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.
Facet Wealth can help you with the following services:
- Retirement planning – Facet Wealth will create an action plan to help you achieve your retirement goals and make sure you understand the strategies they recommend.
- Education planning − For people with kids, Facet Wealth shows you the options for paying for their future education.
- Life planning − A Facet Wealth advisor can help you plan for life's milestones, such as having kids, buying a home, or medical expenses.
- Asset management − Facet Wealth manages your investments for you, ensuring you have a diversified portfolio that fits your financial goals.
- Tax planning − You can implement your financial plans and minimize your tax liabilities.
- Estate planning − If you have a personal attorney, Facet Wealth will work closely with them to create your estate plan.
- Legacy planning − Provisions can be made for your family or charity.
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 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. They 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. 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.
Plus your portfolio can be fully managed by Facet Wealth and periodically reviewed and rebalanced. And your human advisor can also give you advice that would be out of the scope of a robo advisor, such as how to manage debt. Or if you rather manage your funds yourself, 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.
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.
How Does Facet Wealth Approach Investing?
Facet Wealth believes that a person's financial life should start with a personalized and actionable plan. Each strategy their lead planners create includes risk-appropriate asset allocation, diversification, low costs, and tax efficiency.
Facet Wealth's core principles state that everything starts with a plan. You need to have a long-term view, and discipline drives success. They approach investing with personalized strategies and use planning as the foundation.
Facet Wealth Pricing
Prices for Facet Wealth range from $1,800 to $6,000 a year. Depending on your situation, this 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 assets under management. The flat fees are competitive with many traditional fee-only financial planners and in many cases can be lower.
The highest service levels are ideal for business owners and those with a high net worth. Most people will land somewhere in the middle. This includes planning for retirement, education, and life milestones.
Who Is Facet Wealth Best For?
Facet Wealth is best for investors who want more comprehensive financial planning and have a medium to high asset level. Here's a quick recap of its biggest advantages and drawbacks,
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 could be 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.