2003 Press Coverage / Media Interest

Washington Post, December 21, 2003 – In “Stock Shares Make Fine Holiday Gifts,” personal finance writer Michelle Singletary writes that not only do stock shares make great stocking stuffers, but so does counseling time with a financial planner. Sheryl Garrett, founder of The Garrett Planning Network says, "In almost every case it would be a way of giving a gift that keeps on giving.”

Atlanta Journal-Constitution, November 19, 2003 – How should consumers go about finding a planner, and what should they expect? "A lot of people equate financial planning with investment advice, but it's so much more than that," said David B. Yeske, president of the Financial Planning Association in “Financial Planners Can Help Consumers Make Objective Decisions.” "It's about helping people marshal all their human and financial resources to achieve their goals." The article recommended The Garrett Planning Network as a resource for financial planners. GPN has financial planners in more than 30 states that can prepare full plans or help with specific problems for an hourly fee.

Financial-Planning.com, November 8, 2003 – The Garrett Planning Network has begun offering the first of many quarterly educational workshops to 6,000 U.S. employees of a manufacturing company. The first sessions, presented “live” at the company’s 30 largest locations and via Webinars and teleconferences for the smaller locations, discussed how to make better financial decisions with regard to the company’s employee benefits package. Future topics include retirement planning and investments, cash flow, risk management, education planning, and taxes.

Financial Advisor, October 2003 – In "Profits in the Middle-Income Market,” writer Tracey Longo writes that no one has a firmer grasp on serving middle-income Americans than Sheryl Garrett, CFP®, of Shawnee, KS, who traded in her wealthy-client practice to work with the middle market on a fee-only, hourly basis in 1998. In 2000, Garrett launched The Garrett Planning Network, which provides ongoing training, support and a turn-key business model for planners interested in serving the needs of “the average American.”

Wall Street Journal, October 26, 2003 – Jonathan Clements in his “Getting Going” column titled “What to Do With a Windfall” offers his advice on choosing a financial planner. “I wouldn't sign on with a regular broker or financial planner,” he says. “Instead, see if you can find a financial planner who will work for an hourly fee. You can find a list of financial planners who provide fee-only, hourly advice at www.garrettplanningnetwork.com.

Barnes & Noble Basics, Personal Budgeting Book – Author Barbara Wagner thanks Sheryl Garrett, CFP®, Founder of The Garrett Planning Network, a nationwide network of fee-only, hourly financial advisors for being a consultant who helped in preparing this book. The Garrett Planning Network, Inc. is also listed as a resource for fee-only financial advisors.

San Diego Union Tribune, October 15, 2003 – Sheryl Garrett, CFP®, Founder of The Garrett Planning Network, was featured in “Some Advisors Charge Clients by the Hour” as a logical choice for consumers looking for financial planners who do not accept commissions or have high account minimums. The Garrett Planning Network was established in 2000 and makes competent, affordable financial planning and advice available to the vast middle market, not just the affluent.

Wall Street Journal, October 1, 2003 – Jonathan Clements in his “Getting Going” column offered his thoughts on how to find competent, affordable advice. "Before hiring a full-time adviser, make sure the total annual cost will fall below 1.2% of your portfolio's value," he says. Just need a financial check-up or specific advice? Not interested in signing an ongoing portfolio management agreement? Mr. Clements suggests you try finding an advisor through www.GarrettPlanningNetwork.com. "Garrett, based in Shawnee, Kan., has 155 members in 33 states who typically charge between $100 and $200 per hour. Hiring a Garrett planner could be a smart move if you are a do-it-yourself investor who is struggling with a specific problem or you want to make sure you are on track financially," he says.

CBS MarketWatch, September 8, 2003 – In “A Long Bond with Finances” personal finance reporter Andres Coombes addresses the five most common mistakes that retirees need to avoid. The number one mistake is that retirees retreat from the markets. Another mistake: not having enough cash reserves. While "it would be luxurious if you could have three years' worth of cash flow invested in secure-type investments" this is not possible for most working people, said Sheryl Garrett, a Certified Financial Planner™ professional and founder of The Garrett Planning Network. “The best thing to do is get planning and saving, no matter where you are in life,” she says. Read this article for more on common mistakes of investors.

Associated Press, September 7, 2003 – Nervous investors, many already burned by losses in the bear market, should find a trusted pro who can help them chart their financial future, says writer Hope Yen in “Sound Advice.” Gary Diffendaffer, executive vice president for the Certified Financial Planner Board of Standards, adds, "There's got to be trust between a planner and client. You need to be looking at someone who has your interest first. What does that translate to? Someone that focuses on my goals, my needs and my priorities first — not what kinds of products or services they have to sell.” Eric Tyson, author of Personal Finance for Dummies says, “Charges on an hourly basis is the best way to go because that removes the conflict of interest.” According to the article, good websites for financial planners include those offered by the National Association of Personal Financial Advisors, www.napfa.org, the American Institute of Certified Public Accountants at www.aicpa.org, and www.GarrettPlanningNetwork.com.

CNN Money Column, September 5, 2003 – Learn how to get unbiased advice from financial planners in the “Ask the Experts” column of CNN Money. Walter Updegrave, senior editor of Money Magazine says that consumers who want to a straight answer on whether their investment portfolio is sufficient need to realize that “it’s not as straight a question as it seems.” You must work with a financial planner to determine exactly what you want and then determine what is possible. “Explain to financial planners what your goals are and say you'd like to hear what process they would go through to assess whether that goal is realistic and, if so, how to achieve it.” The Garrett Planning Network is noted within the article as a good place to look for an advisor.

ABC News.com, September 4, 2003 – The following quotes are from an article called Sound Advice: Caution Is Needed When Selecting a Financial Adviser. Gary Diffendaffer, executive vice president for the Certified Financial Planner Board of Standards, said: "There's got to be trust between a planner and client. You need to be looking at someone who has your interest first. What does that translate to? Someone that focuses on my goals, my needs and my priorities first — not what kinds of products or services they have to sell.” Tobie Stanger, associate editor for Consumer Reports adds, “It can be expensive to get comprehensive financial planning. Do you need the whole shebang — education planning, insurance and estate planning, or are you just looking for a solution to one or two questions? That will affect whom you go to” (for advice). Eric Tyson, author of Personal Finance for Dummies says: “Charges on an hourly basis is the best way to go because that removes the conflict of interest. Depending on where you live, a fee-only planner might charge between $100 and $150 an hour,” he said. Hope Yen, the Associated Press writer who compiled the article said: “Good websites for financial planners include those offered by the National Association of Personal Financial Advisors, www.napfa.org, and the American Institute of Certified Public Accountants at www.cpapfs.org. Fee-only advisers, meanwhile, can be found at www.feeonly.org and www.GarrettPlanningNetwork.com."

CBS MarketWatch, August 28, 2003 – The public should demand more fee-only planners, says personal finance writer, Marshall Loeb. “To eliminate the conflicts of interest that arise from commissions, it’s a good idea to look for a fee-only planner,” says Loeb. “It’s up to the public to demand more planners who have no financial incentive to recommend one product over another,” says Joel Framson, chairman-elect of the American Institute of CPAs Personal Financial Planning Executive Committee. “…firms that sell products can never be a true fiduciary to the client,” said Framson. Consumers “need to demand the true fee-only kind of approach with compensation that is not tied to any commissions or referral fees.” The article notes that The Garrett Planning Network is “a good resource” for finding fee-only planners who “tailor their services to moderate-income investors by offering hourly rates, not just flat fees.”

Wall Street Journal, August 13, 2003 – If you think picking investments is tough, try picking an investment adviser, says Jonathan Clements in his “Getting Going” column titled “Fast Talker? Five Ways to Gauge A Potential Financial Adviser.” “Many brokers and financial planners charge too much. Many know too little. And some are crooks,” he continues. “Searching for an adviser? Repeat after me: This is my life savings. I worked hard to amass this money. And I won’t turn it over to an adviser unless I am 100% convinced I have the right person.” So how do you find a top-notch planner? Read the article!

CNBC’s Power Lunch, August 13, 2003 – Jonathan Clements recapped his Wall Street Journal article, Fast Talker? Five Ways to Gauge A Potential Financial Adviser, on CNBC’s Power Lunch program. After providing tips on how to obtain competent professional advice, he provided the Web address for The Garrett Planning Network and suggested that individuals would be wise to work with an hourly fee-for-service financial planner.

AARP, Education Watch, August 13, 2003 – “Many fee-only planners cater to high-income individuals, often charging fees based on a percentage of managed assets," says writer Susan Garland. "Your best course is to find a fee-only planner who will give you a one-time overall review and occasional check-ups. Besides checking with NAPFA, you can find a fee-only planner in your region who charges on an hourly, as-needed basis by visiting www.GarrettPlanningNetwork.com. Sheryl Garrett, a certified financial planner in Shawnee, Kansas, created the network to serve middle-income people. Planners in the network usually provide a free consultation of up to an hour and then charge $100 to $200 per hour. Their fees are relatively low because they design investment strategies that clients themselves can execute. “We focus on how to empower the client to implement the recommendations, perhaps by using an online discount brokerage,” Garrett says.

New York Times, July 20, 2003 – Investors should understand that their interests aren’t always aligned with those of financial advisers, particularly those employed by big brokerage firms, says Barbara L. Roper, director of investor protection at the Consumer Federation of America in an article entitled A Variety of Advice, But at What Price? “While I do think the big houses have changed somewhat in the way they do business, in the end these are still primarily salespeople who are marketing themselves as advisers,” she said. It’s important to remember that advisors at large firms “are ultimately beholden to their employers,” she says. Most small investors can manage quite well on their own with no-load mutual funds, and those who feel they need help would be better off using independent financial advisers whose income comes solely from fees – not commissions.

“Working with a Fee-Only advisor is the surest way to receive objective, unbiased advice,” says Sheryl Garrett, CFP®, founder of The Garrett Planning Network, Inc. (GPN). GPN members are independent financial advisors who charges clients for their advice by-the-hour in attorney-like 6 minute increments – with no commissions. Clients can even elect to put the GPN member advisor’s strategy into effect by themselves. Garrett began her career 16 years ago at a large firm. “I was miserable there because I couldn’t just advise people on their investments and financial situation. I was always under pressure to sell products. As an independent Fee-Only advisor, it is a pleasure to render advice without sales pressure or inherent conflicts of interest.

St. Paul Pioneer Press, June 1, 2003 – Syndicated columnist Gail Marks Jarvis called on GPN’s founder, Sheryl Garrett, CFP®, for expertise and advice on a special retirement planning series.

Top 25 Most Influential People: Investment Advisor Magazine, May 2003 – Sheryl Garrett has been named one of the Top 25 Most Influential People in Financial Planning.. Also on the list: Charles Schwab, John Bogle, Alan Greenspan, Don Phillips of Morningstar, and 19 other notables. Previously a successful wealth manager, Sheryl Garrett says: “It felt wrong to turn people away, just because they weren’t rich enough.” But Sheryl “did more than just feel guilty – she did something about it,” says the editor who wrote the profile article. Not only did Garrett, 40, leave the wealth management firm to focus on serving middle-income clients – by the hour for a fee – but she went further by creating The Garrett Planning Network, a group of advisors who are replicating her success by using the templates, processes and educational resources she developed while building her own firm. In three years, the network has grown to include 130 advisors in 31 states, and Garrett has become the poster child for the idea that there are effective models for serving the broad masses of consumers, and profitably, according to the article. An unaffiliated advisor adds: “A lot of people say that fee-only planning is only for the rich; Sheryl Garrett proves that’s not true.”

AARP Bulletin, May 2003 – The May 2003 issue of the AARP Bulletin has a listing of various websites for retirement information. The very first reference is for The Garrett Planning Network.

Rick Ferri’s book: Protecting your Wealth in Good Times and Bad, May 2003 – This book is a solid guide for consumers seeking to discover the best plan of action that fits their needs. Karen Norman, CFP®, principal of Norman Financial Planning in Troy, MI, is acknowledged in the book as having provided expertise on several financial planning issues. In addition, Mr. Ferri says, “To avoid a conflict of interest, I recommend seeking the advice of an hourly, fee-only financial planner, not a commissioned-based advisor. Hourly, fee-only financial planners are paid by the hour, the same way as most accountants and attorneys. They can help you make the right choices and can save you money by searching out the lowest-cost products.

Jonathan Clement’s book: You’ve Lost It, Now What? How to Beat the Bear Market and Still Retire on Time, May 2003 – Given the potential conflicts of interest that come with obtaining advice from a commission-based advisor, don’t rule out other payment arrangements, says Mr. Clements. Even fee-only firms who do not accept commissions but serve their clients on an Assets Under Management basis have some conflicts of interest – and they can be expensive, to boot. “Some firms now levy an annual retainer, which can turn out to be far cheaper. There is also a burgeoning number of advisors who will give advice for an hourly fee, typically around $150 an hour. Many of these advisers are members of The Garrett Planning Network in Shawnee, Kansas. If you want to manage your own money, but would occasionally like a financial checkup or a second opinion, these hourly advisers can be an excellent choice. These advisers may also be your best option if you have a relatively small portfolio and thus you don't meet the $400,000 or $500,000 account minimum demanded by many full-time investment advisers.”

Later in his book, which makes an an excellent addition to any library on personal finance, Mr. Clements says: “Before you go hunting for an investment adviser, you might want to get some sense for what sort of advisers are out there and how much they charge. To that end, check out the services offered by Evanson Asset Management, The Garrett Planning Network, Portfolio Solutions and Vanguard. All provide a low-cost way of getting investment advice.”

Kiplinger Personal Finance, April 2003 – Sheryl Garrett and The Garrett Planning Network were profiled in an article on how to work with a financial planner. Read Advice for Sale to learn why clients choose fee-only hourly advisors over other advisors.

WDAF - TV FOX 4 News, February 26, 2003 – Kansas City celebrity and News Anchor Phil Witt's segment on the looming Retirement Crisis in America was an eye opener! The special report clearly communicated the harsh realities that many Baby Boomers will face if they don't make considerable sacrifices now to catch up with their savings needs. In addition to interviewing two Baby Boomer couples who are doing well in working toward their goals for a secure retirement, Mr. Witt interviewed Sheryl Garrett, CFP®, to glean her insights and tips on what people can and should be doing now to avoid a crisis later.

CNBC’s Power Lunch, February 19, 2003 – Jonathan Clements recapped his Wall Street Journal article, Finding the Right Advisor for Your Little Nest Egg on CNBC’s Power Lunch program. After providing tips on how to avoid paying commissions and obtain the best impartial, professional advice possible, he provided the Web address for The Garrett Planning Network saying “and this is the organization I’m really high on.”

Wall Street Journal, February 19, 2003 – Are you interested in Finding the Right Advisor for Your Little Nest Egg? Jonathan Clements in his “Get Going” column said consumers should look for an advisor who does not charge commissions (a.k.a., a "fee-only" planner), and – if you do not want to turn over your assets for management and prefer not to pay an annual fee to an advisor – he suggests you engage the services of an hourly, fee-only planner. The article profiled two such independent, hourly planners, both of whom are members of The Garrett Planning Network. Sheryl Garrett, the network’s founder, provided additional input about the network in a private interview with Mr. Clements. “Want an advisor to help you manage a modest sum?” the article asks. “Try The Garrett Planning Network, a group of advisors who charge by the hour.”

The Physicians’ Personal Advisor, January 2003 – “Should you Pay for Financial Planning by the Hour?” asks writer Lou Pilla. “With the fee-only hourly model, clients pay only for the amount of time the planner meets with them and/or works on their behalf,” says network founder Sheryl Garrett, CFP®. “This type of arrangement makes sense for do-it-yourselfers or people who need a just second opinion on their finances – as well as high net worth individuals who may need and/or prefer ongoing service and advice. If clients need assistance with plan implementation, they may engage the planner on either an hourly or flat rate basis. Some of our members also offer their services on a retainer basis, if that is most appropriate for the client,” concludes Garrett.

Money, January 2003 – "Not every relationship has to be a long-term commitment," says Walter Updegrave in his "Ask the Expert" column. "The question most of us will eventually face isn't whether we need advice, but how do we get it in a way that works for us?" Do you want an overall plan, some feedback or just one question answered? You might consider hiring an advisor as a problem solver or a sounding board, he suggests. "The problem is, many advisors see little upside in dealing with people who may want nothing more than reassurance. Still, there are a handful of advisors who are willing to take on this role. Members of The Garrett Planning Network, for example, specifically court such people by charging for their services on an hourly basis." They can provide a reality check on person's finances or offer assistance with a specific issue.

Financial Planning, January 2003 – Reach Lower: The high-net-worth client doesn't have to be the only target for planners. There's success to be found tending to the lower branches of wealth. "The Garrett Planning Network, headquartered in Shawnee, Kan., is probably the best-known advisory firm model for serving the middle market," states the writer. According to founder Sheryl Garrett, the organization is growing and has approximately 135 associates who use the hourly-billing service model she designed.

Business Radio 1060, January 30, 2003 – "How to Select and Work with a Financial Planner" was the topic of Sheryl Garrett’s 20 minute interview with Boston-area radio personality, Bob Glovsky. Mr.Glovsky, a practicing financial planner with more than 20 years of experience, was so genuinely interested in Sheryl Garrett's views – and in learning about The Garrett Planning Network – that the interview ran over scheduled time by 7-10 minutes. Glovsky is the Director of Boston University's Program for Financial Planners. He also served as Chairman of the Board of examiners of the Certified Financial Planners Board of Standards, which sets standards for Certified Financial Planners worldwide.