2006 Press Coverage / Media Interest

Financial Advisor Magazine, December 2006 – Melody W. Townsend, CFP®, AIF®, principal of Townsend Financial Planning in Mount Sterling, Kentucky, was featured in a cover story article titled, "The Next Wave: Young Advisors Are Going Solo in a Competitive Marketplace" written by Jeff Schlegel. She was profiled on what inspired her to start her own practice, the hurdles she is overcoming in practicing in a small market and serving middle-income clients, and how the Garrett Planning Network has been instrumental in helping her build her practice. The article also points out that, like Townsend, many other young advisors are spreading the fee-only message and are not interested in climbing the corporate ladder by pushing financial products. On serving middle-income workers Townsend says, "It's an under served market with a lot of needs. The biggest obstacle is educating them about what we do, and that they can afford us."

Morningstar Advisor Edition, December 21, 2006 – In “Life Planning for Middle America,” David Drucker wrote that charging by the hour is a great way to make a respectable living while serving clients who otherwise would have no access to objective advice. Drucker profiled Garrett Member Bob Nusbaum’s firm, Middle America Planning, regarding how he and his wife, Kathryn, incorporate life planning into their hourly financial planning practice.

Washington Post, December 2006 - Steve Thalheimer, CFP®, MA was interviewed and quoted for the cover story of the Sunday business section by staff writer, Kathleen Day, on classic ways even financially successful people can let money slip away. If you make a financial mistake, not getting tied down emotionally and admitting the mistake is the most important step. Then, evaluating options to correct it or get out of it – and getting enough information about those options – the next. "Don't just react," says Thalheimer. "It's probable that an emotion-based reaction got you into this situation, so don't try to get out of it based on emotion alone."

Birmingham Parent, November 2006 – In the article "Birmingham's Best Companies for Working Families 2006,” Joe Bedingfield, CFP® of Bedingfield Financial Planning in Birmingham, Alabama was recognized as one of the judges for Birmingham Parent's 11th Annual Birmingham's Best Companies for Working Families. The winners in each of the seven categories as well as Joe and the other six judges were later honored on November 9, 2006 at a special awards luncheon held at the Wynfrey Hotel.

Wall Street Journal, November 15, 2006 – Melody W. Townsend, CFP®, AIF®, a Garrett Member in Mount Sterling, Kentucky was quoted in an article titled, "Retirement Planning for 20-Somethings." She is mentioned as focusing on the importance of younger workers diversifying their investments. The article also points out that she is willing to work with younger middle income workers and families – "What you need is a planner who, like Ms. Townsend, charges hourly fees on an as-needed basis—and does not collect a commission for hawking products,” says Columnist Jeff Opdyke.

Business Week, October 2006 – Pat Rudolph, Ph.D., CFP®, a Garrett Member in Columbia, Maryland was profiled in an article titled, “Still Working and Loving It.” A former college professor, Rudolph retired from that career and opened a financial planning practice. She is quoted as focusing on middle income families – “people with less than $500,000 in assets and maybe even some debt problems.”

Baltimore Sun, September 17, 2006 – In her “On the Money” column, Gail MarksJarvis answers the question of a 58 year old man who has lost his job and is seeking advice about withdrawing $170,000 from his 401(k) to payoff his mortgage. In the article Warren McIntyre, CFP®, a Troy, Michigan Garrett Member, cautions against raiding the 401(k) to eliminate a low-interest rate mortgage saying that it could cause him to jump a couple of tax brackets and perhaps double his taxes. McIntyre says that if he can’t find another job a better strategy would be to take out just enough to cover the mortgage payment. This approach would avoid unnecessary taxes, provide more flexibility and protect his retirement nest egg.

Business Week, Sept. 11, 2006 – For Business Week's story, "Taking Stock of Your Adviser," reporter Lauren Young interviewed a client of Garrett Member Jennifer Cray, of Investor's Capital Management, LLC, in Menlo Park, California. Young wrote that among the issues to consider in choosing a financial planner was whether the adviser was putting the client's interest first. Last year when Coco Lewis, a real estate agent in Fremont, California, wanted to cash out some of her portfolio to invest in property, she asked Cray, her financial adviser, to review the investment. Not only did Cray agree that Lewis should withdraw $125,000 from her portfolio, she rebalanced the portfolio within 24 hours. “I feel like she really cares about what's happening with my money,” said Lewis, 54.

Kansas City Star, August 27, 2006 – George Syata, CFP®, Garrett Member and principal of Practical Planning, LLC in Overland Park, Kansas did a Money Makeover for a young couple with two children who were drowning in debt (credit card, consumer and mortgages). Furthermore, they were contemplating taking a job buyout offer which would necessitate reducing their living expenses from about $80,000 per year to $50,000. Several expense reduction measures were recommended, the most drastic of which including selling a rental property or alternately selling their primary residence and moving into the rental property.

The Pantagraph, August 8, 2006 – “People are going to have to provide for their own retirement,” says Carol Burroughs, CFP®, Garrett Member and founder of Forward Financial Planning in Normal, Illinois. In the MONEY section of the paper, a story called “Pension guidelines put planning in your hands,” Burroughs is quoted saying, “People will use their 401(k) as the primary provider of financial security for retirement.” In Burroughs’ opinion it can sometimes be more advantageous to set up an IRA where you have total control over how you invest those dollars. The best bet, she says, is to spread nest eggs through many baskets.

Purcellville Gazette, August 4, 2006 – Kyle Meyer, CFP®, AIF, Garrett Member and principal of Meyer Financial Planning in Purcellville, Virginia recently wrote an article that was published in the Purcellville Gazette August 4th edition. Meyer discussed options for saving for college.

Money Magazine, August 2006 – Kay Conheady, a Garrett Member in Rochester, New York, was the featured adviser in a Money Makeover article. This makeover involved a young couple with two children living in New York City. The couple was in the process of purchasing a new home that turned out to be on the upper end of what they could afford. Conheady helped them prioritize their numerous financial issues to adjust to their new monthly cash flow demands. She also provided advice regarding their investments and gave some tips on saving toward college expenses. By all accounts, this couple was extremely pleased with the advice they received as a result of this planning project with Conheady.

Washington Post, July 30, 2006 – Kyle Meyer, CFP®, AIF, Garrett Member and principal of Meyer Financial Planning in Purcellville, Virginia was quoted in the Sunday Business Section of the Washington Post discussing rules of thumb in selling concentrated stock positions.

Washington Post, July 2006 – Garrett Member Steve Thalheimer, CFP®, MA of Silver Spring, Maryland was interviewed and quoted for the cover story of the Sunday business section on how to realize when you’ve made a bad investment decision and when to get out of it. Sometimes people buy the wrong products that are either very expensive or inappropriate for their needs and goals, or pride gets in the way and people don't want to admit they've made a mistake. Often it's worth just getting out. Thalheimer helps clients make these determinations.

In a related story, Thalheimer cited a common mistake of investors not adequately considering their own in-state section 529 College Savings Plans. Although the Washington, DC area 529 Plans are not particularly considered to have low fees, the tax benefits often outweigh the slightly higher fees for most investors, said Thalheimer.

Motley Fool, June 22, 2006 – Buz Livingston, CFP®, a Garrett Member in Santa Rosa Beach, Florida, wrote an article called “Relief at the Gas Pump,” which appeared on the Yahoo Finance website. Livingston discussed how energy related Exchange Traded Funds (ETFs) may or may not be suitable for investors who want to take advantage of rising energy prices. He wrote that the U.S. Dow Jones Energy Index Fund or the S&P Global Energy Sector Index Fund are heavily concentrated in a mere handful of stocks. More than 60% of each fund is invested in only ten stocks so if there is safety in numbers, you don't have it there.

Bankrate.com, June 21, 2006 – Garrett Member Leslie Trowbridge Corcoran, CFP®, of Family First Financial Planning in Stuart, Florida assisted author Barbara Mlotek Whelehan in fielding a reader’s question involving pension plan payout: monthly or lump sum. Corcoran explained that investors often look at an annuity’s payout as the rate of return. "It's not a true rate of return, as you are getting back principal," says Corcoran, who believes you are comparing the 6.33 percent with what you could earn in a CD or money market (i.e., 5 percent). While the 6.33 percent may look more attractive, the lump sum option will give you the earnings plus the principal to draw upon, she points out. The article is titled “Overcoming Rollover Fears and Anxieties.”

Chicago Tribune, June 18, 2006 – In the Your Money column, Janet Kidd Stewart addressed the common dilemma faced by Americans on how to prepare financially for the day when ill health might cause them to need help getting by. Garrett Member, Warren McIntyre, CFP®, of Troy, Michigan, doesn’t think buying into assisted living facilities too early just for the peace of mind is worth it. “I don’t think I’d pull the trigger until I actually needed assistance,” he said. One strategy that can help with longer-term planning is to purchase long-term care insurance, which McIntyre generally recommends clients obtain when they are in their 50’s. Garrett Member, Mary Brooks, CFP®, of Colorado Springs, Colorado, starts the discussion even earlier with clients because she says the emotional blocks are sometimes just as daunting as the technical hurdles. “I start talking about this with clients when they turn 40, because nobody wants to talk about it when they’re older,” said Brooks.

The Pantagraph, June 13, 2006 – In the story, “Students should consolidate loans now,” Garrett Member, Carol Burroughs, CFP® in Normal, Illinois suggests that when comparing lending proposals students should look for discounts. “Certainly ask about discounts because this is a very competitive business,” says Burroughs, principal of Forward Financial Planning. Burroughs warns, however, that when consolidating, be careful about extending the life of the loan which results in paying more interest over time. “The borrower could be penalized if they repay early.”

Knoxville News Sentinel, June 11, 2006 – In the article, “Ensure financial adviser signed fiduciary oath,” Roger Harris reported on the National Association of Personal Financial Advisors (NAPFA) Consumer Education Foundation public awareness campaign called “Focus on Fiduciary”. The purpose of the campaign is to help inform the public that as a fiduciary is required to act with undivided loyalty to the client. Harris notes that Derek Kennedy, CFP® of Kennedy Wealth Management, LLC is one of NAPFA’s “point men” in Knoxville. When asked about the need to raise public awareness about the issue, Kennedy, who is also a Garrett Planning Member, responded: “There is some confusion about financial planners. A stockbroker may be looking to sell the client a particular product. The bottom line is financial planners who are fiduciaries are selling their knowledge and not a specific product.”

Senior Life Magazine, May 2006 –Garrett Network Member, Lauren Klein, CFP®, president of Klein Financial Advisors, Inc. of Newport Beach, California wrote the Money Matters article "Tax Refunds – Do We Really Want to Give Uncle Sam Interest-free Loan?" She noted that Americans "love tax refunds" and play a mental game with themselves that results in "found money" each April...a method of forced savings. To avoid the interest-free loan Klein discussed how to adjust withholdings. But if you do get a refund, how should one spend it? In priority order; pay off debt, set up emergency reserves, fund a retirement plan, be charitable and finally, be good to yourself.

MSN Money, May 1, 2006 – “One earner, two retirements? Yikes!” by MP Dunleavey discusses how two different women who are single breadwinners can save for retirement for themselves and their spouses. Garrett Member, Julie Lawrence, working with Florida Financial Advisors, Inc. in Tampa, Florida offered suggestions to involve grandparents in contributing to 529 plans and pointed out that the two women featured in the article both should stop worrying about returns and start focusing on saving more.

Investment News, April 24, 2006 – In the article, “Fidelity Fund Closure May Improve Returns,” Garrett Member, Joseph P. Bedingfield, Jr., CFP® with Bedingfield Financial Planning, LLC in Birmingham, Alabama says, “It looks like they [Fidelity] are trying to squeeze every last dollar they can get into the fund. I feel that this decision not only should have come earlier but they are allowing too much time to pass between the announcement and the actual close date.”

Newsweek, April 18, 2006 – In the Boomer Files article "When Your Paycheck Stops," Jane Bryant Quinn addressed financial readiness for retirement. Garrett Network Member, Lauren Klein, CFP®, president of Klein Financial Advisors, Inc. in Newport Beach, California noted that "some folks are realistic about their [retirement] spending,” but others – especially younger, executive-level retirees have a harder time because their fear of "loss of status is a greater fear than outliving their money."

OB/GYN News, March 1, 2006 – Joe Hollen, MD, FACEP, CCPS, a Garrett Member in Reno, Nevada practiced emergency medicine for 23 years prior to pursuing a career in financial planning. In “Tips for securing your financial future,” Hollen provided many wealth building tips regarding retirement planning, investments, college planning and more.

Chicago Tribune, February 26, 2006 – “Savers credit can help investors squirrel away money” by Gail MarksJarvis featured ways to help low- and moderate-income people save for retirement by taking advantage of the little-known “Saver’s Credit.” Garrett Planning Members, Glenda Moehlenpah, CFP®, CPA, founder of Financial Bridges in San Diego, California shared ways she has used this credit to help clients. It’s not easy to save when your income is low, but Moehlenpah’s client cases show that it’s not impossible.

The Pantagraph, February 24, 2006 – “Newlyweds often times haven’t even talked about the financial aspect of their relationship. They don’t have a grasp of what their spending habits are,” says Carol Burroughs, CFP®, Garrett Member in Normal, Illinois. “It takes a little time to compromise.” In the story, “Planning key to good fiscal union,” Burroughs says couples must develop a plan, a living budget. If both have an employer-sponsored retirement plan, they should each participate in their own plan if possible. “If the couple’s current cash flow is limited, then they can decide to make one plan the focus of their retirement strategy,” according to Burroughs. “Do the same cost-benefit analysis for health, auto and homeowners insurance,” she adds.

Birmingham Business Journal, February 24, 2006 – Garrett Members Joe Bedingfield, CFP®, owner of Bedingfield Financial Planning, LLC and Scott Cole, founder of Cole Financial Planning, both of Birmingham, Alabama, were featured in “Financial Planning for More than Deep-Pocket Crowd.” With changes in pension benefits and concerns over Social Security leaving more retirement-planning decisions in the hands of individuals, consumers are finding themselves increasingly in charge of their own financial futures and, in need of financial advice. Bedingfield and Cole are helping to fill that need in a way that is accessible to a wide range of clientele. In addition to hourly, no commission structure enables them to provide objective advice. "When I do recommend a product, it means a little bit more," says Bedingfield.

San Gabriel Valley Tribune, February 20, 2006 – Garrett Member Art De La Rosa, founding principal of De La Rosa Financial Planning in Diamond Bar, California made the front page of the Business Section in the San Gabriel Valley Tribune newspaper. The article, “Living proof of planning,” discusses De La Rosa’s practice and how he provides financial advice to average consumers.

New York Times, February 12, 2006 – Robert Hershey Jr.’s article discussed a number of tax issues that impact mutual fund investors, including the 2003 tax law shifted incentives governing the location of fund assets. “It used to be that stock funds would be put in tax-deferred accounts and income-based investments would go in taxable accounts,” said Garrett Member Warren McIntyre, CFP®, owner of VisionQuest Financial Planning in Troy, Michigan. The new law prompted McIntyre to shift income-oriented funds that do not qualify for the 15 percent dividend rate into retirement accounts, and move growth stock money into taxable accounts.

CNNMoney.com, January 31, 2006 – Garrett Member Roger Streit, MBA, of Key Financial Solutions in Montclair, New Jersey was quoted in “5 Tips: How to find the best person for your financial needs” by Gerri Willis. “Your financial planner should be providing the full picture. If you're just being told the good stuff, and not enough about your possible risk, you're not getting the whole picture,” said Streit. The article discussed why people need financial planners, how to choose one and the benefits of using a Fee-Only advisor.

The Pantagraph, January 29, 2006 – The feature story in the MONEY section addressed the reason why only 50% of Americans have wills. Garrett Planning Network Member, Carol Burroughs, CFP® of Forward Financial Planning in Normal, Illinois put it this way: “When you prepare a will, you’re really facing your own mortality. That can make people very uncomfortable…but it’s about remaining in control even after you’re gone.” Financial planners suggest that people set up a will even before they have children. Burroughs says that “a will is not just done once in your life and put on the shelf. It needs to be updated because things change.”

The Pantagraph, January 24, 2006 – “Keeping an eye on rates” reminds readers that mortgages could become more costly in 2006. Carol Burroughs of Forward Financial Planning in Normal, Illinois says that ultimately homebuyers have to stay within their means, refusing to gamble on adjustable rate mortgages. “If they want to save money to purchase a home, they may have to scale back their expectations a bit. They may not be able to afford the home they had hoped for.” Financial experts say that typically when interest rates rise, fewer people enter the market for a house.

Chicago Tribune, January 20, 2006 and Miami Herald, February 5, 2006 – Ellen James Martin addressed the issue of finding a nest egg to provide for a decent retirement in “Whether to Sell Your Home before Retiring.” Assess your total retirement savings against your expected future needs, suggests Carol Burroughs, a member of the Garrett Planning Network. Until they crunch the numbers, many prospective retirees are unsure about their net worth. “Too many people”, Burroughs says, “don’t address the issue of whether they have adequate retirement resources until a crisis looms.” Consider alternatives to selling your home. According to Burroughs one such possibility would be to “keep your house and stay in the work force for a few more years than you’d planned.”

U. S. News & World Report, January 16, 2006 – The ubiquitous 401(k) celebrates its 25th anniversary in an article by Paul J. Lim called “Birthday Bash!” For people that have delayed contributing to an employer sponsored retirement plan, the article discusses ways for them to jump-start their 401(k) and deal with a potential retirement savings shortfall, including delaying retirement. But instead of working full time longer, some workers plan to work part-time during retirement. “Even $10,000 or $15,000 a year in part-time income can help,” says Warren McIntyre, CFP®, a Garrett Member in Troy, Michigan.

The Pantagraph, January 1, 2006 – “Resolve to handle your money more wisely in 2006” was the feature story on the MONEY section front page offering tips to make financial resolutions more palatable for the new year. “My company motto is strengthen your financial confidence. Self education is the best way to do that,” said Carol Burroughs, CFP®, principal of Forward Financial Planning, LLC and Garrett Member in Illinois. “To succeed with any resolution, people must get gratification from it. They must see positive effects early or they won’t stick with it. Education builds confidence, which is rewarding in itself,” she said. The story suggested that another option is hiring a financial adviser. “If taking this route”, Burroughs said, “people should always ask what fees apply.”