Podcasts about garrett planning network

A juicy short report goes up against business fundamentals. (00:21) Jim Gillies and Ricky Mulvey break down Hindenburg Research's report on Axos Financial. Plus, Jim discusses why investors should consider adding Academy Sports + Outdoors to their watchlists. Plus, (16:47) Robert Brokamp interviews Eileen Freiburger, Managing Director of the Garrett Planning Network, about what you should expect from meeting with a financial advisor. Learn more about the Range Rover Sport at www.landroverusa.com Companies mentioned: AX, NKLA, CLOV, DKS, ASO Host: Ricky Mulvey Guests: Jim Gillies, Robert Brokamp, Eileen Freiburger Engineers: Dan Boyd, Austin Morgan Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2016: Erik Carter's insights in "Your Retirement Planning Doesn't Have to Be a Gamble" demystify the complexities of retirement planning. He equates personal finance to basic health practices, emphasizing simplicity in approach and the importance of fundamental steps like using retirement calculators and diversifying investments. Read along with the original article(s) here: https://www.financialfinesse.com/2013/06/27/your-retirement-planning-doesnt-have-to-be-a-gamble/ Quotes to ponder: "Personal finance is a lot like dieting and exercise. [...] the fundamentals are pretty basic: avoid junk food, exercise at least 3 times a week, and eat your veggies." "Run a retirement calculator to see how much you need to save for retirement. [...] It's not a pension, but it's a nice benefit if you use it." "Warren Buffet's advice [...] just go with index funds, which outperform the vast majority of actively managed funds because of their low fees and trading costs." Episode references: Financial Finesse: https://www.financialfinesse.com/ SSA.gov: https://www.ssa.gov/ Financial Engines: https://www.financialengines.com/ GuidedChoice: https://www.guidedchoice.com/ Garrett Planning Network: https://www.garrettplanningnetwork.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

In episode #06 of NAPFA Nation, Lydia Sheckels, CFP®, CLU®, ChFC®, of Wescott Financial Advisory Group, shares highlights from her career in financial services, including how she became fee-only financial planner, and why she decided to eventually join NAPFA and raise her hand for service/leadership roles within the fiduciary community that would come back to help her in unexpected ways. While she set out to simply be of service, the surprise to her was that she learned new things and became a better financial planning practitioner and leader within Wescott, the Registered Investment Advisor and wealth management firm that would eventually become her beloved career home base. Sheckels shares: How participating in the fee-only community helped shape her career and created a profound sense of purpose How fellow NAPFA pioneers such as Michael Joyce, Judy Lau, and Marjorie Fox – among others – lead the charge in NAPFA's early days Why she is so encouraged by the fiduciary movement and the growth of commission-free wealth management and financial planning firms nationwide How established firms can help the next generation of financial planners as they eagerly seek to join the fiduciary community Key points: When Sheckles joined Wescott, it was “a tiny firm” and the term “fiduciary” was hardly used in financial planning circles. Today, Wescott is one of the larger wealth management firms in the fiduciary community and now the terms “fee-only” and “fiduciary” are used widely in financial planning circles, by personal financial journalists, and professors who are training up the next generation of financial planners, investment advisors, and wealth managers. In addition to the National Association of Personal Financial Advisors, the fiduciary standard is now the “mother standard” for an array of professional organizations such as Alliance of Comprehensive Planners, XY Planning Network, and the Garrett Planning Network. As NAPFA celebrates its 40th anniversary, this podcast with Sheckels is one you won't want to miss. Special Note: In 2023, we rebranded the NAPFA podcast with a new album cover and series title: NAPFA Nation. We are shifting our monthly episodes to bring you inspiring conversations and key insights from leaders in the Fee-Only financial planning profession. Marie Swift, Founder and CEO of Impact Communications, will continue on as host, interviewing a variety of NAPFA members and professionals. You will still be able to find on this channel the 32 Mindset Mastery episodes with respected fiduciary financial planners and allied advocates who are committed to accomplishing great things as they master their own mindset and continue to serve their clients in the best ways possible. Brought to you by NAPFA - the National Association of Personal Financial Advisors - the country's leading professional association of Fee-Only financial advisors. Learn more about NAPFA at https://www.NAPFA.org

Join Caroline and Jason Hamilton, CFP, CRPC for an informative conversation on financial planning across the lifespan. We cover hot topics like retirement planning, social security, Medicare, and long term care insurance.   As a Certified Financial Planner™ Jason brings the technical expertise, education, experience, and ethics requirements investors are looking for to help them achieve their goals, optimize their investments, and keep more of their income and investment returns.   Jason is the founder of Keep It Simple Financial Planning, a fee-only registered investment advisor, managing over $40 million in assets for his clients, and is the Head of Family Financial Coaching at his family's nonprofit IDEAL, a community development corporation, located in East Los Angeles.    Fee Only Financial Planning Networks:  National Association of Personal Financial Advisors (NAPFA): https://www.napfa.org/ Garrett Planning Network: https://www.garrettplanningnetwork.com/ XY Planning Network: https://www.xyplanningnetwork.com/    Connect with Jason: Your Retirement Coach Facebook Group: facebook.com/groups/yourretirementcoach Website: keepitsimplefinancial.com Email: info@keepitsimplefinancial.com Connect with Caroline: Book your Summer Refresh! Website: https://carolinemorris.com Email: caroline@morrisclinic.com 

Alison and friends share some investing lessons from listeners, Bro interviews Sheryl Garrett, founder of the Garrett Planning Network, about finding the right fee-only planner for your circumstances, and we answer a listener question about I bonds and their current 7.12% yield.

Welcome back to the 2nd episode of the Women, Money, and Retirement series. All month long we will be discussing issues specific to women in retirement. Since I am not a woman, I have invited Tanya Nichols from Aligned Financial to co-host the show with me throughout this series. Tanya is here to provide a woman's perspective and to help me answer your questions. If you are a woman you won't want to miss this series that is created especially for you  What does it mean to rock retirement? If you have listened to the show before, you know that I frequently use the phrase rock retirement. I even wrote a book called Rock Retirement and I created the Rock Retirement Club, but what do I mean by rocking retirement?  When you are rocking retirement that means you are using your resources to live your best-imagined life. I want you to use the assets you have to design your ideal life in retirement. There are so many decisions to make in retirement. Many people mistakenly think that their financial decisions are separate from their life decisions, but life and money are never separate. Your money should be helping you to create the best life that you can imagine.  How do women excel in retirement planning? Men and women have different strengths and weaknesses in just about every area of their lives. This is no different in financial planning. As financial advisors, Tanya and I see the differences between the sexes every day. These differences are generalizations, but we have noticed that women excel in several areas of financial planning.  Women are more comfortable with vulnerability; they don't try to control the uncontrollable. Women look ahead toward the outcome. Women realize the value of collaboration.  Women are more thorough and take more time to make decisions.  Women don't mind speaking openly about their worries. Think about yourself. How do you excel in financial planning? Is it in one of these areas or in another way? How to confidently plan for retirement when you don't have much to start with Debbie is worried about retirement. As a single woman without a huge retirement portfolio, she feels overwhelmed and doesn't know where to start. She feels that financial advisors are only for the wealthy, but she knows that she must start learning about her finances somewhere.  The good news is that Debbie is listening to a financial podcast! That means that she has already started educating herself. Unfortunately, the financial planning industry hasn't done a good enough job of successfully reaching average income earners. However, this doesn't mean that financial planning is only for the wealthy.  In addition to listening to retirement and financial podcasts, there are other ways that people can educate themselves in these matters. Garrett Planning Network and XY Planning Network are 2 networks of more affordable financial planners that work on a monthly subscription basis. Listen in to hear more resources that can help you gain the confidence to truly rock retirement.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:10] What does rocking retirement mean? PRACTICAL PLANNING SEGMENT [3:34] What do women excel at in retirement planning? Q&A SEGMENT [11:04] Women are less prepared for retirement than men [17:12] How to tackle the feeling you aren't good enough [19:15] How to generate an income stream in retirement [22:20] Are there common pitfalls for women in transition periods? [27:27] A Social Security planning question [33:14] Who gets to keep a death certificate? [36:28] Make sure spouses communicate regularly about finances TODAY'S SMART SPRINT SEGMENT [38:43] Chat with your spouse about your net worth statement and financial plan Resources Mentioned In This Episode Episode 310 - The Pie Cake Social Security Calculators Aligned Financial Garrett Planning Network XY Planning Network BOOK - The Power of Habit by Charles Duhigg Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger's Retirement Learning Center  

Today I thought I’d talk a bit about where you can get financial advice and financial planning. Are your major concerns right now short term or do you have fundamental questions like how to meet your day to day needs or in a financial crisis? Do your want help creating a budget, or paying off credit card debt. You may find a financial counselor really helpful. If you’re a servicemember you may have financial counseling available right on post. You can also access confidential financial counseling from anywhere through the MilitaryOneSource website. https://www.militaryonesource.mil/confidential-help/interactive-tools-services/financial-counseling/ These trained professionals can answer questions, and also refer you to other services or programs that may help. And anyone can request help from an accredited counselor through the Association for Financial Counseling & Planning Education. https://www.yellowribbonnetwork.org/covid-19 If you want more help getting started and keeping motivated to save for your goals, reduce debt, and learn more about finances in general, you may find financial coaching useful. This really is the wild west and coaches may go by titles like money coach, financial life coach, certified money coach, more. Their focus is on motivating and educating. This field is mostly unlicensed and their advice is typically generalized to fit most people. Coaching can be a great way to get started and help with implementing, especially if you are looking for help for the first time. Coaches may have a background in other fields that make them good teachers and motivators. They may not have much specific financial training. When you want or need specific advice and help with a range of financial areas, like taxes, retirement saving and investing, forming a business, investing in real estate, paying for education, balancing debt, insurance and more, a financial planner is your go to person. The gold standard for this is a Certified Financial Planner. Their work and advice i focuses on the interactions of many areas and help you identify your financial goals, develop options, form a plan, and implement the steps of the plan. Then work with you to make adjustments and adapt as your life situation evolves.Several associations have great information and list member profiles you can browse with links to their websites. The Military Financial Advisor Association has planners with in depth knowledge of military life and benefits. Several like me also work with federal employees. http://militaryfinancialadvisors.org/about/ XY Planning Network members are dedicated to providing advice regardless of your age or assets, especially those of you in your working, not-yet-wealthy years. https://www.xyplanningnetwork.com/The Garrett Planning Network specializes in providing planning by the hour. One of their members may be good choice if you only want to commit to a short time initially, or more want limited planning. https://www.garrettplanningnetwork.com/And you can check out the National Association of Personal Financial Advisors (or NAPFA). https://www.napfa.org/find-an-advisor#When you meet an advisor or planner they should be able to explain things in a way you understand. Part of a planner’s job is education, but you should never feel you are being talked down to, pushed around, or ignored. There are more fish in the sea. Your experience and results are best when you feel comfortable and understood.

This week, Real Money, Real Experts welcomes Andrea Clark and Adrienne Ross, who are both owners of private practices, as well as members of the U.S. military community.Co-hosts Rebecca Wiggins and Dr. Mary Bell Carlson talk to Andrea and Adrienne about their complementary certifications, the complicated distinction between investment education and advice, registering as an RIA, and other important questions around compliance. Both Andrea and Adrienne offer a wealth of information for those interested in starting a private practice. Show Notes:00:52 Intro Adrienne and Andrea05:43 Creating a support system08:52 Working with the military community10:28 Compliance and registering as an RIA15:00 Education versus advice19:16 State by state registration requirements29:50 What Andrea & Adrienne wish they knew36:00 Your Two Cents38:00 Final notes about registrationsContact Your Regulator: https://www.nasaa.org/contact-your-regulator/Series 65 Study Guide: https://www.nasaa.org/exams/study-guides/series-65-study-guide/https://www.finra.org/registration-exams-ce/qualification-exams/series65 Starting a business: https://www.kitces.com/blog/financial-coaching-what-it-is-and-how-to-become-one/Registering a firm: https://www.kitces.com/blog/registered-investment-adviser-requirements-series-65-exam-timing/XYPN: https://www.xyplanningnetwork.com MFAA: http://militaryfinancialadvisors.orgTable Financial Planning: https://thetablefinancialplanning.com/Clear Insight Financial Planning: https://mycifp.com/ Garrett Planning Network: https://www.garrettplanningnetwork.com/AFCPE Membership: https://www.afcpe.org/membership/

Listener Sara writes in via social media and she wants to ‘how to find a honest Financial Advisor.’ We talk about why you want to get a fee only advisor and where to find one. We recommend a fee only advisor using these websites:Garrett Planning Network: https://www.garrettplanningnetwork.com/National Association of Personal Financial Advisors: https://www.napfa.org/ Sponsored by […]

This week on the podcast, I’m answering your questions about how the coronavirus crisis impacts retirement. I recently opened up a voicemail box that listeners (and newsletter subscribers) can use to ask questions - and I’m going to keep doing that as the crisis goes on.On this week’s program, I tackle these questions submitted by listeners:My husband lost his job recently - should he roll over his 401(k) to an IRA?What will the impact of the crisis on the Social Security and Medicare trust funds?Does dollar cost averaging work work with active mutual funds?Can I delay an IRA contribution until July, now that the IRS has pushed back the deadline for filing tax returns to that date?Should I plan to delay my retirement a couple years, if I can make that work?I’ll be recruiting top experts to answer your questions, and I’ll answer a few on my own, too. This week, we get expert input from:Sheryl Garrett, founder of the Garrett Planning Network;Jeff Ptak, the head of global manager research at Morningstar;Ed Slott, the well-known expert on IRAsPaul Van Der Water, senior fellow at the Center on Budget and Policy PrioritiesDo you have a question for me?The number to call is 847.238.2015. Leave your name and a phone number where you can be reached in case I need to get further clarification on your question. If you want to leave only a first name, that’s fine. I may use your question on a future edition of the podcast. You can also email your question here. How Medicare is updating coverage during the crisis If you’re on Medicare, the program already covers much of what you may need if you contract the coronavirus and become seriously ill. But Medicare also has expanded some services and loosened some rules in response to the crisis. In a story for The New York Times this week, I take a look at at what enrollees can expect from Medicare, some problems to look out for and some additional changes that advocates think still need to be made.If you recently lost your job . . .One point I explore in the Times story is how to sign up for Medicare if you’ve been working past age 65 and recently lost your job. The paperwork is a bit complicated right now because of the closure of Social Security field offices. If you are younger than age 65 and now out of work, check out this Times Upshot column, which walks through the options. These may include COBRA, special Obamacare exchange enrollment opportunities and Medicaid. Scammers take no holiday during the crisisFraud watchdogs warn that Social Security and Medicare scammers are taking advantage of the crisis to ramp up identity theft and other fraud schemes. I can’t even begin to fathom the depth of this depravity, but I can pass along warnings to you. Here’s an article from the Associated Press on what’s going on with Medicare fraud. Give your Medicare number only to participating Medicare pharmacists, doctors or people you trust to work with Medicare on your behalf. The agency will not call you to ask for your Medicare number or to check on it.Medicare’s website offers tips for protecting yourself against fraud; the Federal Trade Commission’s website has a page of tips on Covid-19 and scams. And the national network of federally funded Senior Medicare Patrols also can help.On Social Security, the closing of field offices has opened up some opportunities for fraud, too. More on that here.What’s in the stimulus bill related to retirement?The Senate’s $2 trillion stimulus bill (the CARES Act) is expected to pass the House on Friday, and then be signed into law quickly by President Trump. It contains several provisions related to retirement saving:Enrollees in Social Security retirement and disability benefits will receive the same one-time $1,200 stimulus payments that are being sent to most adults, subject to the same income limitations ($75,000 in adjusted gross income for single filers and $150,000 for joint filers).The current limit on loans from 401(k) accounts and other tax-deferred retirement plans will double to $100,000 for participants diagnosed with the coronavirus or who are affected by related economic losses. Participants with existing loans can delay any repayments due in 2020 for one year. People affected by the virus or related economic circumstances will be able to take withdrawals from workplace plans and IRAs up to $100,000 this year without the usual 10% penalty due for people under age 59-1/2. Income taxes are still due on the withdrawn amounts, but the law allows you to spread out this liability over three years. You also have the option to redeposit the withdrawn sums during that period. The law suspends the need to take required minimum distributions (RMDs) from tax-deferred accounts for retirees, or others who have inherited an IRA.Medicare Part D plans must list restrictions on extended supplies of prescription medications during the crisisFor more details, see my column for Reuters this week. Also see this Morningstar video interview with IRA expert Ed Slott. And, the stock market Oh, right - the stock market is a mess too. John Rekenthaler of Morningstar has had two excellent coluns of late: When will stocks recover, and It’s hard to make money as a bear. Free financial planning help on offerThe New York Times has created an online hub for financial help during the crisis that will be updated regularly. Already, the hub contains articles on how unemployment insurance works; who and what the new paid leave law covers; how to pause federal student loans; income tax filing deadline extensions and more.One section I found especially interesting includes links to financial planners who are offering free advice to people experiencing financial stress.This includes dozens of members of the XY Planning Network; the Financial Planning Association has its own list of volunteer certified financial planners as well. A bit of relief during lock-down: Virtual concerts, plays, and other culture you can enjoy from homeNothing can replace live concerts, plays, museum visits or other cultural events, but plenty of cultural experiences are available online. CNN pulled together a great list of concerts, museum tours and other virtual experiences you can explore from home.Coronavirus roundup: Other things I’m reading this weekWhat to do if you or a loved one might have the coronavirus . . . How to think about the risk if you’re over age 60 . . . .Eleven states and Washington D.C. opened up special enrollment to allow uninsured sign up for Obamacare . . . Why hospitals don’t have capacity to deal with overflow demand in a pandemic . . . One New Yorker’s coronavirus test: 5 days, a dozen calls, hours of confusion . . . A war footing: surfing the curve of COVID19 . . . Healthy living tricked boomers into thinking we’re invincible: The generation that’s redefining old age is now being redefined by a virus . . .The tech headaches of working from home and how to deal with them . . . Coronavirus is destroying older Americans’ retirement dreams.Subscribe to the newsletterIf you haven’t subscribed to the free edition, give it a try if your finances permit in this tough economy. You’ll be supporting independent journalism dedicated to covering what matters for older Americans. Subscriptions cost $5 per month or $60 year, and you can cancel at any time.If not, no worries - I’m committed to providing everything I’ve got on the coronavirus crisis in the free edition for as long as this lasts.Stay safe and stay well - I’ll see you next week. This is a public episode. Get access to private episodes at retirementrevised.substack.com/subscribe

“Sheryl says the role of a financial advisor is one of the most important jobs but there is a segment of the industry that operates like the gunslingers of the Wild West, we don’t have the rules and regulations to protect those who we are supposed to be serving - I couldn’t have said it better myself.” President Barack Obama recognizing Sheryl during a 2015 speech”. We have to know who are resources are and how to tap in to them, know what kind of tools and strategies that we could get into. And how to find these people. Sheryl Garrett. In this episode, I spoke with Sheryl Garrett, Founder of the Garrett Planning Network about being a trailblazer in the financial planning industry and building a network of fee-based financial planners. We also discussed Sheryl’s work as an advocate for the an authentic fiduciary standard and higher standards of care. Lastly, wee covered the unique challenges and opportunities for women in the financial services industry. Please subscribe to the GET READY! With Tony Steuer podcast,Bio: Sheryl Garrett is the founder of Garrett Planning Network and has been dubbed "The All-American Planner," because of her zealous mission to "help make competent, objective financial advice accessible to all people." Sheryl is Consistently recognized as one of the most influential people in financial planning. Sheryl has also been honored to work with the House Subcommittee on Financial Services regarding predatory lending regulation and has testified before Congress on financial literacy and Social Security reform. In addition, Sheryl has authored, coauthored or served as a technical editor on over a dozen books and several magazine columns. These books include Garrett’s Guide to Financial Planning, Just Give Me the Answer$ , Money Without Matrimony, Personal Finance Workbook For Dummies, A Family’s Guide to the Military For Dummies and Investing in an Uncertain Economy For Dummies.

“Sheryl says the role of a financial advisor is one of the most important jobs but there is a segment of the industry that operates like the gunslingers of the Wild West, we don’t have the rules and regulations to protect those who we are supposed to be serving - I couldn’t have said it better myself.” President Barack Obama recognizing Sheryl during a 2015 speech”. We have to know who are resources are and how to tap in to them, know what kind of tools and strategies that we could get into. And how to find these people. Sheryl Garrett. In this episode, Tony Steuer spoke with Sheryl Garrett, Founder of the Garrett Planning Network about being a trailblazer in the financial planning industry and building a network of fee-based financial planners. We also discussed Sheryl’s work as an advocate for the an authentic fiduciary standard and higher standards of care. Lastly, wee covered the unique challenges and opportunities for women in the financial services industry. Please subscribe to the GET READY! With Tony Steuer podcast,Bio: Sheryl Garrett is the founder of Garrett Planning Network and has been dubbed "The All-American Planner," because of her zealous mission to "help make competent, objective financial advice accessible to all people." Sheryl is Consistently recognized as one of the most influential people in financial planning. Sheryl has also been honored to work with the House Subcommittee on Financial Services regarding predatory lending regulation and has testified before Congress on financial literacy and Social Security reform. In addition, Sheryl has authored, co-authored or served as a technical editor on over a dozen books and several magazine columns. These books include Garrett’s Guide to Financial Planning, Just Give Me the Answer$, Money Without Matrimony, Personal Finance Workbook For Dummies, A Family’s Guide to the Military For Dummies and Investing in an Uncertain Economy For Dummies.

Ken cuts it down to brass tacks. Now that you know the ropes for asset cultivation, it’s time to put together a game plan that will outline how you’ll accomplish your goal. A financial plan will reveal where you are on track and what short comings you may have. Ken breaks down the process and key elements of a financial plan. Where are you, what are your priorities, build out a plan centered around these points. Ken covers all the touch points of financial planning and how to construct one.   Resources for finding a fee-only fiduciary professional to help you build your comprehensive financial plan:    Garrett Planning Network - https://garrettplanningnetwork.com/   XY Planning Network - https://www.xyplanningnetwork.com/

Looking for a financial advisor? Watch this FIRST! Here's how to find a financial advisor you can trust . . . a FIDUCIARY financial advisor who will put your best interests first and foremost. You can find the full blog and links to downloads at RetireWire.com - just type in "how to find a financial advisor you can trust" in the search box. Finding a financial advisor is easy, learning how to find a financial advisor you can trust is not easy. In this webinar, I break down the 5 steps to finding a financial advisor you can trust. 1. Find a fiduciary financial advisor. A fiduciary standard of care is the gold standard. A suitability standard is a very low bar to cross. 2. Learn how are financial advisors paid. There are commission financial advisors and fee-only financial advisors. Fee-based financial advisors take fees AND commissions. 3. Expect the right credentials such as the CERTIFIED FINANCIAL PLANNER designation or the Personal Financial Specialist designation. Additionally, make sure you're working with a financial advisor that specializes in what you need for example college planning, or divorce planning. 4. Use resources like the National Association of Personal Financial Advisors or the Garrett Planning Network to search for qualified financial advisors. 5. Interview them! I list some financial advisor interview questions and link some great financial advisor questionnaires for you to take to the interview.

Our guest this week on "The Long View" is Sheryl Garrett. Garrett is a legendary figure in financial-planning circles, having pioneered the concept of offering hourly financial-planning guidance. She's founder of the Garrett Planning Network, a national network of hourly, fee-only financial planners that she started in 2000. Garrett has authored, co-authored, or served as technical editor on many books, including Garrett's Guide to Financial Planning, Just Give Me the Answer$, and the Personal Finance Workbook for Dummies. She has worked with the U.S. House Committee on Financial Services regarding predatory lending regulation, financial literacy, and Social Security reform. She has also received numerous awards in the realm of financial planning during her career. Most recently, InvestmentNews named Garrett as its 2019 Icon. Background Information Sheryl Garrett bio  Garrett Planning Network  Books by Sheryl Garrett  Garrett's Guide to Financial Planning: How to Capture the Middle Market and Increase Your Profits by Sheryl Garrett  Just Give Me the Answer$: Expert Advisors Address Your Most Pressing Financial Questions by Sheryl Garrett and Marie Swift  Personal Finance Workbook for Dummies by Sheryl Garrett  U.S. House of Representatives Committee on Financial Services; hearing dated Wednesday, April 20, 2005; testimony of Sheryl Garrett, CFP  InvestmentNews Icons and Innovators: Sheryl Garrett  Advice Best Practices "How would I want to receive advice?" How Garrett came to build an hourly, fee-only planning practice that eventually spawned a network of advisors. (1:03-3:58) "The industry thought I was nuts." Why Garrett opted for an hourly fee-for-advice model. (3:59-7:53) Advice Models "The issue is bigger between the financial advisor's ears than it is between the client's ears." How to get clients over paying for advice out of pocket. (7:54-14:16) "I see financial planning as a job and I see ongoing investment advice as a different job." How the advice model--and manner of charging fees--should adapt to clients' evolving needs over time. (14:17-22:30) Rick Ferri bio  First Ascent Asset Management Subscription-based vs. hourly advice: What's the better model? (22:31-25:51) XY Planning Network Working With Clients Hourly advice is most successful (and cost-effective) when the client participates. (25:52-32:54) Temperament matters: What people should look for in a financial planner or advisor. (32:55-43:12) Garrett Planning Network's "Financial Advisor Interview Questionnaire"  The National Association of Personal Financial Advisors (NAPFA) Planning Business "They look at me as their financial advisor." Are hourly financial planners constantly in customer-acquisition mode and might that attract those who are better at sales than planning? (43:13-46:06) Commoditization: Given the popularity of planning and advice, could financial planning go the way of the Chartered Financial Analyst designation? (46:07-48:46) Chartered Financial Analyst designation  Certified Financial Planner designation 

This week, I’m excited to let you know about the launch of a new series of retirement guides that I am creating exclusively for subscribers to this newsletter. The idea is just-in-time education on the key challenges people confront in planning for retirement. Each of these brief guides will explain how to cope with a retirement challenge, and will offer useful tips and resources. And they will be paired with a podcast conversation with a top expert on the topic at hand.The series launches this week focusing on one of the most important - and most complex - retirement challenges: the transition to Medicare from other types of insurance.This transition is fraught with pitfalls that can be costly. Signing up for Medicare at the right time is critical, along with understanding when the program’s coverage is primary. Getting this wrong can lead to costly lifetime late enrollment penalties on Part B premiums, and lengthy gaps in your insurance coverage.My guest on the podcast is Joe Baker, who just retired as president of the Medicare Rights Center. Joe is one of the most knowledgeable people in the United States on Medicare. His organization is a non-profit that advocates for improvements in Medicare, and provides consumer advice and assistance. Please enjoy an excerpt from my conversation with Joe in this week’s podcast - click the player above. Spring subscription sale!To receive the Medicare Transitions guide, take advantage of the Spring subscription offer I’m running right now. Subscribe now to receive 50 percent off your first year. Click here to subscribe, or use the little green button.Next week: How anyone can afford a financial adviserNext week’s guide and podcast: how to hire a financial planner. This one features a discussion with Sheryl Garrett, a visionary who has done more than most to promote the idea of unbiased, conflict-free fiduciary financial planning. Sheryl is a CFP and founder of the Garrett Planning Network. She has pioneered the notion of inexpensive hourly advice that does not cost a fortune, and her work recently was recognized with theInvestment News ICON award for 2019. Sheryl is the author of numerous books, including Personal Finance Workbook For Dummies.Subscribers also will receive my brief guide to this important topic, and a free chapter download from Sheryl’s book.Hear the podcast on Apple and Stitcher The RetirementRevised podcast is now available on Apple and Android devices. Click here to subscribe on your iPhone, or here to subscribe on Stitcher (for Android devices). This is a public episode. Get access to private episodes at retirementrevised.substack.com/subscribe

Sheryl Garrett is the founder of Garrett Planning Network. She has been recognized six times by Investment Advisor magazine as “One of the Most Influential People in Financial Planning”, was recognized as one of the “30 Most Influential” people in NAPFA’s 30-year history, and […] The post Sheryl Garrett on Expanding the Reach of Advice appeared first on Becoming Referable.

Vanguard produces some of the best content on financial planning, investment and retirement topics out there. While their literature is wonderful, I do not recommend Vanguard for personal financial planning though. This is because Vanguard still is way too focused on simple asset allocation and portfolio advice as opposed to real, full-fledged financial planning. In fact, I would not recommend any large company for YOUR unique financial planning simply because of the boilerplate nature of these firms planning recommendations. If you want REAL financial planning you really need to go to a REAL financial planning shop, like that can be found through NAPFA https://www.napfa.org/, XY Planning Network www.xyplanningnetwork.com or Garrett Planning Network, garrettplanningnetwork.com. In this just published piece, there are three main things I want to focus on that should help you with your own planning. 1. Vanguard's model, based on 10s of thousands of projections, show a future 50/50 global portfolio providing 4% REAL returns over the next 10-20 years. (Real returns mean NET of inflation) Thus if you are banking on traditional returns of the US markets, say 10% a year for stocks, you should rethink that as way optimistic. In fact, with valuations today being high on both the stock and bond side, it would be safer to assume what Vanguard's models show. 2. Most people are NOT going to spend significant amount of time in nursing homes! I can't tell you how many people say to me their number one retirement worry is being destitute because of health care costs. It simply is not a reasonable concern. I am not saying throw caution to the wind, but Vanguard cites a study that only 7% of men and 14% of women stay in nursing homes more than 3 years. 3. Lastly, if you are a 65 year old married couple there is a very good chance one of you will live until you're beyond 90 years old. You do need to plan for longevity, indeed. Which is why Social Security planning is so important, and tax planning as well. See a few of my videos on these topics below: https://youtu.be/ab-x2Nn_Uhw https://youtu.be/azafbEGUitI As always visit my website at www.heritagewealthplanning.com/blog for more info, my blog posts and podcasts. Thanks! https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_InvResFrmwrkForDecsnMkgInRetmnt&sub=27675&st=S&EXCMPGN=EX:EM:FAS:010117:ADVISOR:DIGEST:EMAIL:ET:2017 --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

My guest on today's podcast has followed a unusual path to success in the financial planning industry. Sheryl Garrett is the founder of the Garrett Planning Network—a financial advisor support network for fee-only RIA’s with a focus on bringing financial planning to the middle market by making it available on an hourly as-needed basis. After starting her firm with what started out as a very unique business model in the late 1990s, Sheryl’s approach to financial planning became so popular that it attracted other financial advisors who wanted to emulate the model. Eventually, what Sheryl wanted to do for her own clients turned into a network of several hundred advisors, all delivering the same hourly model in their own local markets. In this episode, Sheryl shares her journey through the financial planning industry, going from struggling early on in a broker-dealer that required her to cold call and sell products to the successful business owner she is today. She talks about the valuable lessons she learned along the way and what ultimately led her to finally start her own firm—a full 10 plus years into her career. For show notes and more visit: https://www.kitces.com/56

Anna Sergunina is the owner of Mainstreet Financial Planning, an hourly-based financial planning firm under the Garrett Planning Network. Not only has her company grown to more than $600,000 of revenue, but it has done so from simply getting paid to provide hourly financial planning advice with no income at all from insurance products or managing investment portfolios. What’s also fascinating about Anna’s business is the way that she’s figured out how to communicate the value of hourly financial planning by creating very specific financial advice packages for various types of prospective client profiles. In this episode, we talk in depth about Anna’s five-meeting process for financial planning, how she uses her website to both explain the value of those financial planning packages to prospects and to screen out those who aren’t really likely to take the process seriously, and why she charges $100 as an upfront deposit for an initial inquiry approach meeting with prospects. We also discuss how Anna sets the level for her financial planning fees and the sources of new business that has her firm on track to add more than 100 new hourly financial planning clients this year. For show notes and more visit https://www.kitces.com/49

HOW CAN INSURANCE HELP ME? This week I sat down with the President & CEO of Low Load Insurance Services, Mark Maurer. Mark joined Low Load Insurance Services (LLIS) in 2003, assumed the role of president in 2008, and CEO in January, 2013. He earned his CFP® designation in 2006, his bachelor’s degree in business and finance from Emory University’s Goizueta Business School in Atlanta, Georgia, and his MBA from University of Florida’s Warrington College of Business. Mark is a member of the National Association of Insurance and Financial Advisors, and a popular speaker for financial organizations including The Alliance of Cambridge Advisors, NAPFA, Garrett Planning Network, LIMRA, LOMA, and Society of Actuaries. He is also a contributing insurance resource to industry publications including Business Week, Bloomberg.com, Forbes, NAPFA Advisor, AMA Physicians’ Guide to Financial Planning, NY Daily News, Jean Chatzky’s Talking Money, and Jane Bryant Quinn’s book, Making the Most of Your Money Now. Here’s WHAT YOU’LL LEARN FROM THIS EPISODE: The biggest misconception people have around insurance The types of insurance you need for your situation Why disability insurance is an important consideration for your family The difference between term and whole life insurance and which is best for you How to streamline the insurance application process for yourself How policies will pay out and how much coverage you need How disability insurance payments are taxed LINKS WE MENTIONED ON THE SHOW: Low Load Insurance Services Mark’s e-mail Schedule a free 30-minute consultation with me Blog posts from the Workable Wealth blog that address insurance: #YOLO: So Don’t Ignore Your Need for Life Insurance Are You Protecting Your Most Valuable Asset?

Dan and Scott interview fiduciary planner Sheryl Garrett, CFP, owner of the Garrett Planning Network. Founded in 2000, the Garrett Planning Network has grown into a national network of hundreds of hourly-based, fee-only financial planners. The Network exists "to make competent, objective advice accessible to all people." Sheryl has been singled out by president Obama for her support of advisor fiduciary standards. In this interview, Sheryl discusses a variety of financial planning topics including what the Garrett Planning Network is and why it was needed. She also discusses the fight to get a fiduciary standard in place. Beer (and Hard Cider) Sheryl drinks a Wicked Apple hard cider by Redd's of Milwaukee, WI.; Scott drinks a Pumpkin Ale from Saranac Brewery of Utica, NY; Dan, who has a cold, drinks a Sugar Cookie Sleigh Ride tea by Celestial Seasonings.

Bill Winterberg (@BillWinterberg) chatted with Elecia about leaving embedded engineering to become a financial planner then to being a technology adviser to other financial planners.  Bill's company is FPPad. You can subscribe to his newsletter and watch Bits and Bytes, his video blog (or read it). Bill and Elecia met at LeapFrog. Bill was instrumental in making the original LeapPad Learning System. When Elecia mentioned Domini Social Investments, Bill mentioned Vanguard Total Stock Market. Get a Financial Life: Personal Finance In Your Twenties and Thirties Financial adviser networks: XY Planning Network (by interest) Garrett Planning Network (hourly fees only) NAPFA (fee only advisers) CFP® (by zip code) Robo-advisor (automated investment management) Bill says: "It shouldn't be this hard for smart engineers."