You can benefit from financial planning no matter who you are or where you are in life. In fact, it may be just what you need to meet your short-term and long-term financial goals. With a solid financial plan in place, you’ll be able to build an emergency fund, retire early, pay for your child’s college, travel the world, and accomplish anything else that’s important to you.
If you’d like to pursue financial planning but are worried about the cost, it’s a good idea to familiarize yourself with Facet Wealth. With Facet Wealth, you can receive many of the services you need at a price you can afford. Let’s take a closer look at what Facet Wealth is so you can determine whether it’s a good option for your unique situation.
What is Facet Wealth?
Facet Wealth is a financial planning firm that offers its services through financial advisors online and by phone at a lower cost than many traditional wealth management firms. Its primary focus is on financial health and wellness.
Additionally, Facet Wealth’s two main principles include transparency and simplicity. Headquartered in Baltimore, Maryland, and founded in 2016, the company strives to make it as easy as possible to work with them.
Facet Wealth believes the amount you pay for financial planning should be based on the services you receive, not the monetary value of your assets. Unlike many financial planning firms, the company will manage your investments and provide you with advice for a flat annual fee. You’ll be able to budget for your services in advance because you won’t be charged based on product commissions or a percentage of your investments.
The company employs a number of Certified Financial Planners (CFPs) who will help you meet your financial goals. Following an initial phone call, they’ll pair you with the ideal CFP for your specific situation. You can depend on them to address any questions or concerns at any time.
Who Do Facet Wealth Financial Advisors Primarily Serve?
While Facet Wealth Financial Advisors can serve a variety of individuals, they typically help those who desire professional, customized financial advice at a predictable, affordable price point. Their typical client is someone who may have steered away from financial planning services in the past because they didn’t believe the benefits were worth paying a percentage of their assets.
People choosing to work with Facet Wealth advisors may also prefer a fiduciary who acts in their clients’ best interests rather than earning commissions on investment products. Lastly, many Facet Wealth clients seek more than the automated portfolio management they may receive from robo-advisors.
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Why Should I Choose Facet Wealth Instead of a Robo-Advisor?
Robo-advisors offer investment management or financial advice online with minimal human intervention. They use algorithms to provide their services and are widely used by individuals who don’t want to spend a lot of money on a financial planner and like the convenience they bring.
It’s important to note that a robo-advisor can’t replace an experienced financial professional. A financial advisor will get to know you on a personal level and help you create a financial plan that aligns with your goals. Robo-advisors are tools that help you with your finances, rather than financial planners who have years of knowledge and relevant experience.
If you like the affordability and simplicity of robo-advisors but would prefer financial planning services with a human touch, you’d likely find greater value in a Facet Wealth advisor. With a Facet Wealth financial advisor, you’ll gain the benefits of affordable financial planning that a robo-advisor offers with the individualized, human support it lacks.
What is the Facet Wealth Experience Like?
If you’d like to work with a Facet Wealth financial advisor, you’ll need to schedule an initial phone call. The phone call will last about thirty minutes and serve as an opportunity for Facet Wealth to get to know you and your particular goals and priorities. Once the company learns more about you, they’ll set you up with a CFP and perform a complimentary review of your finances.
If you decide to become a Facet Wealth client, you’ll receive access to an online portal and be asked to enter your financial account credentials. This information will be 100% secure and solely used to make appropriate recommendations for you. Facet Wealth will not have access to your money or be able to make changes to any of your accounts.
You can work and meet with your Facet Wealth advisor any time you’d like. Keep in mind, however, that your meetings will revolve around the topics you pay for advice on. Most clients meet with their CFP on a regular basis at first and a few times per year afterward once they’ve designed their financial plan.
What are the Requirements to be a Facet Wealth Advisor?
As we mentioned earlier, all Facet Wealth advisors are CFPs. CFPs have all completed rigorous education and experience requirements. They hold at least a bachelor’s degree from an accredited college and university.
They also have either 6,000 hours of qualifying experience in the financial planning field or 4,000 hours of experience as an apprentice. In addition to these education requirements, CFPs have passed the CFP Certification Exam, which is made up of 170 multiple-choice questions as well questions with short scenarios and lengthy case histories.
CFP holders are held to the highest of standards outlined by the CFB Board. These standards are based on vital principles such as objectivity, competence, fairness, professionalism, and confidentiality.
They’re also fiduciaries, meaning they make their clients’ best interests a priority. Since they are legally obligated to put client interests above their own, they won’t make recommendations based on commissions. Their suggestions will be ideal for your unique financial situation and goals.
Should I Hire a Facet Wealth Advisor?
Before you take the plunge and hire a Facet Wealth advisor, consider the pros and cons of doing so.
Pros
- Cost Effective: Perhaps the greatest advantage of a Facet Wealth advisor is their affordability. If you’ve shied away from financial planning services in the past because of cost, they may be a good option. You’ll pay a Facet Wealth advisor a flat, annual fee rather than high commissions or a percentage based on your investments. In addition, there are flexible payment plans as well as no setup or cancellation fees. This is great news if you want to avoid surprise expenses and be able to budget for your services.
- Comprehensive Planning: While some financial planners only focus on managing and growing your investments, Facet Wealth advisors offer comprehensive planning. They can help you create a roadmap to meet your financial goals. You can trust them to assist with retirement, college savings, saving for a mortgage, or any other financial goal you may have.
- Intuitive Online Portal: As a Facet Wealth client, you’ll receive access to an intuitive online portal. The portal will include a dashboard that will keep track of your accounts in real-time. You can view it as often as you’d like to get a good idea of where you stand financially. In addition, the portal will offer a space to share your documents and schedule appointments. It’s completely confidential and secure.
Cons
- No Choice in Advisor: After your initial phone call, Facet Wealth will match you to an advisor. This may be a drawback if you’d like to do your research, evaluate all of the options available to you, and choose a professional on your own.
- Not Specialized: While Facet Wealth advisors offer comprehensive planning, most of them lack a specialty focus. So if you’re in search of a financial planner with specific expertise (e.g. working with business owners or educators, for example), you may be better off hiring a specialist advisor, like you’ll often find among XY Planning Network financial advisors.
- Online Only: If you prefer to meet with a financial planner in-person, Facet Wealth isn’t the best choice. Its advisors only meet with clients online via videoconferencing or through the phone. You won’t be able to meet them in an office face-to-face.
How Much Does it Cost to Hire a Facet Wealth Advisor?
Facet Wealth offers seven services that cater to clients with various levels of financial need. The services you select will determine the price of your Facet Wealth advisor. Its fees range from ,800 per year or $150 per month to $6,000 per year or $500 per month. In most cases, clients pay a price in the middle of that range.
If you’re a young professional or couple who would like to grow your net worth, you’ll pay less than someone who has complex real estate investments or multiple investment accounts with high balances. Rest assured Facet Wealth is completely transparent with its pricing so you’ll know exactly how much you’ll pay upfront. There are no hidden fees or surprise charges.
How to Get Started with Facet Wealth
It’s easy to get started with Facet Wealth. All you have to do is schedule your 30-minute introductory phone call. Complete the online form with your personal information and basic financial goals. You’ll hear back from Facet shortly and receive a confirmed date and time for your call.
Frequently Asked Questions
When was Facet Wealth created?
Facet Wealth was founded in 2016. Headquartered in Baltimore, Maryland, Facet Wealth serves clients nationwide.
How many employees does Facet Wealth have?
Facet Wealth has more than 300 employees as of January 2022.
How many clients does Facet Wealth have?
Facet Wealth has more than 10,000 clients as of January 2022.
Who founded Facet Wealth?
Facet Wealth was founded in 2016 by Anders Jones, Patrick McKenna, and Brent Weiss.
Is Facet Wealth a robo advisor?
Facet Wealth is not a robo advisor. Facet Wealth offers financial planning services offered by a team of Certified Financial Planners and believes clients should have planners who can offer human insights that create trust and make for a better-informed plan.
Who are the investors behind Facet Wealth?
Facet Wealth raised $100 million in January 2022 from lead investor Durable Capital Partners, a venture capital firm focused on private and public early-stage, small-, and mid-cap companies. Additional investors in the latest and prior rounds include Warburg Pincus, Telesoft Partners, and Green Cow Venture Capital.
Previous investor Warburg Pincus, and new investors Telesoft Partners and Green Cow Venture Capital also participated in the Series C round of funding for Facet. Terms of the deal announced Wednesday morning were not disclosed.
Looking for a Facet Wealth Alternative?
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About the Author
Anna Baluch
Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt University. Feel free to reach out to her on LinkedIn.