Most Americans used to have few options when it came to getting competent financial planning and investment advice. Expert advisors often weren’t interested because these consumers didn’t meet high net worth or income minimums, or didn’t want ongoing services.

“It always bothered me when I had to turn people away simply because they did not meet our firm’s minimums and account criteria,” says Sheryl Garrett, CFP®, of her experience as co-owner of a fee-only wealth management firm.

“I began thinking about, if I were a consumer, how I would like to purchase financial advice. It seemed that working with an expert on an hourly, fee-only basis made the most sense. After all, that’s how we buy most other professional services. If attorneys, CPAs, and other professional consultants provide their quality services to clientele exclusively on an hourly, as-needed basis, why not financial advisors and planners, too?”

In 1998, Garrett turned her ideas into a business, and Garrett Financial Planning Inc. was born. The Kansas City-based firm provided hourly, fee-only financial advice and planning services to people of all walks of life -- no account or net worth minimums required. Clients had the flexibility to pay for Garrett’s financial advisory expertise on a one-time or periodic basis.

The firm and its concept of how to package financial advice took off. Soon the practice expanded to include three other advisors, and its number of clients soared to more than 600.

But the recognition didn’t stop there. Unsolicited, Garrett and her practice garnered so much national media attention that by 2000, she decided to take the concept national. That year Garrett launched The Garrett Planning Network, Inc., based in Shawnee Mission, Kansas, a suburb of Kansas City. Its members pay an annual licensing fee and agree to focus on the hourly, as-needed fee structure for providing advice. They do not require account or net worth minimums, do not accept third-party compensation/commissions, are CERTIFIED FINANCIAL PLANNERS™ (or working toward that designation), and are independently registered as investment advisors in their state or with the Securities and Exchange Commission.

“The Garrett Planning Network is about providing consumers competent advice that’s delivered based on a simple fee structure, whether that advice is one-time, occasional, or ongoing,” says Garrett. “It’s paying for as little or as much advice as you want or need when you need it.”

Within its first year of operation, Garrett Planning Network membership soared to more than 50, and growth hasn’t stopped since. In 2005, the network went international. That same year, Sheryl stepped away from running her own planning practice to help the Garrett Network grow and provide competent, objective financial advice to all people.

“The interest from consumers, the financial planning community and the media worldwide confirms the success of our network’s philosophy of focusing on all people’s financial needs,” says Garrett. “We all can benefit from financial planning and advice at some point in our lives,” says Garrett. “And now, thanks to the Garrett Planning Network, that advice is affordable, accessible, and available.”