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Where Facet shines
Fees are based on services required: Facet’s pricing model helps you pay for what you need, when you need it. Members who need more basic help can get assistance with topics like budgeting or debt planning. Members with more complex financial situations may need advice on saving for starting a family, saving for an education, planning for stock compensation or starting a business. The fee you pay is based on the level of service required and the complexity of your financial situation.
You may not have to move your assets: Facet manages existing accounts at several brokerages, including Fidelity, Charles Schwab and Apex. Some financial advisors require you move your assets to their brokerage.
Where Facet falls short
High fees: Financial advisory services can get pricey, and Facet is definitely on the higher end of that spectrum. If you’re just looking for access to CFPs and investment management, you can get it elsewhere for a lower price.
Pre-built portfolios: While most people will be just fine with a pre-built portfolio of low-cost ETFs, if you want something a little more custom, you’ll have to look elsewhere.
Alternatives to consider:
Who should choose Facet?
People looking for guidance with life transitions: Facet’s tiered structure offers services for everyone from those with minimal financial management needs to those who need help with estate, equity and advanced tax strategies. And this way, you only pay for what you need.
Those with high account balances: Because Facet offers fixed fees, the higher your balance, the lower your fee is as a percentage of your assets — it is common for other financial advisors to charge only a percentage of assets under management, such as 1%. At Facet, if you have a $100,000 balance, your fee is 3% at the Plus tier. But if your balance is $1 million, that fee drops to 0.30%.
Facet at a glance
Note: Facet’s star ratings are based on the service’s highest-priced tier, which is most like the other full-service financial advisor firms we review in this space.
Period considered: Aug. – Oct. 2024.
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Account management, planning or subscription fee |
$1,000 to $6,000 annually depending on complexity of plan |
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Advisor access and credentials |
All advisors are certified financial planners and fiduciaries. Advisor access and methods of contact are determined by membership tier. |
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Financial planning services |
Depending on the level of membership, Facet advisors can advise on the majority of situations covered by full-service financial planning firms. |
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Investment expense ratios |
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Facet portfolios can cover the following asset classes with portfolios build from low-cost ETFs:
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Facet manages existing accounts at Fidelity, Apex, and Charles Schwab. New accounts will be opened with Apex and Fidelity. |
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Investment account recommendations provided for workplace retirement plans and stock option plans. |
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Tax-loss harvesting on all taxable accounts as part of the investment service included in the flat planning fee. |
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Customer support options (includes how easy it is to find key details on the website) |
Email support daily from 8:00 a.m. to 8:00 p.m. Eastern. Phone support can be scheduled at the member’s convenience. |
What to know about Facet’s account minimum and fees
Facet has a $500 minimum to open an investment account, which is impressive: Other online financial advisors often have minimums between $25,000 and $100,000, and many traditional in-person financial advisors require $250,000 or more.
Facet uses a “pay for what you use” pricing model based on the complexity of advice a member requires. Fees range from $1,000 to $6,000 a year depending on how complex your financial needs are.
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Annual fee (paid quarterly in installments or annually) |
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Those making between $50,000 to $100,000 a year and have debt. |
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Those who need cashflow and debt management, investment management, retirement, insurance and education planning. |
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Those with similar needs as Core members but who also need equity award planning. |
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Those who are looking for advanced tax strategy and help with filing, annual access to an equity comp specialist and a robust estate plan. |
Potential customers must have a brief, free meeting with a Facet advisor to get an estimate of the financial planning rate they’ll pay. An initial consultation is a good idea before hiring any financial advisor, but it does mean you at least have to commit to a phone call before you know exactly what you’ll be paying.
To compare the cost of Facet with similar services and traditional financial advisors, it helps to translate Facet’s flat fee into a percentage of assets under management based on how much you plan to invest with the service. For example, Facet’s $1,000 base annual fee would translate to 1% per year on a $100,000 portfolio.
Similar options for online financial planning and portfolio management include the following:
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Empower is a combination portfolio management and financial planning service that gives members access to a team of advisors. It charges a 0.89% management fee on the first $1 million invested.
Keep in mind that with Empower and Betterment Premium, you’ll pay more as your portfolio balance increases. That makes the flat-fee pricing at Facet particularly attractive at higher balances.
Depending on your balance, Facet’s fee may be comparable with what some traditional brick-and-mortar financial planners charge (see our breakdown of financial planning fees). Those with complex financial situations may choose to go that route instead, especially if meeting with a financial planner in person is preferred.
Facet charges its members who want to pay quarterly a one-time $250 fee. If you have an annual membership, that fee is waived. Facet does not charge account fees, but some custodians it works with, such as Apex and Fidelity, may levy their own fees.
The expense ratios you’ll have to pay with Facet average around 0.08%, which is quite low. An expense ratio is an annual fee charged by mutual funds, index funds and exchange-traded funds, as a percentage of your investment in the fund. If you invest in a mutual fund with a 1% expense ratio for example, you’ll pay the fund $10 per year for every $1,000 invested. If high, these fees can significantly drag down your portfolio returns.
Facet’s advisor access
Facet outshines some of its competition in that all of its advisors are certified financial planners (CFPs), but when and how you can talk with an advisor depends on your membership tier:
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For those who need simple investment management and would like to be able to speak with a CFP, some offerings, like Schwab Intelligent Portfolios Premium and Betterment Premium. are significantly cheaper. But at its Complete level, Facet’s pricing (particularly for those with higher balances) offers full-service financial planning for far less than the competition.
Facet’s financial planning services
Facet’s bespoke approach to financial planning allows it to serve as a resource for nearly any financial decision you face, from employee benefits and the tax impact of stock option plans to retirement investments and evaluating insurance needs. That said, how much you pay each year will change depending on the services you need.
Your financial plan lives on Facet’s web portal, which is an aggregation tool to track your assets, liabilities and action items, as well as a place to upload important documents like beneficiary paperwork. Facet tracks progress toward achieving goals. And whenever you update information on Facet’s portal, your advisor is notified and ensures the financial plan reflects any changes.
Other key Facet features
Accounts supported
Facet directly manages non-retirement brokerage accounts, Roth, traditional, SEP, rollover and inherited IRAs and revocable living trusts.
Facet provides specific investment recommendations on accounts it doesn’t manage directly, such as 401(k)s and stock option plans.
Facet manages existing accounts held at Fidelity, Apex, and Charles Schwab, which is great if you already have accounts at one of these larger brokers. If you’re not currently a customer at one of those brokerages, you’ll have to move your assets. New accounts will be opened with Fidelity or Apex.
Tax strategy
Facet provides tax-loss harvesting on all taxable accounts and, depending on your membership tier, works with outside tax professionals to ensure you get the best advice for your situation. Facet CFPs do not provide tax preparation services, but you can get tax preparation as an additional service.
Good to know about Facet
Portfolio construction
Facet portfolios are built from a select list of low-cost ETFs with a focus on minimizing fees and maximizing diversification (providing exposure to different types of asset classes to balance potential risks and rewards). Facet covers the following asset classes with ETFs in the following categories:
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All U.S. stock types: (large cap, small cap, growth and value)
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Commercial mortgage-backed securities
Pre-built portfolios created with low-cost funds are perfectly fine for most investors, but if you want a customized portfolio, or access to other types of investments, you may want to look elsewhere.
Customer support
Facet offers email support daily from 8:00 a.m. to 8:00 p.m. Eastern. Members can also schedule phone support. Some of Facet’s competitors offer better customer service hours and methods of contact.
Is Facet right for you?
Facet offers close to what you would get from a traditional brick-and-mortar wealth management firm. The main difference is that Facet delivers financial plans and advice virtually. Facet is well-suited to help members navigate complex financial issues.
Facet’s “pay for what you use” fee scale means you’ll pay less in years where your planning needs are minimal, and more when you face additional financial complexity (such as getting married, a job change, earning company stock or transitioning into retirement). The setup is particularly attractive if you have a large investment portfolio and fairly simple financial-planning needs. In those cases, you’ll pay less out of pocket for comprehensive financial planning and portfolio management at Facet than you would at a traditional financial planning firm that charges a percentage of assets under management.
On the other hand, it isn’t a good choice if you’re seeking only portfolio management, which you could get from a lower-cost financial advisor or a robo-advisor for much less.
*See Terms and Conditions and active promotions. Not available for Foundations members. Facet Wealth, Inc. (“Facet”) is an SEC Registered Investment Advisor headquartered in Baltimore, Maryland
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