Facet Wealth Financial Planning review
Pay flat fees based on your needs, not your investments.Facet Wealth Financial Planning’s dedicated CFPs hope to make investing more accessible by providing personalized financial planning and investment strategies regardless of your net worth. However, there are no branch locations, so you won’t be able to meet your adviser in person.
- Consider Facet Wealth if you’re looking for personalized advice and 1:1 meetings with a certified financial planner.
- Look elsewhere if you prefer to manage your investments independently.
Minimum deposit to open
$480 per year
How does Facet Wealth approach investing?
This provider uses a personalized approach to help customers work toward their financial goals. Its strategy can be broken down into four steps:
- Introduction. Visit the Facet Wealth website to schedule a 30 minute introductory call.
- Sign up. Provide your income information, assets, risk tolerance, financial goals and other details.
- Match. Facet Wealth will match you with a dedicated certified financial planner (CFP).
- Plan. Your CFP helps you develop a plan to reach your financial goals.
- Manage. Your adviser provides ongoing management of your investments and assets and offers advice when you need it.
What should I expect when meeting with my financial planner?
After your introductory call, Facet will match you with one of its CFPs. Before your first meeting, you’ll receive an introductory packet and login credentials to Facet’s online questionnaire. Your Facet CFP will use the information you provide to tailor your planning experience.
Meetings with your CFP can be held in the daytime or evening and are conducted by phone or videoconferencing — whichever you prefer. Facet suggests that during the first year, their clients tend to meet more frequently with their adviser, but that there’s no predetermined number of required meetings. You’re free to meet with your adviser as frequently or infrequently as you’d like.
What financial services does Facet Wealth offer?
Here’s a breakdown of Facet Wealth’s financial services:
- Dedicated CFP. Gain access to a dedicated Certified Financial Planner who will meet with you by phone or videoconference at your convenience.
- Wealth planning blueprint. Design your own personal financial plan complete with one-page plans for individual goals.
- Lifestyle and expense planning. Plan for the future of your family by factoring in potential expenses.
- Debt management. Tackle outstanding debt by creating a debt management plan.
- Portfolio management. Build a personalized investment portfolio designed to cater to both your short- and long-term financial goals.
- Investment management. Learn how to construct and diversify your investment portfolio to better manage your assets.
- Retirement planning. Outline your retirement goals alongside your CFP and create an action plan to utilize going forward.
- Tax planning. Minimize the impact of taxes while keeping your financial goals in sight.
- Estate planning. Take care of your loved ones after your death by drawing up an estate plan with the help of your CFP and personal attorney.
- Retirement income. Track your retirement income and create a distribution plan from your savings.
- Trust and legacy planning. Structure your finances to provide for future generations and preferred charities in your absence.
Facet Wealth Financial Planning fees
Facet Wealth charges flat fees for its services, which range from $480 to $5,000 a year. This allows you to tailor your experience to your needs and budget. There are seven levels that increase in price and services rendered:
|Service||$480 a year||$800 a year||$1,600 a year||$2,400 a year||$3,000 a year||$4,000 a year||$5,000 a year|
|Wealth planning blueprint|
|Lifestyle, cashflow, expense planning|
|Retirement, education planning|
|Retirement income and distribution|
|Trust and legacy planning|
|Small business planning|
What are the benefits of Facet Wealth Financial Planning?
Financial planning services have been around for a long time, but here’s what sets Facet Wealth apart from the rest:
- Dedicated advisers. You’ll be matched with a dedicated CFP that will help you plan and manage your assets and provide assistance whenever you need it.
- Transparency. Facet Wealth is clear about how much it charges on its website.
- Mobile access. Manage your money and meet with advisers with its online platform.
- Flat fees. You won’t be charged based on how much you have under management or your investment earnings.
- Quarterly donations. Facet Wealth has pledged to donate 100% of any commissions made from insurance sales to a Baltimore-based financial literacy program that helps children build financial literacy skills.
What to watch out for
Despite its unique online platform and flat fees, Facet Wealth still has a few drawbacks to watch out for:
- Limited track record. This provider has only been around since 2016 and has less than $50 million under management.
- No branches. While you can get in touch with your CFP whenever you need assistance, there are no branches and you won’t be able to meet your adviser in person.
Compare with other financial advisers
Facet Wealth Financial Planning reviews and complaints
Facet Wealth was established in 2016, so there isn’t a lot of information or customer reviews online. As of October 2020, it has no established presence on Trustpilot and its Better Business Bureau page has just one complaint — an investor seeking a fee refund after closing their account.
The good news is that Facet Wealth has no Consumer Financial Protection Bureau complaints and it’s registered with the SEC.
According to Investor.com, a website that rates financial advisers based on over 300,000 data points from the SEC and FINRA, the company holds a trust score of 82%.
How do I get started?
Facet Wealth requires a phone call to apply for financial planning, but you can get started online:
1. Visit the Facet Wealth website and click Get Started.
2. Select a date to schedule a phone call.
3. An adviser will reach out to get to know you.
4. You’ll be matched with a CFP who will complete a free financial review.
5. If you’re satisfied with the service, your CFP will walk you through the application process.
6. Provide all requested information and submit your application.
To open an account with Facet Wealth, you’ll need to provide the following information:
- Name, date of birth and address
- Contact information such as email and phone number
- Social Security number
- Employment information
- State-issued identification
To create an accurate financial strategy, you may be asked for more details such as:
- Risk tolerance
- Investment goals
- Debt statements
- Balance sheet of current assets
You’ll need to meet a few eligibility requirements before you can open an account:
- 18 years old
- US resident
- State-issued ID
- Social Security number
Facet Wealth’s transparent, flat-fee schedule means there are no surprises when it comes time to pay your adviser. However, it’s only been in business since 2016, so if you’re looking for a more established financial planner, compare other financial planning options to see what else is out there.