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Facet Wealth Review

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Facet Wealth, Inc.

Facet Wealth, Inc. is a Baltimore-based financial advisor firm with 25 financial advisors on staff and nearly $44 million in client assets under management (AUM). The firm provides a range of financial planning and investment management services to its client base, which consists entirely of individuals. Facet Wealth also holds the final spot on SmartAsset's list of the top financial advisors in Baltimore.

Some of the firm's advisors are registered representatives of a broker-dealer or insurance agents. As a result, these advisors have the opportunity to earn commissions when they sell certain securities or insurance products. This arrangement makes Facet a fee-based firm; that's different from a fee-only firm, which only receives compensation from client-paid fees.

Facet Wealth Background

Facet Wealth was founded relatively recently, in 2016, and it registered as an investment advisor in the same year. Employees Patrick McKenna, Anders Jones and Brent Weiss are currently the principal owners of the firm. McKenna acts as executive chairman, Jones serves as CEO and Weiss is the firm's chief evangelist, guiding the "vision of Facet’s financial life planning experience," according to the firm's website.

This firm employs one certified financial planner (CFP).

Facet Wealth Client Types and Minimum Account Sizes

Facet Wealth works exclusively with individual clients. It has 160 such clients, and fewer than 10% of these individuals have a high net worth.

Facet Wealth does not impose a minimum investment requirement for new clients.

Services Offered by Facet Wealth

Facet Wealth provides a variety of investment management and financial planning services to clients. These services typically relate to one or more of the following topics:

  • Investment portfolio design
  • Asset management
  • Cash flow and income planning
  • Debt management
  • Online data aggregation
  • Retirement planning focused on accumulation and income
  • Estate planning
  • Financial education and literacy
  • Risk management
  • Insurance planning
  • Income tax planning
  • Education funding planning
  • Employee benefits planning
  • Charitable gift planning

Typically, the firm does not provide stand-alone investment management services, instead combining these offerings with financial planning services to build a holistic financial strategy.

Facet Wealth Investment Philosophy

Facet Wealth looks to cultivate individual relationships with all of its clients to ensure that it's providing an investment and financial planning experience that meets the client's exact needs. As a result, each client relationship begins with an information-gathering session where advisors learn about the client's investment history, financial goals, risk tolerance and more. Based on these insights, advisors take a wide-angle approach to helping clients along with their investment objectives.

The firm typically allocates client assets in mutual funds, exchange-traded funds (ETFs), stocks and bonds. Advisors may use cyclical, technical and fundamental methods of analysis to help inform their investment decisions. The firm looks to purchase securities on both a long- and short-term horizon, with the quantity of each depending upon the specifics of your situation.

Fees Under Facet Wealth

Advisory fees at Facet Wealth are technically negotiable, but they usually come in the form of a $480 to $5,000 flat fee. This variance is dependent upon the scope and length of the services you need. If the firm instead recommends an asset-based fee schedule, charges will be based on a specific percentage of your overall AUM. Fees are typically calculated and billed on a quarterly or monthly basis.

What to Watch Out For

Since Facet Wealth is a fee-based firm, there exists a potential conflict of interest: Advisors who are insurance agents or representatives of a broker-dealer have an incentive to recommend certain transactions over others. Despite this arrangement, the firm and its advisors are still fiduciaries, legally obligating them to act in clients' best interests no matter what.

Disclosures

Facet Wealth has no disclosures present on its Form ADV.

Opening an Account With Facet Wealth

If you're interested in opening an account with Facet Wealth, visit the firm's website and submit a contact form or schedule an introductory meeting. You can also call the firm at (443) 376-6222 if you prefer working over the phone.

Tips for Financial Planning

  • Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • If your primary goal is to save and invest for retirement, a good first step is to see whether you're on pace to meet your retirement income needs. Check out our retirement calculator to see where you stand. 

How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

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Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research