Warburg Pincus-backed fintech Facet Wealth on client referrals, growth - Business Insider

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Execs at Warburg Pincus-backed startup Facet Wealth told us why they went with Netflix-style subscription pricing for financial planning

code of ethics and standards"The future of this industry is about financial planning," as opposed to solely offering investment management advice, Jones said., which offers free online savings tools and also employs human advisers.

Facet does not implement account minimums, and its clients typically fall into three groups: young professionals, early- to mid-career families, and pre-retirees. It has some $100 million in assets under management, with assets under advisement around $500 million.To date, Facet has raised some $37 million after a Series A round led last fall by the private equity firm Warburg Pincus and an earlier investment from Slow Ventures.

With that funding, it's been able to expand. After the robo-adviser Wealthfront in August absorbed team members from financial-planning start-up Grove, Facet took, members of its planning team, and their clients who weren't integrated into Wealthfront for an undisclosed amount. To be sure, even as new and digital entrants crowd the wealth management industry and gain market share, legacy wirehouses still oversee trillions in wealth.

 

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