Looking for a tailored financial planning service without the high price of a professional advisor? Then consider Facet Wealth! They offer each client a dedicated, certified financial planner (CFP) for a flat annual fee.
Facet Wealth’s pricing structure offer a low-cost alternative compared to traditional firms that charge a percentage on assets. If you want to know more about Facet Wealth then keep reading!
Personal Capital and Betterment’s Premium Plan provide similar investment services with automated portfolio management and access to financial advisors.
(Learn more at FacetWealth)
Facet Wealth Services Summary
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PROS
- Comprehensive, full-service financial planning
- No upfront setup fee
- Dedicated CFP
- Advice from a fiduciary
- No-fee investment management
- Manages investments directly through
CONS
- Wide fee range makes it difficult to estimate costs
- Can be pricey for smaller portfolios
- No option to meet in person
(Learn more at FacetWealth)
Facet Wealth Features
You don’t need to be worried about unnecessary fees with Facet Wealth. Facet Wealth charges a flat fee and only for what you use. Pricing begins at $1,200 a year for basic financial planning and increases according to how complicated the wealth management strategies are.
Traditional financial advisors charge a percentage of assets under management. So Facet’s $1,200 base fee equates to 1.2% on a $100,000 portfolio .
Facet Wealth offers comprehensive financial planning services which include:
- Retirement planning
- Education planning
- Life planning
- Asset management
- Income tax planning
- Insurance planning
- Estate planning
- Legacy planning
- Retirement income
Facet Wealth has direct management at Charles Schwab, Fidelity, TD Ameritrade and Pershing. This is not only more convenient but it also can be a potential money saver if you already have accounts at these firms.
On the other hand, if you wish to have a robo-advisor directly manage your accounts, you’ll need to sell your investments prior to transferring money to their custodian.
For accounts that Facet manages directly – such as 401(k)s, 403(b)s and stock option plans – they’ll provide specific investment recommendations. If you want Facet to directly manage these accounts, you’ll need to provide them with your log-in information.
Similar to robo-advisors, the mix of investments in your Facet portfolio is based on your risk tolerance and timeline. But Facet customizes the portfolio for each client, whereas robo-advisors draw from pre-built portfolios and automate management.
The investment committee at Facet meets every quarter to review investment models. Portfolios are built with a focus on minimizing fees and maximizing diversification.
The absolute best service you can get in financial planning is with a dedicated CFP. The job requires in-depth training, as well as rigorous continued education and certification. CFPs at Facet Wealth are full-time employees, and they’re fiduciaries. That means they’re required to make recommendations that place your interests above the company’s.
In your first 90 days with Facet, you’ll meet with your planner a few times (via video) to discuss your needs and goals. They’ll walk you through the steps you need to take in order to execute on your action items. After that, your Facet planner will schedule a video call with you every six months to check in, and they’re available for any questions you might have along the way.
Facet’s web portal is an aggregation tool that allows for you to track your assets, liabilities and action items, as well as upload important documents. Your financial plan is adjusted by your advisor whenever you update your information on the portal.
Limitations
Facet Wealth’s pricing can be higher than that of traditional wealth management firms. The more complex your financial situation, the higher the cost might be. If this is the case then you may want to consider a brick-and-mortar firm.
On the other hand, if you’re in need of portfolio management without planning guidance, then robo-advisors such as SoFi Automated Investing and Wealthfront tend to be a better and less expensive option for lower balances.
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Bottom Line
Facet Wealth offers financial planning services beginning at $1,200 per year and include customized financial guidance and investment management from a dedicated CFP. If you have a high portfolio balance and modest financial planning need then Facet Wealth is the service for you.
You can also check out our complete masterlist for the best brokerage bonuses or read through our brokerage bonus archives for more options!
(Learn more at FacetWealth)
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