Facet Review [2024]: Personal Financial Planning But at What Cost?

For many people, the idea of a full-service financial planning professional can seem daunting. It’s difficult to know what you’ll pay, and you might need a large account minimum to get started.

Facet aims to change the idea of full-service financial planning to make it more accessible, including providing you with a dedicated Certified Financial Planner (CFP). If you’re looking for a holistic approach to financial planning, this Facet review can help you decide if this company is the right option for you.

What is Facet?

Facet is a wealth management firm founded in 2016 in Baltimore, Maryland. The company has more than 230 employees and is backed by Warburg Pincus, a well-known global equity firm.

Facet aims to be a full-service financial planning firm, offering personalized asset management as well as a breadth of targeted services that encompass estate, education, retirement, insurance, legacy, and tax planning. Facet can also help with other important aspects of your financial life, including creating a plan for retirement income. Its financial professionals can even walk you through choosing your benefits at work.

How does Facet work?

With Facet, members are matched with a CFP, who is backed by a larger team of specialists. The idea is that you work with one person who understands your situation and your goals, similar to what you’d experience with a more traditional financial planner. Facet asks you to link all your financial accounts so your CFP can get a complete picture of your finances and provide up-to-date financial and investment advice. Facet uses video conferencing to meet with members all over the United States, rather than focusing on in-person interactions.

Instead of charging a fee based on assets under management (AUM), Facet charges a flat annual fee. The fee is fixed and based on your actual needs. Fees range from $2,400 to $8,000 per year, depending on your situation and the services you receive from Facet.

Once you have a membership with Facet, you can get help and guidance from your dedicated CFP on items that are covered by your fee. This can include learning how to invest money, managing your portfolio, creating plans to help you pay for your child’s college, or planning your retirement income. Regular meetings with your CFP can help you stay on track or tweak your plan as needed.

Facet at-a-glance

Minimum investment required	$0
Fees	$2,400 - $8,000 per year depending on services
Account types supported	Brokerage accounts Retirement accounts Trusts  Can advise on employee benefits too
Brokerages it works with	Charles Schwab, TD Ameritrade, Fidelity, Apex
Features	Financial planning services Asset management Dedicated CFP
	Visit Facet

What services does Facet offer?

Facet offers a variety of financial planning and other services that can help you manage your money throughout your life, including:

• Retirement planning: Step-by-step plan designed to help you with saving for retirement by guiding you as you set goals, whether you’re using a company plan or an IRA.
• Asset management: After evaluating your needs, Facet will put together a portfolio designed to help you meet your long-term and short-term financial goals.
• Education planning: If you want to help pay for your child’s education, Facet can help you get on track and come up with a plan to pay for college.
• Life planning: This service is designed to help you plan for various life goals and milestones that are important to you, such as buying a home or going on vacation.
• Tax planning: Get assistance with your taxes by learning how to minimize your tax liability today as well as in the future.
• Insurance planning: This service may help you figure out how to protect your assets and pass your wealth on to others. It can also include offering assistance as you navigate open enrollment and choose your employee benefits.
• Estate planning: Get help with creating a plan to help ensure that your loved ones are cared for. Facet works with your lawyer to draft the appropriate documents and put together a plan that makes sense.
• Legacy planning: If you want to leave money to a charity or set up an ongoing legacy for your family, Facet can help you figure out the best way to create a plan so you live on in memory.
• Retirement income: Once you reach retirement, Facet can help with determining how to best support your lifestyle and which sources to draw from initially.

Who can use Facet?

For the most part, Facet is available to anyone who can pay the flat fee. However, Facet is likely best suited for young professionals and couples who have a growing net worth. For those building their investments but unable to meet the account minimums imposed by other full-service firms, Facet can also be a viable choice.

Those who have more complicated situations can also benefit from Facet since they might be able to save on fees due to the flat rate. Facet fees top out at $8,000 per year, depending on which services members access. 

In general, Facet could potentially be ideal for those with a net worth of at least $70,000. It could also be a good option for those anticipating or going through major life milestones, such as having a baby or saving for college. You should consider your individual situation and financial needs as you might decide to use these services, even if you don’t meet these criteria exactly.

The pros of Facet

• Dedicated CFPs: You have access to a dedicated financial professional who knows your situation and provides you with ongoing advice and help.
• Fiduciary: Facet CFPs are fiduciaries, which means they have to consider your best interests when making recommendations and managing your wealth.
• Flat fee doesn’t change: Rather than charging based on AUM, Facet has a flat fee that won’t change when your situation becomes more complicated or your assets grow. There isn’t an additional fee for investment management.
• Online portal: Facet features an easy-to-use dashboard that can let you see your financial situation quickly and easily. Plus, you can keep track of your goals and manage your appointments with your dedicated CFP.

The cons of Facet

• No in-person meetings: All of Facet’s meetings are handled via video. If you want to sit down with someone, this can be a drawback.
• Limited investment account management: If you want Facet to manage your investments, your money has to be with certain brokers. You can only have your portfolio at Schwab, TD Ameritrade, or Fidelity.
• Flat fee can be high: For those with a lot of assets, the flat fee can potentially provide annual savings over an assets under management model. However, for those with fewer assets, the flat fee might be relatively high. For example, a robo-advisor might charge 0.25% annually, but if you only have $150,000, even the lowest Facet membership fee of $2,400 annually amounts to a 1.33% annual fee.

FAQs about Facet

How to get started with Facet

Facet offers an in-depth onboarding process, which helps them get a feel for your goals and financial situation. Here’s how to get started with Facet:

1. Schedule an introductory call: Click the ‘Schedule Your Intro’ button on the website to schedule an introductory call.
2. Introductory call: This free 30-minute call helps Facet get a better idea of your goals and provides insight into how they work with members. If you choose to move on from this step, Facet matches you with a CFP who best fits your needs.
3. Discovery session: This complimentary financial review with your CFP goes into greater depth about your goals and the services you want to use. Facet will use this session to set the flat fee. Upon completion of your review, there is no obligation to sign up.
4. Sign up: If you decide to use Facet, you sign up and decide how to make your fee payments.

Alternatives to consider

While Facet is certainly worth considering if you’re interested in a holistic financial planning solution, you might decide it isn’t the right fit for you. There are alternative wealth-building options available, including some of the best brokerage accounts:

Betterment

Betterment is a robo-advisor that can help you build and manage your investment portfolio. It also offers cash management products. Betterment offers two pricing tiers based on AUM: 0.25% for accounts with less than $100,000 and 0.40% for accounts with more than $100,000. There are CFP services for those in the higher asset tier, as well as additional financial advice packages available for a flat fee.

If you have a smaller portfolio, it might cost less to use Betterment. Although you won’t have the same access to customized plans or a dedicated CFP professional.

Wealthfront

Like other robo-advisors, Wealthfront manages your portfolio and charges fees based on the size of your account. Wealthfront only has one fee for management. You’ll pay 0.25%, regardless of your account balance. Additionally, it provides access to a 529 account to save for college, IRAs to save for retirement, and cash management products for shorter-term savings. Wealthfront has a $500 account minimum to get started, but it also offers automated tools designed to help you budget for important milestones like buying a home.

Wealthfront can be a good choice for someone who wants lower fees and isn’t worried about ongoing personalized help.

If you’re still looking for additional low-cost investing options, check out our picks for the best investment apps.

FinanceBuzz is not an investment advisor. This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice.