Facet, a fintech company that provides fee-only financial advice through a subscription-based model, is boosting its ability to offer estate planning services through a new strategic partnership.
The collaboration aims to integrate wealth.com’s advanced estate planning tools into Facet’s platform, offering its users a streamlined approach to managing their financial and estate planning needs.
With a member base exceeding 23,000 and managing over $3.11 billion in investments, Facet is an established leader in providing financial planning services.
The partnership addresses a significant gap in estate planning among Americans. According to Facet’s Annual Wellness Report, 67 percent of surveyed respondents do not have estate planning documents. Additionally, 78 percent either lack any estate planning or possess outdated documents, potentially jeopardizing their health, finances and family.
"The integration of technology into estate planning has revolutionized the field, breaking down long-standing barriers," Shruti Joshi, president and chief operating officer at Facet said in a statement. "We are making estate planning more accessible and ensuring plans are continually up-to-date."
The collaboration with Wealth.com allows Facet to offer a more holistic financial planning experience, covering vital aspects such as asset distribution, guardianship, and healthcare decisions. This integration also underscores the importance of keeping estate plans current as wealth.com's platform facilitates regular reviews and updates.
"This isn’t just a partnership; it signifies our shared commitment to democratizing financial planning and estate planning," said Tim White, co-founder and chief partnership officer of Wealth.com. "Facet and Wealth.com are aligned in a vision that seamlessly combines cutting-edge technology with human expertise."
Over one-third of Americans believe their assets do not justify an estate plan, Facet says. In line with that statistic, nearly one in three US adults in a Citizens poll said they need at least a million-dollar inheritance to justify the cost of getting professional guidance to manage their financial legacy.
"Our partnership with Wealth.com is changing the industry," said Anders Jones, chief executive officer at Facet. "Alongside Wealth.com, we're making estate planning accessible and affordable for everyone."
Facet's members can now access estate planning services through their Complete membership or as a standalone service, all under a flat-fee model.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
