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Facet Wealth Review – Affordable Financial Planners at Your Finger Tips

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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.          

Facet Wealth logo

Our Partner

Affordable Financial Planners

AT A GLANCE

  • Dedicated CFP® Professionals
  • Goal Based Financial Planning
  • Financial planning supported by a sound investment strategy
  • Outstanding customer reviews

Overall Rating

4.0/5


Best for Financial Planners

Pros & Cons

Pros

  • Straightforward pricing
  • Dedicated financial planner
  • Digital platform tracks your financial plans
  • Great for both new and seasoned investors

Cons

  • No in-person meetings or branches
  • Limited information available on the website

The forces of financial technology – fintech – continue to offer up new and exciting financial service offerings.

You may have heard of robo-advisors taking the investment market by storm – maybe you work with a leading robo-advisor like Wealthfront or Blooom.

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.

Facet Wealth icon

Quick Summary

Minimum Investment: $0

Fees: $1,200 to 6,000/year (based on your needs)

Promotion: No current promos

What is Facet Wealth?

Facet Wealth is a full service online financial planning and wealth management firm.

Meetings between planners and clients are held over the phone or via video chat; planners are available evenings and weekends. 

Officially the firm has targeted everyday Americans, from newer investors getting a jump on retirement investing to those who need guidance in managing a substantial investment portfolio.

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 dedicated certified financial planner (CFP) to customize an ongoing financial plan right for you.

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 substantial savings compared to a traditional advisor with the backing of a full-service CFP.

Planning needs include retirement planning, life planning, education planning, asset management (included in your annual fee), and many more.

Company Background

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

Outside this company, Facet Wealth is pitted against your established robo-advisors – think Wealthfront or Betterment – and traditional financial advisors and wealth management firms.

Features

Dedicated Financial Planner. Full-service certified financial planner available to you over the phone or via video chat.

Fixed-rate Planning. Pay a set annual membership fee without having to worry about limited meetings and assets under management costs.

Fees That Fit Your Needs. Facet’s team of new client professionals works with each client to determine the correct annual membership fee based on your needs. Facet’s clients only pay for the services they use. 

Financial Planning Services. Your CFP works with you to understand your needs and will then 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. Oversight and advice for accounts of all types held elsewhere.

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 video chat 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. Continually updated, comprehensive financial information on a customized dashboard, with a dedicated, 1:1 CFP for advice and consultation.

Range of Financial Planning Services. Get help with everything from income tax planning to estate planning to retirement planning, and more. No question is too big or too small

How Does Facet Wealth Work?

For an annual membership fee, 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.

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 never pay a portion of your assets under management.

Facet’s annual membership fee ranges from $1,200 to 6,000 per year and is based on your financial complexity and needs.

Their team of new client professionals take time to understand your needs and find the membership fee that fits your unique financial life. 

Here’s what you can expect when you contract with Facet Wealth:

  • Matched with a personal Certified Financial Planner (CFP) 
  • A free, no-obligation introductory meeting (over-the-phone or online) to assess your needs
  • Individually tailored financial advice and a comprehensive financial plan prepared for you
  • Direct access to your financial plan and CFP through the Facet Wealth platform
  • Unlimited meetings with your dedicated CFP
  • Minimum of two meetings annually with your CFP
  • A fixed, annual fee for services
  • 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. 

  • Retirement planning
  • Education planning
  • Budgeting and spending questions
  • Financial decision-making
  • Asset management
  • Income tax planning
  • Insurance planning
  • Estate planning
  • Legacy planning
  • Retirement income
  • Debt management
  • Small business planning
  • 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.

    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’s annual membership fee ranges from $1,200 to 6,000 per year, and is based on your financial complexity and needs. Fees can be billed monthly, quarterly or annually.

    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 your financial situation changes.

    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:

    • Portfolio construction with exchange-traded funds (ETF) covering 13-plus asset classes
    • Direct managed accounts
    • Managed brokerage accounts
    • Tax harvesting strategies

    The firm supports a variety of direct management accounts:

    • IRAs: Roth, traditional, SEP, rollover and SIMPLE
    • Solo 401(k)s
    • Trusts
    • Non-retirement brokerage accounts

    They also work with the following four brokerages:

  • Charles Schwab
  • Fidelity
  • TD Ameritrade
  • Pershing
  • 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.

    Your intro call will be with one of Facet’s new client professionals and you’ll have the 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, to create or structure your investments, and will then provide ongoing advice and support.

    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, or would like personalized, ongoing guidance, 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 the often higher fees based 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 challenge the status quo of the industry for both beginning investors and seasoned investors, and by leveraging technology, they’ve made financial planning advice both accessible and affordable.

    Facet Wealth

    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®.

    Facet Wealth icon
    • Editor Rating
    • Rated 4 stars
    • 80%

    • Facet Wealth
    • Reviewed by:
    • Published on:
    • Last modified: May 11, 2021


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