Historically, physics education research (PER) has used deficit models for students, focusing on how students don't understand diverse topics in physics and developing instructional tools to fix students' difficulties. In contrast, an asset-based model of students focuses on how students put together different ideas to solve problems, accounting for both processes of problem solving and deeper structure to students' thinking. This talk takes up the consequences (both instructional and in research) for an asset-based view of students, and applies them to faculty development models as well.