The Bottom Line: If you need more financial planning than a robo-advisor but can’t afford traditional financial planning services, Face Wealth may be right for you. You’ll have access to a dedicated financial planner and won’t have to worry about any fees based on your assets under management.
The forces of financial technology – fintech – continue to offer up new and exciting financial service offerings.
While a great way to get market exposure at low costs, robo-advisors fall short when it comes to comprehensive financial planning.
In days gone by, financial planning was the realm of traditional financial advisors who were often, but not always, associated with large banks.
As technology continues to democratize finance and investing, more and more consumers are demanding financial planning services at fees much lower than a traditional advisor.
In between robo-advisors and traditional financial planning is a large, relatively underserved space.
Maybe you are one of the millions of Americans who need more comprehensive services than a robo-advisor offers, but are unwilling or unable to pay the heavy fees imposed by traditional financial advisory services.
Enter Facet Wealth!
Facet Wealth is a marriage of traditional financial advisory services and low-cost technological solutions.
You get full access to a dedicated, certified financial planner (CFP) for a fixed monthly rate. Your CFP can help with everything from portfolio allocation to retirement planning, and much more.
The tech part means you and your CFP are in touch digitally, either by phone or video conference – nights and weekends included for those busy bees burning the late-night oil.
Read on as we dive into this tech-driven financial planner.
Minimum Investment: $0
Fees: 6 service levels, from $480 to $5,000/year
Promotion: No current promos
What is Facet Wealth?
Facet Wealth is a full service online (and over-the-phone) financial planning and wealth management firm.
Officially the firm has targeted the mass affluent – those with between $100,000 and $1M of liquid financial assets, plus an annual household income of over $75,000.
The company has positioned itself between the burgeoning DIY robo-advisor space and the expensive, high-touch traditional financial advisor.
As a client, you’ll work with a certified financial planner (CFP) to customize a financial plan right for you.
Like traditional financial advisors, your CFP will meet with you to determine your financial planning needs and will help you invest your assets and track your progress.
You can schedule time with your CFP as needed, nights and weekends included.
Unlike traditional financial planning, your fees are fixed and not based on assets under management (AUM).
This means greater savings than a traditional advisor with the backing of a full-service CFP.
Planning needs included retirement planning, life planning, education planning, and many more.
Facet Wealth began in 2016 when its three founders – Brent Weiss, Anders Jones, and Patrick McKenna – identified a pressing market need.
Working in different aspects of finance (see Forbes), venture capital, financial advising, and investing, the trio recognized a gap between the exploding robo-advisor offering and traditional, high-touch financial planners.
Investors could get money into the market relatively easy with robo-advisors but struggled when complicated financial planning questions arose.
Originally based in and around Silicon Valley, the team moved to Baltimore to found Facet Wealth.
Brent and Anders, its two active founders, decided Baltimore offered the right mix of talent and positive business climate to create a fintech company.
They blended people and technology to offer high-touch financial planning at a fraction of the cost of traditional advisors.
The company is off to a strong start, with a recent Series A funding raise of $33 million from Slow Ventures and four other VC firms.
While still ahead of the game, they do have one direct competitor in the form of Personal Capital.
Facet Wealth Features
Dedicated Financial Planner. Full-service certified financial planner available to you over the phone or online.
Fixed-rate Planning. Pay a set fee annually without having to worry about assets under management costs.
Scaling Fees. Choose from six fee tiers based on your needs. If you didn’t use all the services, you will be automatically moved to the best tier.
Financial Planning Services. You and your CFP will create a customized and comprehensive financial plan, available to you online.
Accounts and Brokerages. Direct management of Solo 401(k)s, trusts, and IRAs at four leading brokerages.
No Additional Fees. Pay nothing when you create an account, move funds, or close an account.
Meetings On Your Schedule. Meet with your CFP by phone or teleconference whenever you want, as many times as you need. Nights and weekends included.
Personalized Portfolios. Work with your CFP to create custom-tailored portfolios covering ETFs from over 12 different asset classes.
Technology & High-touch Financial Planning. More than a robo-advisor, but less expensive than a full-time financial advisor.
Range of Financial Planning Services. Get help with everything from income tax planning to estate planning to retirement planning, and more.
How Does Facet Wealth Work?
For a fixed monthly rate, Facet Wealth pairs you with a dedicated CFP who will help you understand and plan for all of your financial needs.
Facet Wealth is not a call center. The company has created a distributed network of certified finance professionals throughout the nation.
These finance pros contract with Facet Wealth to offer financial planning services.
You will have a dedicated CFP who will work with you from day one to make sure you get the best services.
Unlike traditional financial advisors, you only pay for the services you use. You don’t pay a portion of your assets under management.
The starting rate is $480 per year, which comes out to $40 per month. For those investing $50,000, that’s just under 1% per year.
Here’s what you can expect when you contract with Facet Wealth:
Facet Wealth Services
Facet Wealth has used technology to make access to financial planners and quality financial advice affordable and relatively hassle-free.
Below is a list of the financial services that you’ll have access to – just keep in mind your yearly price will adjust based on the services used.
Facet Wealth Costs & Fees
Part of what makes Facet Wealth unique is that it eschews traditional cost structures based on total assets under management.
This means that you will never have to worry about your rate changing as your wealth under management grows.
The firm does have a maximum: $1,000,000 in total assets. After this, you’re better served with a traditional financial planner (which Facet Wealth will help you find).
Note: Facet Wealth doesn’t charge any fees, so you won’t have to worry about set up fees, account fees, or closing fees.
Facet Wealth offers six service levels, ranging in price from $480 to $5,000 per year.
Importantly, you will only be charged at the level of services that you use within a given year. This means that your yearly rate can change if you find it necessary to add or remove services.
Below is a breakdown of the six service levels and the financial planning services you will have access to at each level.
$480 / year
$800 / year
$1,600 / year
$2,400 / year
$3,000 / year
$5,000 / year
Wealth planning blueprint
Lifestyle, cashflow, expense planning
Retirement, education planning
Retirement income and distribution
Trust and legacy planning
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Small business planning
Investing with Facet Wealth
As a full-service, fully digital financial services firm, you can expect to get financial planning advice and financial asset management.
Facet Wealth is a step above robo-advisors, in that you can get comprehensive financial planning services, asset management, and dedicated CFP who will answer questions and help you make the most of your financial future.
Specialists are available if your situation requires more complicated financial planning advice.
Facet Wealth offers the following investment options:
The firm supports a variety of direct management accounts:
They also work with the following four brokerages:
Pros & Cons
Facet Wealth aims to make online financial planning personal and affordable. They offer seven pricing levels based on your specific financial planning needs as well as unlimited access to your CFP®.
How to Get Started With Facet Wealth
In order to get the process started, you’ll want to schedule a free, no-obligation call with Facet Wealth.
At the time of writing, this is done through a calendar system on the website. A Facet Wealth representative will reach out to you
During the call, you’ll have a chance to discuss your financial needs, expectations, and to determine if Facet Wealth is the right fit.
If so, you’ll be paired with a CFP who will work with you throughout your contract – much like a traditional financial planner.
They will work with you to create a financial plan, called a financial blueprint, and to create or structure your investments.
Should You Invest With Facet Wealth?
For those stuck between robo-advisors and traditional financial advisors, Facet Wealth offers a compelling alternative.
If you’ve ever worried about your long-term financial health, and think your robo-advisor isn’t up to the task of creating the right financial future, schedule a meeting with Facet Wealth.
The company is blazing a new future where more people have access to financial planning advice without having to travel to an advisor, and without having to worry about being charged on assets under management.
Like a traditional advisor, you’ll have access to a dedicated financial professional.
Our primary concern for this company is that it is relatively new, like many fintech companies today.
While this may be a problem for some investors, many will find this a breath of fresh air. Facet Wealth is out to change investing for those with assets under $1,000,000, and by leveraging technology, they’ve made financial planning advice both accessible and affordable.
Courtney Bower writes about investing, behavior economics, real estate, and psychology. He served as a US Peace Corps volunteer in Ukraine. He is originally from the Midwest.