To meet our unlimited wants, we need to plan. The reason for this is that the resources available to meet our unlimited wants are limited.
We can’t achieve much in our lives without good financial planning. Planning your finance may sound like such a tough task, but with an effective financial planner, you can handle your every day and your big-picture future financial needs comfortably.
Fortunately, there are tons of options to help you make your financial plans. Among these options is Facet Wealth. Facet Wealth helps you plan your financial future for a flat yearly fee through an online-based Certified Financial Planner.
There are a lot of benefits Facet Wealth offers to its customers, despite some of its shortcomings.
We’ll discuss all the benefits of Facet Wealth in this article, showing you how it can help with your financial plan, investments, insurance, or other financial needs.
This is a complete review of Facet Wealth that will expose you to how convenient this financial planner is. You can glance through the table of content to get an overview of what to expect from this article.
- What is Facet Wealth?
- Does Facet Wealth Like Every other Financial company?
- What is Facet Wealth Pricing Like?
- What are the Features of Facet Wealth?
- Portfolio Management With Your Current Brokerage
- Comprehensive planning
- Comprehensive planning Financial Services Available
- Pros of Facet Wealth
- Cons of Facet Wealth
- Bottom Line
What is Facet Wealth?
Facet Wealth is a next-gen financial planning company for people who want more than Robo-advisors’ automated portfolio management but can’t afford it.
Similarly, they can be an online financial planning firm that puts their client’s interests first by offering financial planning at an affordable price.
It pairs clients and a dedicated Certified Financial Planner to manage investments, savings, insurance, taxes, and estate plans. This helps to improve their financial health and wellness.
In short, Facet Wealth aims at helping people find online financial planning easy, personal, and affordable.
In making this a reality, they provide several pricing levels based on the person’s specific financial planning needs and unlimited access to your Certified Financial Planner (CFP).
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Does Facet Wealth Like Every other Financial company?
Well, not really. Unlike the complex procedures involved in other financial companies, Facet Wealth is simple and easy to work on.
The first step you’ve to take is to make a phone call known as an introductory call. In this call, you’re to explain your intent and present financial situation. Note, it will last for 30-60 mins.
Facet Wealth sets you up with any of their CFP®s for an initial complimentary financial review based on the information you provided. Note, this can take 45 mins.
Once the financial review is completed, you can sign up for any of their plans based on your needs. On doing that, you’ve become their client and can meet with your CFP® whenever you’ve got a question.
Facet Wealth upside is that you can reach your planner or advisor any time you want, even outside of normal business hours, through a video conference call.
Note that your questions may be limited to the topics you pay for advice on. For instance, if you don’t choose a plan level that includes estate planning, you won’t ask estate planning questions.
Normally, business owners and high net worth individuals go for the highest service levels.
While average people looking for a financial advisor are at the middle level. The middle-level services include the following: planning for education, retirement, and insurance coverage, services.
What is Facet Wealth Pricing Like?
Pricing here varies. It depends on your financial situation. The price for Facet Wealth fees is around $1,200/year (which is $100/month) to $6,000/year ($500/month).
If you pay monthly, their service fees range from $100–$500 per month. It all depends on your needs. Aside from the services, you can get help to choose your employee benefits through the help of a Facet Wealth CFP.
They offer seven levels of services with prices that increase with the level of services rendered.
What are the Features of Facet Wealth?
Besides the flexible services Facet Wealth offers, they also have tons of qualities and features that distinguish it from most financial companies.
Some of them include:
- Flat Annual fee
- Comprehensive planning
- Portfolio Management With Your Current Brokerage
Facet Wealth provides you with a Dashboard. With a dashboard, you can track your finances and link your account to your financial accounts. You will see your key metrics, such as your emergency fund status, savings rate, debt score, credit score, and more through your dashboard.
Moreso, from your dashboard, you can monitor your data by linking your Facet Wealth account to your other financial accounts.
Interestingly, Facet Wealth gives a flat fee for their services. This means you won’t be charged based on your asset balance or commission, but by what you pay. So, your fat commission or asset won’t affect your fees.
Portfolio Management With Your Current Brokerage
Facet Wealth advisors can take the reins and manage all of your investments for you, or they can work with you through your current brokerage accounts.
This is another enormous benefit of Facet Wealth. The company helps you manage your funds and work on the essential aspects of your financial plan.
Comprehensive planning Financial Services Available
Comprehensive financial planning services, including:
Asset Management Service
This is the investment management part of the Facet Wealth program. It will include constructing a well-diversified portfolio to help you achieve your long-term goals.
Education Planning Service
Facet Wealth’s Education Planning Service will be more beneficial to you if you have kids. With this plan, you can plan on how to pay your kids’ education.
Life Planning Service
Irrespective of your status, this plan is important to you. With this service, you can enjoy the best part of your life. This is because it helps you to plan for what’s most important in your life.
Retirement Planning Service
With this plan, you can attain your retirement goals and objectives.
Apart from retirement planning, it’s also important to successfully manage income in retirement. Your financial advisor will consider your income from Social Security and pensions in creating a distribution plan from your retirement savings.
Income Tax Planning Service
This service deals with reducing the effect of taxes while implementing your financial plan and investing activities.
Insurance Planning Service
This Facet Wealth planning service can help you a lot in insurance. With your financial planner’s help, you learn about insurance and how best to protect yourself and your family.
Estate Planning Service
Estate Planning Service enables you to work hand-in-hand with your personal attorney to create an estate plan. With this plan, you can be sure that your loved ones will not suffer even when you are gone.
Legacy Planning Service
Legacy Planning Service helps you make provisions for either your family or a favorite charity. It will enable you to structure your finances so you will provide for the people or organizations you care for most.
Now having seen all these services, the next step is to get started. Before you click the button below, it’s expedient to clearly understand the pros and cons of Facet Wealth.
Pros of Facet Wealth
Pros are more like upsides or benefits. Facet Wealth pros include:
There are no conflicts of interest
Facet Wealth has a fee-based model where Advisors don’t get commissions based on selling policies that may or may not be a good fit for you.
Staunch Certified Financial Planner
Facet Wealth has dedicated financial planners who are down to earth and are at your beck and call 24/7.
No upfront fees are required
You’ll not have to pay any upfront fee while setting your account. This is not common among other companies’ charges.
No cancellation fees
If you quit using the service, you won’t be charged for cancelation.
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Cons of Facet Wealth
Even with all the Facet Wealth Upsides, there are still some downsides which you should look out for. They include:
The Cost is high for some clients
To become Facet Wealth’s clients can be costly especially if you don’t have a large nest egg started.
Can’t have a face-to-face Communication
We all know that face-to-face communication is the key to success. Facet Wealth doesn’t allow that. This means as a client, you won’t have face-to-face communication with your CFP.
Varieties of Plans
Although this is an advantage, it can also work against the system. Choosing from the different available plans can confuse you. But with an advisor can help you choose what would provide the most value to you.
Through Facet Wealth, you can get the traditional financial advice you need. This the achieving through the dedicated Certified Financial Planners they provide every client with.
And considering its unique features, it has proven to be the perfect choice for individuals who wants a financial advisor that can work remotely. So, If you’re looking for a remote financial planner, Facet Wealth is worth considering.