Baltimore, Maryland based Facet Wealth has raised $33 million in Series A funding led by Warburg Pincus with participation from Slow Ventures. With this round of funding, Facet Wealth plans to accelerate Facet’s vision in providing all American households with access to financial planning.
“Our mission is to unlock access to high-quality financial advice for the mass affluent individuals and families that are often underserved or overlooked by the traditional wealth management industry,” said Facet Wealth’s CEO and co-founder Anders Jones. “We are focused on delivering high-value service at an affordable price by combining high-touch financial planning with the accessibility and efficiency of on-demand service.”
Facet Wealth also plans to use the funding to scale its proprietary technology platform. This will enable Facet Wealth’s CFP Professionals to provide their clients with a “game-changing experience” at more affordable prices.
One of the reasons why many American households avoid financial planning is due to the high costs associated with the service. But these families would greatly benefit from having personalized financial plans.
“We founded Facet Wealth on the belief that the cost of comprehensive financial planning is too high for millions of Americans who truly need it,” added Facet Wealth Co-Founder and Chairman Patrick McKenna. “We are turning the traditional model on its head by harnessing technology to dramatically lower the cost and increase the personalization of our CFP Professionals’ financial advice for the broader market.”
Facet charges an annual flat fee for a relationship with a CFP. The prices range from $480 to $5,000 per year for people with wealth ranging from $100,000 to $1 million, according to VentureBeat.
Facet Wealth co-founder and head of planning Brent Weiss is also a CFP who was a former partner at an independent advisory firm. Weiss said he was constantly challenged in providing comprehensive services to his smaller clients while providing a profitable practice. “Facet’s innovative solution enables us to focus on clients with fewer assets, who are most in need of help. At the same time, there are thousands of advisors that will greatly benefit from a partnership with Facet,” Weiss said.
