Sheryl Garrett: Financial Planning On YOUR Terms
About Fun With Annuities Episode #114
The pioneers take all of the arrows, as the saying goes. Sheryl Garrett is a “20-year overnight sensation” in the complicated world of financial planning. Starting her career in the traditional financial planning model decades ago, Shery always knew it could be done better. In her opinion, it could and should be better for the client. Why charge a fee based on the total assets under management like the big firms want you to do? Why not just charge a flat-time fee and be a true fiduciary? Not only did Sheryl ask those questions, but she also answered them and provided a nationwide solution for the public that is thirsty for this type of fee-only advice.
Garrett Planning Network allows you to search for the best fee-only planners in your area. Not fee-based…FEE-ONLY. The important reason is that a “fee-based” advisor can double dip and sell products in addition to charging a fee. Can anyone say “conflict of interest?”
Previous podcast guests Rick Ferri and Andy Panko are disciples of Sheryl Garrett’s fee-only financial planning model, and both rave about her visionary approach to the financial industry. Sheryl’s unique fee-only model is the fastest-growing sector in the financial advice world. By the way, that’s a good thing.
The podcast was a fascinating journey to get inside Sheryl’s brain. She cannot hide her high IQ when describing her pragmatic retirement approach. Sheryl no longer works directly with clients, but her team at the Garrett Planning Network is constantly sharing ideas and best practices to provide the best fiduciary advice.
A mic drop moment of the podcast was when Sheryl said financial independence does not revolve around money. It’s about your life. Your family. Your health. Your community. Your legacy. You are going to love this podcast and Sheryl Garrett. Enjoy!
"We’ve been trained to go get a second opinion if we have a significant medical issue come up, but why in the world do we not get a second opinion if we’re getting ready to make a decision as significant as retirement." — Sheryl Garrett.
Brief Bio on Co-host: Sheryl Garrett
Sheryl Garrett, CFP®, AIF®, founder of Garrett Planning Network, has been dubbed "The All-American Planner" because of her zealous mission to "help make competent, objective financial advice accessible to all people.
Investment Advisor magazine has recognized her six times as "One of the Most Influential People in Financial Planning." The first recognition came in 2003 and again in the May 24, 2016 issue of ThinkAdvisor.com, the publication’s online version. Most recently, she was named the 2019 InvestmentNews Icon. President Barak Obama also recognized Sheryl during a 2015 speech.
For the inaugural InvestmentNews – Icons & Innovators issue, Sheryl was one of eighteen recipients of the "2016 Innovator Award." To celebrate the 50th Anniversary of Financial Planning, InvestmentNews named Sheryl one of the 20 People Who Helped Shape The Financial Planning Industry.
As part of its 40th-anniversary celebration, Financial Planning magazine honored six practitioners that have made significant contributions to the financial planning industry, per the publication. Sheryl received an "Influencer Award" as "Practice Management Guru" in 2010.
In 2006, NAPFA (National Association of Personal Financial Advisors) recognized Sheryl with their Robert J. Underwood Distinguished Service Award for her contributions to the Fee-Only financial planning industry. Also, in 2013, Sheryl was recognized as one of the "30 Most Influential" people in NAPFA’s 30-year history.
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.
She has also worked as a consultant and expert witness in lawsuits against financial advisors who rendered questionable or inappropriate financial advice.
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.
In this episode, The Annuity Man and Sheryl Garrett discuss:
- The role of a financial planner
- How the industry should be
- Hiring the right planner
- Being aggressive with cash flow
- Many personal, financial, economic, and psychological things are coming together all at once. The planner’s role is to help clients see through all of that and reach out to the appropriate specialist when they need certain products or services fulfilled for the clients.
- Everybody has questions about their personal finances. People in the industry should be working towards making it easier for people to understand finances.
- Don’t hire anybody with disciplinary issues on their records. There are plenty of people to pick that don’t have any on the record. Make sure the person you’re talking to is working as a fiduciary.
- We need to be aggressive about our cash flow. Aggressive, conscious of where our money is going, where it’s coming from, and how it will move in the future.
Fun With Annuities® Podcast is hosted by America’s Annuity Agent®, Stan Haithcock, The Annuity Man®. Hear brutal annuity facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Author of 7 books, Stan dives deep on all annuity types and strategies. It’s fun, learning the contractual truths on how annuities actually work and if they’ll fit your personal retirement lifestyle.