2002 Press Coverage / Media Interest

Financial Advisor, December 2002 – As many advisors strive to find wealthier clients, CFP® Sheryl Garrett is leading a movement that focuses on people with middle incomes. “We embrace Middle America, do-it-yourselfers and self-directed investors,” she says. “Fees are by the hour and the door is open to anyone who needs financial advice. Most people want to consult a financial advisor on a periodic basis, just like they do a doctor or a dentist.” The article is titled “Looking for Middle America.”

Bloomberg Personal Finance, December 2002 – A nationwide network of Fee-Only planners, led by CFP® Sheryl Garrett, aims at serving the Middle Market and self-directed investor. Services are offered a’ la Carte at affordable hourly rates. “The comment I hear most often,” says Sheryl, “is ‘I just want to be sure I am doing everything right.’ Our services are designed for clients who want occasional financial check-ups from an advisor rather than an ongoing retainer relationship. We provide objective advice to help them manage their own finances. It’s an ideal fit for clients who do not wish to turn everything over to an expert,” says Sheryl in this exclusive feature article titled “Advice a’ la Carte.”

Time magazine, November 4, 2002 – “Whether you are replacing an adviser or hiring one for the first time, one aspect to consider is how you will pay,” says Time magazine columnist, Jean Chatzky in Planner, You’re Outta Here! “Until recently there were four basic options,” she continues. “Commission-based brokers offer varying levels of advice and collect sales charges when you buy or sell. Fee-based planners charge once for a comprehensive plan, then earn trading commissions. Fee-only planners don't earn commissions; they charge for a comprehensive plan that you then implement. And wealth managers charge a percentage of assets under management (typically 1% or less per year) to strategize for you. Some advisers blur these distinctions. Unfortunately, three of these options are unaffordable to many investors. Fee-based and fee-only advisers typically charge from $1,000 for a basic plan to $5,000 for one delving deeply into tax and estate issues. Many wealth managers won't take clients with less than $1 million to hand over. That leaves brokers, who may be competent and honest but face a conflict of interest because they're paid to trade.”

“Many planners, however, have started offering to charge by the hour,” the Time article continues. “Others are more willing to craft one-time financial plans. Still others have slashed management fees and account minimums for performing the simpler work of asset allocation, rather than picking specific investments. These new ways of paying are well suited to investors who are willing to do some of the work themselves or who need advice only on a specific problem.”

“Sheryl Garrett, who runs the Garrett Planning Network headquartered in Shawnee, KS., is a leader in this trend. Her company operates like a law firm, billing $100 to $200 an hour depending on the planner's locale and experience. Whomever you choose,” concludes the writer, “insist that your planner sign an agreement to assume fiduciary responsibility where you are concerned. That means your interests come first — precisely as it should be."

My Generation, Nov/Dec 2002 – The Garrett Planning Network is named as a flexible, affordable resource for baby boomers who may be seeking professional financial advice for themselves or their aging parents in the article “Ensuring their Financial Independence.” Advice from a financial planner “doesn’t have to cost a fortune,” says the writer. “There are planners with experience in this area—and rates to match.” Members of the nationwide Garrett Planning Network, some of whom specialize in elder issues, work strictly on an hourly basis and rarely require retainer fees or minimums.

Garrett’s Guide to Financial Planning, October 2002 – Sheryl Garrett’s first book, published by National Underwriter Company has been receiving rave reviews from financial planning colleagues and industry leaders. The book, which discusses trends in the industry and offers advice and resources for planners interested in serving Middle America, provides compelling information aimed at encouraging more financial planners to actively seek out and serve Americans at all income and net worth levels. “With over seventeen year’s experience in the financial services profession, I truly believe that fee-only Hourly As-Needed services are the ideal way for financial planning professionals to help the majority of Americans today,” says Sheryl.

Kiplinger Personal Finance, November 2002 – “How much financial advice can you buy for $1,000? If you deal with a financial planner who charges a fee rather than a commission, a grand can purchase a fairly thorough annual checkup,” says the writer in " Tune Up Your Finances." “Or you can buy an in-depth examination in one or two areas of your finances. With a planner who charges by the hour, $1,000 will get you five to eight hours of time. That's usually enough to cover two or three areas of concern, such as a portfolio and retirement-plan review, and perhaps college-saving or tax-planning advice. What $1,000 won't buy is someone to manage your investments regularly, do complex estate planning or make sure you're following through on a planner's recommendations. Find a fee-only financial planner through the National Association of Personal Financial Advisors or through the Garrett Planning Network, whose members charge by the hour for as much or as little advice as you want,” concludes the Kiplinger article.

MSN MoneyCentral, October 14, 2002 – In 3 Ways to Bring Financial Planning to the Masses, columnist Liz Pulliam Weston says: “With assets under management dwindling, many financial planners are opting for the sure thing: retainer fees. But for the neediest consumers, the bottom line remains the same: Advice is too pricey. Most of the really good financial planners ask that you turn over a minimum of at least $250,000 of investment assets to be managed for a fee, or that you pay a retainer, in addition to any fee they charge for a financial plan. So that leaves most of us out in the cold. And that makes me cranky.

A few planners are, however, opting for the hourly method promoted by The Garrett Planning Network. The advantage of this approach is that clients can get the consultations they need and can afford, one hour at a time. Only 1% of the nation’s financial planning firms, according to The Garrett Network, are structured as hourly-only firms. “Good financial planners need to work with folks from all walks of life,” concludes the writer.

Bloomberg Wealth Manager, October 31, 2002 – Consumers are terrified of the cost of retirement. “In financial planning, this retirement crisis should separate the salespeople from the advisers,” says writer Mary Rowland. “The problem, though, is that consumers don't know where to turn. They know their retirement accounts have been wiped out. They know they don't want another salesperson. They know they don't want to pay a commission. But beyond that, they don't have a clue about what they should do. We recently ran a piece talking about Jonathan Clements's advice in his Wall Street Journal "Getting Going" column, which was to find an hourly planner from the Garrett Planning Network, founded by Sheryl Garrett. As my friends and acquaintances ask for advice on their retirement accounts, I feel I'm left with only a couple of options for what to suggest: put the money in the Vanguard Star Fund or contact one of the hourly planners. Those who chose the second alternative have been happy. My friend at the gym paid about $600 to an hourly planner, who told her to sell off her tech-heavy portfolio made up of load funds. Actually he told her to ‘liquidate it,’ and she didn't know what that meant, so she asked me. Then he picked a variety of index funds, including some from DFA, which she wouldn't have been able to buy on her own. She's very happy.”

JK Lasser book - Winning Ways to Save for College – Author Barbara Wagner has teamed with the JK Lasser enterprise and published an invaluable resource for parents who wish to help fund their children’s educations. On page 109, she lists The Garrett Planning Network, Inc. first on the list for those who wish to find and obtain advice from a fee-only planner.

Journal of Financial Planning, September 2002 – In "The Rewards of Serving the Middle Market ," GPN Founder, Sheryl Garrett, is described as “the doyenne of planning for the middle market through her ‘medical office’ model and her network of affiliated planners in The Garrett Planning Network.” According to Webster, doyenne means (1) the senior member of a body or group (2) a person considered to be knowledgeable or uniquely skilled as a result of long experience in some field of endeavor. “Garrett has received much national trade and consumer media attention for her championing of hourly, fee-only planning for the middle market. She considers it ‘a mission’ and believes the kindred spirits who also serve the middle market do, too.” Says Garrett: “Most of us simply have a passion for this type of client.”

Mutual Funds Magazine, August 2002 – Sheryl Garrett was listed as one of the nation’s top financial planners in this year’s Mutual Funds Magazine selection. This is Sheryl’s second year as a top planner on this list.

Money.CNN.com September 5, 2002 – In 5 Ways to Dump Student Debt – Early, the author gives this solid advice “Pay on time, open a Roth IRA and put the sports car on hold if you're serious about losing the loan.” In addition, with today’s favorable interest rate environment, anyone looking to eradicate student debt should first consider loan consolidation. “With consolidation, your debts are simplified and condensed and you get lower interest-rates in general,” said Sheryl Garrett, a certified financial planner and founder of The Garrett Planning Network. “There is no cost to consolidate and now is the best time to consolidate your federal loans with interest rates currently at a historic low.” Sheryl also suggested consumers consider opening a Roth IRA and/or take advantage of the automatic investment plans offered by some mutual fund families.

Bloomberg News, August 21, 2002 – Mary Rowland, author of "Best Practices for Financial Advisors" (Bloomberg Press), speaks regularly to financial advisers on issues of practice management. In her column entitled “Brand Names,” Ms. Rowland says: “Jonathan Clements, who regularly dishes out such level-headed advice for readers of his column in The Wall Street Journal, often sounds much like a financial planner in the way he argues for balance and patience with a portfolio and insists on a dollop of bonds and the use of index funds. (On August 7, 2002,) Clements concluded in his article. that advisers who charge hourly fees represent the best solution available now and recommended Sheryl Garrett's Garrett Planning Network, just as reporters once recommended members of the National Association of Personal Financial Advisors (NAPFA) as the best solution to finding a planner with integrity."

Continues Ms. Rowland, "I've been recommending planners like Garrett myself. One 30- something small-business owner approached me in need of advice. She had lost 75 percent of her retirement money over the past two years because she followed a stockbroker's recommendation into tech mutual funds. I sent her to Garrett's online network, and every time I see her, she thanks me again. Her adviser charges her $185 an hour, which she initially thought was a lot because the broker had been "free." Now she says she understands how the hourly fee compares with the haircut she was taking on her broker-sold funds. Consumers understand hourly fees.”

A financial planner (who is unaffiliated with The Garrett Planning Network) said in Ms. Rowland’s article, “…both the wealthy and the middle-income clients should be able to get top advice on any financial issue for an hourly fee.”

Wall Street Journal, August 7, 2002 - Columnist Jonathan Clements says "Most Planners Cost Too Much" in his "Get Going" article. When "you need a hand, but you don't want to pay an arm and a leg" for it, "stick with one of the low-cost alternatives," he says. "For years, fee-only financial planners have disparaged commission-charging brokers and planners. Their argument: Commissions give advisers an incentive to trade clients' accounts and to recommend those products that pay the fattest commissions. But as much as I agree with fee-only financial planners, these folks have a problem of their own. They are just way too expensive. Fee-only advisers typically snag 1% of a client's account each year, equal to $10,000 on a $1 million portfolio. Moreover, these advisers often recommend mutual funds, which might charge 1% in annual expenses, bringing the total cost to 2% a year. Result? If your pre-cost annual return is 8%, you will lose a quarter of your gain to investment costs."

What to do? "You could look for a firm that charges less than the standard 1%. Or, if you want help but you aren't willing to turn over complete control of your portfolio, look for an adviser who offers financial counseling on an hourly basis," says Mr. Clements. "I don't believe most Americans need a full-time financial adviser," says financial planner Sheryl Garrett, who was quoted in the article. "But they do need somebody whom they can call for advice on occasion." Mr. Clements ended his article with several paragraphs about the advantages of hourly planning, saying: "Ms. Garrett is founder of The Garrett Planning Network in Shawnee, Kan., a group of over 100 advisers who charge by the hour. She says new clients might initially buy five to 10 hours of an adviser's time, at a cost of maybe $150 an hour. Thereafter, these clients typically need just a few hours of help every year or two.

Detractors carp that charging by the hour doesn't work, because clients are reluctant to pick up the phone. Ms. Garrett's response? She argues that the ticking clock makes clients more focused. "What I have found is that people get their act together before they call," she says. "We don't waste time on idle chit-chat." Mr. Clements was later interviewed on CNBC. He recommended finding a financial planner who charges less than 1% for assets under management -- or even better -- an advisor who charges by the hour.

NPR’s “All Things Considered”, July 20, 2002 - Sheryl Garrett was interviewed by NPR’s Jackie Lyden regarding the market’s continued declines in 2001 and 2002. Sheryl provided her thoughts on what investors should be considering in the current market environment.

Bloomberg Wealth Manager, July 3, 2002 - Jonathan Clements of the Wall Street Journal “seems to end up on the side of hourly planners, like those in The Garrett Planning Network, who charge an hourly fee for their planning services.” So says Mary Rowland, a veteran writer for Bloomberg Wealth Manager magazine, in her July 2002 article, “Games People Play.” She goes on to say: “I like Sheryl Garrett and her network. And I think hourly planners make a lot of sense for beginners and others who can’t afford the up-front cost of a complete plan, as well as for do-it-yourselfers and others who want to get a financial education.”

Wall Street Journal, May 22, 2002 - "Think picking stocks is tough. Try selecting a financial adviser,” says writer Jonathan Clements in his “Get Going” column. Rich Chambers, CFP™, Principal of Investor’s Capital Management, Inc. in Palo Alto, California is quoted in the article. His advice on hiring a financial advisor with the least conflict of interest: Hire an advisor who charges an hourly fee. With an hourly fee you eliminate virtually all conflicts on interest. The advisor who charges just an hourly fee will not be concerned with the fact that it may be in your best interests to sell investments (that might be otherwise managed for a fee by some advisors) to pay down your mortgage, for instance. “If you can find an advisor who charges just an hourly fee,” says the writer in conclusion, “that may be the best way to go.” The article mentions The Garrett Planning Network, Inc. as the nation’s largest group offering Fee-Only hourly financial planning and advice.

MSN MoneyCentral, April 1, 2002 - In “Financial advice for the little guy,” personal finance writer, Mary Rowland, says “a new breed of planner offers sophisticated, a' la carte advice at reasonable hourly rates, allowing even new investors the option of low-cost answers to specific questions.” The article profiles GPN founder, Sheryl Garrett, and explains the many advantages of using a financial planner who provides Fee-only financial planning and advice on an hourly, as-needed basis. “Fee-Only hourly advice,” says veteran planner Sheryl Garrett, “is not only ‘the new choice for smart consumers,’ but the smartest choice for most consumers.”

Newsweek, April 1, 2002 -There are more than 600,000 investment advisers in the United States. How do you pick the one who’s right for you? Newsweek writer, Linda Stern, provides solid tips for selecting a financial planner, including what to look for and questions to ask, in “It’s Time for a Checkup.“ "No-commission advice is a good idea," says the writer, "but it’s possible to overpay a fee, too. Many planners charge 1 percent of the value of your assets a year: $5,000 a year on a $500,000 portfolio, for example. If all you are getting is asset allocation, that's pretty darned pricey." A cost-effective, no-commission alternative: contacting a member of The Garrett Planning Network. "Sheryl Garrett," says the writer, "has gotten really, really popular, and she s not alone. After months of bad financial news, culminating in the spectacular collapse of Enron and its employee savings plans, investors are worried about the safety of everything from their children s college funds to their own retirement portfolios. And they re turning to financial advisors like Garrett for comfort. The phones don t stop ringing at her Shawnee, Kans., firm, and there s a two-month waiting list for new clients." "It s been a very big boom for us," she says. "Everyone wants a checkup." "Garrett has formed a network of advisors who, like herself, charge an hourly fee to do as much or as little financial planning as clients want," says the writer, who then provides GPN's website address for interested consumers seeking unbiased, as-needed advice. Contact us for a copy of this article.

Reuters News Service, April 2002 - "Professionals who charge hourly fees make service affordable for the middle class," says writer Linda Stern in her article "Financial Advisors Can Clear Up Investing Confusion." An excerpt from the article reads: "Managing your own money without expert advice became a lot less fun somewhere between the dot-com meltdown and the Middle East mess. People who thought they had their retirement plans under control learned otherwise when Enron exploded and many other company-stock-fueled plans fizzled. College savings plans, dueling online brokers, more than 7,000 mutual funds, a new tax law every year and countless credit-card offers are fogging even the clearest minds -- and more Americans than ever are turning to professional advisers to help sort out their finances. But until recently, many middle-class clients remained under-served. The top-of-the-line money managers who charge customers to invest their accounts didn't want to bother with them. Now, a new model of financial planning has been developed which can be of particular use to investors who just feel like they need a tune up. Sheryl Garrett, a Shawnee, Kan., financial planner has established a national network of financial advisers who charge by the hour to do as much or as little planning as their clients need. a third model of financial planning has developed which can be of particular use to investors who just feel like they need a tune up. You can find the network at www.garrettplanningnetwork.com. "Some people just want a periodic review, or a couple of questions answered,'' she said.

Research magazine, March 2002 - Sheryl Garrett, founder of The Garrett Planning Network, is pictured / profiled in the "Profiles in Success" section of Research magazine (March 2002 issue), in an article called "Watching the Clock.""Charging by the hour is a very appropriate way for most consumers to have access to competent, unbiased advice," says Garrett. "It's a very fair way to compensate the advisor, and it's fair to the client. Probably 90% of the population falls into the category of needing periodic advice. They don't need a full-time financial planner -- or else they don't want one." Just like Sheryl Garrett, all GPN Members work on an hourly, as-needed basis. Client may pose "just one little question, all the way up to opting for a comprehensive financial plan and investment advice." While most financial advisors target high-net-worth clients, GPN Members pitch "Fee-Only Financial Planning and Advice for Everyday Life."

New York Times, March 12, 2002 - "Even before Enron became a household word, it was an open secret in the pension world that too many people were making lousy investment decisions with their 401(k) money," says Times writer Fran Hawthorne. "If they weren't overdosing on company stock, they were being too cautious, not diversifying enough or diversifying irrationally. What investors need, most experts agree, is better advice.The question is, where will they find it? Many financial experts say that employers that sponsor 401(k) plans have a moral obligation to include advice as part of their benefits package," but employers "have been reluctant to provide anything beyond platitudes, terrified that if they give employees specific advice, and employees lose money by following that advice, they will be sued." Two bills in Congress, and a recent decision by the Labor Department, could encourage more employers to offer hands-on advice. But, cautions Sheryl Garrett, founder of The Garrett Planning Network, Inc., "Employers need to hire independent firms to come in just for advice, with absolutely no other hidden agenda. The 'advisors' should not be affiliated with a sales organization," says Sheryl. Other planners agree, saying that "there would be too much temptation for a Vanguard or a Fidelity to advise 401(k) investors that the best allocation for their money is “surprise!” a high-fee Vanguard or Fidelity fund," says the writer. Members of The Garrett Planning Network do not accept commissions or third-party compensation in any form. They do not represent a sales organization. "The only 'boss' we have is our clients," says Sheryl. Members frequently offer advice on retirement and 401(k) plans. They also offer a popular employee seminar called "How to Maximize your 401(k) Plan."

Business Week, February 18, 2002 - "Is Your Broker Leaving You Out in the Cold?"asks Business Week. "The new focus on high-end clients means less service for many." The article goes on to suggest how middle market consumers might get the attention they deserve, including engaging the services of a Fee-Only, hourly advisor. "For investors with smaller accounts, it makes more sense to hire a planner on an hourly basis," says the writer. "One group that offers hourly rates is The Garrett Planning Network, Inc. (founded by CFP® practitioner, Sheryl Garrett). The firm's website provides a list of planners by location, nationwide."

Smart Money magazine, January 2002 - The past decade has seen a big push among planners to target high-net-worth clients. Therefore, many planners have a minimum asset requirement - typically, $100,000. Considering that U.S. households have a median net worth of $40,000, that leaves a lot of folks in the cold, says Smart Money magazine in its article "Ten Things Your Financial Planner Won't Tell You." Luckily, middle-class clients have a new alternative. The Garrett Planning Network is a national network of planners who work primarily with the $100,000-and-under income set, charging hourly fees for periodic advice. GPN Members are true Fee-Only planners, which means they receive no commissions or third-party compensation of any type. The article contains many other valuable tips for consumers seeking competent, unbiased advice. Click to read the article.

Financial News Network, January 3, 2002 - Sheryl Garrett was interviewed on a nationally syndicated radio show called Money Watch with hosts Jack Lott & Tony Moreno on the Financial News Network. The program is carried by 53 affiliates nationwide. As founder of The Garrett Planning Network, Sheryl was pleased to share the GPN story -- and the unique philosophies that fuel the desire of a select group of financial planners nationwide who seek to empower average consumers with independent, unbiased advice. GPN Members work with people from all walks of life, with no account minimums, on an hourly as-needed basis.

Today Show, January 2, 2002 - The Garrett Planning Network received numerous inquiries from consumers nationwide after guest Vera Gibbons of Smart Money magazine spoke on setting personal financial goals and New Year's resolutions. She provided GPN's website information, suggesting that interested consumers contact the nationwide network of hourly, as-needed financial planners for information and advice. Many consumers today do not need a full-time financial planner or ongoing investment advisory relationship. GPN Members specialize in provided periodic advice and independent financial planning services on a Fee-Only hourly basis. There are no account minimums or long-term contracts to sign. Typical clients include: Do-it-yourself investors seeking a second opinion and consumers from all walks of life who may need a financial check up or are seeking specific advice in one or more areas of personal finance.

Financial Planning magazine, January 2002 - In “Hour Time Has Come,” the editors of Financial Plannning magazine say Sheryl Garrett is living proof that fee-only planning truly can be for everyone. Her model, which is strictly pay-by-the-hour, is not just an odd niche in a small Midwestern town. Rather, it's a new way of providing planning that makes a lot of economic and psychological sense. Her theory is that every planner may someday practice this way, and with a thriving firm and a growing network, she is well on her way to proving it. Sheryl is pictured on the cover and named as one of only four Movers, Shakers and Decision Makers for 2002. Her profile is on page 96 of the print magazine.