Who Is Facet Wealth for?
Our team’s Facet Wealth reviews confirm this financial services company is for individuals with moderate to sizable assets who need support in planning their overall finances. It’s a great choice for handling complex financial situations.
Ideal Facet Wealth clients have a net worth between $70,000 and up to $1 million. The company offers versatile services to guide you through major life milestones, such as starting a business, starting a family, or planning your retirement.
Facet Wealth charges a flat annual fee based on the client’s needs. While the company aims to keep its services affordable, several reviews of Facet Wealth suggest they might not be worth your while if you have fewer assets and need a hand with one-off financial issues.
Facet Wealth Basics
Facet Wealth is a virtual financial service company founded in 2016 in Baltimore. One of the company’s stakeholders is Warburg Pincus, a global equity firm with over half a century of experience in investing in high-class businesses.
The company operates over a proprietary technology platform and prides itself on affordable and comprehensive services. Their highly-qualified team counts more than 125 advisors, all of whom hold the Certified Financial Planner (CFP) designation.
According to Facet Wealth reviews, their BBB rating is A+, which testifies to its exceptional customer service and reputation. The company’s main philosophy is to assist you in “every facet of your life” and put your needs first.
Facet Wealth aims to cover all aspects of financial management, so its services include asset management, estate, insurance, tax, legacy, education, and retirement savings planning, among others.
To be eligible to use Facet Wealth’s services, you must be a US resident. All communication with the company will take place online, so if you’re more comfortable with in-person meetings, reviews of Facet Wealth suggest opting for a traditional financial planner.
The application process is straightforward:
- Schedule a free introductory video call by clicking the “Get Started” button on the company website.
- The introductory call with the onboarding specialist lasts 30 minutes. You’ll introduce your financial goals and learn about the company’s services. The company assesses your situation and matches you with a suitable CFP.
- You’ll schedule a discovery session with your CFP, during which they’ll conduct a complimentary financial review. You’ll discuss your financial goals and required service in detail, and the company will determine your fee.
- If you’re satisfied with the outcomes, it’s time to sign up and agree on the payment terms.
Note that all these steps are free of charge, and you can opt out at any time.
Facet Wealth Fees
Moving away from the AUM pricing model, Facet Wealth will charge you a flat annual fee based on the advice rendered, and this fee stays the same regardless of the changes in your financial situation.
Fees are charged yearly, monthly or quarterly, the lowest amount being $1,800 and the highest $6,000. For instance, a low-tier plan will cost you somewhere between $150-$200 a month, which translates to roughly $1,800-$2,400 per year.
No account minimum is required to open an account, which is a strong advantage against the minimum account requirements imposed by other companies. On top of that, canceling your subscription from Facet Wealth won’t cost you a dime.
If you decide to invest in a joint account, the company may charge you an average investment expense ratio of 0.08%. You won’t be charged any additional fees, and you even get two free months off your first year of subscription.
As you’ll see in this Facet Wealth review, the company offers several features that lift the weight of finance management off your shoulders.
Highly Qualified Advisors
A true perk of being a Facet Wealth client is working with a dedicated CFP. The company carefully assesses your needs and matches you with a suitable CFP who will work exclusively with you.
The CFP designation is the highest recognized industry standard, and they’re also fiduciaries, meaning they’re committed to acting in your best interest at all times. Their income is based on your satisfaction, and they don’t earn a commission.
You’ll frequently meet with your CFP during the first 90 days so that they can get a clear picture of your financial life and goals. The communication will later come down to periodical check-ins, but your CFP will also be available for questions on demand.
Facet Wealth Services
Facet Wealth reviews for 2022 point out the versatility of the company’s services that involve planning every possible aspect of your financial life, so here they are:
- Asset management
- Education planning
- Tax planning and free tax-loss harvesting
- Life planning
- Insurance planning
- Estate planning
- Legacy planning
- Retirement planning
- Investment portfolio design
- Risk management
- Employee benefits planning
- Debt management
The service includes access to an online dashboard used as a tracking tool for all your finances. The dashboard is easy to navigate, and you can upload or share documents and check up on your finances whenever you want.
You and your CFP have access to your dashboard, so whenever you make an update, your CFP will receive a notification and compare or adjust your financial plan accordingly. You can also use the dashboard to schedule meetings with your CFP.
Facet Wealth offers the possibility of directly managing your investments at major brokerages such as Fidelity, Charles Schwab, TD Ameritrade, and Pershing or giving you a hand with your existing brokerage accounts.
According to Face Wealth reviews for 2022, a significant advantage over robo-advisors is that you don’t get an automated service built on previously designed portfolios but a customized portfolio tailored for your needs.
Your investments are placed in exchange-traded funds and mutual funds chosen in line with your financial goals and the amount of risk you’re willing to take. The ETFs cover 13 asset classes, including domestic and international stocks and bonds.
Facet Wealth Alternatives
Facet Wealth has its pros and cons, so you’re always free to consider other online financial advisors. Similar options are Vanguard and Personal Capital, so let’s check them out.
Facet Wealth vs Vanguard
Vanguard offers unlimited access to fiduciary advisors and comprehensive virtual planning tools. Like Facet Wealth, the company creates a tailored financial plan and offers portfolio monitoring services.
The account minimum is $50,000, which is hardly a bargain compared to the $0 minimum at Facet Wealth. Vanguard applies an AUM pricing model with an advisor fee of 0.30% instead of the flat fee you’d be paying at Facet Wealth.
A disadvantage of Vanguard is that it doesn’t offer tax-loss harvesting for taxable accounts, while Facet Wealth provides this service for free.
In addition, if you become a member of Vanguard, you’ll have to move all of your assets into a Vanguard account and use only their products and funds.
Facet Wealth vs Personal Capital
While both companies provide financial planning and portfolio management services, Personal Capital offers several free investment tools for non-members.
Many clients are turned off by the high $100,000 account minimum requirement to become a member of Personal Capital, so Facet Wealth’s $0 account minimum sounds like a more viable option.
Facet Wealth nurtures a one-on-one relationship with your financial advisor. Personal Capital gives access to a team of advisors, with the possibility of getting two dedicated advisors for an additional fee.
Facet Wealth is an excellent option for individuals with complex financial lives who need an experienced advisor by their side. It offers comprehensive financial guidance and exclusive cooperation with a dedicated CFP for a flat annual fee and a $0 balance needed to open an account.
While their all-virtual business model may be a deal breaker for some, their large client community from all over the States and a 95% satisfaction rate speak louder than words.
Pros & Cons
- Flat fee based on the services required
- Dedicated and highly-qualified CFPs
- Easy-to-use online portal for finance monitoring
- Free initial consultations
- $0 account minimum
- No in-person contact
- Fees are not affordable for those with low assets
Is Facet Wealth a fiduciary?
Yes. All advisors have CFP designations, meaning they’re subject to fiduciary duty and must provide financial advice in your best interest.
How many clients does Facet Wealth have?
The company currently works with 10,000 clients (around 90 clients per advisor).
Is Facet Wealth a good company?
Facet Wealth landed an A+ Better Business Bureau rating, which speaks highly of its reputation and customer satisfaction. It’s seen as one of the fastest-growing financial planning companies by Forbes, Business Insider, and the Wall Street Journal, to name a few.
As you’ve seen from our Facet Wealth reviews, their transparent approach, fiduciary status, and all-encompassing financial services for a fixed fee are clear signs you’re in good hands.