Aspect wealthis a fast-growing fintech company providing subscription-based financial advice and planning, expanded its leadership team to focus on customer experience and marketing, hired a Former JPMorgan Portfolio Manager, Data Scientist and Economist, former Director of Optimization Research at MEC Labs, and Marketing and Product Director with a FinTech background.
Following a $100 million Series C round earlier this year, the four new hires have been brought into brand new roles to help sustain the past, according to Facet CEO and co-founder Anders Jones. Two-year fintech growth rate of 2,523%.
“Customer experience is a huge differentiator,” said Mayra Cardoso, Facet’s new head of customer experience. Before moving into digital and strategic innovation leadership roles in investment banking, Cardoso specialized in developing asset allocation strategies for JPMorgan Chase’s pension plans, endowments and foundations.
Cardoso said data shows that as many as one-third of customers will leave a company after a few bad experiences, even ones they have a long history of. In her new role, she is building a “Voice of the Customer” program to gather actionable feedback on public perceptions, platform interface and service results from surveys, social media and Facet consultants.
“A big part of that is the constant focus on the competitive landscape within and outside the category,” she added. “What do people like, what are they attracted to? When you think about how this drives growth, there is a large percentage of customers who have had a good customer experience who are likely to recommend the brand to a friend.”
Other new hires include:
Nick Beatty As Vice President of Growth and Customer Experience Analytics. Betit is from Facet at Discovery Education, where he led growth analytics.Jimmy Ellis As Senior Director of Growth Marketing. He joined Facet after a year as VP of Marketing at Knox Financial. He spent four years in marketing at Fracture, a fintech company in the real estate sector, and was a research director at marketing firm MEC Labs. He is the co-founder of Prospecting Hub, a B2B lead generation service.Sung Lee as dAcquisition Marketing Director. Lee has been with PayPal for four years, most recently at fintech company Revolut.
The firm also announced Tom Graff as its new investment chief earlier this month.
Facet executives say their goal is to quadruple the number of clients each advisor can serve by automating all non-client-facing tasks. Jones said earlier this year that Facet would not expect to add several new advisors in 2022. He said Tuesday that the new additions to the leadership team are part of the company’s growth plan, which includes building out a marketing program and enhancing the customer experience — a growth that’s not expected to be deterred by the recent market downturn, backed by a recent funding round.
“Our value proposition around planning has nothing to do with market cycles,” he said. “And, in fact, in some cases, it’s when the market gets crazy that people really ask for help. I think for us, it’s It’s actually a good time to hire. The tech market is softening and there are stories of tech companies changing their hiring plans and layoffs left and right. So, it’s a good time for us to look for top talent. We’re in great shape from a mobility standpoint , and it does play an advantage in that.”
One of Facet’s stated goals is “the democratization of financial services.” The company charges clients a flat fee — up to $6,000 a year — based on the complexity of the services it offers — and has no minimum net worth requirements. Jones believes the firm’s target customer base, those who currently do not have a financial advisor but have questions about how to handle their finances, is largely untapped.
“Our focus on growth is really just around the size of the opportunity,” he said. “You know, 76% of American families don’t currently have access to affordable and conflict-free financial advice; tens of millions of families are in need. We’ve been working on this for a few years now, and it’s clear we’re a perfect fit Product market. And now it’s just a matter of scaling up to a full market. So our guns are burning.”
To date, Facet Wealth has raised over $165 million in funding from Durable Capital Partners LP, Warburg Pincus, Slow Ventures, Telesoft Partners, Green Cow Venture Capital and more. Although the SEC-registered investment adviser plans to eventually launch an IPO, Jones said he’s in no rush to get there.
“I’ve heard that being the CEO of a public company is really bad,” he said. “So I’m not in a rush, but I think the broader view is the size of the opportunity and what we’re eager to build. We want to be the next Fidelity, the next Schwab, and that helps to be a long-term independent company Public company. We will not sell the company at any time.”
According to its latest regulatory filing, Facet manages approximately $1.9 billion in assets under management for nearly 13,500 clients. The company hopes to reach 20,000 customers by the end of this year.