Facet Wealth is much more than a tool to see your finances, it actually helps you understand how they can grow. From a tailored projection based on your wants and needs to helpful nuggets of advice and the ability to bring together all of your assets under one digital application.
The dashboard is incredibly clear, its color coding and use of separated areas lets you know what you immediately need to focus on. Targets and goals are clearly displayed so you can envision exactly what you are working towards. It translates well on the mobile app also.
- Support is easily available by videoconference or telephone
- A dedicated client relationship manager, no call centers
- Chat whenever suits you, including evenings and weekends
Facet Wealth promise that their onboarding experience is painless, non-judgmental and takes less than an hour. What’s more, if you don’t like it you don’t have to pay for anything, they’re that confident.
When it comes to planning ahead a relationship with your financial planner is key. They need to understand your hopes and vision, and this is something that Facet Wealth really takes on board. It’s your choice whether you want make it all virtual or go ahead and meet up.
Deployment: Web and mobile
Training: Documentation, Live Online, In Person
Support: 24/7 phone and email
Mobile apps: Yes, iOS and Android
First, there’s an initial questionnaire that pushes you to look ahead, followed up by a call with a Certified Financial Planner (CFP) Professional. The ability to link all of your accounts together will then really help to visualize your goals, and with a dedicated advisor, you will know exactly who to turn to if you want to change direction. A dedicated phone number is on hand, not a call center.
The meet ups are your call also, whether you want to get together in person or over videoconference, the advisor is professional and there to respect your requirements.
Design and usability
- Help with stock options
- Assured data security and privacy
- Pay a whole cost, not by how much wealth you have
At Facet Wealth questions are encouraged, and unlike other wealth management services, they charge a set fee that you can cancel at any time. One challenge that the company is exploring is a “pay for what you use” model, rather than a service which is dependent on how much wealth you have. It allows everyone to get on the financial planning ladder and opens up the industry.
Of course, security is a large part of the deal. While the visual dashboard shows your fiscal wealth, the company never has access to or is able to use your money, although of course, your advisor will talk about how you might like to use it.
Stock options are all part of the service. But recent developments in digital banking allow Facet Wealth to display your portfolio but never use it on your behalf. They use servers hosted by Amazon Web Services (AWS) and all information is encrypted to make sure only the right people get to view your information.
- Crisp and clear dashboard
- Help managing 401k
- Financial planning instead of just managing money
The real selling point is the crisp and clear dashboard which will help you monitor your finances and goals. You can add family information to keep track of their finances, easily check your credit and debt score plus your savings rate and emergency fund score. These types of indications are handily kept on a traffic light system so you can see at a glance where you are compared to where you need to be. The dashboard tends to steer away from red unless especially needed, so you’ll likely see more greens and oranges than any other color.
There is a separate column for net worth and assets which makes it easy to understand your financial situation at a glance. In terms of additional advice and support, you can expect a holistic management approach so that all your assets are taken care of – including your 401k.
Stock and the implications on tax is also a core element that the company looks at that really changes the game from money management to financial planning.
Facet Wealth is perfect for the individual looking to grow their wealth or who wants to identify long-term goals. This is a company that is trying to break down the barriers of financial planning, so there are no real limits to worry about.
And while Facet Wealth is a great introductory step into the industry, it also has the ability to look after clients with larger portfolios, thanks to its simplified dashboard and tailored service.
In terms of usability, the sleek, design orientated look that works well both on a dashboard and mobile is certainly something to shout about, and the support from a dedicated advisor is certainly something on a par with other, more costly services.
When it comes to prices the refreshing move to charge based on the relationship requirement rather than the wealth managed also makes it easy to recommend this service. It enables prices to start from just $480 a year, with the more time consuming and comprehensive financial plans going up to $5000 per year.
As a fiduciary, the company is legally bound to advise you with your best interests at heart. With the ability to chat to a professional before committing to sign up and no financial penalties for canceling, Facet Wealth is doing a great job at maximizing diversification while minimizing the fees you might expect for such a project.