Why Facet Wealth Wants to Buy Your Small Accounts
Anders Jones is CEO and co-founder of Facet Wealth, a next-generation financial services firm reinventing financial life management for the mass affluent. An entrepreneur and early-stage investor with experience in building companies to scale, Anders co-founded Facet Wealth in 2016 to break down the cost barrier of full financial planning access, and to offer partner RIAs a responsible solution for smaller accounts. Prior to Facet, Anders was a founding partner at Argyle Ventures, investing in emerging advertising, fintech and healthcare IT startups. He earned his BA at Stanford and MBA at the Wharton School at the University of Pennsylvania.
I spoke with Jones at The MarketCounsel Summit in Las Vegas on December 5.
I understand that Facet Wealth is focused on financial life management. Tell me more about your firm and why you launched Facet Wealth.
Facet is a next generation financial services company, focused on providing high-quality planning and advice for the mass affluent market. There are folks with less than $1 million that still need holistic planning and advice that we see as a massively underserved part of the population.
If you're a mass affluent client – suppose you have $200,000 – then you have two bad options for wealth management.
You can either go to a “do-it-yourself” robo-advisor, which is great for cheap market participation, but as soon as you start having planning questions or anything that really impacts your broader financial life, that model breaks down very quickly.
Or you can go to a traditional human advisor. But at $200,000, that's a very difficult client for the advisor to service based on their cost structure.
There are about 33 million mass affluent households in the U.S. They all need help in some form or fashion, and many of them are not getting it. That's where Facet comes into play.