Facet Wealth is a great financial planning service, it offers professional help and low prices. Every client will receive a dedicated, certified financial planner (CFP) for a flat annual fee.
Since traditional firms’ percentages fluctuate on assets often, Facet Wealth is revolutionary. They offer low priced substitutes for those with high portfolio balances and easy financial planning needs compared to a more traditional firm.
For similar investment services check out Personal Capital and Betterment.
Read below for more information on Facet Wealth and what they have to offer.
Pros
- Comprehensive, full-service financial planning
- No upfront setup fee
- Dedicated CFP
- Advice from a fiduciary
- No-fee investment management
- Manages investments directly through brokerage firms.
Cons
- Wide fee range makes it difficult to estimate costs
- Can be pricey for smaller portfolios
- No option to meet in person
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Facet Wealth 101
Facet Wealth is made to fill the gap in from a normal, full-service wealth management firm and online investment services (robo-advisors). This platform is like your normal financial planning service, you can work one-on–one with a CFP that will make goals based on what you want.
They will help you make a financial plan with action items. Plus, this service will go over everything in your financial lifestyle, not just investment management. You will get twice-yearly formal meetings, and your CFP will be available to you whenever you need. If you have any questions, concerns, or want to adjust your plan, contact your personal CFP.
Your conversations will be done remotely, over videochat or phone, then your financial plan will be drawn out, tracked, and managed online. Typically, a traditional service will come with financial advisor fees, based on a percentage of assets for management Facet charges a flat fee. It begins at $1,200 a year and gets higher based on the level of services you need.
| Account Minimum | $0 |
| Fees | $1,200 – $6,000 a year |
| Setup/Onboarding Fee | None |
| Account Fees | None |
| Advisor Access & Credentials | Unlimted access to CFP over phone, email, and video. Minimum two advisor-scheduled planning meetings each year. |
| Investment Expense Ratios | Average 0.06% ETF expense ratios |
| Brokerage Options | Charles Schwab
Pershing |
| Portfolio Construction | Personalized portfolios made from ETFs covering 13 asset classes. |
| Accounts Supported | Non-retirement brokerage accounts, Roth, traditional, SEP, rollover, and Simple IRAs, Solo 401(k)s, Trusts. |
| Tax Strategy | Free tax-loss harvesting for taxable accounts |
| Customer Support Options | Email, video chat, phone support from 8am to 9pm client local time every day. |
Facet Wealth Features
They will charge a flat fee for what you use. Pricing will begin at $1,200 a year for a basic financial planning service. It will then build up from there if you need a more complex wealth management strategy.
Normally, traditional financial advisors charge a percentage of assets under management. In other words, Facet Wealth’s base fee is equivalent to 1.2% on a $100,000 portfolio.
Facet Wealth provides more than just an investment management offered by robo-advisors. Comprehensive financial planning services have plans for:
- Retirement
- Education
- Life
- Asset management
- Income tax
- Insurance
- Estate
- Legacy
- Retirement income
They will manage your account directly at Charles Schwab, Fidelity, TD Ameritrade, and Pershing. It’s convenient and is a potential money saver if you have accounts with them.
However, if you want a robo-advisor to directly manage your account, you must sell your investments before you’ve transferred the money to their custodian. Accounts that Facet manages directly like 401(k)s, 403 (b)s, and stock option plans, they give specific invesment recommendations. For you to have Facet manage these accounts directly, you must give them your log-in information to do so.
Like the robo-advisors, mixing investments in your portfolio is based on risk tolerance and timeline. But, Facet will customize the portfolio for every member. Compared to robo-advisors who will make it from a pre-built portfolio and automate the management.
Their investment committee meets each quarter to go over all of the investment models. These portfolios will be designed to pay attention to reducing fees and increasing diversification.
The best service you’ll receive in financial planning is with a dedicated CFP. Their job needs them to have: lots of training, continued educations, and certifications. CFPs at Facet Wealth are full-time employees that are required to make recommendations for your interests above the company’s.
The first 90 days with them, you’ll meet your planner to go over what your objectives and needs are. Then, they will explain the steps you must take to reach your goals on your action items. Once you’ve done that, Facet planner will make an appointment via video chat with you every 6 months to check in. They will be available for you if you have any questions and concerns.
Their web portal is an aggregation utensil that enables you to: track assets, liabilities, and action items. Plus, you’ll be able to upload important documents and update your information on the portal. Facet Wealth will alert your advisor who will fix your financial plan based on what you want.
Limitations
Based on your balance and what you need, Facet’s prices can be higher than fees from a normal wealth management platform. If your financial situation is more complicated, or if you want to meet a financial planner face-to-face, check a brick-and-mortar firm.
Other than that, if you want portfolio management with no planning assistance, then robo-advisors is a great option for you. Check out robo-advisors like SoFi Automated Investing and Wealthfront, they offer cheaper options for a lower balance.
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Conclusion
When you use Facet Wealth, they are on par with many traditional wealth management platforms in the market. They offer easy to understand virtual financial advice, and planning for a flat fee. Their dedicated CFP that knows your goals and needs comes in handy. Plus, Facet Wealth will help you improve your savings and retirement, plan your wealth, and manage your accounts.
However, if you don’t have an expert to help you with your finances, you can set up a free welcome call with Facet Wealth to see if it’s a good match for you.
