Facet financial advisors: what are the pros and cons?

1 min readLast updated May 2, 2024by Rachel Carey

Explore the pros and cons of working with a Facet financial advisor. Read more to help you make informed decisions about your financial future.

Summary 

  • Facet is a Baltimore-based financial advisory firm that’s been operating since 2016. 

  • The firm offers holistic financial services and planning exclusively online.  

  • Facet assigns a Certified Financial Planner (CFP) to every individual client, allowing for a highly personalized financial advice service offering.  

  • Find a financial advisor that offers exactly what you need at Unbiased.  

Facet: who are they? 

Facet is an affordable financial advisory firm aimed at providing middle-class investors with portfolio management and financial strategy services.  

Facet’s financial advisors are based in Baltimore and have been providing flat-fee fiduciary advice for just under two decades. This makes them a prolific and trusted financial services provider, both nationally and internationally. Facet registered with the SEC in 2016. 

In 2022, Facet managed more than 8,000 clients whose assets and investments amounted to $1.6 billion. Some of the custodians for the assets the firm manages for its financial services clients include Schwab, TD Ameritrade, Fidelity, and Apex, highlighting just how trusted they are in the industry.  

What does Facet do? 

Facet’s financial advisors provide people with accessible financial advice focusing on holistic financial planning and investment strategy development.  

They assign a Certified Financial Planner (CFP) to every individual client, allowing for a highly personalized financial advice service offering.  

All of Facet’s financial services are offered digitally.  

Clients communicate and work with their assigned CFP via video calls, voice calls, email, and other forms of online communication. This makes it ideal for people who work remotely, travel often, or simply prefer online services to face-to-face consultations.  

Facet’s financial advisors aim to provide short—and long-term financial planning for middle-class investors who want to grow their portfolios and wealth.  

What are the pros and cons of Facet? 

When it comes to obtaining professional financial advice, weighing up the pros and cons of a firm is one of the best ways to decide whether to work with them.  

Just like every business, Facet financial services has strengths and weaknesses. Here is a list of both: 

Pros 

  • Continuous access to a Certified Financial Planner (CFP). 

  • There is no minimum investment requirement.  

  • Comprehensive long and short-term financial planning.  

  • Access to fiduciary financial advisors.  

Cons 

  • Smaller portfolios have prohibitively high fees. 

  • A complex fee structure that’s not always transparent.  

  • Online meetings only.  

Facet: financial services 

Facet financial services are categorically holistic and comprehensive, meaning they cover a wide range of financial services and guidance. However, their main services include portfolio management, investment strategy development, helping make major purchase decisions, benefit selections, and more.  

The fact that Facet offers close one-on-one consultations with an assigned CFP means that the fiduciary advice that clients receive is highly specific and personalized for individual financial plans and aspirations.  

Facet: fees 

Facet’s fees are flat-rate and annual.  

Since August 2023, they have ranged from $2,400 to $8,000, depending on what services are required to support each client’s needs. The fee system is structured around each CFP’s retainer fees, so they can also vary from CFP to CFP.  

Facet fees also include a $250 enrollment charge for new clients. However, previous clients have described the rest of the fee structure as opaque and difficult to navigate without experience.  

Facet: technologies 

As a financial advisory firm that does not offer in-person meetings or consultations, Facet’s technology set-up is comprehensive and innovative.  

They use contemporary, up-to-date online communication platforms to ensure that clients receive the time and attention they are paying for.  

Facet security: is it secure? 

Facet takes online security very seriously.  

All platforms and communication lines used to provide financial services are encrypted, secure, and aligned with current cybersecurity requirements.  

Each client’s information is protected to minimize the risk of data leakage or theft.  

Facet: customer service 

Facet customer service is widely regarded as sufficient. Due to the company’s clients working with a singular assigned CFP throughout their relationship with the firm, the level of attention and support each client receives is high. 

If you want dedicated time and attention from a professional and experienced fiduciary advisor and are comfortable communicating via an online platform, Facet financial advisors will likely work well for you.  

Get expert financial advice 

Facet is a popular, Baltimore-based financial advisory firm that offers one-on-one digital financial support from individually assigned CFPs.  

Facet financial advisors' services are all-encompassing, but they do have a specific focus on investment strategy and portfolio development.  

If you’re looking for the best financial advisor for your needs, Unbiased can help. You can get matched with an expert financial advisor who can offer financial advice specific to your situation, goals, and future plans. 

Senior Content Writer

Rachel Carey

Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.