Facet Wealth Financial Planning review May 2019 | finder.com

Facet Wealth Financial Planning review

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Facet Wealth Financial Planning
  • Affordable, flat fee
  • Transparent and simple
  • A dedicated Facet Certified Financial Planner Professional
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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, it earns commission from selling life insurance policies, which could lead to recommendations that aren’t ideal for your situation.

Minimum deposit to open$0
Available asset typesStocks
Bonds
Options
Mutual funds

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:

  1. Introduction. Visit the Facet Wealth website to schedule a 30 minute introductory call.
  2. Sign up. Provide your income information, assets, risk tolerance, financial goals and other details.
  3. Match. Facet Wealth will match you with a dedicated CFP.
  4. Plan. Your CFP helps you develop a plan to reach your financial goals.
  5. Manage. Your adviser provides ongoing management of your investments and assets and offers advice when you need it.

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
Dedicated CFP
Wealth planning blueprint
Portfolio design
Lifestyle, cashflow, expense planning
Debt management
Investment management
Retirement, education planning
Tax planning
Estate 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.

What to watch out for

Despite its unique online platform and flat fees, Facet Wealth still has a few drawbacks to watch out for:

  • Insurance-heavy plans. Facet Wealth also sells insurance, so it may be incentivized to upsell and offer services that earn them higher commissions when better options may exist.
  • Limited track record. This provider has only been around since 2016 and has less than $50 million under management.
  • Only available in 26 states. Facet Wealth is only licensed to operate in AZ, CA, CT, DC, FL, GA, IL, LA, ME, MD, MA, MI, NE, NH, NJ, NM, NY, NC, OH, OR, PA, SC, TX, VT, VA and WV.
  • 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.

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. It doesn’t have official ratings with either the BBB or TrustPilot, but it is 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.

Required information

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

Eligibility

You’ll need to meet a few eligibility requirements before you can open an account:

  • 18 years old
  • Resident of any of the 26 states where the company operates
  • State-issued ID
  • Social Security number

Bottom line

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.

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