“I value the wonderful people in the Network who have assisted and encouraged me in many ways.”

Laura Scharr-Bykowsky, MBA, CFP®

We recently interviewed Laura regarding her experiences as a fee-only financial planner and Garrett member since January 2008.

Why did you decide to open your firm under the hourly, fee-only business model and why did you decide to join the Network?

I read the book, In Search of the Perfect Model: The Distinctive Business Strategies of Leading Financial Planners by Mary Rowland, in which Sheryl Garrett's business model was profiled.  This model made sense to me and fit my lifestyle. The idea of having my own business but being connected to a larger network of colleagues was intriguing.

How has your business startup been supported by the Garrett Planning Network?

I followed the start-up timeline and guidelines to the letter and was able to get up and running within six months.  The forms, operational guidelines and ADV template were extremely helpful.  Since I was new to the finance world, the learning curve was steep but I credit the Network and the generous contributions from fellow members for enabling me to come up to speed fairly quickly. 

How has the Network met your expectations?

The Knowledge Bank has been a valuable resource for me and I continue to enjoy the educational webinars and ongoing discussions. Most importantly, I value the wonderful people in the Network who have assisted and encouraged me in many ways.  
 
What are the 3 greatest benefits of membership?

To paraphrase from above, I would have to say that the three greatest benefits of membership are the Knowledge Bank, the webinars and the wonderful colleagues I have met.

What are your short and long term goals for your business?

Short term I would like to increase my business through strategic alliances with local wealth managers and CPAs.  Unfortunately, I do not receive many leads from the Garrett Network or NAPFA.  I am hoping that once I achieve a critical mass of clients, my leads from "word of mouth" will begin to grow.  Since my focus was primarily on getting up and running last year, my goal for next year is to focus on marketing.  I am not the best at networking, so it will be a challenge for me to get out of my comfort zone behind the desk and get out there and establish a local presence.

Long term, I would like to enhance my efficiency so that I can work smarter, not harder.  I am in the process of segmenting my target clients into cohorts with distinct demographics and psychographics, and establishing procedures and processes that achieve the desired deliverables for these client groups.

What was the most valuable thing you took away from the Garrett Retreat?

Lately, Laura’s spare time has been spent with work, work, work and soccer, soccer, soccer (her 14 year old son is a goalie for the premier team in the state). Laura always makes time for exercise and walks 25 miles a week as well as works out in her home gym with weights or to pilates and yoga DVDs. She is an avid reader and prefers non-fiction books regarding financial topics (of course) as well as quantum physics, geopolitics, economics and religion. Laura also loves to cook and entertain. She and her family live on a 50,000 acre lake so they enjoy get-togethers with friends to boat, watch football (or soccer) and/or sit around the backyard fire pit.