Wealth.com Teams With Wealthtech RIA Facet

The Partnership Provides Facet Financial Planners With Estate Planning Tools
Anders Jones, CEO, and Shruti Joshi, President & COO, Facet; Tim White, Co-Founder & Chief Partnership Officer, wealth.com
Anders Jones, CEO, and Shruti Joshi, President & COO, Facet; Tim White, Co-Founder & Chief Partnership Officer, wealth.com

Estate planning platform wealth.com partnered with subscription-based wealthtech firm Facet, enabling Facet financial planners to manage members’ estate planning needs via an easy-to-use, one-stop platform, wealth.com said Thursday.

In addition to providing Facet planners enhanced estate planning tools, the deal also provides added value to its members by giving them a simple, seamless way to keep their estate plans up to date, according to the press release.

Last year, wealth.com launched Ester, an AI-based legal assistant designed to help financial advisors make estate planning more accessible, cost effective and scalable. It automates tasks traditionally handled by financial analysts and in-house paralegals so advisors can deliver customized wills, trusts and other documents.

Facet, an SEC-registered RIA, started offering estate planning through wealth.com as part of Facet’s Complete membership and as a standalone service within its membership options. Facet’s flat-fee model makes “expert financial advice universally attainable – empowering individuals to actualize their financial goals and secure enduring prosperity,” according to the press release.

CFPs at Facet can leverage the wealth.com platform to manage the estate planning process, including access to local vetted trusts and estate lawyers in their jurisdiction.

Facet members will continue to benefit from a holistic financial planning experience that the release said empowers them to “take charge of vital aspects like asset distribution, guardianship and healthcare decisions.”

Pointing to data from Caring.com, the release noted that more than one in three Americans believe their assets aren’t large enough to warrant having an estate plan.

Facet partnered with wealth.com to communicate to Facet members that their financial status shouldn’t stop them from “securing a legacy for themselves and their loved ones,” the release said.

The release also highlighted recent data from Facet’s Annual Wellness Report, indicating 67% of its surveyed respondents do not have estate planning documents. When adding those with documents older than five years, 78% of respondents lacked any estate planning or possessed potentially outdated documents. This could place their health, wealth and families at risk and underscores the need for estate planning services as part of a holistic approach to financial well-being, according to the release.

“The integration of technology into estate planning has revolutionized the field, breaking down long-standing barriers.”

– Shruti Joshi

“The integration of technology into estate planning has revolutionized the field, breaking down long-standing barriers,” said Shruti Joshi, President and Chief Operating Officer at Facet.

By teaming with wealth.com, Facet is “making estate planning accessible and affordable for everyone,” according to Anders Jones, Facet CEO. “As we build the future of financial advice, we believe that advice is only as good as the action you take on it.”

The partnership “signifies our shared commitment to democratizing financial planning and estate planning, shaping Facet’s members’ legacies one click and conversation at a time,” according to Tim White, Co-Founder and Chief Partnership Officer at wealth.com.

“Facet and wealth.com are aligned in a vision that seamlessly combines cutting-edge technology with human expertise,” White said. “We believe that, when advisors are equipped with the right resources, their members stand to prosper. At wealth.com, we are committed to innovating on behalf of advisors, driving the industry towards a transformative shift where estate planning becomes an integral part of mainstream financial discussions.”

Facet was one of three wealth management firms that won a WSR Wealth Exemplar Award for Private Equity-Backed Firm of the Year in January. Winners in that category have received significant or majority equity investments from private equity, venture capital or other institutional investors for expansion and growth purposes.

Facet now has more than 23,000 members and manages over $3.11 billion in investments. It raised over $165 million in funding from firms including Durable Capital Partners, Warburg Pincus, Slow Ventures, Telesoft Partners and Green Cow Venture Capital.

Over 400 wealth management firms, including independent RIAs, aggregators, broker-dealers, custodians and wirehouses, use wealth.com’s estate planning solutions that include AI extraction capabilities.

Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

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