Jason talks to Andres Jones, Co-founder, and CEO of Facet. It is a fintech company challenging traditional financial planning models and aims to introduce an advanced form of financial planning to underserviced markets often neglected by the industry. They use a subscription-based approach, focusing on a broader definition of financial planning beyond retirement. The company emerged in response to industry challenges, notably the failure of the DOL fiduciary rule.
Episode Highlights:
- 01:19: Anders provides a snapshot of Facet's inception in 2016, emphasizing the disruptive intent to reshape financial planning with a subscription-based model.
- 04:34: Anders illustrates the depth of Facet's service, sharing anecdotes about clients seeking assistance with major life events like having a baby.
- 08:08: Anders expands on Facet's client-centric approach, emphasizing assistance across different life milestones, showcasing the company's comprehensive financial planning perspective.
- 10:28: Anders discusses the facet philosophy, highlighting principles like maintaining a six-month emergency fund before investing, emphasizing the right order of operations.
- 13:20: Anders discusses metrics like member per planner ratio, client satisfaction, retention, and the importance of activation—ensuring clients act on provided advice.
- 17:24: Jason inquiries about the onboarding experience at Facet, prompting Anders to explain the two-call process led by a separate membership team to understand the client's needs and introduce Facet's services.
- 20:33: Anders highlights the focus on understanding the emotional aspects and the "why" behind a client's financial goals, aiming for a personalized and meaningful planning approach.
- 26:32: Jason discusses the challenges of serving clients with lower income or assets, and Anders mentions his optimism about technology advancements enabling lower-cost solutions in the future.
- 30:10: Anders highlights two motivating factors: Facet's mission-driven culture, where team members share stories about changing members' lives, and having an incredible team that makes the hard work of building a business enjoyable.
Key Points:
- Facet operates with a strong mission-oriented culture, emphasizing the team's commitment to changing financial planning for the better.
- The discussion explores challenges when clients outgrow advisors and the potential for AI to drive down costs, making financial planning more accessible.
- Despite virtual work success, Anders expresses a preference for in-person collaboration, especially in creative aspects of the business.
Tweetable Quotes:
- "Financial planning, when done well, looks at everything in your life that money touches, not just what your money is doing and what it'll be doing in 40 years." - Anders
- "The AUM-based business model for retail clients does not make sense. It does not align the cost that you're paying with the value that you're receiving." - Anders
- "Our ideal member is someone in their late 20s to early 40s, figuring out how to 'adult' and wanting help, or pre-retirees focused on the next 5 to 10 years." - Anders
Resource Mentioned:
- Facebook – Jason Pereira's Facebook
- LinkedIn – Jason Pereira's LinkedIn
- Woodgate.com – Sponsor
- https://facet.com/
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