From time to time, we make updates to our planning agreement and regulatory documents, and will always communicate any material changes directly with you. This page summarizes the historical changes that have been made to those documents. The documents linked on The Legal Documents page represent each document’s current version.
For any questions about your planning agreement or any of these documents, please contact your planner or our Chief Compliance Officer, Christopher Hufman ([email protected]).
- Facet has updated Item 8 Methods of Analysis, Investment Strategies and Risk of Loss, of it’s ADV 2A to include investment management upgrades such as a Short-Term Strategy model, an enhancement to our ESG (Environmental, Social and Governance) model and Tax Sensitive Fixed Income allocations.
- ADV 2A Updates:
- Facet has filed its 2023 Annual ADV 2A update to include a one time enrollment fee, administrative fees for services with investment accounts (such as portfolio accounting and reporting), clarification of payment terms and updated notification process for any potential fee increases; and to include Facet’s Tax-Optimized Model Implementation and Tax-Loss Harvesting Techniques.
- Planning Agreement Updates
- The planning agreements were updated to include information regarding possible promotions & enrollment fees, administrative fees, referral programs
- ADV 2A Updates:
- Facet Wealth, Inc. has updated the financial planning and consulting fee rate to reflect the current negotiable range of $2,000 to $8000.
- Facet Wealth, Inc. has updated its billing cadence to discontinue semi-annual billing (current clients billed semi-annually are grandfathered).
- Facet Wealth, Inc. has updated Item 14 to include the use of influencers and client testimonials in advertising.
- Planning Agreement:
- Updated to reflect a change in the financial planning and consulting fee rate to reflect the current non-refundable negotiable range of $2,000 to $8000. This is effective for clients who signed planning agreements starting on 11/4/2022.
Updated the Planning Agreement to remove monthly billing (current clients billed monthly are grandfathered).
- ADV 2A updates:
- Item 4A – ownership updates with Series C investment from Durable Capital Master Fund LP.
- Item 4G – Total Financial Life Resources (TFLR) metric disclosed.
- Revised planning fee range from $1200-$15000 to $1800-$6000.
- Updated the Planning Agreement and ADV 2A to reflect a potential administrative fee for clients who pay monthly by credit card. This is effective for clients who signed planning agreements starting on 3/1/2021.
- ADV 2A – Removed language for directed brokerage transactions in section 11 as we do not engage in those activities with our clients.
- Updated both our Planning Agreement and ADV 2A to:
- Add a reference to an administrative fee for additional services such as estate planning document preparation or tax form preparation agreed to specifically by a client.
- Remove references to a broker/dealer relationship with PKS and a relationship with an insurance broker. Both of these relationships have ended and no longer need to be disclosed. This fits with our approach of being fee based and removing potential conflicts of interest.
- Remove an investment management fee for clients with assets under management of over $2M. This fee has been eliminated.
- Revise our planning fee range to $1,200 to $15,000. This is effective for clients who sign up as of February 1, 2021 and going forward. Clients signed prior to this date and under the new minimum will maintain their current annual fee unless specifically notified.
- Updated our ADV 2A to establish an account minimum for investment accounts of $500.
- Updated our ADV 2A to reflect our new corporate address.
- Updated our Planning Agreement to clarify the type of arbitration required in Section 14 on Arbitration.
- Change to our planning agreement to modify our billing policy to reflect that any clients who end their planning agreement with Facet will pay through the end of the month of termination.
- Change to our planning agreement to contain refund policy for promotional or discounted offers specific to annual payment options.
- Change to our planning agreement to include semi-annual and annual payment methods
- Changes to our ADV 1 and ADV Part 2 brochure to reflect the new address for our firm
- Introduction and delivery of the Client Relationship Summary (Form CRS)
- Changes to our ADV 2 and our planning agreement to reflect:
- New solicitation language outlining how existing clients can refer business to Facet
- A platform fee for investment management clients with assets over $2M (with grandfathering for any client who signed a planning agreement prior to March 23, 2020).
- Changes to our ADV 1 to reflect a change in ownership with a Series A Investment from Warburg Pincus.