2001 Press Coverage / Media Interest

Financial Planning Interactive, December 2001 - In “Modern Masters, Serving the Middle Market,” the editors of Financial Planning magazine’s online publication say: “Sheryl Garrett has made quite a splash in the past year and a half. While most financial planners cannot see beyond advising the wealthiest of clients, Garrett had the foresight to fill a middle-class need that she saw evolving and has, in turn, received continuous, positive media coverage and seen great growth in her business. Garrett will be the fourth of only 6 guests in the Financial Planning interactive series, Modern Masters. On January 17, 2002, Garrett will discuss the challenges of accommodating the less wealthy.” Through a detailed question and answer interview format, Sheryl says in the Modern Masters article, “I am a strong believer that most consumers have the need to consult with a professional financial advisor at some time or another. Everyone has questions involving their finances, yet most people don’t need, want, nor should pay for a full-time financial advisor. Many consumers are do-it-yourselfers or validators and aren’t interested in turning management of their portfolio over to someone else, but they periodically want feedback or guidance from a professional adviser. Many consumers are also seeking, if not demanding, fee-only advice. I find that providing services on an hourly, as-needed basis is the best way to serve the middle market, the validator market, and anyone seeking periodic advice.

Journal of Financial Planning, November 2001 - In “Dear Mr. Chairman,” financial planners voiced their opinions on regulations aimed at protecting the public. Sheryl Garrett, a fee-only planner who works with Middle America clients on an hourly, as-needed basis, was quoted in the article. Sheryl is a financial planning practitioner who takes a medical approach to serving an underserved clientele; she doesn’t manage money and she doesn’t implement plans. She does, however, work with clients who are typical of many people today – they’re mobile, they have dual residencies, they’re mostly self-directed, and they often have specific needs that don’t even resemble what’s happening on Wall Street. “It’s not unusual for a client to need specific advice in just one or two areas of personal finance. Sometimes the advice they seek has nothing to do with investments. The majority of what we do relates to financial planning activities,” says Sheryl.

Investment Advisor magazine, November 2001 – In “Mixed Messages,” writer Karen Hansen Weese laments: “It occasionally strikes me how many of the planners I talk with every day wouldn’t accept me as a client because of the amount of money I don’t have.” The writer details “the most stunning interchange” she ever had on this topic with a planner who said: “In the world of financial planning firms, there are BMWs and there are Fords. I have built my practice for people who drive BMWs. I don’t deny that there are people who drive Fords, but, well, there are other planners out there for them,” he added dismissively. When the writer said she drove a Ford and was actually quite fond of it, the advisor missed a beat. Later, Ms. Weese mentions Sheryl Garrett and The Garrett Planning Network as a resource for more average folk who drive Fords and the equivalent. The Garrett Planning Network, says the writer, seems to be on the right track, “serving the not-so-rich with hourly fees.” All kinds of professionals, from accountants to attorneys, psychiatrists to consultants, charge by the hour, she says. “Perhaps it’s time to give hourly fees a second look.”

Now What?! series book, October 2001 - In the Now What?! series book entitled I'm Retiring, Now What?! by Hope Egan and Barbara Wagner(available at Barnes & Noble and Amazon.com book stores, October 2001), The Garrett Planning Network, Inc. (GPN) is named as a financial planning resource for consumers seeking hourly, as-needed, Fee-Only financial planning and advice. GPN is a nationwide network of professional, Fee-Only financial advisors. GPN members are dedicated to providing competent, unbiased financial advice to people from all walks of life.

Mutual Funds magazine, October 2001 – In the cover story How to Find a Great Financial Planner, Sheryl Garrett is named as one of only 100 Great Financial Planners nationwide. This elite roster, say the editors, is the result of thousands of hours of reporting. Our goal: to find champion financial planners, those who pursue excellence and go beyond the call of duty to serve clients. We scoured the country from coast to coast to find these Financial Planning Champions. Sheryl Garrett’s listing, and additional information about her unique hourly as-needed practice, can be found on page 50 of the October 2001 publication.

Babson Report, October 2001 – In How to Choose the Right Financial Advisor for You, Sheryl Garrett shares her thoughts on how consumers might go about finding the right financial advisor from among the thousands out there. Anyone can call themselves a financial planner, says Garrett. Unfortunately, there’s no minimum amount of experience or education required. Furthermore, even financial planners who, on paper, have lots of credentials and an impressive educational background may have conflicts of interest that pull them in two different directions. For example, your best interests may not be the only or first priority for financial planners who work on a commission basis for an investment management firm or broker/dealer. That’s why I’m a big proponent of as-needed fee-only planning, where you pay a flat fee based on the amount of time you meet with a financial planner. Among other things, she continues, this structure eliminates many of the conflicts of interest you’re likely to run into with a financial planner working on commission. I also don’t believe most Americans need a full-time financial planner but should rather have the option of meeting with them on an hourly, as-needed basis. Interested consumers are encouraged to visit www.GarrettPlanningNetwork.com to find a fee-only hourly planner and obtain additional information.

Bloomberg Personal Finance, September 2001 – In The Right Advice, writer Lynn Brenner says, Financial Planners are everywhere. Their services are more popular than ever. So why isn’t it easier to find wise counsel? If you think it’s time to enlist the help of a professional, you’re not alone. Here’s the help you need to get the help you need. On page 69, the writer profiles Sheryl Garrett and her hourly as-needed practice. The most common statement I hear from new clients is, ‘I just want to know if I am doing things right,’ says Garrett, who left a successful wealth management practice to create more accessible financial planning services for people like herself – do-it-yourselfers who want periodic check ups and occasional advice. They want to be sure they are making good decisions and that they are taking advantage of all possible options, says Garrett. In July 2000, Ms. Garrett started The Garrett Planning Network, Inc. to further her goal of making fee-only, as-needed financial planning and advice for everyday life available to consumers nationwide. Based on Garrett’s unique business model, nearly 100 fee-only planners have signed on to serve consumers on an as-needed basis.

Money magazine, July 2001 – In Advice Worth the Price, Money magazine says: Not every investor wants to go it alone all the time. Seeking financial advice is a natural impulse. Expertise, confirmation, confidence -- we want all these things at different times in our lives. But seeking advice is fraught with uncertainty: Will it be the right advice? What is good advice worth? You can't figure out whether the advice you’re getting is worth the price if you don't know what you're spending, they say. Even if you don’t see the fees, they’re there. You always pay for advice. With many financial products the commission is embedded; you don't see an itemized fee on your statement. However, there's always a charge, somewhere, sometime. Another problem: Many middle income Americans hold much of the wealth in 401(k) accounts, thus they do not meet the high investment account minimums imposed by the majority of financial planning and investment advisory firms. If most of your money is in your 401(k) -- which doesn't go toward meeting the account minimum -- you may well be better off if you pay by the hour, they say. The solution: Money magazine refers their readers to: Sheryl Garrett, a CFP and head of Garrett Planning Network in Overland Park, Kans., who has organized a network planners across the country who specialize in providing financial planning and investment advice on an hourly, as-needed basis.

Financial Planning Association, Niche Marketing Interview and Audio Tape, June 2001 – Sheryl Garrett was featured as the expert in reaching middle-income consumers in this marketing tips and strategy interview for other financial planners. She spoke about how she practices, how she helps average consumers and her unique way of working with her clientele. A financial planning colleague was featured as the expert in reaching wealthy clientele and Dr. Linda Faulkenstein, also known as the Niche Doctor, added her advice. The interview was converted to audiotape and sent to the FPA’s nearly 30,000 members. The audiotapes are produced and distributed only four times per year.

Kansas City Star, June 17, 2001 - In the MoneyWise section of the Kansas City Star, Sheryl was featured in the weekly Money Make Over article. In this issue, she provided financial planning advice to a single college student. Getting started on the right financial foot will make a world of difference for you now and in the future, she said.

StreamlineAudio.com, June 13, 2001 – Sheryl Garrett was a guest on the Money Sense program. This hour-long, weekly financial talk program airs live in the Boston and Phoenix areas and on the Internet radio site, www.streamlineaudio.com.

Kiplinger’s Personal Finance, June 2001 - In “How they Earn their Daily Bread,” Sheryl Garrett is profiled in the subsection, “Advice on Demand.” An excerpt from the article reads: “Sheryl Garrett calls herself an ‘as needed’ financial planner, meaning you call or consult her when you need advice. Call on her in her suburban Kansas City office and she will assess your retirement plans, evaluate your investment strategy and portfolio, or analyze your life insurance needs. What she will not do is sell you any financial products, nor will she manage your money. Garrett’s focus on consulting remains rare. Most financial planners, including those who call themselves fee-based or fee-only, is money management. Last fall, Garrett began giving seminars on becoming an as-needed planner and licensing her system as The Garrett Planning Network.” “There’s a big consumer demand for a financial planning services like mine,” she said.

Financial Planning magazine, May 2001 – A new survey by Yankelovich Partners shows that about 50% of Americans who fall into the middle class category have not asked for any direction or advice in planning for their financial futures. One reason is that people are often skeptical about financial advice because they are not sure whose interest an advisor is really serving. Sheryl Garrett said in the article, “In addition, plenty of people don’t want to turn their investments over to someone else; for do-it-yourselfers it’s an issue of control. And many others simply don’t know there are planners willing to serve them.” The Garrett Planning Network hopes to change that sentiment. “We want consumers to know that there are competent planners – GPN Members – who are ready, willing and able to serve them on an hourly, as-needed or ongoing basis,” says Garrett.

Kansas City Star, April 1, 2001 – In the “Ask Us” column of the “MoneyWise” section, Sheryl Garrett gave advice to a reader who was interested in buying stocks directly from a company. “Direct investment plans, also known as DRIPS, lets your purchase shares directly from the stock issuer,” she said. She went on to elaborate and provide contact information and resources for the readers.

Financial Planning Magazine, April 2001 - In Training New Troops, Sheryl Garrett gives her thoughts on why more middle-class Americans don't seek professional financial advice. Despite the emergence of planning networks targeting the middle class and an Internet age where online advice is plentiful, half of investing Americans did not seek any financial-planning help in the past year. One reason for this is that people are often skeptical about financial advice because they are not sure whose interest an advisor is really serving. Some don’t want to turn their investments over to someone else -- for some it's an issue of control. And many others simply don’t know there are planners willing to serve them. The Garrett Planning Network, hopes to change that sentiment, and apparently GPN's message is getting through to interested consumers nationwide. Garrett said her network receives three to 10 consumer referrals every day. A pleasant surprise, says Garrett. Her nationwide network of Fee-Only financial advisors received 350 consumer referrals alone from a recent mention in Newsweek magazine. The consumers we've spoken with are quite enthusiastic and pleased to learn how our group of Fee-Only planners can help them with just as little or as much financial planning and advice as they need and desire, she says.

E*Trade's On Air Web Radio Program, March 30, 2001 - Sheryl Garrett shared her thoughts on what consumers should be doing with their 401(k) investments, especially under current market conditions. On Air is E*Trade's Web Radio program.

E*Trade's On Air Web Radio Program, March 15, 2001 - Sheryl Garrett discussed why financial planners are making a comeback, how Fee-Only planners help consumers, and how to find a Fee-Only planner.

KSHB TV (NBC 41) March 25, 2001 - This Kansas City NBC affiliate picked up the March 12, 2001 Newsweek article and followed up to interview Sheryl Garrett on the benefits of Fee-Only planning. Previously a successful wealth manager, Sheryl has given up both commissions and asset-management fees.

Newsweek, March 12, 2001 - Do-it-yourself investing was so much more fun during the big bull, says Newsweek writer Linda Stern in her article The Advice Threshold. Today, she continues, a plunging market is draining investor self-esteem, and last year's players are seeking not the hottest stock or fund but wise counsel and a hand to hold. But this year, there is synchronicity in the financial planning market: just as the masses are deciding they need help, a number of planners have adopted new practices designed for the masses. The new planners don't manage assets, they don't collect commissions and they don't become a permanent part of your life. They charge by the hour, tell you what to do and call it a day. Sheryl Garrett of Overland Park, Kansas, is credited by many of her colleagues with having started this new approach. According to the Journal of Financial Planning, one of the many trade publications to have written flattering pieces about her, she's 'broken the mold' of traditional financial planning by giving up both commissions and asset management fees.

JFP Online, March 2001 - In JFP Online, the monthly email newsletter with information on the Journal of Financial Planning, the official publication of the Financial Planning Association, Sheryl Garrett was featured in the article Strategic Alliances: Collaborate or Evaporate. Sheryl and three other planners discussed how to form successful strategic alliances with allied professionals. Sheryl said: My unique strategic alliance is slightly different in the sense that it is an alliance among peers. The Garrett Planning Network is a nationwide network of individual planners and small planning firms that work with middle-income clients on a fee-only, hourly, as-needed basis. The goal of the network is to strengthen client relationships by using the synergism of the group to leverage time and resources. By joining the network, members feel less isolated and can share their experiences with a small group of like-minded individuals.

Morningstar Advisor.com, February 21, 2001 - In his article Is Fee-Only Planning Just for the Wealth? writer David J. Drucker echoes Sheryl Garrett's mantra: fee-only planning is NOT just for the wealthy. The article profiles Sheryl and her practice, saying she serves people from all walks of life because she wants to. Garrett’s reward is clear. Now that she works with the less wealthy, Garrett, not infrequently, hears comments from her clients like, It is so great to, finally, find somebody who I can just call and ask a question of. Garrett says she enjoys working with down-to-earth people, having questions that are very important to them, and a real appreciation for her advice and the impact that has on their lives.

Now What?! series book, January 2001 - In the Now What?! series book entitled I Haven't Saved a Dime, Now What?! by Barbara Loos (available at Barnes & Noble and Borders book stores, January 2001), The Garrett Planning Network, Inc. (GPN) is named as the financial planning network of choice for consumers seeking as-needed, Fee-Only financial planning and advice. GPN is a nationwide network of professional, Fee-Only financial advisors. GPN members are dedicated to providing competent, unbiased financial advice to people from all walks of life. (See the Who We Are section of this website for additional information on The Garrett Planning Network, Inc.)

Journal of Financial Planning, January 2001 - Sheryl Garrett and her Fee-Only business model were featured in the Planner Spotlight within the Best Practices section of this the Official Publication of the Financial Planning Association. The headline reads: Sheryl Garrett, CFP, Brings Financial Planning Services to the 'Average' Guy. Sheryl Garrett has broken the mold of the traditional financial planning model, transitioning from a principal of a successful wealth management firm to champion of fee-only planning and advice for all walks of life. Sheryl is filling a large and overlooked niche -- middle-class Americans. Sheryl goes on to explain why she shifted her financial planning practice toward serving the average guy. I asked myself what type of services I would want if I were a consumer of financial advice. After all, I fit the profile ... I'm a person making a good income and have planning needs, yet I don't have enough assets to meet a wealth manager's minimums. I realized that what I would want is to be able to take in my financial records, tell a planner what type of advice I wanted, have them review the material and then get back to me with recommendations. So, that's how I designed my service model. I developed a practice to accommodate the specific needs of the client.

Journal of Financial Planning / Source Book 2001, January 2001 - In What Does the Future Hold for the Financial Planning Profession? Sheryl Garrett says, There has been a natural progression of successful planners and firms moving up-market, raising their minimums, and that's leaving a void. There are more clients seeking services than there are qualified financial planners and the fact is a large segment of the population simply cannot afford the fees or meet the minimums many planners impose. In addition, more and more middle-income and pre-semi-affluent clients are seeking fee-only advice. This has created an enormous need for hourly financial planning and advice. I've always felt the best way to get the most unbiased advice is to find a qualified planner who charges on a fee-only basis, and charging hourly enhances that unbiased nature, concludes Sheryl.