Warburg leads Facet Wealth’s $33 mln round

Facet Wealth said Sept. 10 that it raised $33 million in Series A funding led by Warburg Pincus. Slow Ventures is also investing. Facet Wealth, of Baltimore, Maryland, provides technology-enabled financial planning services to mass affluent investors.


BALTIMORE, Md. – Sept. 10, 2018 – Today, Facet Wealth (“Facet”), a next-generation financial services company, announced it has secured $33 million in Series A funding led by Warburg Pincus, a leading global private equity firm focused on growth investing, and joined by Slow Ventures, a venture capital firm specializing in early- and seed-stage technology investments. The funding will help accelerate Facet’s vision to provide all American households with the affordable access to comprehensive financial planning and advice that they deserve.

The $33 million in new capital will fuel Facet Wealth’s expansion strategy, setting the stage for explosive growth and substantial industry partnerships. Additionally, Facet will continue to scale its proprietary technology platform, which redefines financial life management and enables the company’s CFP® Professionals to deliver a game-changing client experience at an affordable price.

“Our mission is to unlock access to high-quality financial advice for the mass affluent individuals and families that are often underserved or overlooked by the traditional wealth management industry,” said Anders Jones, CEO and Co-Founder of Facet Wealth. “We are focused on delivering high-value service at an affordable price by combining high-touch financial planning with the accessibility and efficiency of on-demand service.”

 Historically, high costs of service have driven personalized financial life management beyond the reach of millions of working families. While the traditional wealth management industry is well-suited to work with wealthy clients, the mass affluent population has historically lacked access to quality, full service financial planning services – and these are the households who would often benefit the most from having a personalized plan.

Facet has a unique partnership model for growth: the company partners with industry incumbents to help identify and transition clients who do not fit their ideal profile, which frees them up to focus on growth, increase practice valuation, and undergo generational transitions.  It also enables more clients to receive quality financial life guidance from a fiduciary.

 “We founded Facet Wealth on the belief that the cost of comprehensive financial planning is too high for millions of Americans who truly need it,” said Facet Wealth Co-Founder and Chairman Patrick McKenna. “We are turning the traditional model on its head by harnessing technology to dramatically lower the cost and increase the personalization of our CFP® Professionals’ financial advice for the broader market.”

 “Facet Wealth brings together the personalized planning of a dedicated financial advisor with an innovative technology platform that makes it more accessible and affordable for more working class families across the country,” said Jeff Stein, Managing Director of Warburg Pincus. “We look forward to leveraging our deep expertise in the financial services sector to support Anders, Patrick, Brent and the entire Facet team as they define the next generation of financial life management for the mass affluent.”

“As a former partner at an independent advisory firm, I was constantly challenged to provide comprehensive service to my smaller clients while maintaining a profitable practice,” said Brent Weiss, CFP®, Co-Founder and Head of Planning at Facet Wealth. “Facet’s innovative solution enables us to focus on clients with fewer assets, who are most in need of help. At the same time, there are thousands of advisors that will greatly benefit from a partnership with Facet.”


 About Facet Wealth

Facet Wealth is a next-generation financial services company providing comprehensive, transparent service at an affordable price to the mass affluent households that need it most. Facet Wealth is a SEC Registered Investment Advisor (RIA) that offers human-first, technology-enabled financial planning services through a dedicated team led by a CFP® Professional. Facet Wealth is a fiduciary, acting in the best interest of our clients. Based in Baltimore, Maryland, with a nationwide reach, Facet Wealth works with financial servicesprofessionals as a solution for small accounts. For more information, please visit www.facetwealth.com.

About Warburg Pincus

Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $45 billion in private equity assets under management. The firm’s active portfolio of more than 165 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. The firm has been an active investor in financial services with current and former investments including The Mutual Fund Store, Financial Engines, Yodlee, Ascentium Capital, Mosaic, and Varo Money.

Founded in 1966, Warburg Pincus has raised 17 private equity funds which have invested more than $68 billion in over 825 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com.