Updates

From time to time, we make updates to our planning agreement and regulatory documents, and will always communicate any material changes directly with you.  This pages summarizes the historical changes that have been made to those documents. The documents linked on The Legal Documents page represent each document’s current version.

For any questions about your planning agreement or any of these documents, please contact your planner or our Chief Compliance Officer, Christopher Hufman ([email protected]).

  • ADV 1 updates:
    • Added Apex Clearing Corporation as a custodian.
    • Updated direct ownership with a Series C investment from Durable Capital Master Fund LP. 
    • Updated the Executive Team
    • Planning Agreement and ADV 2A updates:
    • Removed monthly bill (current clients billed monthly are grandfathered).
  • ADV 2A updates:
    • Item 4A – ownership updates with Series C investment from Durable Capital Master Fund LP.  
    • Item 4G – Total Financial Life Resources (TFLR) metric disclosed. 
    • Revised planning fee range from $1200-$15000 to $1800-$6000.
  • Updated the Planning Agreement and ADV 2A to reflect a potential administrative fee for clients who pay monthly by credit card. This is effective for clients who signed planning agreements starting on 3/1/2021.
  • ADV 2A – Removed language for directed brokerage transactions in section 11 as we do not engage in those activities with our clients.
  • Updated both our Planning Agreement and ADV 2A to:
    • Add a reference to an administrative fee for additional services such as estate planning document preparation or tax form preparation agreed to specifically by a client.
    • Remove references to a broker/dealer relationship with PKS and a relationship with an insurance broker. Both of these relationships have ended and no longer need to be disclosed. This fits with our approach of being fee based and removing potential conflicts of interest.
    • Remove an investment management fee for clients with assets under management of over $2M. This fee has been eliminated.
    • Revise our planning fee range to $1,200 to $15,000. This is effective for clients who sign up as of February 1, 2021 and going forward. Clients signed prior to this date and under the new minimum will maintain their current annual fee unless specifically notified.
  • Updated our ADV 2A to establish an account minimum for investment accounts of $500.
  • Updated our ADV 2A to reflect our new corporate address.
  • Updated our Planning Agreement to clarify the type of arbitration required in Section 14 on Arbitration.
  • Change to our planning agreement to contain refund policy for promotional or discounted offers specific to annual payment options.
  • Change to our planning agreement to include semi-annual and annual payment methods
  • Changes to our ADV 1 and ADV Part 2 brochure to reflect the new address for our firm
  • Introduction and delivery of the Client Relationship Summary (Form CRS)
  • Changes to our ADV 2 and our planning agreement to reflect:
    • New solicitation language outlining how existing clients can refer business to Facet
    • A platform fee for investment management clients with assets over $2M (with grandfathering for any client who signed a planning agreement prior to March 23, 2020).
  • Change to our planning agreement to modify our billing policy to reflect that any clients who end their planning agreement with Facet will pay through the end of the month of termination.
  • Changes to our ADV 1 to reflect a change in ownership with a Series A Investment from Warburg Pincus.