No matter how well you manage your finances, sometimes it makes sense to ask a specialist for help.
Most small business owners I know pay for an accountant to help with tax time. As a rule, working with an insurance broker helps you to save money on your homeowners and car insurance. At a certain point, you may want to hire a lawyer to assist you with estate planning or the establishment of a will.
Sure, you could do those things on your own. But the certainty and advanced knowledge that comes from working with an expert can be worthwhile in some cases.
But what about your basic financial management and financial life planning? Is it ever worth it to pay someone else for it? I maintain that this is a great idea in many cases.
But the model in which an investment advisor bills 1% of your assets to provide financial planning services seems a bit crazy. This structure can seriously affect your ability to build assets, especially if the Investment Advisor only manages your investments.
That's why I am pleased that more and more financial planning companies offer subscription-based models for financial planning. With these models, individuals can pay an annual flat fee for full-service financial planning.
One company that offers this model is Facet Wealth. If you're considering finding a financial planner, looking at Facet Wealth is a good choice in my opinion.
Find out what you need to know about the company in our Facet Wealth Report.
- Subscription-based financial planning
- Low-priced plans starting at $ 480 per year
- The hybrid model consists of robo-consultants and full-service financial advisors
What is multifaceted?
Facet Wealth is a financial planning company. CERTIFIED FINANCIAL PLANNER (TM) experts are hired (who need to work in their best interests) who provide financial planning services and manage most accounts.
Unlike many investment management companies, Facet Wealth charges no fees based on the amount it manages for you. Instead, fees are charged for a subscription model.
The fees range from $ 480 a year to $ 5,000 a year. The fees depend on the complexity of the financial planning needs. For example, a young person who is merely trying to pay off credit card debt and save an emergency fund is likely to pay $ 40 a month or $ 480 a year. A wealthy couple, children from previous marriages, and an interest in tax-efficient donations to charity are likely to pay $ 5,000.
When you work with Facet Wealth, you have a dedicated CFP (R) professional who works with you on your financial goals. What exactly does a CFP (R) professional do for you? In general, a CFP (R) profi examines your current spending and revenue, helps you set some short-, medium-, and long-term goals, and creates a plan to help you achieve those goals.
As your life changes (and it will be), the CFP® Professional will help you adjust your plan to your new reality. CFP (R) professionals are also likely to help you determine insurance needs, whether you need to update your will, and are likely to suggest options that help you achieve your savings goals.
Does faceted wealth have competitive prices?
If you're like many people, you can not imagine paying at least $ 100 a month for financial advice. After all, you are reading a financial blog, so you probably have some appetite for making your own finances, and you probably have a lot of knowledge on the subject.
And to some extent, I think that's true. If you are motivated to build wealth and take steps to increase your income and invest wisely, you may not yet need professional help.
Under other circumstances, professional help can be worth the money. If you are juggling multiple financial goals (eg, paying off debts, saving for retirement, expanding your side-business to become full-time entrepreneurship over the next two years, and planning to have a child), this could be a professional one Opinion be worthwhile.
In terms of whether the price of Facet Wealth is competitive, I think that is the case. Most people with assets under $ 250,000 will find it difficult to find a financial planner to serve them. Individuals with assets under $ 1 million typically pay a 1% fee to financial planners.
Imagine a $ 250,000 pair seeking help from a financial planner. This pair would pay 1% of its assets or $ 2,500 for financial planning. With Facet Wealth, the person would be more likely to pay $ 1,200 to $ 1,600 (depending on their financial planning needs).
Some financial planners who are just starting may offer lower prices, but Facet Wealth appears to be a reasonable price given the product.
Who else offers services such as multifacetedness?
Are you interested in a subscription-based financial planning, but would like to compare some options first? It can be helpful to know which companies offer a similar model.
A similar company is The financial gym The New York-based company offers in-house financial education. The financial trainers are not CFP (R) professionals, but they have been trained to help people who are not well served by traditional financial planning models. For example, they explain the best options for repaying student loans, working to improve spending habits, and providing clients with income goals.
In addition, many financial planners are aligned with the XY Planning Network Offer subscription-based models. However, not all network members offer this fee structure. Make sure that you understand the planner's pricing model before entering into a relationship with him.
If you prefer to work with more established brands, Schwab Intelligent Portfolios Premium Enables people who use the Robo Advisor service to subscribe to a financial planning service. With this option, you do not have a dedicated financial planner, but you have full access to the Schwab team of financial planners.
Is multi-faceted wealth worth the cost?
Generally, I think Facet Wealth has the right business model for financial planning. With cost-effective robo-advisors and simple DIY investment solutions, asset management alone is not of much use. However, I think that good financial planning and personalized financial advice are worth the cost.
At the end of the day, you must weigh your personal needs. Can you rebuild your financial plan or start to add up the complexities? Do you think a specialist would provide the knowledge and accountability to take your finances to the next level, or are you making enough progress alone?
When you look at financial planning services, I think it's worth talking to a Facet Wealth representative. Under the right circumstances, I think the benefits could be enormous.
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