When I first started my financial journey, I questioned myself at every turn. "There's no way I'm doing this right," "I have to ask a professional," "wtf am I doing?," were just a few of the intrusive thoughts constantly rummaging in my head rent free. Rather than believing I had some idea about what I was doing, that I had taught myself enough to do foundational personal finance things on my own, believed in my own competence, and that I was the best judge to decide what my goals, I did what any other recovering people pleaser would do, I looked for an expert that would tell me I was doing things right.
In my search, I found the Financial Gym, a subscription based service that provides $125/month memberships for individuals and $175/month for couples to work with a "trainer" that helps with goal setting, quarterly meetings, ongoing access to resources, and other perks. I wasn't sure what to expect on my first call or exactly what I was trying to get out of this, but I entered with an open mind as my trainer enthusiastically walked me through the program, what to expect and after I had provided all my numbers and current financial overview, they walked me through a comprehensive "Financial Fitness Plan" inclusive of a financial snapshot, savings rate recommendation noting "financially fit savings rate ranges between 10-20% of your gross income," spending goals, money mindfulness, sinking fund, debt management, high level retirement plan, and an agenda for the next 90 days. I enjoyed the calls with my trainer where we talked about my progress, budget tracking and upcoming goals (at the time I was saving for a 1.5 month long solo trip across South America) and after about 3 months, I decided I was going to take it from there and parted ways with FinGym.
A few months ago, similar thoughts/feelings kept bubbling up about uncertainty in my abilities/knowledge so I once again went looking for the experts. Many financial influencers I listen to and follow talked about Facet, another flat fee financial advisor membership program with a slightly higher price tag as for $2,000 a year, a CFP will meet with you, put together a comprehensive financial plan after you've provided access/connectivity to your accounts for full visibility. After an initial check-in for the advisor to get to know you and your goals, the two of you meet again for them to share two scenarios based on your current state and your stated goals – you then choose one. For example, during my first call with my advisor, we discussed my "desired" retirement age, my plan to buy property abroad in the next few years, among other short and long-term goals. One scenario included cutting back on traveling to save on a down payment while the other suggested continuing down a similar spending path and pushing back my theoretical purchase date. We, apparently, can't have it all.
Once a scenario is chosen, you're sent next steps and can continue to message your financial advisor as needed. In my case, I was also instructed to increase my 401K contributions, consider their suggested asset reallocation for my retirement plan, and read up on Facet's High Yield Savings account. For no additional fee, you can also transfer your investments to be managed by Facet. I did not initially opt for the latter option of investment management so the recommendation for my 401K reallocation was to streamline existing investments which came to a whopping $47.23 savings.
I recently met with another Facet advisor who was able to put some of my concerns at ease as they acknowledged my situation and goals, explained in great detail how Facet could help with my investments through portfolio rebalancing, as well as tax-loss harvesting, and acknowledged that while they could provide recommendations for me to execute on my own, their visibility would be limited. I am sold into their investment management structure and will be moving my accounts for asset management, for now. My greatest hesitation was moving accounts over and not having everything in one centralized location which I painstakingly worked towards but having paid the initial fee, I want to see how their methods will help improve my strategy and if it's something I want to consider long term, so more to come.
I wanted to share my individual experience and that when I searched for additional expertise, I wasn't sure what I was trying to get out of it other than validation, someone telling me I was on the right track rather than trusting myself. Even with my limited experience with Facet, I would recommend them if you're looking for investment management help and are ready to transfer accounts over to allow someone else to manage them for you for a flat fee. If you're looking for more general financial wellness, intentional habits, and accountability, something like Financial Gym might be a better fit but whatever you choose, make sure you know why you're looking to delegate, if that money isn't better suited in your accounts once you feel more confident in your knowledge, and really think about what you're trying to get out of this new relationship so you can guide it accordingly to fit your needs.
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