Fee For Advice in the News

 

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.’”

 

Chicago Tribune, July 31, 2005 – Can money actually save a marriage? “We may fight over it incessantly, but research suggests money is a tie that binds us together, for better or worse,” writes Journalist Janet Kidd Stewart in an article titled "Money binds couples, which isn't always a good idea."  And as we loosen those financial ties, marriage is taking a hit.  "Finances bind us together, and it's not always a pretty thing," said Sheryl Garrett, CFP®, founder of the Garrett Planning Network.  “Better to get ready for a solo act,” she said, “even during periods when we are living with loved ones we call family.” 

 

Pioneer Press, July 25, 2005 – In “Having a baby? Start financial planning early,” Sheryl Garrett, founder of the Garrett Planning Network, was interviewed for her recommendations on life insurance for parents in the event of an untimely death.  “Parents should buy what's called "term insurance" rather than "whole life" or "universal life" policies. Term insurance is generally inexpensive, while the others carry high fees and aren't necessary,” she says. 

 

Yahoo News, July 25, 2005 – According to the recently released Rutgers University National Marriage Project the number of divorces is declining. But the lower divorce rate is largely because couples are postponing, choosing not to, or are legally unable to get married.  Debra Neiman, CFP®, with co-author Sheryl Garrett, CFP®, founder of the Garrett Network, caution these couples to do the necessary paperwork and planning while the relationship is good.  "Because there are no laws to protect finances for unmarried couples – barring states that recognize common law marriages – planning today makes a possible break up tomorrow easier, financially speaking."  Click here to read “Divorce Rate Plummets as More Americans Shack Up Instead of Getting Married.”

 

Star Tribune, July 8, 2005 – If you are looking for a financial planner, “there are advisers out there who specialize in working with middle-income folks, like the pros affiliated with the Garrett Planning Network,” writes Kara McGuire in “Pay Dirt: Trusted Adviser.”

 

Kiplinger’s Personal Finance, July 2005 – In “New Missions for Army Pilot,” Sheryl Garrett, CFP®, founder of the Garrett Planning Network, and Kent Grealish, CFP®, Garrett Network Member, of San Bruno, California, advised a young warrant officer and his wife on buying a house, starting a family and funding retirement.

 

Tucson Citizen, July 6, 2005 – “Some money professionals are, for a fee, now offering quick counseling by phone or online,” writes Romi Carrell Wittman in “Cyber Sightings: Your advisor is on the phone – and online.”  She suggests visiting the Garrett Planning Network at www.GarrettPlanningNetwork.com as a referral source for a qualified financial adviser. For an hourly fee, these advisers will answer your questions, from the run-of-the-mill to the more complicated.

 

Pittsburgh Post Gazette, July 1, 2005 – In “Family Finances: Low-Cost Help Available for Personal Finances,” the Garrett Planning Network Web site was recommended as a place to locate financial advisors who charge hourly fees ranging from $150-$300 per hour.

 

Advising Boomers, June 2005 – Sheryl Garrett, CFP®, founder of the Garrett Planning Network and columnist for Advising Boomers magazine wrote “The Adaptable Fee,” an article illustrating how financial advisors can work with a huge untapped market – mainstream Americans, wealthy validators and do-it-yourselfers.  “I’d much prefer working with these untapped market segments, and get paid for all of my work, than to chase the same few prospective clients that most every other financial advisor is after.” 

Clark Howard Show, June 29, 2005 - Ilyce Glink, sitting in for Clark Howard of the Clark Howard Radio Show, was called by a listener with some financial planning issues. Glink suggested he speak with a Fee-Only financial planner and suggested he go to the Garrett Planning Network Web site to locate a planner near him.

Detroit News, June 26, 2005 – Sheryl Garrett, CFP®, founder of the Garrett Planning Network and co-author of “Money Without Matrimony,” hasn't heard that old joke about marriage and couple-hood – “Two can live as cheaply as one, but only for half as long" – but she's seen the reality of that line played out often enough to know that it's not a laughing matter.  Garrett provides financial advice to wed and unwed couples alike in “Love and money: There’s more to say than just ‘I do’.”

Newsday, June 26, 2005 – In “Family Finance: Early Retirement Might be Dicey,” the Garrett Planning Network is a suggested resource for Certified Financial Planner™ professionals who can compare and calculate possible retirement scenarios for their clients.

 

Reuters, June 9, 2005 – More than 11 million Americans live together as partners without being married.  In “Sharing Money without Matrimony,” Sheryl Garrett, CFP®, founder of the Garrett Planning Network and Debra Neiman, CFP® offer tips for unmarried cohabiters.  "Don't share any kind of commitment, don't merge any assets, don't share parenting or a household operating account or even buy a chair together, until you have a domestic partnership agreement in place," say Garrett and Neiman. 

 

Money magazine, June 7, 2005 – The writers of “50 Smartest Money Moves:  Money Management Tips” suggest hiring a financial planner to review your retirement and college savings plans.  “At http://www.garrettplanningnetwork.com, you'll find planners who work by the hour. Getting on track will take eight to ten hours up front, plus an hour or two for a yearly checkup.“

 

Financial-Planning.com, June 2, 2005 – Sheryl Garrett, CFP®, founder of the Garrett Planning Network and co-author Debra Neiman, CFP® were interviewed regarding their new book, “Money Without Matrimony.”  “Financially, the deck is stacked against unmarried couples,” says Garrett. “But with a little planning, they can make the most of their financial resources, and, with some really good planning, can actually come out ahead.”  Click here to read the article.

 

Top 25 Most Influential People: Investment Advisor Magazine, May 2005 – For the third consecutive year, Sheryl Garrett, CFP®, has been named one of the “Top 25 Most Influential People in Financial Planning.” Previously a successful wealth manager, Garrett left the wealth management firm to focus on serving middle-income clients. Because she began working with clients by the hour, they were able to obtain professional, commission-free advice whenever needed. She went even further by building a network that is expanding to more than 240 advisors dedicated to serving average folks. These planners are replicating her success by using the templates, processes and educational resources that Garrett developed while building her own firm. “I strongly believe that everybody should have access to competent financial advice,” she says. “Most folks can’t afford a full-time financial planner, but have questions about money all the time.”

 

Reuters, May 25, 2005 – “Whatever the reason, unmarried couples are all sacrificing something when it comes to money and legal rights,” writes personal finance journalist, Linda Stern.  Some of those problems can be fixed with extra documentation and planning, according to "Money Without Matrimony" (2005, Dearborn Trade Publishing), by Sheryl Garrett and Debra Neiman, both of whom have good credentials and expertise for writing such a book. 

 

Kiplinger’s Personal Finance, May 20, 2005 – In “Gifts for the Grad,” a gift certificate for an hour or two of professional advice is suggested as a practical option when choosing gifts for graduates.  According to the article, gift givers may consider Garrett Planning Network members that offer such gift certificates.  With Garrett planners, gift certificates are generally valid for a year, so grads can get guidance when they need it.

 

Star Tribune, May 6, 2005 – Does the plan to never marry change the way couples should view merging their financial lives? Hopefully not. In order to be successful financial and life partners, Sheryl Garrett, CFP®, founder of the Garrett Planning Network and co-author of “Money Without Matrimony,” thinks committed couples should think about their money matters in the same way – marriage certificate or not.  Garrett was interviewed for her expertise in advising unmarried couples in “Ways of wealth out of wedlock.”

 

FPA This Week, April 25, 2005 – Sheryl Garrett, CFP®, founder of the Garrett Planning Network and Financial Planning Association (FPA) member, testified at the House Financial Services Committee hearing titled "Generations Working Together: Financial Literacy and Social Security Reform."  Garrett urged adoption of such concepts as spending less and saving more, spending less in retirement, getting better returns on investments and working longer in life.

 

Chicago Tribune, April 24, 2005 – “If greed is passe, why are so many people still trying to look rich?” writes Janet Kidd Stewart of the Chicago Tribune in “If money’s not everything, why try to fake having it?”  "Many people deceive others to keep peace and harmony in a relationship and they don't even think of it as lying anymore," said Garrett, author of "Money Without Matrimony: The Unmarried Couple's Guide to Financial Security" that advises couples on blending financial lives.  For people who want to change, Garrett suggests starting with a fundamental question to yourself: Do you want to wear your wealth or make it work for you?

 

House Committee on Financial Services, April 19, 2005 – The House Committee on Financial Services selected Sheryl Garrett, CFP®, founder of the Garrett Planning Network, to testify as an expert on financial literacy and Social Security reform.  Click here to learn more about the hearing. 

 

MarketWatch, April 17, 2005 – Sheryl Garrett, CFP®, founder of the Garrett Planning Network, was quoted in “Be your own financial planner” for tips on how to take charge, consolidate and start saving big.  This article suggests that one of the big secrets of financial planning is to consolidate and Garrett would agree.  “Make this your mantra,” she says.

 

AARP Magazine, January/February 2005 – In “Pension Panic,” Sheryl Garrett, CFP®, founder of The Garrett Planning Network, was interviewed for her expertise on whether it makes the most sense to take a lump sum payout or a monthly payout from your pension.  The lump sum makes sense only if you're in bad health and don't expect to live long in retirement, or you're so wealthy that you're unlikely to outlive your assets, says Garrett. "And that's true," she adds, "regardless of whether interest rates are rising or falling."

 

Kiplinger’s Personal Finance, January 2005 – In “How to find the right financial adviser,” Anne Kates Smith guides readers through the maze of credentials financial advisers can have, the different services offered, the cost of advice and questions to ask when interviewing financial planners. The Garrett Planning Network was listed as a source to locate financial advisers.

 

Real Money, AM 760 Radio, January 15, 2005 – Are you ready to design your own destiny? If you haven't started planning for a sound financial future or don't know where to start – or if you'd like to make sure you're doing the right things, at the right time, in the right way – listen to this radio show segment and learn what you need to know. Sheryl Garrett, CFP®, one of the top 25 most influential people in financial planning today and founder of The Garrett Planning Network, shares tips and resources to help you get and stay on track. Click here to listen to this informative interview.

 

Chicago Tribune, January 9, 2005 – In “Early Advice Big Help, no matter how tiny the assets,” The Garrett Planning Network is noted as “a national database of fee-only advisers that's designed for middle-income investors and those just starting out.”

 

These articles were written by a professional financial journalist for The Garrett Planning Network, Inc. and is not intended as legal or investment advice. GPN makes no representations or warranties with respect to the accuracy of the information or ideas presented in these articles. Any use of such information or ideas is done at your sole risk and GPN disclaims all liability associated therewith.