How did Facet grow from $2 million to $40 million in revenue while changing the wealth management industry along the way? This podcast episode delves deep into the journey of this trailblazing wealth management firm. Hosted by Meg Carpenter, CEO and Co-Founder at Ficomm, the episode features Facet's CEO and Co-Founder, Anders Jones, and the company's President and COO, Shruti Joshi. Together, they share the innovative strategies that have propelled Facet into a league of its own in the financial planning industry.
Facet’s success story addresses the high costs, conflicts of interest, and limited service scope prevalent in traditional wealth management. Their revolutionary flat fee model, coupled with tech-driven efficiency, has allowed them to serve an underserved mass affluent market effectively. This episode offers an insider's look into Facet's pivotal shift to a direct-to-consumer model, shedding light on the unexpected lessons learned while scaling a subscription-based service.
The podcast kicks off by exploring how Facet targeted the underserved mass affluent market and drastically grew their business organically in the process. Anders and Shruti discuss their initial vision and the critical pivot to a direct-to-consumer approach. Serving 14,000 households and aiming to reach 20 million underserved Americans by 2030, Facet's growth trajectory is both ambitious and inspiring.
Finally, the episode examines how Facet scaled its financial planning business. The evolution of Facet's client onboarding and service strategies are discussed in detail. Shruti’s entry into the team marked a turning point as she focused on building a mass affluent brand, defining the ideal client profile, enhancing client satisfaction, and retention. Insights from Anders highlight Facet's transition to a more flexible, as-needed meeting schedule and the implementation of service teams. Targeting mass affluent clients aged 35 to 60 with busy lifestyles has proven effective in serving an underserved market and attracting investor interest.
Facet's unique approach to wealth management is further exemplified by their decision to split the roles of advisors and sales teams. By keeping these functions separate, Facet ensures that advisors can dedicate their time to client interactions and planning, while the sales team focuses on onboarding new clients. This division of labor has been a game-changer, allowing Facet to build processes and iterate quickly to achieve success.
Throughout the episode, the importance of understanding the ideal client profile is also highlighted. Shruti’s data-driven approach to uncovering exactly who Facet could best serve was pivotal in accelerating their growth. By focusing on clients who match their ideal profile, Facet has been able to onboard clients whose expectations align with the services provided, leading to greater loyalty, satisfaction, and retention.
The podcast also sheds light on the importance of diversifying lead sources. Shruti recognized the need to have multiple lead sources generating new clients, as relying on a single source poses significant diversification risk. Now, Facet has over 40 different channels generating leads, ensuring a steady stream of potential clients.
One key takeaway from Facet's journey is the willingness to rethink traditional assumptions and innovate. Their initial attempt to replicate the standard advisor experience did not align with their ideal client's needs. By adopting a more flexible, team-based approach and allowing clients to engage their planner when big decisions arise, Facet has been able to serve their own clients much more efficiently and effectively.
Ficomm Partners is the embedded growth partner for results-driven RIAs, and wealth management platforms. With a track record of helping over 250 clients achieve their growth goals, Ficomm understands that while industry patterns may repeat, each firm's growth challenges are unique. Ficomm prioritizes strategy and finds the most impactful ways to move you toward your goals. We align all your marketing activities with your business objectives, acting as your dedicated growth partner with our human-first approach, strategy-first methodology, and unrivaled team of industry marketing experts.