and view their information on their Facet Wealth Dashboard, including access to their personal financial “blueprint”. Blueprint is a summary of all their investment goals or needs, and works by securely linking their Facet Wealth account to their other financial accounts.
Dedicated Financial Planner
Clients are paired with Certified Financial Planners. A financial advisor will get to know them and their personal financial life and financial plan. Facet Wealth utilizes a phone or video call to meet with clients across the country to provide independent expert financial advice, instead of focusing primarily on in-person interactions.
Portfolio Management
Facet Wealth advisors can work with clients through their current financial institution, as long as those companies are either Charles Schwab, Fidelity, TD Ameritrade, or Pershing.
Fiduciaries – Advisors always put the needs of clients first, and don’t get paid via commissions like an old-school financial planning firm.
Facet Wealth Charges and Account Fees
Facet Wealth offers a $0 account minimum, which is impressive when compared to the minimums charged by other online financial advisors.
Facet Wealth doesn’t charge a pricing model is a flat annual fee based on the complexity of a client’s financial needs. Fees range from $1800 to $6000, depending on how much financial advice is needed.
Common questions about Facet Wealth
What does Facet Wealth do?
Facet Wealth offers virtual, full-service financial planning from dedicated certified financial planners. The company charges a flat annual fee based on the complexity of a client’s planning needs. Many or all of the products featured here are from our partners who compensate us.
Is Facet Wealth secure?
Facet Wealth uses Finicity, Plaid & Yodlee, three of the industry’s leading secure, encrypted services, to link your bank and investment accounts. With each, your financial planner will be able to see frequent updates on all of your linked accounts, so they can give you even better and more timely advice.
Is Facet Wealth a robo advisor?
Though the firm has one office in Baltimore, it offers its services nationwide on a virtual basis. The bottom line: Facet Wealth is effectively a robo-advisor with a human touch, as it also provides real-life advisors with whom clients can have regular consultations.
How many clients does Facet Wealth have?
The firm has about 110 advisors, working with 10,000 clients (an average of about 90 clients per advisor).
How much does Facet Wealth cost?
Facet Wealth fees range from $1,200/year (which is $100/month) – $6,000/year (which is $500/month) – and most clients fall in the middle of that range depending on the complexity of your financial landscape. They offer seven levels of services with prices that increase with the level of services rendered.
How is Facet Wealth different from robo advisors?
They do full financial planning versus solely managing money. They believe clients should have human beings planning their prosperous financial lives. Understanding, common experiences and human insight create trust and make for a better informed plan.
How does Facet Wealth make money when there’s no asset minimum?
Typically, financial planning fees are based on a percentage of your assets, so your cost increases along with your wealth. Facet Wealth charge a fixed fee based directly on your needs.
This gives them the freedom to serve anyone, regardless of their assets, instead of working only with people who have already accumulated significant wealth. This model also lets them help clients build brighter financial futures overall, rather than focusing on investments alone.
And, because Facet CFP professionals don’t sell products or make commissions, they are focused only on your best outcomes. This big-picture approach to financial planning is supported by a fixed subscription fee, so you can have consistent financial advocacy whatever your needs may be.
Why is Facet Wealth a virtual service?
By working virtually, Facet Wealth gives clients access to the highest level of financial planning available, wherever life takes them. With a growing staff of over 100 CFP professionals working virtually, they can match users with someone who’s perfect for their unique needs, regardless of location.
Facet Wealth will meet with clients according to their schedule, without the hassle of commuting to an office. Working virtually also allows them to offer the highest level of financial advice at an affordable cost.
What is a CFP Professional?
CFP Professional stands for Certified Financial Planner Professional, it’s the gold standard of financial planning. Here you get a dedicated CFP® Professional that will help plan a path toward financial prosperity. All of our CFP Professionals have a wealth of experience and knowledge and come with the highest credentials.
Is Facet Wealth regulated?
Yes Facet Wealth is regulated by the Securities and Exchange Commission (SEC)
Facet Wealth FAQs
Does Facet Wealth manage money?
Facet Wealth directly manages brokerage accounts, Roth, traditional, SEP, rollover and SIMPLE IRAs, solo 401(k)s and trusts. Facet provides investment recommendations on accounts it doesn’t manage directly, such as 401(k)s and other workplace retirement plans and stock option plans.
Is Facet Wealth a fiduciary?
All Facet Wealth CFPs are fiduciaries, which means they are required to act in your best interest and place your needs before the company’s. You are charged a flat monthly fee regardless of the size of your portfolio, which means there are no surprises or unexpected fees.
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