What Others Are Saying

February 13, 2012 – In “As a Recent College Grad, How Do I Find a Financial Adviser?,” the Garrett Planning Network was suggested as a good place to find a Fee-Only planner.

January 10, 2012 – The Garrett Planning Network was recommended as a source for finding an impartial advisor in “Choosing a financial planner: 5 red flags.”

January 5, 2012 – The Garrett Planning Network was mentioned as a source for Fee-Only advisors in “Savvy Senior: Get financial and retirement advice on a budget.”

2011

December 25, 2011 – The Garrett Planning Network was suggested as an option for finding a Fee-Only advisor to review your retirement plans in “Use credit cards lightly to improve your score.”

December 13, 2011 – The Garret Planning Network was mentioned as a professional source for locating affordable financial advisors in “How to afford an investment adviser without breaking the bank.”

December 12, 2011 – In “Get financially fit in 2012,” the Garrett Network was recommended as a place to find a Fee-Only advisor and “step up your financial fitness.”

November 28, 2011 – In “Should I hire a financial adviser or go it alone?,” the Garrett Network is mentioned as a source for finding Fee-Only financial advisors.

November 27, 2011 – In “Finding an Adviser,” the Garrett Planning Network was recommended as a good choice for finding a Fee-Only advisor that doesn’t require a minimum investment.

October 17, 2011 – The Garrett Planning Network was mentioned as a professional source for financial advisors in “How to Find a Good Financial Adviser.”

September 17, 2011 – In “What Does Investment Risk Really Mean?,” the Garrett Network was recommended as a place to find an advisor that can help you with a financial plan.

September 1, 2011 – In “How to create financial security in retirement,” the Garrett Planning Network was suggested as an option for locating a Fee-Only advisor.

August 9, 2011 – The Garrett Planning Network was recommended as a good source for Fee-Only advisors in “How to Know When You Need a Financial Advisor.”

July 24, 2011 – The Garrett Network was mentioned as a source for Fee-Only advisors in “Deep cuts in spending cause ‘frugal fatigue’.”

July 23, 2011 – The Garrett Planning Network was recommended as a financial planning network that can “deliver cost-effective personal finance advice to a wide array of consumers” in “Money Power: Financial advising options for your family’s needs.”

July 19, 2011 – Clark Howard recommended the Garrett Planning Network as a resource to find a good Fee-Only advisor in “Fee-only financial planners are in your best interest.

July 7, 2011 – The Garrett Planning Network was mentioned as a resource for true Fee-Only advisors in “”Fee based” isn’t the same as “fee only”.”

June 29, 2011 – The Garrett Planning Network was recommended as a source for Fee-Only financial advisors in “Friends Don’t Let Friends Manage Money.”

June 16, 2011 – The Garrett Network was recommended as a resource for obtaining a financial advisor that can help create a financial roadmap in “DIY or Not: Should I Get a Financial Planner?.

June 9, 2011 – “Is there a way to get financial help without this conflict of interest? Yes, there is — by hiring a fee-only financial advisor,” said Robert Brokamp who recommended the Garrett Planning Network in “The Best Way to Pay for Advice: The Advantages of a Fee-Only Financial Advisor.”

May 29, 2011 – The Garrett Planning Network is mentioned as a referral source in “Big credit card debt shows you’re living beyond your means.”

May 1, 2011 – The Garrett Planning Network was recommended as a referral source for Fee-Only financial advisors in “Report updates don’t restart clock on negative credit marks.”

April 11, 2011 – In “Planning Your Retirement: Get Professional Financial Help,” the Garrett Planning Network was mentioned as an option for finding a Fee-Only advisor who “has no incentive other than acting in your best interest when deciding between annuities and investing.”

March 13, 2011 – In “Retirement should be at top of spouses’ saving, spending plans,” the Garrett Planning Network was recommended as a source for Fee-Only advisors that can help with planning for retirement.

March 2011 – Learn about “Finding a trustworthy planner.” The article listed the Garrett Planning Network as an option for a professional group that offers Fee-Only financial planning.

February 19, 2011 – In “Take control of the old 401(k),” the Garrett Planning Network was mentioned as a resource for middle income households seeking a financial advisor.

February 2, 2011 – Learn “How Much $ To Retire? 5 Things You Need to Know About Online Calculators” and how the Garrett Planning Network can help you find a financial advisor that can assist with retirement planning.

January 18, 2011 – Learn about “The Difference Between Fee-Based and Fee-Only Advisors” and learn how a Garrett Planning Network advisor could be a good fit for you.

January 6, 2011 – In “How to Find the Right Adviser for You,” the Garrett Planning Network was mentioned as a group of Fee-Only financial advisers that has a search feature on their website to help you locate an adviser.

January 6, 2011 – In “The Secret to a Perfect Financial Life,” The Motley Fool’s Robert Brokamp discussed teaming up with Garrett Network Certified Financial Planner™ professionals to develop what he calls the Foolish Financial Pyramid.

January 4, 2011 – The Garrett Planning Network was mentioned as one of the places to find a Fee-Only planner, whether you only have a few questions or need a comprehensive plan. Learn more in “The Money Sharks are Circling.”

2010

December 6, 2010 – Sheryl Garrett, CFP^®, AIF^®, founder of the Garrett Planning Network was featured in “3 Things Your Financial Pro Will Never Tell You,” where she discussed the benefits of hiring a Fee-Only adviser.

December 6, 2010 – Personal finance writer Liz Weston recommended the Garrett Planning Network in “Build retirement funds before paying down a mortgage.” Clients can take their questions to a Fee-Only Garrett financial planner who can review the situation and advise them on their next moves.

November 23, 2010 – In “Waiting for Godot: Financial planners for the middle class,” the Garrett Planning Network was mentioned as a place to find a Fee-Only financial advisor.

September 21, 2010 – In “Are You Paying To Much for Financial Planning and Advice?” Fee-Only financial advice was listed as the only choice in the writer’s opinion. The Garrett Planning Network was mentioned as the place to locate a Fee-Only financial planner.

September 21, 2010 – In “3 tips to help women close the retirement gap,” women were encouraged to consult a Fee-Only, hourly financial planner from the Garrett Planning Network.

September 16, 2010 – In “Do One Thing: Find a Financial Planner,” the Garrett Planning Network was listed as a place to start when looking for a financial planner.

August 2, 2010 – The Garrett Planning Network was recommended as a place to find Fee-Only financial planners in “Finding Trustworthy Advisors.”

July 10, 2010 – In “Online calculators can help in deciding how much to tap 401(k),” the Garrett Planning Network was mentioned as a well-known financial planning group that targets middle income households.

June 24, 2010 – To get the lowdown on what your financial planner may not be telling you, The Fool spoke with Sheryl Garrett, CFP^®, AIF^®, in “3 Things Your Advisor’s To Scared to Tell You.”

June 23, 2010 – As mentioned in “The Advantages of a Fee–Only Financial Planner,” the Garrett Planning Network is a great place to start your search for a Fee-Only financial planner.

June 11, 2010 – The Garrett Planning Network was recommended as a resource for hourly financial planners in “Finding an advisor.”

June 10, 2010 – In “Want to Help Your Children? Give Them a Financial Plan,” personal finance writer Jane Bryant Quinn suggested the Garrett Planning Network as a place to look for Fee-Only planners.

May 5, 2010 – If you’re looking for more personalized help, check out the Fee-Only planners of the Garrett Planning Network as mentioned in “Confront Your Retirement Nightmare.”

May 1, 2010 – For the fifth time, Sheryl Garrett, CFP^®, AIF^®, founder of the Garrett Planning Network, was selected by Investment Advisor magazine as one of the most influential individuals in and around the planning profession. Check out “Thirty for Thirty” to see who else is on the list.

April 2, 2010 – In “Put away checkbook and hire an advisor to help adult child,” the Garrett Planning Network was mentioned as a great place to start in hiring a financial planner who works for an hourly fee without selling products.

April 1, 2010 – In “Do-It-Yourself Financial Freedom,” the Garrett Planning Network was mentioned as a place to find Fee-Only financial planners.

March 5, 2010 – In “Suze Orman vs, ‘Rich Dad, Poor Dad’ Guru: He Tweeted, She Tweeted, financial planners from the Garrett Planning Network provided their opinions on whom you should listen to for valuable financial advice.

February 18, 2010 – The Garrett Planning Network was mentioned as a good financial planning group that targets middle income households in “Help from a financial planner.”

February 1, 2010 – In “Good financial advice on a budget,” the Garrett Planning Network was recommended as one of the ways to “get the help you need, no matter what your resources.”

2009

Investment News, December 9, 2009 – The Garrett Planning Network was mentioned as one of the few companies in the financial services business that approaches customers in a unique way.

Los Angeles Times, November 29, 2009 – Personal finance writer Liz Pulliam Weston suggests consulting with a fee-only financial planner who can review options and suggest a course of action.

CNN Money.com, October 12, 2009 – Obtaining a financial checkup through the Garrett Planning Network is the featured idea in “What to do with $1000 now.”

USA Today, October 6, 2009 – It is suggested to make a plan with a fee-only hourly financial planner.

Annuity Digest, September 1, 2009 – Read to learn how and why the Garret Network seems to make objective, competent financial planning services available to all.

CBS Moneywatch.com, August 25, 2009 – The Garrett Planning Network was recommended as an option for those facing bankruptcy.

The Wall Street Journal, July 19, 2009 – The Garrett Planning Network was mentioned as a place to locate advisers who can help create affordable financial plans.

MercuryNews.com, June 21, 2009 – In Ellen James Martin’s “Smart Moves” column, the Garrett Planning Network was recommended as a good option for finding a fee-only adviser.

Forbes.com, May 22, 2009 – The Garrett Planning Network is recommended as a good option for beginners, middle income consumers and do-it-yourselfers.

Richmond Times-Dispatch, May 14, 2009 – In “You need to be prepared for different major life crises” the Garrett Planning Network is mentioned as a place to look for professional help during these times.

The Wall Street Journal, May 4, 2009 – Rick Ferri chief executive of investment advisory firm Portfolio Solutions, LLC in Troy Michigan, recommends hiring a financial planner from the Garrett Planning Network in “Tight Fisted Investing.”

AARP the Magazine, January 2009 – AARP the Magazine teamed up with the Garrett Planning Network to provide six households with a free financial review and plan. Read more at http://www.aarpmagazine.org/money/money_makeover/

Popular Journalists Hail Commission-Free Service Model and the Benefits of Hourly, As-Needed Services

2008

Kiplinger’s Personal Finance, October 2008 – Fee only planners can help you get your financial plan on track.

Forbes.com, September 24, 2008 – The author of “Know Your Options When Hiring a Financial Advisor” recommends the Garrett Planning Network for CERTIFIED FINANCIAL PLANNER™ professionals who meet with clients on an hourly basis.

Wall Street Journal, September 16, 2008 – As part of a program to help employees with money matters, some employers are offering sessions with financial advisors. The Garrett Planning Network is mentioned as a place to find these advisors.

CNN Money, September 5, 2008 – In the article, “Your Biggest Money Worries – Solved,” recommends fee-only advisor to assist you with developing your financial plan.

Los Angeles Times, July 13, 2008 – Recommends getting advice on asset allocation in the Q&A article, “Pay Off the Loan on Your Car Before Trading it In.”

New York Times, May 20, 2008 – In the article, “Five Basic Guidelines for Managing Your Finances,” the Garrett Planning Network is recognized as a helpful resource for people without large portfolios.

CNN Money, May 14, 2008 – In “Wanted: Free financial advice,” The writer of the articles suggests that before hiring that planner, be sure that you ask some tough questions. In particular, you’ll want to ask some technical questions about your portfolio.

New York Times, April 27, 2008 – In the article “Pick a Planner Who Can Spell ‘Fiduciary’,” Sheryl Garrett, founder of the Garrett Planning Network, commented on the importance of picking the right financial planner. She said, “This is a person giving you advice over some of the most important decisions in your life.” She also stated that “if an adviser doesn’t know what you’re talking about or can’t say ‘yes’ with conviction, then that’s your answer.”

Newsweek, March 3, 2008 – Sheryl Garrett, CFP® and the Garrett Planning Network are mentioned in the article “Planners Wanted ASAP” as a good choice in either finding a reputable financial planner or becoming part of a financial planner network.

Wall Street Journal, February 16, 2008 – In a special report called “12 People Who Are Changing Your Retirement,” WSJ writer Kelly Greene profiles Sheryl Garrett, founder of the Garrett Planning Network, saying: “These pioneers are shaping the way Americans will live, work and play later in life” and that “Sheryl Garrett is on a mission to bring financial planning to the masses.”

TODAY Show, January 25, 2008 – The Garrett Planning Network was mentioned on the TODAY Show as a wise choice for locating a financial advisor to help you plan your financial future.

Los Angeles Times, January 20, 2008 – One reader who was “blown away by planners’ fees” asked personal finance columnist Liz Pulliam Weston if there were any financial planner services for the ordinary working middle class. Weston responded with the Garrett Planning Network as the recommended resource in “First, build a down payment.”

USA Today, January 16, 2008 – “Financial planners in the Garrett Planning Network usually offer fee only, pay-by-the hour advice, and might be a good fit if you are a do-it-yourself investor and want a onetime check-up or regular financial reviews. Financial Planning Association offers planners for investors of all levels of financial sophistication.” This was one of the tips in “5 tips to protect your lump sum.”

2007

The Star-Ledger, June 27, 2007 – Hourly rates vary, but expect to pay $150 to $300 per hour for basic financial planning. “Ask the Biz Brain” lists the Garrett Planning Network as a place to go for financial planners who charge by the hour.

Wall Street Journal, June 17, 2007 – Read “OK, I Admit It. I Need Some Help.,” for tips on why you should see a pro and how to choose one. The Garrett Planning Network is referenced as a place to find fee-only financial planners in your area.

Money Magazine, June 2007 - The Garrett Planning Network is suggested as a resource to find financial planners in an article titled “Goal: Building wealth; Best reality check: Eight hours with a financial planner.”

Los Angeles Times, June 10, 2007 – “Cut into costs, not your 401(k)” describes the difference between fee-based and fee-only financial advisors and how they work. The Garrett Planning Network is referenced as a place to find fee-only advisors who are willing to work by the hour.

Boston Globe, June 1, 2007 - In “Changing rules may mean it’s time for a heart-to-heart with your adviser,” the closing line of the article suggests some may be better off working with an hourly planner and the Garrett Network is included as a resource.

Yahoo! Finance, May 31, 2007 – Laura Rowley, the writer of “Getting in Touch with Your Money Style” recommends a fee-only financial planner to help you prioritize your dreams, put your money where your values are and lay the groundwork to achieve them. Rowley also recommends the Garrett Planning Network as a resource for fee-only planners who charge by the hour.

CNN Money, May 22, 2007 – The Garrett Planning Network was recommended as a place to find a financial planner in “When you need a financial planner.”

Wall Street Journal, May 19, 2007 – The writer of “A Retiree Searches for Honest Financial Advice,” advises readers to consider hiring a fee-only financial planner – someone who is paid for his or her advice instead of someone who is compensated by making trades in investments or by receiving commissions for selling financial products. One of her recommendations for a fee-only planner was the Garrett Planning Network.

Motley Fool, May 5, 2007 - One of the gifts suggested in “5 Great Gifts for Grads and Newlyweds” is a gift of time with a fee-only financial planner. The Garrett Planning Network was a recommended resource for finding independent financial advisors who offer as-needed financial planning services with no minimum income or asset requirements.

CNN Money, May 2007 – With a handful of broad goals in mind, Money Magazine gave their top picks on what to do with five grand in “Where to put $5,000 now.” One suggestion was to hire a fee-only financial planner who charges by the hour, not by the investments you buy. The Garrett Network Web site was recommended as a place to locate one of these planners.

Orlando Sun-Sentinel, January 28, 2007 - For questions you should ask when interviewing financial planners, read “Invest time in money planner.” Sheryl Garrett, founder of the Garrett Planning Network, provided the questions in this article as well as points to consider when choosing a financial planner.

Kiplinger’s Personal Finance, January 2007 - “Life-Changing Legacy” discusses steps to take to make the most of your inheritance. The Garrett Planning Network is listed as a resource for financial planners who can provide guidance regarding inheritances.

Past Years

Mary Rowland, Bloomberg Wealth Manager, July/August 2005 ~
Jonathan Clements, who writes the “Getting Going” column for the Wall Street Journal has managed to resist tired angles, according to journalist Mary Rowland. “He’s been writing the column for nearly 11 years and has never departed from his fundamental advice to consumers: Devise a basic asset-allocation strategy with low-cost index funds and stick with it. During the past few years, though, Clement’s advice that searching for a fee-by-the-hour planner like those in Sheryl Garrett’s Garrett Planning Network is the only way to find an honest planner puzzled me. Garrett’s network is a valuable alternative, but it’s not the only game in town.” Rowland asked Clements to explain. She goes on to say, “Clements divides practitioners who provide financial advice into three groups: financial planners, brokers and insurance agents. ‘We say that brokers are the bad guys and financial planners are the good guys,’ he says. ‘But insurance agents and insurance products fly under the radar screen, and they get away with bloody murder. The size of the commission they get would make a full-service broker blush. This should been the Golden Age for financial planning,’ says Clements, ‘with the Baby Boomers heading for retirement.’ What would the ideal landscape be like? ‘I can imagine a world in which wealthy individuals pay annual retainer fees and the middle class pays by the hour. That would go along way toward resolving conflicts of interest.’”

Gil Weinreich, Research magazine, May 2005 ~
“If I were a practicing financial advisor, I would look to align my business model with the folks who are threatening me, i.e., lawyers. Working on a client’s financial “cases,” you would bill for the hours you work for them. This takes away any incentive to ignore your client’s best interests while preserving your option to charge at the rate you can command in the market. Just as some lawyers change $200 an hour and others charge $100 an hour, your ability to earn is not limited to anything other than your own reputation for performing top-notch work. This proposal results in less compliance and more time on the job through transparent compensation practices; the opportunity to maintain or increase compensation; and an overall improved professional image.”

Terri Cullen, Wall Street Journal, June 23, 2004 ~
“As for finding a planner, one caution: Don’t hire a salesperson. Investment brokers, life-insurance and variable-annuity agents, and other so-called financial advisers who work for, or are paid on commission by, financial-services companies are there to sell product. Your best interests come second to their bottom lines. Instead, seek out an objective fee-only financial planner, who is paid hourly or by a percentage of your total portfolio. You can start your search by contacting friends or professionals you know and respect for referrals, or get in touch with one of the networks of fee-only financial planners, such as The Garrett Financial Network (www.garrettplanningnetwork.com) of Shawnee, Kan.”

Paul B. Ferrell, CBS MarketWatch, June 21, 2004 ~
Planners “should be compensated, but on a fee basis. Commissions present too many conflicts of interest, too many temptations for sleazy behavior and too much opportunity for abuse. Don’t get me wrong; there are a lot of ethical brokers. Unfortunately, there are even more not-so-ethical brokers who love skimming money off the top of a client’s portfolio for doing little or nothing.”

Jonathan Clements, Wall Street Journal, June 13, 2004 ~
“Am I qualified to be a financial adviser? Absolutely not. Then again, most full-time financial advisers aren’t qualified, either,” writes Jonathan Clements in his Getting Going column. “The business of doling out investment advice isn’t a profession in the way that, say, law or medicine are professions. Yes, you will find advisers who are Chartered Financial Consultants, Certified Financial Planners, Chartered Financial Analysts and Certified Public Accountants/Personal Financial Specialists. But these folks are the exception. Most brokers and financial planners have had little or no formal training. It’s a disgrace,” states Clements. “I’ll readily concede that there are people who have no business investing on their own. These folks would clearly benefit from hiring a good adviser (and, fingers crossed, maybe they’ll find one). But I have also met heaps of investors who have fared just fine on their own. In fact, I honestly believe more people should go this route,” he adds. “If you manage your own money, you can still get help on occasion. To locate one of these advisers, go to www.GarrettPlanningNetwork.com,” suggests Mr. Clements.

Jonathan Clements, Wall Street Journal, April 11, 2004 ~
“Many people assume their best bet is to sign on with one of the big brokerage firms. But in my experience, often the brightest and most thoughtful advisers are at smaller financial-planning shops, so don’t be put off if an adviser works alone or with just one or two others. To find these smaller outfits, check out www.feeonly.org and www.garrettplanningnetwork.com. Next, check that your potential advisers have a clean record with securities regulators, by going to www.sec.gov/investor/brokers.htm on the Web. Also look for advisers who are forthright about costs, including not only their fees, but also the fees charged by the investments they will recommend. I would lean toward advisers who levy an annual retainer, an hourly fee or a percentage of assets, and I would be leery of those who charge commissions.

Hope Yen, ABC News.com, September 4, 2003 ~
“There’s got to be trust between a planner and client,” said Gary Diffendaffer, executive vice president for the Certified Financial Planner Board of Standards. You need to be looking at someone who has your interest first. What does that translate to? Someone that focuses on my goals, my needs and my priorities first – not what kinds of products or services they have to sell.” Tobie Stanger, associate editor for Consumer Reports adds, “It can be expensive to get comprehensive financial planning. Do you need the whole shebang – education planning, insurance and estate planning, or are you just looking for a solution to one or two questions? That will affect whom you go to” (for advice). Eric Tyson, author of Personal Finance for Dummies is also quoted as saying: “Charges on an hourly basis is the best way to go because that removes the conflict of interest. “Good Web sites for financial planner include those offered by the National Association of Personal Financial Advisors, www.napfa.org, and the American Institute of Certified Public Accountants at www.aicpa.org. Fee-only advisers, meanwhile, can be found at:
www.feeonly.org and www.garrettplanningnetwork.com,” says the writer, Hope Yen (Associated Press, Sound Advice).

Marshall Loeb, CBS MarketWatch, August 28, 2003 ~

The public should demand more fee-only planners, says personal finance writer, Marshall Loeb. “To eliminate the conflicts of interest that arise from commissions, it’s a good idea to look for a fee-only planner,” says Loeb. “It’s up to the public to demand more planners who have no financial incentive to recommend one product over another,” says Joel Framson, chairman-elect of the American Institute of CPAs Personal Financial Planning Executive Committee. “…firms that sell products can never be a true fiduciary to the client,” said Framson. Consumers “need to demand the true fee-only kind of approach with compensation that is not tied to any commissions or referral fees.” The article notes that The Garrett Planning Network is “a good resource” for finding fee-only planners who “tailor their services to moderate-income investors by offering hourly rates, not just flat fees.”

Jonathan Clements, Wall Street Journal, August 13, 2003 ~
If you think picking investments is tough, try picking an investment adviser, says Jonathan Clements in his “Getting Going” column titled “Fast Talker? Five Ways to Gauge A Potential Financial Adviser.” “Many brokers and financial planners charge too much. Many know too little. And some are crooks,” he continues. “Searching for an adviser? Repeat after me: This is my life savings. I worked hard to amass this money. And I won’t turn it over to an adviser unless I am 100% convinced I have the right person.”

Jonathan Clements, CNBC’s Power Lunch, August 13, 2003 ~
How can you obtain competent professional advice? Try an hourly, fee-only planner, suggested Jonathan Clements to viewers of CNBC’s Power Lunch. “I think this is the future of financial planning,” he said. “These are the planners who work by the hour. You call them up and if you only need half an hour of help, they will give you half an hour of help. This is a great way for people to get professional advice without paying a lot of money. It works really well for middle income people who don’t need or want to hire a full time planner.”

Susan Garland, AARP, August 13, 2003 ~
“Many fee-only planners cater to high-income individuals, often charging fees based on a percentage of managed assets. Your best course is to find a fee-only planner who will give you a one-time overall review and occasional check-ups. You can find a fee-only planner in your region who charges on an hourly, as-needed basis by visiting www.GarrettPlanningNetwork.com. Their fees are relatively low because they design investment strategies that clients themselves can execute. ‘We focus on how to empower the client to implement the recommendations, perhaps by using an online discount brokerage,’ Garrett says.”

Jonathan Clements, Wall Street Journal, May 11, 2003 ~
“If you use a broker or planner, you clearly want somebody who is experienced and ethical. But you should also give careful thought to how much the adviser charges and how the fee is extracted. I like the idea of paying by the hour. It eliminates virtually all conflicts of interest, while providing a relatively inexpensive way for less-wealthy investors to get advice.”

“Given this potential conflict of interest, don’t rule out other payment arrangements. Some firms now levy an annual retainer, which can turn out to be far cheaper. There is also a burgeoning number of advisors who will give advice for an hourly fee. Many of these advisers are members of The Garrett Planning Network in Shawnee, Kansas. If you want to manage your own money, but would occasionally like a financial checkup or a second opinion, these hourly advisers can be an excellent choice. These advisers may also be your best option if you have a relatively small portfolio and thus you don’t meet the $400,000 or $500,000 account minimum demanded by many full-time investment advisers.

Jeffrey R. Kosnett, Kiplinger Personal Finance, April 2003 ~
“Most planners still sell commission-charging mutual funds, partnerships, annuities and insurance. But as a client, you don’t have to buy a product or pay a commission; you may choose instead to pay a yearly retainer, a percentage of your assets or even an hourly rate for periodic checkups. The Garrett Planning Network, a group of 130 independent planners consult on any financial problem on an as-needed basis. Many people] aren’t necessarily looking for someone to take over their money. They just want an independent third party to act as a sounding board.”

Jonathan Clements, Wall Street Journal, February 2003 ~

“I know this will garner me a truckload of hate mail. But let’s be blunt: You never want to pay a broker or financial planner with commissions. If you go that route, the adviser has a huge incentive to stick you in products that generate the fattest commissions and to cajole you into buying and selling, because that’s how the adviser makes the most money.”

Jonathan Clements, Wall Street Journal, February 2003 ~

“Fee-charging financial planners were supposed to save investors from the evil clutches of the brokerage industry. There is just one problem: Many of these advisers only seem to be interested in rescuing the rich. If you hunt around, you can find savvy financial planners who will manage modest sums for a reasonable fee. If you buy four or five hours of a planner’s time, you should be able to get a suggested portfolio of no-load funds [plus some other pointers].”

Walter Updegrave, Money magazine, January 2003 ~
“The question most of us will eventually face isn’t whether we need advice, but how do we get it in a way that works for us? [You might consider hiring an advisor as a problem solver or a sounding board, but] the problem is, many advisors see little upside in dealing with people who may want nothing more than reassurance. Still, there are a handful of advisors who are willing to take on this role. Members of The Garrett Planning Network, for example, specifically court such people by charging for their services on an hourly basis. They can provide a reality check on person’s finances or offer assistance with a specific issue.”

Liz Pulliam Weston, MSN MoneyCentral, October 2002 ~
“With assets under management dwindling, many financial planners are opting for the sure thing: retainer fees. But for the neediest consumers, the bottom line remains the same: Advice is too pricey. Most of the really good financial planners ask that you turn over a minimum of at least $250,000 of investment assets to be managed for a fee, or that you pay a retainer, in addition to any fee they charge for a financial plan. So that leaves most of us out in the cold. And that makes me cranky. A few planners are, however, opting for the hourly method promoted by The Garrett Planning Network. The advantage of this approach is that clients can get the consultations they need and can afford, one hour at a time. Only 1% of the nation’s financial planning firms, according to The Garrett Network, are structured as hourly-only firms. Good financial planners need to work with folks from all walks of life.”

Various Authors

William Bernstein from The Four Pillars of Investing ~
“The best, and only, way to make sure that you and your advisor are on the same team is to make sure that he is Fee-Only, that is, that he receives no remuneration from any other source besides you. Otherwise you will wind up paying, and paying, and paying, and paying…”

Jonathan Clement’s book “You’ve Lost It: Now What?” ~
“While paying a percentage of assets is far better than paying commissions, it is not ideal. Why not? Advisors keep as much of your money under their management as possible. But that may not always be in your best interest. It could be that you should use part of your portfolio to pay down your mortgage, buy an immediate fixed annuity, or open 529 college-savings plans for your children or grandchildren. All of these can be smart investments. But unethical advisers won’t mention these possibilities, because it will reduce the money they manage and hence reduce fees.”

Barbara Loos, author, I Haven’t Saved a Dime, Now What?! ~

“Think of financial planners as money consultants. Their job is to look out for your money’s best interests, not to sell you stuff. You should pay a planner for her time, either an hourly rate or a flat fee. They are called Fee-Only planners, and they have no financial incentive to recommend one investment over another.”

What Others Have To Say

Popular Journalists Hail Commission-Free Service Model and the Benefits of Hourly, As-Needed Services

2008

Kiplinger’s Personal Finance, October 2008 – Fee only planners can help you get your financial plan on track.

Forbes.com, September 24, 2008 – The author of “Know Your Options When Hiring a Financial Advisor” recommends the Garrett Planning Network for CERTIFIED FINANCIAL PLANNER™ professionals who meet with clients on an hourly basis.

Wall Street Journal, September 16, 2008 – As part of a program to help employees with money matters, some employers are offering sessions with financial advisors. The Garrett Planning Network is mentioned as a place to find these advisors.

CNN Money, September 5, 2008 – In the article, “Your Biggest Money Worries – Solved,” recommends fee-only advisor to assist you with developing your financial plan.

Los Angeles Times, July 13, 2008 – Recommends getting advice on asset allocation in the Q&A article, “Pay Off the Loan on Your Car Before Trading it In.”

New York Times, May 20, 2008 – In the article, “Five Basic Guidelines for Managing Your Finances,” the Garrett Planning Network is recognized as a helpful resource for people without large portfolios.

CNN Money, May 14, 2008 – In “Wanted: Free financial advice,” The writer of the articles suggests that before hiring that planner, be sure that you ask some tough questions. In particular, you’ll want to ask some technical questions about your portfolio.

New York Times, April 27, 2008 – In the article “Pick a Planner Who Can Spell ‘Fiduciary’,” Sheryl Garrett, founder of the Garrett Planning Network, commented on the importance of picking the right financial planner. She said, “This is a person giving you advice over some of the most important decisions in your life.” She also stated that “if an adviser doesn’t know what you’re talking about or can’t say ‘yes’ with conviction, then that’s your answer.”

Newsweek, March 3, 2008 – Sheryl Garrett, CFP® and the Garrett Planning Network are mentioned in the article “Planners Wanted ASAP” as a good choice in either finding a reputable financial planner or becoming part of a financial planner network.

Wall Street Journal, February 16, 2008 – In a special report called “12 People Who Are Changing Your Retirement,” WSJ writer Kelly Greene profiles Sheryl Garrett, founder of the Garrett Planning Network, saying: “These pioneers are shaping the way Americans will live, work and play later in life” and that “Sheryl Garrett is on a mission to bring financial planning to the masses.”

TODAY Show, January 25, 2008 – The Garrett Planning Network was mentioned on the TODAY Show as a wise choice for locating a financial advisor to help you plan your financial future.

Los Angeles Times, January 20, 2008 – One reader who was “blown away by planners’ fees” asked personal finance columnist Liz Pulliam Weston if there were any financial planner services for the ordinary working middle class. Weston responded with the Garrett Planning Network as the recommended resource in “First, build a down payment.”

USA Today, January 16, 2008 – “Financial planners in the Garrett Planning Network usually offer fee only, pay-by-the hour advice, and might be a good fit if you are a do-it-yourself investor and want a onetime check-up or regular financial reviews. Financial Planning Association offers planners for investors of all levels of financial sophistication.” This was one of the tips in “5 tips to protect your lump sum.”

2007

The Star-Ledger, June 27, 2007 – Hourly rates vary, but expect to pay $150 to $300 per hour for basic financial planning. “Ask the Biz Brain” lists the Garrett Planning Network as a place to go for financial planners who charge by the hour.

Wall Street Journal, June 17, 2007 – Read “OK, I Admit It. I Need Some Help.,” for tips on why you should see a pro and how to choose one. The Garrett Planning Network is referenced as a place to find fee-only financial planners in your area.

Money Magazine, June 2007 - The Garrett Planning Network is suggested as a resource to find financial planners in an article titled “Goal: Building wealth; Best reality check: Eight hours with a financial planner.”

Los Angeles Times, June 10, 2007 – “Cut into costs, not your 401(k)” describes the difference between fee-based and fee-only financial advisors and how they work. The Garrett Planning Network is referenced as a place to find fee-only advisors who are willing to work by the hour.

Boston Globe, June 1, 2007 - In “Changing rules may mean it’s time for a heart-to-heart with your adviser,” the closing line of the article suggests some may be better off working with an hourly planner and the Garrett Network is included as a resource.

Yahoo! Finance, May 31, 2007 – Laura Rowley, the writer of “Getting in Touch with Your Money Style” recommends a fee-only financial planner to help you prioritize your dreams, put your money where your values are and lay the groundwork to achieve them. Rowley also recommends the Garrett Planning Network as a resource for fee-only planners who charge by the hour.

CNN Money, May 22, 2007 – The Garrett Planning Network was recommended as a place to find a financial planner in “When you need a financial planner.”

Wall Street Journal, May 19, 2007 – The writer of “A Retiree Searches for Honest Financial Advice,” advises readers to consider hiring a fee-only financial planner – someone who is paid for his or her advice instead of someone who is compensated by making trades in investments or by receiving commissions for selling financial products. One of her recommendations for a fee-only planner was the Garrett Planning Network.

Motley Fool, May 5, 2007 - One of the gifts suggested in “5 Great Gifts for Grads and Newlyweds” is a gift of time with a fee-only financial planner. The Garrett Planning Network was a recommended resource for finding independent financial advisors who offer as-needed financial planning services with no minimum income or asset requirements.

CNN Money, May 2007 – With a handful of broad goals in mind, Money Magazine gave their top picks on what to do with five grand in “Where to put $5,000 now.” One suggestion was to hire a fee-only financial planner who charges by the hour, not by the investments you buy. The Garrett Network Web site was recommended as a place to locate one of these planners.

Orlando Sun-Sentinel, January 28, 2007 - For questions you should ask when interviewing financial planners, read “Invest time in money planner.” Sheryl Garrett, founder of the Garrett Planning Network, provided the questions in this article as well as points to consider when choosing a financial planner.

Kiplinger’s Personal Finance, January 2007 - “Life-Changing Legacy” discusses steps to take to make the most of your inheritance. The Garrett Planning Network is listed as a resource for financial planners who can provide guidance regarding inheritances.

Past Years

Mary Rowland, Bloomberg Wealth Manager, July/August 2005 ~
Jonathan Clements, who writes the “Getting Going” column for the Wall Street Journal has managed to resist tired angles, according to journalist Mary Rowland. “He’s been writing the column for nearly 11 years and has never departed from his fundamental advice to consumers: Devise a basic asset-allocation strategy with low-cost index funds and stick with it. During the past few years, though, Clement’s advice that searching for a fee-by-the-hour planner like those in Sheryl Garrett’s Garrett Planning Network is the only way to find an honest planner puzzled me. Garrett’s network is a valuable alternative, but it’s not the only game in town.” Rowland asked Clements to explain. She goes on to say, “Clements divides practitioners who provide financial advice into three groups: financial planners, brokers and insurance agents. ‘We say that brokers are the bad guys and financial planners are the good guys,’ he says. ‘But insurance agents and insurance products fly under the radar screen, and they get away with bloody murder. The size of the commission they get would make a full-service broker blush. This should been the Golden Age for financial planning,’ says Clements, ‘with the Baby Boomers heading for retirement.’ What would the ideal landscape be like? ‘I can imagine a world in which wealthy individuals pay annual retainer fees and the middle class pays by the hour. That would go along way toward resolving conflicts of interest.’”

Gil Weinreich, Research magazine, May 2005 ~
“If I were a practicing financial advisor, I would look to align my business model with the folks who are threatening me, i.e., lawyers. Working on a client’s financial “cases,” you would bill for the hours you work for them. This takes away any incentive to ignore your client’s best interests while preserving your option to charge at the rate you can command in the market. Just as some lawyers change $200 an hour and others charge $100 an hour, your ability to earn is not limited to anything other than your own reputation for performing top-notch work. This proposal results in less compliance and more time on the job through transparent compensation practices; the opportunity to maintain or increase compensation; and an overall improved professional image.”

Terri Cullen, Wall Street Journal, June 23, 2004 ~
“As for finding a planner, one caution: Don’t hire a salesperson. Investment brokers, life-insurance and variable-annuity agents, and other so-called financial advisers who work for, or are paid on commission by, financial-services companies are there to sell product. Your best interests come second to their bottom lines. Instead, seek out an objective fee-only financial planner, who is paid hourly or by a percentage of your total portfolio. You can start your search by contacting friends or professionals you know and respect for referrals, or get in touch with one of the networks of fee-only financial planners, such as The Garrett Financial Network (www.garrettplanningnetwork.com) of Shawnee, Kan.”

Paul B. Ferrell, CBS MarketWatch, June 21, 2004 ~
Planners “should be compensated, but on a fee basis. Commissions present too many conflicts of interest, too many temptations for sleazy behavior and too much opportunity for abuse. Don’t get me wrong; there are a lot of ethical brokers. Unfortunately, there are even more not-so-ethical brokers who love skimming money off the top of a client’s portfolio for doing little or nothing.”

Jonathan Clements, Wall Street Journal, June 13, 2004 ~
“Am I qualified to be a financial adviser? Absolutely not. Then again, most full-time financial advisers aren’t qualified, either,” writes Jonathan Clements in his Getting Going column. “The business of doling out investment advice isn’t a profession in the way that, say, law or medicine are professions. Yes, you will find advisers who are Chartered Financial Consultants, Certified Financial Planners, Chartered Financial Analysts and Certified Public Accountants/Personal Financial Specialists. But these folks are the exception. Most brokers and financial planners have had little or no formal training. It’s a disgrace,” states Clements. “I’ll readily concede that there are people who have no business investing on their own. These folks would clearly benefit from hiring a good adviser (and, fingers crossed, maybe they’ll find one). But I have also met heaps of investors who have fared just fine on their own. In fact, I honestly believe more people should go this route,” he adds. “If you manage your own money, you can still get help on occasion. To locate one of these advisers, go to www.GarrettPlanningNetwork.com,” suggests Mr. Clements.

Jonathan Clements, Wall Street Journal, April 11, 2004 ~
“Many people assume their best bet is to sign on with one of the big brokerage firms. But in my experience, often the brightest and most thoughtful advisers are at smaller financial-planning shops, so don’t be put off if an adviser works alone or with just one or two others. To find these smaller outfits, check out www.feeonly.org and www.garrettplanningnetwork.com. Next, check that your potential advisers have a clean record with securities regulators, by going to www.sec.gov/investor/brokers.htm on the Web. Also look for advisers who are forthright about costs, including not only their fees, but also the fees charged by the investments they will recommend. I would lean toward advisers who levy an annual retainer, an hourly fee or a percentage of assets, and I would be leery of those who charge commissions.

Hope Yen, ABC News.com, September 4, 2003 ~
“There’s got to be trust between a planner and client,” said Gary Diffendaffer, executive vice president for the Certified Financial Planner Board of Standards. You need to be looking at someone who has your interest first. What does that translate to? Someone that focuses on my goals, my needs and my priorities first – not what kinds of products or services they have to sell.” Tobie Stanger, associate editor for Consumer Reports adds, “It can be expensive to get comprehensive financial planning. Do you need the whole shebang – education planning, insurance and estate planning, or are you just looking for a solution to one or two questions? That will affect whom you go to” (for advice). Eric Tyson, author of Personal Finance for Dummies is also quoted as saying: “Charges on an hourly basis is the best way to go because that removes the conflict of interest. “Good Web sites for financial planner include those offered by the National Association of Personal Financial Advisors, www.napfa.org, and the American Institute of Certified Public Accountants at www.aicpa.org. Fee-only advisers, meanwhile, can be found at:
www.feeonly.org and www.garrettplanningnetwork.com,” says the writer, Hope Yen (Associated Press, Sound Advice).

Marshall Loeb, CBS MarketWatch, August 28, 2003 ~

The public should demand more fee-only planners, says personal finance writer, Marshall Loeb. “To eliminate the conflicts of interest that arise from commissions, it’s a good idea to look for a fee-only planner,” says Loeb. “It’s up to the public to demand more planners who have no financial incentive to recommend one product over another,” says Joel Framson, chairman-elect of the American Institute of CPAs Personal Financial Planning Executive Committee. “…firms that sell products can never be a true fiduciary to the client,” said Framson. Consumers “need to demand the true fee-only kind of approach with compensation that is not tied to any commissions or referral fees.” The article notes that The Garrett Planning Network is “a good resource” for finding fee-only planners who “tailor their services to moderate-income investors by offering hourly rates, not just flat fees.”

Jonathan Clements, Wall Street Journal, August 13, 2003 ~
If you think picking investments is tough, try picking an investment adviser, says Jonathan Clements in his “Getting Going” column titled “Fast Talker? Five Ways to Gauge A Potential Financial Adviser.” “Many brokers and financial planners charge too much. Many know too little. And some are crooks,” he continues. “Searching for an adviser? Repeat after me: This is my life savings. I worked hard to amass this money. And I won’t turn it over to an adviser unless I am 100% convinced I have the right person.”

Jonathan Clements, CNBC’s Power Lunch, August 13, 2003 ~
How can you obtain competent professional advice? Try an hourly, fee-only planner, suggested Jonathan Clements to viewers of CNBC’s Power Lunch. “I think this is the future of financial planning,” he said. “These are the planners who work by the hour. You call them up and if you only need half an hour of help, they will give you half an hour of help. This is a great way for people to get professional advice without paying a lot of money. It works really well for middle income people who don’t need or want to hire a full time planner.”

Susan Garland, AARP, August 13, 2003 ~
“Many fee-only planners cater to high-income individuals, often charging fees based on a percentage of managed assets. Your best course is to find a fee-only planner who will give you a one-time overall review and occasional check-ups. You can find a fee-only planner in your region who charges on an hourly, as-needed basis by visiting www.GarrettPlanningNetwork.com. Their fees are relatively low because they design investment strategies that clients themselves can execute. ‘We focus on how to empower the client to implement the recommendations, perhaps by using an online discount brokerage,’ Garrett says.”

Jonathan Clements, Wall Street Journal, May 11, 2003 ~
“If you use a broker or planner, you clearly want somebody who is experienced and ethical. But you should also give careful thought to how much the adviser charges and how the fee is extracted. I like the idea of paying by the hour. It eliminates virtually all conflicts of interest, while providing a relatively inexpensive way for less-wealthy investors to get advice.”

“Given this potential conflict of interest, don’t rule out other payment arrangements. Some firms now levy an annual retainer, which can turn out to be far cheaper. There is also a burgeoning number of advisors who will give advice for an hourly fee. Many of these advisers are members of The Garrett Planning Network in Shawnee, Kansas. If you want to manage your own money, but would occasionally like a financial checkup or a second opinion, these hourly advisers can be an excellent choice. These advisers may also be your best option if you have a relatively small portfolio and thus you don’t meet the $400,000 or $500,000 account minimum demanded by many full-time investment advisers.

Jeffrey R. Kosnett, Kiplinger Personal Finance, April 2003 ~
“Most planners still sell commission-charging mutual funds, partnerships, annuities and insurance. But as a client, you don’t have to buy a product or pay a commission; you may choose instead to pay a yearly retainer, a percentage of your assets or even an hourly rate for periodic checkups. The Garrett Planning Network, a group of 130 independent planners consult on any financial problem on an as-needed basis. Many people] aren’t necessarily looking for someone to take over their money. They just want an independent third party to act as a sounding board.”

Jonathan Clements, Wall Street Journal, February 2003 ~

“I know this will garner me a truckload of hate mail. But let’s be blunt: You never want to pay a broker or financial planner with commissions. If you go that route, the adviser has a huge incentive to stick you in products that generate the fattest commissions and to cajole you into buying and selling, because that’s how the adviser makes the most money.”

Jonathan Clements, Wall Street Journal, February 2003 ~

“Fee-charging financial planners were supposed to save investors from the evil clutches of the brokerage industry. There is just one problem: Many of these advisers only seem to be interested in rescuing the rich. If you hunt around, you can find savvy financial planners who will manage modest sums for a reasonable fee. If you buy four or five hours of a planner’s time, you should be able to get a suggested portfolio of no-load funds [plus some other pointers].”

Walter Updegrave, Money magazine, January 2003 ~
“The question most of us will eventually face isn’t whether we need advice, but how do we get it in a way that works for us? [You might consider hiring an advisor as a problem solver or a sounding board, but] the problem is, many advisors see little upside in dealing with people who may want nothing more than reassurance. Still, there are a handful of advisors who are willing to take on this role. Members of The Garrett Planning Network, for example, specifically court such people by charging for their services on an hourly basis. They can provide a reality check on person’s finances or offer assistance with a specific issue.”

Liz Pulliam Weston, MSN MoneyCentral, October 2002 ~
“With assets under management dwindling, many financial planners are opting for the sure thing: retainer fees. But for the neediest consumers, the bottom line remains the same: Advice is too pricey. Most of the really good financial planners ask that you turn over a minimum of at least $250,000 of investment assets to be managed for a fee, or that you pay a retainer, in addition to any fee they charge for a financial plan. So that leaves most of us out in the cold. And that makes me cranky. A few planners are, however, opting for the hourly method promoted by The Garrett Planning Network. The advantage of this approach is that clients can get the consultations they need and can afford, one hour at a time. Only 1% of the nation’s financial planning firms, according to The Garrett Network, are structured as hourly-only firms. Good financial planners need to work with folks from all walks of life.”

Various Authors

William Bernstein from The Four Pillars of Investing ~
“The best, and only, way to make sure that you and your advisor are on the same team is to make sure that he is Fee-Only, that is, that he receives no remuneration from any other source besides you. Otherwise you will wind up paying, and paying, and paying, and paying…”

Jonathan Clement’s book “You’ve Lost It: Now What?” ~
“While paying a percentage of assets is far better than paying commissions, it is not ideal. Why not? Advisors keep as much of your money under their management as possible. But that may not always be in your best interest. It could be that you should use part of your portfolio to pay down your mortgage, buy an immediate fixed annuity, or open 529 college-savings plans for your children or grandchildren. All of these can be smart investments. But unethical advisers won’t mention these possibilities, because it will reduce the money they manage and hence reduce fees.”

Barbara Loos, author, I Haven’t Saved a Dime, Now What?! ~

“Think of financial planners as money consultants. Their job is to look out for your money’s best interests, not to sell you stuff. You should pay a planner for her time, either an hourly rate or a flat fee. They are called Fee-Only planners, and they have no financial incentive to recommend one investment over another.”

<