Facet Wealth Review 2023

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Bottom line: Facet Wealth – Product Name Only is best for people seeking frequent, ongoing personal financial advice and investment management. The firm offers a wide range of financial planning services like tax planning, retirement planning, financial wellness, and real estate guidance. But its high flat annual fee may not be worth it to folks seeking one-time consultation or infrequent guidance. 

About Facet Wealth

Facet Wealth – Product Name Only is an online financial planning firm that gets you access to certified financial planners (CFPs) for professional investment advice, retirement planning, tax planning, and much more. With a membership, you’ll get access to objective investment advice and planning resources for a broad range of topics. 

Facet Wealth takes great care in matching each prospective client with one of its fiduciary financial advisors. The CFPs are required to follow the fiduciary duty and do not earn commissions or kickbacks.

Facet’s fiduciaries offer a wide range of financial planning and wealth-building services customized for your individual needs. It utilizes a holistic approach to personal finance subjects while offering a range of helpful tools like live portfolio monitoring, proactive portfolio rebalancing features, and tax loss harvesting. .

You can also access ESG investing portfolios, real estate investment management, estate planning services, education planning, and various other features. One downside is that you won’t be able to meet with a Facet advisor in person. 

Facet Wealth charges a flat, fixed fee for comprehensive financial planning services and ongoing access to advisors. Unlike other financial advisor firms, Facet doesn’t charge an hourly fee or an asset under management (AUM) fee based on account balances. Rather, you must be a member to open a Facet account. The flat membership fee can cost anywhere from Facet Wealth – Fees Display based on the complexity of your finances.

Financial advisor platforms offer low-cost, diversified investing options, and retirement savings strategies for all kinds of investors. The best online financial advisors implement a holistic, passive investing strategy that focuses on long-term wealth building.

Is Facet Wealth Right for You? 

Facet Wealth – Product Name Only is best for someone who needs comprehensive financial planning and has a medium or high level of assets. Someone with one-off questions or few financial assets may not get the maximum value out of the annual fee and might consider using one of the best robo-advisors that includes free financial planner access.

All comprehensive financial planning is completed virtually — through email, phone calls, video calls, and Facet Wealth’s online portal. If you’d rather meet in person with your financial planner, Facet Wealth isn’t right for you.

Facet Wealth: Overall Rating

FeatureInsider rating (out of 5)Fees3.25Investment selection4.00Access4.00Ethics5.00Customer service4.50Overall score4.18

Facet Wealth Pros and Cons

ProsConsAll advisors are fiduciariesFlat annual feeEasy-to-use online portalPortfolio management and rebalancing featuresShort-term strategy (STS) optionNo additional fee for managing investment assetsFlat fee may be relatively high for someone with few financial assetsNo in-person meetingsOnly manages ETFs

The flat-annual membership fee is based on the complexity of the financial help needed and will not change, even if your financial situation becomes more complicated.

With Facet’s online portal, you’ll be able to share documents with your assigned CFP, book appointments, and keep track of your goals and cash flow.

Facet is now offering a new short-term strategy (STS) option for investments to maintain stability. You can save for short-term goals (one to three years) by investing in select ETFs. Facet’s short-term strategy has an average portfolio yield of 4.7% with an average maturity of 1.6 years.

Is Facet Wealth Trustworthy?

Facet Wealth – Product Name Only currently has an A+ rating with the Better Business Bureau. The BBB primarily evaluates companies based on how well they interact with customers, and it uses a grade scale range of A+ to F when determining its ratings. 

While this suggests that Facet Wealth interacts exceptionally well with its clients, the BBB also states on its website that its ratings don’t guarantee a company’s performance or reliability.

Facet Wealth’s record is clear of any major scandals or lawsuits. 

How to use Facet Wealth

With a Facet Wealth – Product Name Only membership, you’ll get direct access to a CFP for unbiased investing advice and management. Although Facet doesn’t offer brokerage accounts or market access directly, you can still use the firm’s investment management services, ETF portfolios, and investing strategies. 

Facet only manages exchange-traded funds (ETFs). The average expense ratio for its ETF portfolios is 0.08%. The website lists that the average expense ratio of actively managed mutual funds generally falls between 0.05% and 1.0%.

Asset management through Facet also gets you consistent portfolio monitoring and regular reviews, automatic portfolio rebalancing, and tax-loss harvesting.

Financial Planning

Financial planning services from Facet Wealth include:

Retirement planningEstate planningReal estate planningEducation planningInsurance planningFamily planningTax planning

All Facet services provide clients with access to personalized one-on-one advice from a CFP and a team of Facet financial experts for expert insight and ongoing guidance. There are no additional fees to access any of the platform’s services.

Facet Wealth Fees

Facet Wealth’s annual fee ranges from Facet Wealth – Fees Display and is determined after discussing your financial goals and needs during a free initial call with an onboarding specialist. Clients on the low end of the price range are usually young professionals or couples with a growing net worth.

Clients on the high end of the price range typically have complex business assets or estate issues, and multiple high-balance investment accounts.

The fee is fixed and should not change, even if your financial situation becomes more complicated. It can be paid annually, quarterly, or monthly. Because the fee is flat and fixed, it will represent a much higher percentage of assets for someone with a low net worth. 

Facet Wealth — Frequently Asked Questions (FAQs)

Is Facet Wealth a legit company?

Facet Wealth is a legitimate financial planning form. It was founded in 2016 and is headquartered in Baltimore, Maryland, although its advisors are scattered throughout the United States.

Is Facet Wealth too expensive?

Facet Wealth’s pricing model is based on the complexity of your financial situation. People with even the simplest financial situation will pay at least $2,400 per year to use Facet. Therefore, only those needing consistent, ongoing financial guidance over a range of financial topics will get the most out of an account with Facet.

What is Facet Wealth?

Facet Wealth is an online financial planning firm that offers unlimited access to fiduciary advice and guidance across a range of investment and other personal finance topics. You can open an account with a Facet membership, which charges a flat annual fee. 

What is the flat fee for Facet Wealth?

Facet Wealth’s flat fee ranges from Facet Wealth – Fees Display depending on the complexity of your financial situation. 

Is Facet Wealth secure?

Facet Wealth is a secure financial planning firm with an A+ rating from the Better Business Bureau. There are no major lawsuits filed against Facet Wealth.

How Facet Wealth Compares

Facet Wealth vs. SoFi

Facet Wealth – Product Name Only is solely a financial planning firm, whereas SoFi Invest – Product Name Only offers loans and banking products, investment accounts, and career coaching and financial planning. 

If you use any of SoFi’s products, such as its $0 minimum balance automated investing account, you’re able to set up meetings with a financial planner at no cost to help you navigate a specific issue or talk about your overall strategy. SoFi is good for people who don’t have the cash to pay for comprehensive financial planning right now, but still want to make prudent, forward-thinking decisions with their money.

If you’re looking solely for financial guidance and management across a broad range of personal finance topics (such as tax planning, education saving, and retirement planning), you’ll want to consider Facet despite the high annual fee. 

SoFi Invest Review

Facet Wealth vs. Vanguard Personal Advisor Services

The biggest difference between Facet Wealth and Vanguard Personal Advisor Services – Product Name Only is the minimum balance requirement.

You need to have at least Vanguard Personal Advisor Services – Account Minimum in a Vanguard IRA, trust, or other non-retirement investment account to use Vanguard’s Personal Advisor Services. Comprehensive financial planning services and account management are included in the 0.30% annual AUM fee.

Facet Wealth charges at least $2,400 a year for financial planning and investment account management. The benefit of a fixed, flat fee is that you won’t pay more as your balances grow like you do with Vanguard. If you don’t have a Vanguard investment account that counts toward the balance requirement, you won’t be eligible to use its financial planning services.

Facet Wealth is open to anyone who can pay its fee.

Vanguard Personal Advisor Services Review

Related Terms


CFPs: Certified Financial Planners are professional financial experts who are regulated by fiduciary duty, which ethically and legally requires advisors to put the best interest of the beneficiary first. ETFs: Exchange-traded funds (ETFs) are a mix of stocks, bonds, commodities, and other securities that can be easily exchanged on the stock market during regular trading hours. ETFs are generally less risky compared to stocks since they represent a collection of multiple securities.Mutual funds: Mutual funds are actively managed investment vehicles with a mix  of various securities like stocks, bonds, and other investments. Mutual funds are typically managers by a professional fund manager. 

Why You Should Trust Us: How We Reviewed Facet Wealth

We examined Facet Wealth – Product Name Only using Personal Finance Insider’s rating methodology for investing platforms to compare and examine account types, pricing, investment options, and overall customer experience when reviewing investing platforms. Platforms are given a rating between 0 to 5. 

Financial planning firms generally offer account flex ability, goal-building strategies, human advisor access, and other resources. Some firms are better for advanced investors with higher net-worth, while others may better suited for beginners. Facet was evaluated with a focus on how it performed in each category.

Read the original article on Business Insider

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