Facet has headquarters in Baltimore, Maryland, and serves members nationwide. The company can charge much less than the industry average because of the technology used by Facet CERTIFIED FINANCIAL PLANNER™ professionals. An industry newcomer as of 2016, it is well known for developing a financial service model to provide one-to-one guidance to members at a lower cost.
- No-surprise annual flat membership fee
- Free initial consultation
- Dedicated account representative for each member
- Affordable financial management
- Not suitable for those who prefer meeting in person
Who Should Consider Facet?
Facet’s CERTIFIED FINANCIAL PLANNER™ professionals work with individuals holding $100,000 to $1 million in assets, although there is no minimum deposit to open an account. Investors at this level are known as “mass affluent” and financial managers who get paid a percentage of a member’s portfolio value consider these to be small, less profitable accounts. People in this category often receive less attention from larger wealth management firms or are passed between account representatives instead of consistently working with one person.
Facet is committed to providing financial services to the mass affluent by offering a dedicated CFP® professional who will give unlimited guidance for one low annual membership fee. The dedicated CFP® professionals at Facet have access to proprietary technology that does away with massive spreadsheets and other software, so they are freed up to work with members directly. Facet offers data-driven decisions enhanced by human discernment.
Facet vs. Robo-Advisors
Robo-advisors use digital platforms to manage investments, plan retirement funding, and find income tax-lowering strategies. These online and mobile apps, such as Betterment and Personal Capital, are attractive because robo-advisors are a low-cost alternative to a CFP® professional.
That said, robo-advisors do not react to changing life situations, such as a job promotion with more benefits selections, details in a divorce agreement, a sudden inheritance, or income tax situations.
What to Expect from Facet
You start by filling out the schedule request form for a free 30-minute virtual phone consultation on the Facet website. This call will help determine if Facet is a good fit for your financial needs. You’ll share your financial priorities and learn more about Facet and what sets their service apart. The professional will offer an estimated, flat membership fee and should you choose to move forward with Facet, you’ll get a link to start the digital onboarding process to complete at your convenience. Once the digital onboarding is complete, you’ll schedule your first meeting with your dedicated planner, where you’ll begin discussing your financial priorities. Your dedicated CFP® professional will create a personalized financial plan. Your information, priorities and roadmap will live in the easy-to-use and secure tech platform you can access at any time. Facet’s technology is industry-leading so you can feel comforted knowing it’s 100% secure.
Ongoing Support and Planning
Facet members have discussions with their dedicated CFP® professional regularly, typically several times in the first year and two or three times annually after that. You can also log on to the member dashboard anytime to view your account. Facet provides financial reports and printable PDFs to members, who have online access to their records 24 hours a day, every day. Instead of reading through many pages of explanations and graphs to decipher your financial plan, Facet provides transparent, easy-to-digest information. Your calls always route to a direct line and never a call center.
Facet provides comprehensive financial planning services with one upfront annual membership fee based on the services you need, not the size of your portfolio. A Facet CFP® practitioner can devise a plan to:
- Help a young professional balance short-term sacrifice and long-term goals
- Assist families with insurance planning and college savings
- Create an actionable retirement savings plan for someone who is further along in their career
- Identify and maximize opportunities to create a secure source of passive income for a retiree
|Retirement Planning||Saving and preparing for retirement with a step-by-step plan.|
|Education Planning||Providing for your child or grandchild’s education.|
|Life Planning||Designing a financial plan so you can realize life goals like buying a house, taking a dream vacation or pursuing further education.|
|Asset Management||Creating a diversified portfolio to meet your particular needs.|
|Income Tax Planning||Planning long-term tax strategies to help you minimize tax exposure and maintain your wealth.|
|Insurance Planning||Planning insurance to help maximize and protect your wealth.|
|Estate Planning||Creating a financial plan to care for your loved ones and beneficiaries after you die.|
|Legacy Planning||Providing for future generations or funding an organization or charity.|
|Retirement Income||Creating a retirement income plan encompassing Social Security, retirement accounts and pensions.|
Facet charges a yearly flat membership fee based on your required financial management services. It offers a subscription structure ranging from $2,000 to $8,000 per year. That amount is about 60% of the fees charged by most of the competition, making Facet substantially more affordable than firms that use the traditional fee model, charging a percentage of the portfolio value.
Facet is a new company that has already received high rankings. NerdWallet awards Facet five stars, with high marks for account features, fee structure, financial strength, and customer experience. Various other reviews praise Facet for reaching out to underserved investors and for the flat membership fee structure. The company is not accredited with the Better Business Bureau, but they have resolved 11 complaints in the last 12 months.
How do I know a Facet CFP® practitioner will work in my best interest?
CFP practitioners are fiduciaries, meaning they are legally bound to only offer financial advice that is in your best interest. Facet seeks to hire the best financial advisors, and with no commissions, there’s no incentive to suggest a product that doesn’t most effectively address your needs.
If my portfolio grows over $1 million, will Facet continue to work with me?
When your savings and investments reach $1 million, your advisor will help you transition to a firm that can meet your needs. Facet is only set up to serve the mass affluent effectively.
How do I meet with my Facet CERTIFIED FINANCIAL PLANNER™ professional?
Call your CFP® professional’s direct line at Facet to schedule a meeting via phone or videoconference. Evening and day appointments are available, and you are encouraged to ask any questions. You pay once a year for all the financial advice you require.
How does Facet charge less for services compared to other firms?
Typically, the smaller accounts Facet specializes in managing get shuffled around from one advisor to another in other wealth management firms. Accounts under $1 million are considered unprofitable for firms with fees that are a percentage of the portfolio value. One CFP® practitioner at Facet can handle many times the member load of a traditional firm because the company’s proprietary technology significantly reduces prep and analysis time for the advisor. members get undivided attention from the dedicated CFP® professional when needed, and the company makes a profit with smaller accounts, although services cost much less.
Does Facet charge a cancellation fee?
No, Facet does not charge an extra cancellation fee, but they are non-refundable.
Where does Facet offer services?
Facet is registered in all 50 states and U.S. territories except Guam.
If you have assets totaling $1 million or less, a dedicated Facet CFP® professional can help you effectively manage all assets, including your retirement portfolio, and help you plan for reaching your financial goals. The company provides personalized service combined with a convenient online dashboard for members who pay less to have wealth management services at their fingertips.