2002 Press Coverage / Media Interest

Investment Adviser, December 2002 – In "Back to School," GPN Member, Scott Dauenhauer, CFP®, Principal of Meridian Wealth Management in Irvine, CA, is profiled as a good guy in a white hat who specializes in serving teachers. “Leave no teacher behind: Scott Dauenhauer specializes in providing hourly, fee-only advice to educators in California’s public schools,” says the writer. What moved Scott to specialize in serving teachers? “Given the confusion and lack of reliable financial guidance available to teachers, Dauenhauer decided to make it the mission of his firm to help teachers navigate the shark-filled waters of 403(b) and retirement planning, providing fee-only advice to educators on an hourly basis. He takes his mission seriously: He has lobbied to get no-load, low-cost investment options on school districts’ lists of approved investments, writes articles on the topic for the Orange County Register, and recently self-published a book he co-wrote with teacher and 403(b) activist Dan Otter, called The 403(b) Wise Guide. In addition, he runs a website at http://www.403bretire.com, publishes a newsletter especially for teachers, and helped to craft legislation in California that in its original form would have replaced districts’ lengthy lists of ‘approved providers’ with a single plan provider that wins the position through competitive bidding. Dauenhauer charges $150 per hour for all clients except teachers, who receive a slightly lower rate of $125 per hour. “It’s just my way of thanking them for the work they do for the community—work that is often under-appreciated and underpaid,” he says.

Forbes, November 22, 2002 – It is cheaper to finance a home now than at almost anytime in living memory. Real estate provides an inflation hedge, and if we see inflation rise, people are going to be happy to have locked in an interest rate of 6% for the next 30 years. Forbes writer Carrie Coolidge provides additional tips from a handful of financial planners, including GPN Member Robert Bubnovich, Principal of Rio Financial Advisors in Irvine, CA. While there are many advantages to owning real estate, the big unknown is the market risk. Will homes decline in value and by how much, especially in desirable neighborhoods? “Given the high costs of a home transaction – title, escrow and points, plus the rent you pay in the interim – you may break even or lose money while waiting on the sidelines," he warns. The article is called "Moving On," and was published in the Investment Guide: Real Estate section.

Washington Post, November 21, 2002 – “Color of Money” Columnist, Michelle Singletary, interviewed and quoted GPN Member,Rick Epple of Epple Financial Advisors LLC in Minnetrista, Minn. in her article “Weighing Life Insurance? Consider All the Variables.” Rick provided several key insights regarding the proper use for life insurance including this tip: When asked if readers should consider purchasing life insurance for a child, Rick restated the reader’s concern that something could happen to a child or that the child could become uninsurable in the future. “You should ask yourself if it's worth paying insurance premiums for a child for 20 years for something that may never happen. In general, you should buy insurance for a current need," he said. "While the death of a child would obviously be unfortunate, it is usually not a financially devastating event."

The State, South Carolina, November 18, 2002 – In a personal finance article called “Dream Plan,” GPN Member Ed Powell, CFP® , owner of Powell Financial Advisors in Columbia, South Carolina, provided advice to a 2-income family with aspirations of opening up their own business someday. GPN Members, like Ed Powell, provide financial planning and advice on an hourly, as-needed basis. They do not sell products or accept commissions.

Morningstar Advisor, November 13, 2002 – Two GPN Members were profiled in Robert Bubnovich of Rio Financial Advisors in Irvine, Calif., has a most impressive background as an internal auditor for more than 25 years in U.S. corporations, as well as having a teaching background. Says Bubnovich, "The two processes, conducting an audit and preparing a financial plan, are virtually identical. As a personal financial planner, I put my 25 years of corporate and analytical experience to work for my clients." Steve Thalheimer of Thalheimer Financial Planning in Silver Spring, Md. was a Peace Corps employee before he became a financial planner. Thalheimer's prior work experience "gives me experience in thinking holistically, teaching, training, motivating and empowering clients to take action to improve their lives," he says. "My previous career gave me good analytical and research skills, and after completing the CFP® curriculum and professional experience requirements, I felt very well equipped to provide quality planning services and professional advice. I also maintain a rigorous program of continuing education," he concludes.

Tips from the Top: Targeted Advice from America's Top Money Minds, December 2002 – This informative book can be purchased at Amazon.com. GPN Members Tim Hayes of Rochester, NY, and Bonnie Hughes of Rome, GA contributed money tips to this book.

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. Rich Chambers of Investor's Capital Management, in Menlo Park, CA, charges $425 to review a client's portfolio and recommend changes. For $1,025, Rick Epple of Epple Financial Advisors, in Minnetrista, MN., recently completed a more comprehensive financial plan for a twentysomething couple that included an investment review and recommendations, a retirement-saving plan, college-saving advice (for the two children the couple hopes to have), advice on financing a home, and a review of their insurance policies. A pre-retirement couple with more complicated finances paid Epple $1,125 to analyze their pension options, adjust their investments (including rental property, 401(k)s and IRAs) to produce income, and project how long their money will last in retirement. 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.

Babson Report, October 9, 2002 – In the Babson Report “The Search for the Perfect Portfolio,” Babson Funds interviews CFP® practitioner, Rosemary “Rosie” Danielson, Director of Financial Planning at Garrett Financial Planning. “The last few years have brought many of us back to the drawing board, to look at where our portfolio is, where it should have been, and where it should be in the future,” says the writer. “Rosie has worked with wealthy clients and everyday investors through the course of her career, and the common theme has been asset allocation.” In a 3-page article, Rosie provides this great piece of advice and many other insights: Asset allocation is driven by life factors. It’s the big picture of how your portfolio should be invested given your age, risk tolerance and means. A proper asset allocation is the groundwork that many investors are missing. I think a lot of people confuse asset allocation and diversification and think it is one in the same. Investors need to remember that asset allocation only begins with deciding how much to allocate to equity and fixed income,” continues Rosie. “Once they decide that, there’s still work to be done. The next step is to earmark certain percentages within the equity allocation to distinct equity asset classes that are not too closely correlated. Then comes diversification. It’s hard work, and I would recommend that investors talk to their advisors as they work through this process. The benefits will definitely be worth it.”

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 Member Bonnie Hughes, CFP®, who practices in the Atlanta, Georgia area, notes that for middle-income clients “time is a resource that’s squeezed as hard as finances are. This may be a household with $100,000 in annual income — but both are working, children are being raised, everybody’s stretched to the breaking point with responsibilities and activities. While the more affluent can afford to pay somebody to come and detail the car right in their driveway, just getting the oil changed is another thing that adds stress to the middle-income client’s life. In many cases they are just looking for somebody to share their burdens with and give them some basic guidance about what makes sense in their lives.” Hughes will actually go to a client’s home and organize their financial files, if they wish.

Colleyville Courier, September 13, 2002 –“As we observe the anniversary of the September 11 tragedies, a look at most people’s investment portfolios reveals a year of inactivity. Can we attribute this to strategy or paralysis?” asks Bryan Clintsman, CFP®, Principal of Clintsman Financial Planning, Inc. in the Dallas/Ft. Worth area. In his article, “9-11 One Year Later – Investment Strategy or Paralysis?” Bryan shares his thoughts on how investors can take control of their financial well-being and create a strategic financial plan that works for them.

Colleyville Courier, September 6, 2002 – “At a time when financial advisors have earned black marks for frequently having a financial stake in the ‘neutral’ advice they provide, a new nationwide network of financial planners has emerged that, not only provides truly objective advice, but offers an affordable, hourly rate for Middle America,” says an article in this Fort Worth area newspaper. One such professional is Bryan Clintsman, CFP®, Principal of Clintsman Financial Planning, Inc. “My goal is to serve my clients with sound financial advice, not get rich by taking a percentage of their investments or routing them to investment products that I sell,” says Bryan. Typically, financial advisors make their money by charging a commission on earnings, a percentage of the money they handle or an ongoing retainer. The result industry wide has been a focus on individuals with assets of $1 million or more, leaving the vast majority of Americans with smaller estates to fend for themselves. But under the hourly model used by Clintsman and other Members of The Garrett Planning Network, middle class investors with modest assets can find the professional advice they need, when they need it and at a price they can afford. “It’s a service especially needed during these times of economic volatility,” Clintsman said.

The State, August 26, 2002 – In South Carolina’s “The State” newspaper, Ed Powell, owner of Powell Financial Advisors in Columbia,comments on some potential problems that could occur when doing business with financial services firms that offer“one-stop shopping.” Today, corporate giants such as Wachovia, American Express and State Farm each offer a wide range of products, including insurance, banking and investments. Often, the newer lines operate under similar, but slightly different names, such as State Farm Bank or Wachovia Securities. “The idea sounds great, where a person doesn't have to go to three or four places for insurance, a car loan or a CD,”' said Ed in the article. “But there are potential problems with consumers going to one company for all their financial services. The main thing that comes to mind is conflict of interest. It could be a customer would find a better deal elsewhere, but they aren't going to realize it if they stay with one company. It's likely companies would tend to offer those products that enhance their own bottom lines the most. Such products could include a mutual fund with a front-end load, where consumers pay fees up front, rather than back-end loaded funds with costs that decline the longer the fund is held.”

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, ... concluded in his August 7, 2002 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." On the topic of advisor objectivity, Ms. Rowland says GPN Member and financial planner David Ressner has his own way of keeping things clean: "In an effort to increase my objectivity (as well as my clients' long-term return on investment), I recommend nothing but index funds and passive-asset-class funds (usually, Vanguard and Dimensional Fund Advisors)." Ressner, president of Ressner Financial Planning in St. Louis, who went from being a newspaper writer and magazine editor to a fee-only adviser and member of The Garrett Planning Network, says that because passive funds have very low expenses, he's able "to pick asset allocations that reliably fall within my clients' risk tolerance and give them high probabilities of reaching their long-term goals." Ressner says passive management gets him one step closer to the ultimate goal of complete objectivity.

Wall Street Journal, August 14, 2002 – Dean Knepper, CFP®, CPA, Principal of Lifetime Financial Planning in Leesburg, Va. is quoted in Terri Cullen's “Ways to Beat the How to Pay for Graduate School Blues” article. “I don't advise borrowing against a 401(k) to pay tuition costs because you're paying an opportunity cost,” says Dean. “You're not only cashing out in the midst of a bear market, but you risk missing out on any recovery. It's better to keep that money earning tax-deferred interest.”

St. Louis Business Journal, August 9, 2002 – An article in the journal reported that the trend in financial planning is away from commission-based compensation, toward a fee-based model. Dave Ressner, Principal of Ressner Financial Planning in St. Louis replied: “The term fee-based is often confused with fee-only, which is also a trend in the financial planning industry. However, there is a subtle, but very important distinction. Fee-based and fee-offset models still involve commissions. They've just added a fee to the equation, whereas the fee-only model is just as it sounds - no commissions whatsoever. The adviser is paid only by the client.” Dave’s continued commentary helps readers understand that commissions may introduce a potential conflict of interest in financial planning where the adviser has a fiduciary duty to put the client's interest first. “Consumers need to understand that commissioned financial advisers are employed by brokerage, mutual fund and insurance companies to sell investments and insurance,” he says. “Consumers should ask their advisers or prospective advisers how they are compensated.”

Investment Advisor magazine, August 2002 – As “life planning” widens the scope of financial advice from spreadsheets to psychology, spiritual beliefs might seem a natural next step. What happens when you mix one religion -- Christianity -- with planning? GPN Members Mark Berg, CFP®, Principal of Timothy Financial Counsel, Inc. in Bloomingdale, Illinois, Bonnie Hughes, CFP®, principal of A&H Financial Planning and Education in Rome, Georgia, and Scott Dauenhauer, CFP®, principal of Meridian Wealth Management in Irvine, California weigh in on the issue in the cover story "In God we Trust."

Orange County Register, August 4, 2002 – Here are some strategies to think about if you're still in the market, says the writer of the article, “Count These Investors In.” For the consumers profiled in the article and other long-term investors, the stock market is the only game in town that historically outpaces inflation and beats the returns from fixed-income investments such as bonds or traditional savings accounts. But it doesn't mean these folks feel secure. Cutting back on 401(k) contributions is a mistake as investors miss out on the most advantageous part of "dollar-cost averaging'' -- regularly paying a fixed amount for stock, buying more shares when prices are lower and fewer shares when prices are higher. And diversification is still important. Folks who earn a living analyzing company stocks can't even get it right, so why should you - the average investor - think you can pick stellar stocks? Why risk the money? Most advisers suggest selling volatile individual stocks. “Time tells us that you don't get rewarded for taking the extra risk of owning just a few individual stocks,” says Scott Dauenhauer, president of Meridian Wealth Management in Irvine, CA. “You take more risk and get either the same return or less, but subject your portfolio to the possibility of a blow-up.” He suggests low-cost mutual funds instead.

Investment Advisor magazine, August 2002 – Few Americans are using 529 plans to save for college, at least so far. GPN Members Bonnie Hughes, CFP®, of Rome, Georgia, and Tim Hayes, MBA, CMFC, RFC, of Rochester, NY, provided insights in the article,  Learning Aids: 529 Plans. The article looks at the pros and cons of 529 Plans and provides a comprehensive directory of the available plans.

Time Magazine, July 22, 2002 – Dean Knepper, CFP®, CPA,Principal of Lifetime Financial Planning in Leesburg, VA., was quoted in Time Magazine’s cover story on retirement planning. Asks journalist Daniel Kadlec: “Will you ever be able to retire? Eroding pension benefits, longer life-spans and a major meltdown in stocks add up to this: most of us will have to work well into our 70s.” Ways to cope: Ratcheting down risk by adding bonds to a portfolio -- and saving more -- is a great start, says Dean Knepper. “Taking additional risk in an attempt to catch up will not work if the individual becomes uncomfortable when the market is down and sells the investment.” Knepper asks his clients to fill out a daily spending log. “They are often shocked at how that morning espresso and evening iced latte add up,” he says, advising that if you cut $10 a day from spending, you can accumulate enough each year to make the maximum $3,500 annual contribution to an over-50 IRA.

Orange County Register, July 7, 2002 – Scott Dauenhauer, CFP®, Principal of Meridian Wealth in Irvine, California, provides information and advice in the Business section’s “One on One” column that helps people understand the laws that reduce some retirees’ Social Security benefits. “As you know, paying into the Social Security system is quite easy. Getting the money out can be the hard part,” says Scott. “If you worked in jobs that were not covered by Social Security in addition to jobs that were covered, you may be affected and need to start your planning now so there won't be any surprises when you retire.” The column links interested readers over to Scott’s website for additional articles, links and historical information at http://www.403bRetire.com.

MSN MoneyCentral, June 11, 2002 – Jim Jubak, Senior Markets Editor for MSN Money quoted GPN Member Bonnie Hughes, CFP®, of Rome, Georgia in his article “Investors Eager to Take Back the Game.” Says Mr. Jubak: “The moment I asked for new ways to combat Wall Street’s greed and conflicts of interest, my inbox swelled with ideas -- both radical and commonsensical.” Here’s what CFP® Bonnie Hughes had to say: “I have very strong feelings about the market nonsense currently going on. People [should] never ‘give’ their money to someone else to manage in the first place. [Most] people can do fine on their own, and if they come to the table financially illiterate, then address that issue and seek out limited professional advice after they've exhausted the limits of their own ability. In my work as a financial planner, I rarely meet anyone that understands the investments they own and why they own them beyond, ‘I heard they were going to take off’ or ‘My broker says these are ready to pop.’ The math of investing is not complicated (compounding is a concept children can grasp), and once people have a basic financial literacy for context, they can apply ideas to their particular situation. A separate issue is crooked CEOs and other corporate officers. They should fry.”

Christian Science Monitor, June 03, 2002 – Many parents who plan to send -- or help send -- their children to college are likely to be concerned about those ever-rising tuition bills that lie ahead. To meet the expense, mom and dad can put money each year into 529 plans or other education-related accounts. But there's another side to the paying-for-college equation: financial aid. Dean Knepper, CPA, CPF® , Principal of Lifetime Financial Planning in Leesburg, Virginia, provides insights on “How to Play the College Financial-Aid Game.” One tip: Relatives other than a parent who want to contribute to college savings should consider setting up a 529 plan with themselves as account owner, and naming the student as beneficiary. That way, Knepper says, the value of the account is not included as an asset in calculating financial aid.

Kansas City Star, June 2, 2002 – In a Money Make Over called “Safety First for Student” Certified Financial Planner™ professionals Jo Ellen Fritz and Sheryl Garrett who practice in Shawnee, Kansas counseled a single mother who expects to lose her job as a staff travel agent for a petroleum company. She will have to figure out how to make the most of her severance package so she can support herself and her 2 year old daughter, Whitney. Among Fritz and Garrett’s suggestions: Learn to stretch severance pay, keep funds liquid and find another job to get by.Garrett and Fritz are among the members of the Financial Planning Association of Greater Kansas City who volunteer to provide the free financial plans for participants in The Kansas City Star's Money Makeover series.

Reuters, June 1, 2002 – Money may not be able to buy you love, but it certainly helps tie the knot, says writer Martha Slud in “Paying for a Wedding” in her finance column on MSN MoneyCentral. More and more couples, as they get married later in life and want more freedom in planning the event, are picking up the tab for the wedding themselves. But it can all add up to financial overload if they haven't saved enough or go overboard with the hoopla, says Sheryl Garrett, a Certified Financial Planner™ professional in Shawnee, Kansas. “Weddings can be extremely expensive, and I really would like people to step back and say, ‘Is this expenditure really appropriate for my income level and my desires for my financial life?’” said Garrett, president of the Garrett Planning Network, a group of financial advisors. “We don't have to turn it into a materialistic show. I want retirement accumulations to be sacred,” Garrett said.

Investment Advisor magazine, June 2002 – In April 2002, Morningstar announced it would revamp its technology by dropping the board asset-class star rating. The new system, which will take effect in July 2002, will prevent managers from riding the coattails of a successful asset class, and should help curb the practice of some fund families that switch investing styles to receive a better rating. The article discusses how a a handful of financial planners utilize the various fund rating systems, including Morningstar. GPN Member Tim Hayes, president of Landmark Financial Advisory Services in Rochester, New York is profiled in the article. “While working on a client’s portfolio,” says the writer of Investment Strategies Rating Roundup, “advisor Tim Hayes builds a universe of funds that he considers to have good potential, periodically making adjustments. He’ll go back and forth between various screens, amassing both quantitative and qualitative data.” In the end, says Hayes, “Choosing a fund may be as much an art as a science.” More than 50% of U.S. households own mutual funds.

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.

Genesee Valley Parent, May 2002 – In “I Love New York: Saving for College in New York’s 529 Plan,” Tim Hayes, president of Landmark Financial Advisory Services provides his thoughts on the New York sponsored 529 plan. “Saving for a child’s college education has never been an easy task,” says Hayes. “With the cost of a typical college education rising faster than inflation in general, parents need to start early and save often.” The article details the benefits and features of the New York plan and “makes it something to think about,” says Hayes.

Washington Post, April 2002 – Dean E. Knepper, CPA, CFP® ,doesn't know why he didn't do it sooner. Last year, the Leesburg, VA, accountant / financial planner opened his own business, Lifetime Financial Planning LLC, designed to help middle-income Americans better manage their money. Knepper, 48, has about 75 clients who come to his company and pay an hourly fee for his advice about what to do with a 401(k), how to diversify portfolios or how to save for a child's college education. Since the attacks of Sept. 11, he has been especially busy with clients who watched their retirement savings plummet along with the stock market. “A lot of people have been concerned,” he said. Knepper set out to help people who might have been turned away from larger investment advisory firms because they lacked the minimum amount of money to invest. He serves clients who earn from $50,000 to $300,000. He hopes to open another office in Ashburn or Sterling, because many clients live in that area.

Rochester Woman magazine, April 2002 – Interest among consumers for financial services and financial advice is greater today than ever. Income and estate tax law changes, market turmoil and the threat of job losses brought about by a slowing economy have spurred people from all walks of life to reexamine the need for professional advice. Discriminating consumers seek the same value from financial service products and providers as they do with other purchases, but are often unclear on how to decipher the costs of investing. Timothy Hayes, President of Landmark Advisory Services, LLC, in Pittsford, NY, provided common sense advice and an inside look at how financial advisors are compensated and how consumers may find the best value for their time and money in the article “Shopping for Financial Services: Comparing the Costs.” In a separate article called “What Local Financial Advisors Recommend,” Hayes discussed socially responsible investment strategies.

Morningstar Advisor, April 20, 2002 – Steve Thalheimer, CFP® , left a position in a successful wealth management firm to focus on serving middle-income and do-it-yourself investors. “The typical client at the wealth management firm was usually someone who’d be okay no matter what,” he says. “Our job was to help him earn the most on his investments, save on taxes, and pass on as much as possible. Meanwhile, there was this whole group of people out there who wouldn’t be okay if they didn’t get quality, objective advice. My heart was in serving that market, people for whom I could make a real difference,” Thalheimer says. Although several companies in Washington, D.C., already served the middle market at that time, demand for advice still exceeded supply. “Most of my clients have net worths of under $1 million with the majority under $500K. They are typically referrals from planners in town who work only with high-net worth clients,” Thalheimer says. “My clients may be 60 and want to know if they can retire in two years, or are young couples just married and having their first child.” He also works with federal government people who come out of his old Peace Corps connections and clients working for one of the many D.C.-area non-profit associations. Thalheimer, who opened his Silver Springs, MD-based Thalheimer Financial Planning in July 2000, gives these clients what they want -- the chance to sit down and consult with a knowledgeable professional at an affordable, hourly rate.

Washington Post, April 7, 2002 – Spring is "A Good Time for a Financial Housecleaning," says Washington Post writer Michelle Singletary. It's a natural time to do a financial housecleaning, as everyone has to gather information for tax returns anyway. As you're cleaning, make sure that you shred all financial documents before you throw them away. "Be vigilant about protecting your identity," says Bonnie A. Hughes, a financial planner from Rome, Ga. One of the fastest-growing crimes is identity theft, which occurs when someone hijacks your identifying information -- name, address, and credit card and Social Security numbers -- and uses the data to open new charge accounts, order merchandise or borrow money. In addition to consolidating and organizing all your financial papers, consumers would be wise to review their financial plan to ensure they are not overlooking important planning opportunities. 2002 is a year of significant tax changes; it's important to assess your current financial status, determine and/or refine your goals, then create and stick to a plan aimed at getting you where you want to be. If you find it hard to save the appropriate amounts for your financial future, "take a hard look at expenses," said Bonnie Hughes. "Do a sweep of your budget and see if you can find expenditures that can be thrown out."

Mutual Funds magazine, April 2002 – “Do expenses matter?” asks a reader of the “Expert Advice on Mutual Funds” column. “If I am deciding between two funds, and one typically returns 5 percent per year and the other has a history of 15 percent annual returns, aren't expense ratios irrelevant?” Sheryl Garrett, of Garrett Financial Planning in Shawnee, Kansas, replies: “In the long run, expense ratios matter a great deal. In general, low-costs funds have beaten high-costs funds by substantial margins over long periods, regardless of which part of the market they targeted. When you see a huge difference in similar funds' returns,” Garrett says, “one fund is probably taking more risk or employing a different strategy.” Does it make sense to pay an above-average expense ratio for that? “Only if you think the fund's manager can keep generating returns that compensate you for the risk he or she takes and costs that you pay,” adds Garrett.

CBS.MarketWatch.com, March 13, 2002 – GPN Member, Rich Chambers, a CERTIFIED FINANCIAL PLANNER™ practitioner in Palo Alto, CA, says sunset provisions for new tax treatment of 529 plan distributions in 2011 (which would potentially make earnings taxable to the student at that time) should not deter families from contributing to their education nest eggs. "In the worst case, the amount of earnings starting in 2011 might then become taxable and lawmakers would grandfather the earnings before then, making the plan very worthwhile between now and then, so getting in now is a good idea." The tax bill that went in to effect in 2002 broadened the appeal of 529 plans. Still, they are not without caveats. One of the biggest unresolved issues is the impact on a student's financial aid eligibility. "Getting a professional's advice about which of the various state plans is right for you could pay off down the road," says Chambers. "For instance, there are 13 states that have TIAA-CREF programs. These programs, I feel, offer stable value investments that offer lower risk than the stock market. By working with a college planning expert, you can increase your odds of selecting the best program for your needs."

Public News Room, March 07, 2002 – The Garrett Planning Network says taking financial responsibility and learning how to deal with college credit card debt early on, is vital to college students' immediate and long-term financial well-being. Credit card debt gets many college students in trouble. Ed Powell of Powell Financial Advisors in Columbia, SC says the first thing people need to do is become educated on finances. He suggests everyone take at least one finance class. "First thing you need to do is become educated about finances. Take financial courses at your local university or technical school. Sometimes they even offer courses at local churches or synagogues about personal finance that will help you." Powell also believes students should be realistic about their money and set realistic goals for their financial budgets. "One of the worst places to use your card is at a bar or restaurant. You really don't know what's going on and it's not wise to use your card for entertainment purposes on weekends." A poll conducted in 2001 says almost half of college seniors feel they aren't knowledgeable about investing or financial planning.

BusinessWeek, March 4, 2002 – Certified Financial Planner™ professional, Bonnie Hughes, was quoted in a BusinessWeek Investor column called "Single, Jobless...And Solvent." The article profiled a 49-year-old former marketing executive who, according to the writer, is "a model for women facing seemingly insurmountable financial woes." While single women comprise the fastest-growing segment of the population filing for bankruptcy, the woman profiled in the story "was able to avoid catastrophe by making herself money-smart." Bonnie Hughes, who owns and operates a Fee-Only, hourly, as-needed financial planning firm in Rome, Ga., and is the woman's financial adviser says: "If all my clients lived within their means and had a team of professionals they could turn to in a crisis, my workday would be short indeed." And, there would be a much shorter list of single women filing for bankruptcy, adds the writer.

Financial Planning magazine, February 2002 – In Financial Planning magazine's annual look at the products, services and ideals that financial advisors want, GPN Member Nancy Lange, CPA, who owns and operates an independent Fee-Only tax and financial planning firm in Hartland, Mich., says she wishes for the financial planning profession "to be elevated to that of attorneys and CPAs and for financial planners to always put their clients' best interests first -- decisions should never be made based on the potential commission to be made," stresses Lange. She wants "investment salespeople to stop hiding behind the term financial planner." Bucking a trend against more regulation, she is actually hoping for more "mandatory licensing, with state oversight, of financial planners --similar to attorneys and CPAs." Again, a wish shared by some planners (maybe many planners), but certainly not all. However, Lange may be seeing part of her wish come true: a new CFP Board rule will require future CFPs to have a college degree, a requirement shared by CPAs and other professions.

Investment Advisor magazine, February 2002 – Angie Herbers, a staff member with GPN, was profiled in the cover story entitled “The New Faces in Planning” and pictured on the magazine’s cover. Angie’s interest in financial planning was first piqued when she heard about a nationwide, college-level financial planning competition sponsored by American Express. Though an accounting major at K-State the time, she entered the contest, and her team of three students went on to win the national title. As a result of the contest, Angie also received an invitation to attend a NAPFA conference, where she met planner Sheryl Garrett and asked Garrett to be her mentor.

Courier-Journal, January 27, 2002 – Louisville-KY financial planner and GPN Member, Stuart Coats, calls Kentucky's pre-paid college plan "a good first step, but it's not a plan for all seasons and all people." Mr. Coats was featured as an expert on college funding options in this key business section article, "Saving for College, Kentucky Plan for Prepayments Could Fall Short of What's Needed." While college costs continue to rise faster than the nation's inflation rate, only one-third of American parents with children under 18 have not started saving for college, according to a survey noted in the article. Just about every state has a 529 plan, which can take one of two forms -- a savings plan, in which the amount you accumulate depends on the plan's investment success, or a prepaid tuition plan, which lets families lock in tomorrow's tuition and fees at today's prices. The article discussed the pros and cons of each plan in Kentucky and Mr. Coats provided strategies for families wishing to buy in to either plan.

TheStreet.Com, January 24, 2002 – GPN Member Dean Knepper, a CERTIFIED FINANCIAL PLANNER™ practitioner and CPA with Lifetime Financial Planning in Leesburg, Va., was quoted in the article “Planning Ahead for the Financial Aid Process.” “It's the time of year when millions of Americans hunch miserably over government forms, painstakingly filling in little boxes with the details of their family finances. No, we're not talking about taxes -- it's that unhappy season when parents fill out financial aid forms for college,” says the reporter. Dean and a handful of other financial planners offered ideas on improving a family’s chances a family’s chances for receiving financial aid.

The Christian Science Monitor, January 7, 2002 – In "Reallocating the Holdings of an Elderly Parent" in the "Work and Money" section, CFP® practitioner Rich Chambers of Palo Alto, CA, offered advice on how the children of elderly parents might better reallocate the parent's holdings. "You need to generate far more income from your investments than you are currently earning, both to offset inflation and to ensure that you will have adequate resources for your parents as they get older," says Rich. "Expenses for your mother, for example, could rise substantially in the years ahead." He went on to provide additional, specific instructions and recommendations.

Investment Advisor magazine, January 2002 – Louise Schroeder, CFP® , principal of Personal Financial Solutions in Stillwater, OK, was quoted in the Letters to the Editor section. In "Planner of the Hour," Louise talks about how she makes financial planning and investment advice available to people with "less than mega-bucks." "Charging by the hour has enabled me to add a great deal of flexibility to my practice," says Louise. "With no account minimums other than those set by the mutual fund companies to purchase shares, not only can I serve a much wider range of income brackets, but I can offer clients the opportunity to have as much or as little control over their investments as they chose. As a CFP practitioner, I am elated with this new business model and how I can now serve people from all walks of life."

National Public Radio, January 2, 2002 – CERTIFIED FINANCIAL PLANNER™ professional Rich Chambers, principal of Investor’s Capital Management in Palo Alto, CA., was featured as one of three college plan consulting experts on the “All Things Considered” segment hosted by NPR reporter Robert Smith. The five-minute segment reports on new federal tax regulations that take effect this year which are intended to make it easier for parents to save for their children's education.