Tech-advisor hybrid Facet Wealth is expanding its leadership team with the addition of Paul Marino as head of advisor partnerships, according to a Facet spokesperson. A former sales director at Russell Investments, Marino has an 18-year background in asset management and sales.
At Facet, Marino will be responsible for sharing the firm's business model of taking low-revenue clients off of the hands of RIAs that are interested in selling off parts of their books of business. According to one estimate, the startup could service around 400 clients per advisor, using a combination of technology and remote advising. But spreading that message to RIAs will be one of the chief responsibilities for Marino, who is in charge of establishing "enduring and value-aligned partnerships with advisors seeking an effective, responsible referral destination," according to a statement issued by Facet.
“I’m excited to show high net worth practices how we complement and partner with them to improve their overall valuations," explained Marino. "We are helping fellow RIAs and improving client outcomes at the same time.”
Buying up RIAs' low-revenue or money-losing clients is a win-win for both Facet and its RIA partners, he said. "Facet Wealth has the tools to solve one of the biggest pain points of growing firms—responsibly serving clients and prospects who may not meet an RIA’s minimums."