Sheryl Garrett: Financial Planning on YOUR Terms (TAM Classic)

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[Music]

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welcome to fun with annuities where

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every single week I welcome a celebrity

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guest expert that can help you maximize

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chapter 2 of your life listen learn

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laugh and love every minute of the most

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unique Financial podcast on the planet

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let's get to

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[Music]

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it welcome to fun with annuities I'm

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your host Stan the annuity man America's

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annuity agent I am so glad you joined me

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today we actually have royalty in our

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midst her name is Cheryl Garrett I'm

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gonna talk to you I'm gonna talk to her

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for the full time period and maybe go

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over that because she is so

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knowledgeable and I'm so happy that

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she's here but let me tell you a little

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bit about her and then I'll have you her

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go into details about who she is and how

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she came to this place of uh of Fame in

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the financial planning World she's the

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co-founder of Garrett investment

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advisers now known as cgn advisors and

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had she's been called The All-American

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planner because she is kind of the

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starter of this Fe only hourly based

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financial planning model um she started

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Garrett Planning Network in 2000 she's

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been recognized six times by invest

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investment advisor magazine as one of

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the most in influential people in

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financial planning um we could keep

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going she's won just about every award

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Bo out there um and a recent podcast

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guest who I had on Rick Ferry is a

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protege of hers and she said before we

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got went on that she's a u the kind of

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the leader of his fan club and vice

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versa but both of them pound the table

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on simplistic fee only planning and I

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think that's very very important I mean

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she has been in front of Congress and

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the house subcommittee on Financial

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Services she has authored and

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co-authored several uh you know books

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and magazine columns I mean you're going

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to know who she is because you're going

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oh wait a minute I read something with

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her she's been in everything and she's

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written books like Garrett's guide to

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financial planning just gave me the

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answers the last s is a dollar sign

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money without matrimony personal finance

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workbook for

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dummies um Etc we could keep going on

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but Cheryl Garrett is

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the I mean even President Obama

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recognized her as just just for the

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things that she's done

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in this country and she continues to

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give we're going to go into that but

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without further Ado Rockstar Cheryl

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Garrett welcome to fun with

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annuities I'm delighted to be here but

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I'm like completely

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humbled well you should I mean you've

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accompl no I mean you've accomplished a

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lot in the world of financial advice

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where more bad than good yeah it's easy

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to stand Out Among the

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crowd I guess right I guess you're right

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about that tell me let's go back to 1999

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going into

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2000 and you're thinking to yourself you

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know what pioneers take all the arrows

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why don't I start a Planning Network

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yeah take us through

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that um it wasn't any any thought along

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those lines well not quite a little bit

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of my brain went there but most of it it

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was I was out there employed by myself

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saying I can serve my clients the best

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way that I feel they need to be taken

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care of I have the freedom and liberty

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to go wherever and and access whatever

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it is that they need and I charge for my

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time I don't charge for assets I don't

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charge by their body weight mass inex or

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any other squirely kind of measurement

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but just for my time

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um and it seemed quite simplistic and I

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was finding out that I was getting a lot

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of attention within our industry because

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I was doing something so abnormal as to

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not manage money and not sell products

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um and I still got paid for the time

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that I was spending and so you know it

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all basically boils down to what do you

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have I mean we all make money but we all

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make money in different ways and as a

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general practitioner financial planner

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type of

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person I would talk to people about all

4:36
different kinds of subjects from you

4:39
know can we afford to relocate if we did

4:42
should we add that room um you know how

4:45
should I take a distribu I mean

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Investments Insurance um I mean that may

4:52
be part of it but a lot of it is cash

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flow a lot of it's dreams and Ambitions

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and fears and um you know how can we

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cope with the Mother-in-law moving in

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and um you know there's a lot of of

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personal financial

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economic um psychological things that

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are coming together all at once and I

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see the the generalist um planner role

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as to kind of help clients see through

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all of that and and reach out to the

5:23
appropriate Specialists when they need

5:25
certain products or Services fil

5:27
fulfilled for the clients um and so I

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started deciding to um you know I was

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going to offer this service to

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individuals um selling my time and I was

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actually at the point where I didn't

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know whether they would sit down for a

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meeting but uh um within a couple of

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years it became such a beloved service

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in my city of Kansas City at the time

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that um I had to stop taking new clients

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um you know within two years that's how

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simply by charging for my time um and

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finding that there's awful lot of people

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that need advice and um you know need to

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bounce off ideas or I've just been

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offered something you know can I take

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advantage of it how will it fit in and

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that kind of thing and so um it just

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provided that unique way of access and I

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got contacted by a whole lot of advisers

6:27
around the country and they said I want

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to do what you're doing and I didn't

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know whether we would have a dozen Study

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Buddies around the country that help

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support each other to um you know be

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able to serve our clients without going

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insane or if we would turn into you know

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a multi- thousand member um well kind of

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the fee only equivalent to a broker

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dealer um as one of my early colleagues

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had suggested that we do and I said well

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um you know I'm a lot more about

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flexibility and and the practitioner the

7:07
professionals personal judgment um

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because they're the ones on the hook I

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don't want to be dictating for people

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but I found out that there was a lot of

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people interested in this and and um

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aligning yourself with like-minded peers

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regardless of the industry that you're

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in is usually a dang good thing um and

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the fact that we can help support each

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other there is an immense amount of

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opportunity to help people out there and

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we just like you had found out in your

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discussions with Rick Ferry a charging

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for your time there's no barrier to

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entry other than you know how much how

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much time do I need to spend with you um

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and are you willing to pay for that and

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if so we can get going so um it's pretty

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clear transparent and it applies

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to the areas of personal finance that um

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most of the time advisers don't get paid

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to focus on and often that's where we do

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need to spend some serious time in

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addition to traditionally paid um areas

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so I like the ability to be truly

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holistic and go where the client needs

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me to go um we're talking to Cheryl

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Garrett and she has she has um created a

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firm called the Garrett Planning Network

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M and we're going to have the the a

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permanent page on our site for her so

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you can go to these links if you want to

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write it down it's Garrett g a r r TT

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Planning Network all onew

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word.com and what it is is what she just

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described it's a in essence a it's not a

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broker dealer but it's it's it's a

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conglomeration of fee only advisers

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across the country that

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follow the same type of principles that

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Cheryl initially laid out um but I think

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what's interesting Cheryl is I come from

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the broker dealer world of Dean wooder

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pay Weber Morgan Stanley UBS where we

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transitioned from transactional I was

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there during the transactional years to

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then its fee fee based where it's based

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on an asset under management but what I

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think is

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fantastic is what's happening right now

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and you're the you're the pioneer of

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this which is it's not about the assets

9:28
under management you know and you you

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hear the advertising on TV without

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mentioning names that you know we're

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sitting on your side of the table you

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know when when you're um when your

9:38
portfolio goes up we get paid more Etc

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um they also get paid when it goes

9:43
down okay yeah so I'm not putting them

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down and I'm not going to call them out

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they do enough advertising we know who

9:49
they are but I do you see this as a

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trend that keeps growing because

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obviously it runs contrary to the broker

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deal

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fee on fee based on assets under

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management

10:04
model um I definitely see it growing

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from the public

10:09
perspective the industry isn't really

10:12
interested those providers um you know

10:15
advisors out there there's it's more

10:17
lucrative sure to work with a very

10:20
wealthy client um managing

10:23
everything and some of it doesn't take a

10:25
heck of a lot of management right but

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those individuals may be able to justify

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paying a substantial sum for your

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attention most Americans or most humans

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don't qualify for that level

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of

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expenditure I'm trying to pick good

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words that was being that was nice that

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was nice yeah they don't it you know

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it's kind of like we could hire a nanny

10:52
a livein nanny to take care of our

10:54
children or we could get a really great

10:58
babysitter and and you know that's a

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really good correlation that's depending

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on what you need and how much you want

11:05
to pay and can pay we still want great

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care for our

11:10
children you know it's just do you need

11:13
an occasional help or do you need

11:16
somebody to live in and take care of

11:17
everything and I I would like people to

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look at it that way because a whole

11:22
bunch of you are paying for it um the

11:25
full-time attention and care and you're

11:28
not really getting much for it and

11:30
that's because there's not much to get

11:33
um you know I think a regular review of

11:35
your personal finances and all aspects

11:39
is appropriate what's regular that's

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going to depend on your situation and

11:44
what's going on in your life with most

11:46
people I find that cash flow happens

11:50
time or hopefully happens but is it

11:52
happening where it's going out more than

11:54
it's going in um and then we have these

11:56
other things like you know our underly

11:59
insurance which I was having a pretty

12:01
significant conversation um last evening

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with a family member regarding um

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Property and Casualty Insurance costs

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and my concern and actually it's

12:14
unraveling and I mean maybe not quite

12:16
unraveling but almost in Florida um and

12:20
people that live in um really frequently

12:24
storm hit areas um I live in Tornado

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Alley um and uh right now um or at least

12:31
in the last approximately year and I'm

12:33
sure it's going to continue is rues in

12:38
Florida um if you don't have a new roof

12:42
you might lose your insurance carrier

12:44
and these are the types of things that

12:46
someone with a holistic approach to

12:48
financial planning and advice tries to

12:51
think about um you know for their

12:53
clients whereas you know if I were um a

12:57
stock broker or a money manager or an

13:01
annuity provider you know I'd be

13:03
focusing on those areas and so that's

13:05
one of the reasons why I'm a big fan of

13:07
hourly or time Bas advice for the big

13:11
picture stuff and then going to the um

13:14
independent Specialists um for the

13:17
specific things because just to think

13:20
about what could happen and look at our

13:23
risks and one area that I'm

13:25
um probably I tend to be early about

13:30
everything yeah obviously yeah you're

13:33
way early on this one that's an

13:34
understatement yeah um I do tend to be a

13:37
bit early to things maybe 20 or 30 years

13:40
I you know I think it was probably 30 or

13:43
35 years ago I called for um um

13:47
Blockbuster Video to go out of business

13:49
because of streaming video sure I was

13:52
just a few decades

13:55
early maybe a couple um but I really see

13:59
that you know everybody has questions

14:02
about their personal finances and I do I

14:05
do have to agree our industry hasn't

14:07
done anything to make it easier and

14:09
thank goodness for you Stan to be out

14:11
there putting some bits of clarity and

14:13
and wisdom um and help clear the muck

14:16
for people which is also something I try

14:18
to do in my area because there's there's

14:22
so much garbage and and a lot of just

14:25
plain confusion yeah um and how we're

14:29
motivated you know the influences that

14:32
we may get um some of the work that I've

14:35
done um with my Certified Financial

14:37
Planning background I got into actually

14:42
we may have talked about this at one

14:43
time but um I think your audience would

14:46
enjoy it I was being interviewed by The

14:48
Wall Street Journal one time and I said

14:52
that I felt most Americans would be best

14:55
suited to take their monthly pension

14:59
payout from their Pension Plan upon

15:02
retirement and I received a telephone

15:05
call from an attorney in Cal and me

15:07
being in in Kansas in the on the Kansas

15:09
City area um on the Kansas side and I

15:12
got a call from Sacramento California um

15:16
couple days later an attorney from there

15:19
was working on a series of

15:21
lawsuits um where advisers

15:26
encouraged individuals that retiring or

15:30
had early retirement available or option

15:33
through their employer that adviser Ur

15:36
urged these people to take early

15:38
retirement invest the money with her and

15:41
unfortunately it did not go well in 11

15:43
month 11 years later most of these

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individuals were

15:48
broke um and they were in their late 40s

15:52
early 50s when they made this decision

15:54
to retire and to me that if anybody told

15:58
somebody you can afford to retire under

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those

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circumstances with just the information

16:03
that that this individual had it was

16:05
criminal and it really Disturbed me and

16:08
and I got involved with a series of

16:10
cases and um it was all based on that

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one concept

16:16
of when the attorney called me said you

16:19
know why or what did you say and I

16:23
said that most people would be best

16:25
served to take their monthly pension MH

16:28
the monthly stream of income so they

16:31
don't have to worry about investing they

16:33
don't have to worry whether they'll

16:35
it'll come every month and he's like you

16:39
are unlike any financial advisor

16:42
financial planner I have ever met and I

16:44
said well it might be because I didn't

16:47
don't get paid differently depending on

16:50
the

16:51
answer every Financial I'm telling the

16:54
the attorney every financial adviser for

16:56
the most part well okay let me phrase

17:00
everyone um if they they need to get

17:04
their hands on that lumps sum sure and

17:08
so hence the reason I actually worked

17:11
with um or spoke with the um Department

17:14
of Education and Department of Labor a

17:16
few times um on you know the fact that

17:20
pensions are getting busted I mean

17:23
people aren't choosing to keep their

17:24
pension intact um upon retirement and

17:28
take just L distributions instead um

17:31
they're rolling the lumpsum over to an

17:34
IRA and I said it's not it's not that

17:38
the retirees or um um participants are

17:43
necessarily choosing to do that it's

17:46
that they've heard some presentation or

17:48
had some education in their workplace

17:51
and um you know there's also that

17:54
underlying thing of oh you know if I

17:56
don't spend it all it's going to go back

17:58
to my company um if I die with money in

18:02
the account well there is that component

18:05
potentially a it doesn't go back to your

18:07
company um that depends on how you

18:10
structure it obviously yeah may go back

18:12
to the plan but it doesn't it doesn't go

18:14
back to the you know parent company or

18:16
something um but a lot of people are

18:19
misled sure because of of the conflicts

18:24
that many of us have and as I was

18:28
talking to my 11-year-old daughter the

18:30
other day and we were watching a program

18:34
that had a lot of pharmaceutical ads on

18:36
it and I said I think it's just silly

18:40
that these companies are advertising to

18:43
us because we as individual citizens

18:45
cannot go out and purchase their

18:50
products so there's millions of

18:53
dollars trying to get me to buy that

18:57
yellow pill or that blue pill or the

18:59
purple one and I don't even know what

19:01
they're for but you know those people

19:02
look so healthy and robust I want some

19:05
of that and unfortunately Financial

19:07
Services commercials look about the same

19:10
and they all sound about the same and so

19:12
it's really difficult to know you know

19:15
who's really on your side you know who

19:19
is on the same side of the table who's

19:21
actually looking about the quality of

19:24
life type of matters not just are you

19:27
getting okay return on your portfolio

19:30
you know if you don't have a

19:33
roof or you end up with an extra five or

19:37
$6,000 insurance premium bill for a year

19:42
um because you didn't know to even think

19:44
about those kind of issues that's that's

19:47
one of the things that uh um a financial

19:50
planner gets to focus on is those broad

19:54
subjects so the idea of coming together

19:57
in 2000 to form the Garrett Planning

20:00
Network enabled me as this island out

20:04
there going I'm trying to help people

20:07
but I am only as knowledgeable as what

20:09
I've been exposed to and then you get

20:13
together with a lot of peers and you

20:15
start sharing stories and challenges and

20:17
you say you know if you had this

20:19
situation how would you approach it and

20:22
You' start getting better because the

20:25
power of the the global mind um to solve

20:28
problems and approach Solutions it's

20:31
just it's just very very uh powerful and

20:35
the types of people we tend to attract

20:36
to our membership or our um good

20:40
oldfashioned um you know high integrity

20:44
they obviously didn't get in the

20:45
business to make the most amount of

20:47
money the fastest or they wouldn't be

20:49
selling their time right um you know

20:51
they'd have to sell it for thousands of

20:53
dollars an hour so um nobody will pay

20:56
that so there's still the um

20:59
humans still we still recognize the

21:02
value of a dollar when somebody's saying

21:04
okay that's going to cost you a$

21:05
thousand dollar to to have me do that

21:09
whereas somebody else might say I'll

21:12
take care of that for you and off of

21:15
that Nest Egg they will pull $1,000 and

21:18
you won't feel it um you may not even

21:20
really know it I know when I have drafts

21:23
coming out of my bank

21:25
account it's you know out of mind how

21:28
side I don't really feel the pain but

21:31
when I have cash in my hand and and I

21:33
have to go you know decide whether I

21:35
really want to part with it's hard to do

21:38
so I try not to to use Electronics to

21:41
transfer money or spend money and you

21:43
know those are just the little tricks

21:45
that I had to learn on on working with

21:48
myself and then we spread that to others

21:51
so and by by the way for everyone

21:52
listening you might have caught this

21:54
really nice bird in the background

21:56
that's singing Cheryl's praises

21:59
in the background there's a bird back

22:01
there that's just just very happy that

22:04
Cheryl's on this podcast you can hear it

22:06
in the background that is not planned

22:07
that's I guess Divine financial planning

22:10
Intervention which is pretty cool what I

22:12
like about your site Cheryl is I was

22:14
there and and it's you know how do you

22:15
get started is how do you choose an

22:17
advisor it's very very basic I love

22:20
Simplicity and you have made it simple

22:22
to where when you go to the next page

22:25
you actually can get some tips from

22:26
Cheryl but also gives you interview

22:29
questionnaires if you want to go and

22:30
meet with an advisor and how to search

22:32
for an advisor I'm assuming that's an

22:35
all pretty much every single state but

22:37
she makes it very very simple for you to

22:41
to go find interview no obligation and

22:45
find that that fee only planner and I

22:50
think that's yeah pretty cool I'm glad

22:53
I'm glad you brought that up Stan it's

22:56
been one of the hottest topics that I've

22:59
talked to the media about for probably

23:01
the last three or four years is how to

23:05
find an adviser that's right for me and

23:08
it's sad that that happens to be a topic

23:11
that makes headlines but it's it's such

23:13
an important one it is it's it's

23:15
critical H to me I also look at it as

23:18
you know we've been trained to go get a

23:20
second opinion if we have a significant

23:22
metal medical um issue come up um but

23:29
why in the world do we not get a second

23:31
opinion if we're getting ready to make a

23:35
decision as as significant as

23:39
Retirement and you know do we know that

23:42
we're ready financially are we ready

23:46
Mally maybe um you know hopefully we

23:48
feel that and we're enthusiastic about

23:51
it but I've met so many very

23:54
educated intelligent people that

23:59
um you know bless their hearts they

24:02
didn't I mean someone like myself could

24:05
look at the nest egg and know it won't

24:08
work um the amount of income that they

24:11
needed to live on and the size of their

24:14
nest egg you just don't have enough

24:17
money um to support this standard of

24:19
living so what do you want to do you can

24:22
either cut your lifestyle dramatically

24:25
or you can raise your income or some

24:27
combination of the two and so you know

24:31
sometimes we as Americans I think may

24:34
have it the worst um as far

24:38
as there's a lot of stimuli out there

24:42
that gets our attention

24:44
and dealing with our personal finances

24:47
was one of the things that even I like

24:50
to bury my head in the sand when it

24:51
comes to taxes absolutely oh and

24:54
sometimes Insurance um you know the the

24:58
are not sexy topics they're not

25:00
interesting you don't go to the ball

25:02
game and say hey did you you want to

25:04
hear about my new insurance policy no no

25:08
I don't but it sure feels great when you

25:11
know you have that moment when you had a

25:14
a Bad Doctor checkup or you were fearing

25:17
one um or you have that glimmer of of oh

25:22
we just nearly had an accident and you

25:25
go thank goodness I've got my stuff

25:28
together

25:29
you know that that if anything happened

25:31
to me I'm now a so parent my spouse

25:34
passed away less than a year ago and all

25:37
of a sudden I'm like I'm a single

25:40
parent what happens if something happens

25:42
to me and I haven't updated that stuff

25:45
yet okay so cobbler's children here come

25:48
on planner it's time right yeah we have

25:51
to just we have to know what needs to be

25:53
done and we have to be able to get it

25:55
get it going so I feel that one of the

25:58
our highest um roles as a certified

26:01
financial planner um is to be the

26:04
Catalyst to help people get where they

26:07
say they want to go and help do it most

26:11
efficiently my apologies for

26:13
interrupting but I am so excited to

26:14
share with the

26:16
listeners and I want you to go to her

26:18
site but I'm going to give it away a

26:20
little bit when you search for an

26:22
advisor obviously you're going to be

26:24
able to search by the state of residence

26:27
but what I really really like what

26:29
Cheryl has done and put together with

26:30
her team is you can select an option you

26:34
can select if you want to do a phone

26:36
consultation or web if you're military

26:39
um if you're looking if you need

26:41
questions about real estate investment

26:43
if you're a retiree if your special

26:45
needs if you're looking at stock options

26:47
or restricted stock taxation unmarried

26:51
widowers um retirement planning whether

26:54
you're by you need a specific language

26:57
long-term care everything and as I

27:00
scroll down what I like about it is

27:04
like it's not just find your planner

27:07
here's the state here are the planners

27:09
no no no what specifically do you want

27:12
to talk about insurance planning

27:13
mortgage planning Health Care federal

27:15
employee type planning exp Patriots

27:18
estate planning helps to get us to

27:21
really broaden our thoughts about oh oh

27:26
yeah I wasn't thinking about that yeah

27:29
and and I like

27:31
that that option because a lot of times

27:34
yes people need um feeling advisers yes

27:38
people need a broad-based look but most

27:40
people come to the table with a specific

27:42
issue in mind that they really really

27:45
want the answer to and then after that

27:47
gets done they can go okay let's talk

27:50
about the rest and I think that is

27:52
absolute genius and foresight on your

27:54
part to put that in there from Finding

27:57
Your advisers let's talk about when you

28:00
go to the site obviously there's that

28:02
client portal about you know how to

28:04
choose your advisor Etc but at the very

28:06
bottom under where it shows that you've

28:08
been in you know Bloomberg kinger USA

28:11
Today Yahoo ARP every single thing on

28:14
the planet and she deserves it um

28:17
financial planners join the network I've

28:20
got a feeling your filter is Pretty

28:22
Tough tell us about how if some planner

28:25
says yeah this sounds like great I'm get

28:27
in front of a lot of people how do you

28:29
how do you filter the yahoos out to

28:31
become Cheryl Garrett

28:34
disciples well they have to sign an

28:37
attestation statement that kind of says

28:41
I believe in the same stuff that Cheryl

28:44
does and um I think we're this is our

28:47
22nd year of existence wow and I think

28:51
we've only had one application where we

28:53
had to call the individual back and said

28:55
that would say we will not accept you

28:58
um that you know people people do

29:02
inquire that won't be a good fit but

29:05
we've never actually gotten a membership

29:07
application but one time that I recall

29:10
um there may have been a couple others

29:12
that you know there was some conflict um

29:16
such as if someone has um

29:20
disciplinary um disclosures on in the

29:23
record which is not necessarily all that

29:26
AB abnormal m um but on the par or the

29:31
chapter in uh on our website that talks

29:34
about finding an

29:35
advisor um it's an excerpt from um the

29:40
personal finance workbook for dummies

29:42
that I wrote and the publisher gave me

29:45
permission to excerpt that chapter on

29:47
finding an an interview an advisor and

29:50
one of the things I say in there is

29:51
don't hire anybody with any disciplinary

29:54
stuff on their record and we tell would

29:57
be advisor that we say that to the

30:00
public because there's plenty of people

30:01
to pick that don't have anything on the

30:04
record um now there's some other nuances

30:08
to think about you know if you know if

30:12
you worked for a giant company yes um a

30:14
giant broker dealer there's going to be

30:17
stuff on the on the disclosure but it

30:19
won't necessarily be about the specific

30:22
advisor um but it'll be about the firm

30:25
but you know we can see we can work

30:27
through that kind of stuff but if

30:29
there's if there's disclosures about the

30:30
individual just keep looking um life

30:34
life short there's there's lots of

30:36
advisors out there there's not very many

30:39
that charge for their time um you know

30:41
that's a shame we yeah that's and the

30:44
reason that that doesn't happen at the

30:45
brokerage firms is it's not because that

30:47
the brokerage firms believe in a

30:50
asset-based fee only fee fee based M

30:52
it's not Fe only fee based on the asset

30:54
asset under management it's because it's

30:56
a very easy way for this to track future

30:58
revenues that's it don't believe

31:01
anything else that they tell you but

31:03
that's it I'm on your site also and I

31:04
want to kind of read some things to the

31:07
and go over some things for the

31:08
listeners and viewers and again you can

31:10
go to Garrett financial plan Garrett

31:12
planning network.com Garrett planning

31:14
network.com we'll have that link on our

31:16
site as well but but all of the members

31:20
within the Garrett Planning Network

31:23
they're they fee only meaning that they

31:25
are prohibited from receiving

31:27
commissions or any type of compensation

31:29
for the sale of a product the the

31:31
compensations paid directly by the

31:34
client all of the people are fiduciaries

31:37
I have a little Bugaboo about fiduciary

31:39
I think if you're in the financial

31:40
services business you I mean you have to

31:43
put the person's best interest ahead of

31:45
yours but her people are obligated both

31:49
ethically and legally to do that by

31:52
choice and by and by choice would not do

31:55
it any other way I agree I I care what

31:58
you're doing out here the other thing I

31:59
like about is every one of her members

32:02
of the Garrett Planning Network has to

32:05
be accessible and what that means is

32:09
they they all charge based on the time

32:12
to provide advice without requiring any

32:15
type of long-term commitments or

32:17
minimums or net worth or anything like

32:20
that this is a pure fee only service

32:24
which I love I absolutely love

32:28
and I encourage you know my listeners

32:31
and my client base and the people that

32:33
follow me you know when I come I I

32:36
always say not only do you not need you

32:38
might not even need an annuity but if

32:39
you need an annuity you certainly don't

32:41
need to put you know a ton of money in

32:43
annuities which means what do you do

32:44
with the rest so talking about what do

32:46
you do with the rest or all of it you're

32:49
we're we're here we're at the fork in

32:51
the road so pick it

32:52
up and and and there are people that can

32:58
help you in this pure financial planning

33:02
fashion I think this is the purest form

33:04
of financial advice out there and I

33:06
applaud you for for plowing this field

33:10
because I'm sure when you started people

33:12
were like what what are you do a lot of

33:15
people in the industry are like you know

33:17
putting their arm around me going I

33:19
realize you're young and you're

33:22
new oh I look like a kid at 60 thank you

33:25
um but uh um

33:28
yeah naive is helpful and I had a very

33:32
positive outlook and I grew up in Kansas

33:35
and you know I was raised that a girl

33:38
can do anything she sets her mind to so

33:40
I was never told I couldn't do it and

33:43
when I was when I I had I had spent um

33:47
11 years in in the financial planning

33:49
Arena okay before I landed upon charging

33:53
by the hour and it was tell us about

33:55
that Epiphany what was that it actually

33:58
was um I was sharing this Desire with a

34:03
um an elder care um estate planning

34:06
attorney

34:08
and he said that sounds a lot like the

34:12
national network of uh estate planning

34:16
attorneys and we started talking and and

34:18
I talked to him about the fact that you

34:20
know basically by charging by the hour

34:22
is more like how he charged his clients

34:25
for um you know Consulting with him

34:28
about an elder care issue or designing

34:30
an estate plan he might charge you know

34:32
a certain amount of hours for that

34:35
project and and just you know buy the

34:37
hour for The Elder Care stuff um and I

34:41
said you know a I want to charge that

34:43
way and um you know I also um have

34:48
others that want to do this and you know

34:51
I think we need to instead of being part

34:54
of a large company where you have to pay

34:56
for the overhead the managers and you

34:59
know the bureaucracy and does it add

35:01
anything to the bottom line having your

35:03
own research Department having your own

35:07
mutual funds or own products or whatever

35:10
is that necessary or are there other

35:12
places you can get it and at that time

35:16
you can get that stuff elsewhere you

35:18
know there are lots of mutual fund

35:20
companies that are available for us to

35:23
go directly to them a lot of insurance

35:25
companies we can work with irly or we go

35:28
to specialized participants that are

35:30
experts in those areas and so you know

35:34
to Simply Be able to you know work on

35:36
what somebody needs us to focus on you

35:39
know one project that I did that helps

35:42
to um to illustrate the power or the you

35:46
know the uniqueness of financial

35:48
planning over investment advice um was a

35:53
couple came to me that um they were in

35:58
their 50s and they wanted

36:00
to see if they could take advantage of a

36:03
job offer they were living in Kansas

36:05
City both employed and she had been

36:09
offered a position in

36:11
Boston um cost of living significantly

36:14
higher cost of or or the uh wages also

36:18
considerably higher however the husband

36:22
lived or had a very unique specialized

36:25
kind of field that he was in and they

36:27
didn't anticipate he would be able to

36:29
find a like position as quickly like it

36:32
could take a couple of years maybe um

36:35
and we wanted to be really conservative

36:37
about his income potential um since

36:41
actually in this case hers was the

36:43
biggest component of the overall um it

36:46
was pretty easy to illustrate so the

36:49
couple came in not knowing you know they

36:51
were enthused by the offer but they

36:53
didn't know if it would derail their

36:56
long-term um you know if we if we took

36:59
they came to me and they said if we take

37:01
this or if we do this would it just

37:03
completely decimate our plans for 10

37:05
years from now I mean would this be a

37:07
stupid financial decision and so we

37:09
spent like two and a half hours figuring

37:12
it out and were able to answer that with

37:15
some clarity that they could consciously

37:18
um feel very confident about what they

37:21
decide before it was just gut instinct

37:23
and and that freed them up to oh okay

37:26
now can can we look at this next thing

37:29
and can we look at this next thing so

37:31
they needed an opportunity to get to

37:33
know somebody develop some trust and

37:36
working relationship and understanding

37:38
how you talk to each other and um and

37:41
then they found out what it was like you

37:44
know to work with a financial planner on

37:47
their side and and it was oh this is so

37:50
different than anything i' ever um

37:53
imagined or

37:54
experienced um so I heard that mostly

37:58
from all of my clients that I was seeing

38:00
in Kansas City as an hourly advisor most

38:03
of them had not been to an advisor ever

38:07
um or they hadn't been to somebody they

38:09
referred to as their adviser they might

38:12
have visited with someone but they

38:14
didn't choose to call them an advisor

38:16
even if they worked with them at some

38:18
point or did business well the

38:21
interesting part about the financial

38:23
planning world is anyone can truly call

38:25
themselves a financial planner there's

38:26
no minimum experience and you don't need

38:28
an education background Etc even though

38:30
there's some places like Texas Tech that

38:33
have that have actual degrees in

38:35
master's degrees and and um you know I'm

38:38
I'm I'm assuming they know they

38:39
certainly know you and you've talked

38:41
with them Dina cats and everybody but um

38:44
but when you work with with Cheryl's

38:46
organization you know the Garrett the

38:49
Garrett Planning Network you can rest

38:52
assured that that

38:53
person um is going to be working in your

38:56
best interest and I think that's really

38:57
all people are looking for they don't

38:59
they know you're not magician but they

39:03
they want to know that they can have a

39:06
conversation with the person that

39:07
there's that that's going to use their

39:10
their as I always say the best advisors

39:11
use their mouth and their ears in

39:15
proportion exactly and um and it sounds

39:17
like that's that's kind of what you guys

39:20
do I got a couple questions for you

39:23
because you Peak my interest when you

39:24
talked about predictions and I'm not

39:26
going to hold any of this but since you

39:29
are somewhat of a Visionary in the

39:31
financial field but remember I'm always

39:33
early everyone I understand but that's

39:35
good

39:36
um we're there's always things happen in

39:39
the world and every time that we feel

39:41
like there's a bunch of Black Swan

39:43
events there's a lot always been Black

39:44
Swan events and things that are

39:46
happening but where do you

39:48
see things going from a financial

39:51
planning standpoint how people manage

39:54
money we see the the um the birthing of

39:57
things like Robin Hood and and

39:59
applications to try to get people

40:00
involved at a younger age at a very low

40:02
level which I on Surface I see no

40:05
problems with that where is this all

40:08
headed because I we're both kind of the

40:10
same age so we saw it go from

40:13
transactional to then assets under

40:15
management fee to then Schwab TD marit

40:18
trade Fidelity Vanguard to now I think

40:21
the maturation of what you're doing

40:24
finally I mean you're a 20-year

40:26
overnight sensation as they say um you

40:30
know the fee only model and and just

40:32
charging for time which I think is so

40:34
good what's next

40:37
Cheryl um what next needs to be we need

40:41
to heck up a lot more of us um okay I I

40:46
computed um in late

40:50
90s that we would need about I if I'm

40:54
recalling right we'd need something like

40:56
300,000 and advisers just to approach 2%

41:01
of the population um wow so there's an

41:05
enormous opportunity in providing advice

41:08
by the hour it's still rare it's because

41:11
the work is on the adviser to keep track

41:13
of their time and justify you know I

41:16
spent x amount of time on this and

41:19
hopefully it's meaningful to you um but

41:22
it it it is harder um but it should be

41:26
you know if we're going to charge a nice

41:28
Hefty fee um and provide good value to

41:32
people you know it can't be easy but

41:35
it's so rewarding you know most

41:38
Americans don't realize that there are

41:40
options to hire an advisor and pain for

41:43
their time only that's one of the huge

41:46
areas um the second area is if they do

41:50
contact us will they be able to find an

41:52
advisor that's available soon in their

41:55
area and so it's kind of Catch 22

41:58
because um The Advisory public and the

42:02
consuming public consumers of advice you

42:04
know kind of have to grow together um

42:06
and we've seen a little bit of that but

42:08
there's far more acceptance and desire

42:12
in the consumer of advice category than

42:16
there are in the providers thus far but

42:18
it's changing and I think it's changing

42:20
very rapidly when I talk to college

42:24
campuses and talked to some of the newer

42:27
uh folks coming out of college they want

42:30
to do something unique different and in

42:33
a way that their actual friends and

42:36
classmates could hire them and

42:38
fulfilling and fulfilling I think that

42:40
and fulfilling the people people like

42:42
you are passionate and I think it runs

42:45
contrary to the financial services

42:48
business of get in the financial

42:49
services business go to Wall Street make

42:51
as much money as humanly possible I used

42:53
to work in World Trade Center to a long

42:55
time ago and so I was in that culture of

42:58
go go go make as much money as humanly

43:00
possible but I think that fortunately

43:02
the younger generation I'm speaking for

43:04
my daughters they're not into that and

43:06
they're more into it being fulfilling

43:09
what they're doing and it feels good and

43:11
it's right and they're doing good things

43:14
for the world I think there's a

43:15
possibility that the new group of

43:18
advisers that this will be what they

43:20
know whereas people like me and you that

43:23
were in the business a long time ago

43:25
we've kind of seen it all you know I I

43:28
was I was around you'll love this story

43:30
with Dean wter when the uh the guy came

43:33
in and the vice president and talked to

43:34
all this advisors and wealth Architects

43:37
whatever they were calling us and said I

43:39
really don't see a threat with like on

43:41
online trading and things like that I'm

43:42
like you're the dumbest person on the

43:46
planet so um you know it's kind while

43:49
it's kind of like the IBM executive a

43:51
long time ago saying he didn't see the

43:54
need for a personal computer in

43:56
everyone's and you're like okay so going

43:59
back to my original um outside the box

44:02
just a little bit not just in the

44:03
planning World um tell us about your

44:07
your insights and foresight into money

44:11
the way money Works going into the

44:14
future and that might throw in crypto

44:16
and all kinds of new and weird stuff

44:18
that's happening how are you advising

44:21
clients on those type of things well I

44:24
don't advise individual clients but but

44:27
I'm just saying that my clients yeah um

44:31
there's a few areas that I'm really

44:35
focusing on of late and that is I mean

44:39
one of the areas that we've long been

44:41
focusing on is controlling what you can

44:44
control um you know when you take taxes

44:48
or taxable gains um how much you pay in

44:52
fees

44:54
um when you receive in income or when

44:57
you choose to make an expenditure um we

45:01
as a society I don't think we've um

45:04
necessarily taken on or owned as much of

45:08
our responsibility for you know making

45:10
those decisions and and knowing that we

45:12
have control over those things maybe not

45:15
full control but we do choose um and now

45:19
we're learning that there's a heck a lot

45:21
more that we can influence um need to be

45:27
a lot more aggressive lot most of us I'm

45:30
generalizing um about our cash flow um

45:34
and we need to be a lot more aggressive

45:37
about and I when I say aggressive about

45:39
our Clash flow we need to really be

45:41
conscious of where our money is going

45:44
and where it's coming from where it will

45:47
in the future and think of things like

45:50
is there anything I could do to create a

45:53
form of

45:55
income such as the property for sale NE

45:59
or there's a property for sale next door

46:01
and it has a rundown house on it that I

46:03
want to fix up that's actually a true

46:06
story okay um and then the house I'm

46:09
setting in we built um right after that

46:13
and so I have a rental house next door

46:16
because it happened to be setting on the

46:18
land that was surrounding um our Log

46:21
Cabin Resort and it would make sense for

46:25
us to secure that and it was a very very

46:29
good price and now um I have someone

46:32
living in the house and they're the rent

46:35
that they pay pays the mortgage on the

46:39
piece of land that I wanted to buy and

46:42
you know so I basically got it for free

46:44
um there you go and you know helping

46:47
families or young couples in um carrying

46:51
for a family member um or setting up an

46:54
income Suite in their you know out of

46:56
part of their house um to make it go you

47:00
know their housing go further with a um

47:04
another lady she she either needed to

47:07
rent out her

47:09
basement

47:10
or

47:12
significantly downsize her

47:15
lifestyle and I was I had been

47:20
acquainted with some people with the our

47:22
U Cy's department on aging and they have

47:26
a wonderful program where they match up

47:29
um older people with younger people

47:32
students um and Andor other older people

47:37
to see you know if they could co-

47:39
habitate um and in a prosperous way for

47:43
the two of them and one of my client's

47:45
children introduced her to the project

47:48
then she got into it and um this client

47:52
act I I've learned so much from my

47:55
clients about playing planning and

47:57
planning strategies this was all brought

47:59
to me by a client um who which she

48:02
learned it from her

48:03
22-year-old um the 22-year-old moved in

48:07
while she was going to college she moved

48:09
in with an elderly person who needed um

48:11
Care at night they only needed somebody

48:13
to be there um to help make sure they

48:16
they were okay um it really wasn't a a

48:20
care you know a nursing type of position

48:22
or anything like that it was just

48:24
housing um and you just have to stay

48:26
here every night um and you know make

48:29
sure I took my meds and that kind of

48:30
thing well this woman ended the the

48:33
mother ended up doing the same thing she

48:37
didn't own a vehicle she drove a company

48:40
she was a repair person worked for a

48:42
large company and she drove a company

48:45
vehicle lived in an elderly man's home

48:48
that she cared for for 12 years at the

48:50
time of this story and she by the time

48:53
she was in her mid-40s she had nearly a

48:55
half a million dollar in her for a 1K

48:58
plan and she never made over $45,000 a

49:01
year wow because she F in her community

49:06
that would enable her to have more life

49:09
with less money um and she she loved her

49:13
activities and and the freedoms that

49:15
those kinds of things bring and so

49:17
learning strategies that will help in

49:19
that way so increasing income that's one

49:21
of the first areas that I go to and see

49:23
if there's any way and it might be

49:26
different ways

49:27
but right now with such a housing

49:29
shortage or or a low lower income lower

49:32
priced um rental properties or or for

49:35
sale properties um having a additional

49:38
dwelling unit or something like that on

49:41
your on your you know in your yard or on

49:44
your property um potentially even

49:47
investing in some of these projects so

49:50
I've explored some of those um you know

49:53
really be Cutthroat about our expenses

49:56
and think about um you know I'm a a a

50:01
strong believer in

50:03
experiences over things uh as far as

50:06
lasting meaningful memories and so many

50:10
of the things you know we are Americans

50:14
have more things than anybody else in

50:17
history and um you know to take on a

50:20
little bit of a minimalist um idea and

50:24
start to purge and you know maybe even

50:27
you know it's somewhere between how do

50:29
we get rid of all this stuff or how do

50:31
we um maybe sell it and bring in a

50:33
little income um

50:36
and then the whole area of

50:41
sustainable

50:43
Lifestyles um kind of like sustainable

50:47
agriculture um or or

50:51
um um you know where we we have um a uh

50:58
um a sustainable garden that everything

51:01
is you know like my my uh front yard is

51:05
a mini Orchard and everything is

51:08
perennial um so once once it's planted

51:11
and established it takes minimal care

51:15
that's what I like to accomplish in

51:18
someone's Financial life is you know get

51:22
all of the the things set up that once

51:26
they're set up a little minimal care

51:28
will keep them in order but gosh if one

51:32
of the things we're concerned about

51:35
is

51:37
Independence I argue that you can't

51:41
Achieve Financial independence with just

51:44
money I mean maybe that's the literal

51:47
definition but the money has to be

51:49
turned into other things you have to buy

51:51
Health Care you have to buy food you

51:53
have to buy

51:55
utilities um but what if you're

51:57
generating your own util your own

52:00
electricity um and you have the ability

52:03
to store it um what if you're generating

52:06
a good amount of your own food or at

52:09
least in my case

52:11
fruit we have a lot of local gardeners

52:14
and a lot of um um you know growers in

52:18
in the area and so I don't feel really

52:20
motivated that in that regard but to be

52:24
independent to a larger degree in the

52:27
food area I'm also vegetarian so that

52:30
makes it easy um the chickens are coming

52:33
this summer um a guinea foul and uh so

52:38
you

52:38
know I I have a

52:43
a water um

52:46
energy um and uh so so it's lifestyle I

52:50
mean and I tell people all the time

52:52
security and the lifestyle you know the

52:54
sustainability of it I always tell my

52:57
clients my clients I tell them excuse me

52:59
I say listen there's no U-Hauls behind

53:02
heres and you need to you need to live

53:05
your life a lot of my things are

53:07
southernisms you know um but I agree

53:10
with you totally I um coming up on the

53:12
on the end of the end of the segment

53:15
here and I want to cover a couple items

53:17
and then turn it back to you one last

53:19
time um first thing is that I was

53:22
thinking about this network that you put

53:25
together and I think if you hired

53:27
someone within the Garrett Planning

53:28
Network an adviser fee only there's an

53:32
added benefit that I don't think Cheryl

53:34
promotes enough and I think that added

53:36
benefit is yes you're going to get an

53:38
advisor locally that's fee only and yes

53:40
they're going to be fiduciary and yes

53:42
they're going to have your best interest

53:43
at at at hand but you're also hiring the

53:46
other people in the network because they

53:49
have annual Retreats and they have

53:51
conferences and they share best

53:53
practices and they share stories and

53:54
they share ideas so in essence you're

53:57
leveraging off of what Cheryl's built

54:00
with your one advisor so I think that is

54:04
unbelievable yes there are some great

54:06
advisers out there but nobody has we

54:08
don't know at all all the they really

54:11
don't they really don't was thank you

54:13
for that Stan I I haven't H haven't

54:16
really spoken to it from the client's

54:18
perspective I think of it more from the

54:20
advisor's perspective how luxurious is

54:23
it to have a a situation

54:27
um come up and you can turn to your

54:29
colleagues and say okay guys here's what

54:31
I've got going on yes what would you do

54:34
yes um and you can get all kind and in

54:36
fact I've done that a bunch of times

54:39
we're adding we're adding a page to your

54:41
website okay I mean honestly it's called

54:43
the leveraging the brains yeah the brain

54:47
power something like that but I think

54:49
that's also a hidden um benefit to this

54:53
obviously you're you're you're getting

54:55
advice and it's pure form one last thing

54:57
and I and I do I have to share one other

54:59
thing with you Stan go ahead um there's

55:02
a new well it's not new um but something

55:05
that was that happened after I stopped

55:07
working with individual clients that if

55:10
I was going back to work with individual

55:11
clients I'd be doing this all the time

55:14
and it's something we call realtime

55:16
planning where often on the you know we

55:19
may talk on over the phone for a brief

55:21
while and then we get together and it

55:23
can be done remotely as well um but we

55:26
have a real-time planning session and

55:28
for like two hours we just roll up our

55:30
sleeves and work together and at the end

55:32
of that time I'll follow up with a

55:34
report saying you know a report that's

55:36
like one page you know this is what we

55:40
need to do you need to do and and this

55:42
is what you decided and so forth and so

55:45
there's an A A noticeable um you know

55:49
instant

55:50
gra from working with an adviser I mean

55:53
you you don't have to wait for advice to

55:56
be prepared and you know that there you

55:59
can get direction immediately on certain

56:01
things a lot of us don't do that for

56:04
investment portfolios we might do you

56:06
know General guidance um at that kind of

56:09
level but if you're looking about a

56:11
decision regarding

56:13
relocating um uh life change um just

56:17
getting started in a relationship or

56:20
just getting started with a planner that

56:21
can be a great way to do it because you

56:23
know the total cost you know it's

56:25
usually say5 to

56:28
$700 um and you know you get a chance

56:32
for a limited amount of money to really

56:35
you know have get organized have your

56:37
questions ready they'll send you a a

56:39
questionnaire of some sort um to lay out

56:43
your stuff so you can think about your

56:45
your financial life and and really be

56:47
ready to use that time with that advisor

56:50
as as well as possible and it's it's

56:54
thoroughly a it's a mind blowing thing

56:57
we we um our group has has led training

57:01
um through this and I had had a number

57:03
of advisers providing hourly advice for

57:05
a long time and then they went through

57:07
this level of training and they said it

57:10
is

57:11
mindblowing what you can accomplish in

57:14
90 minutes if you have to well and also

57:17
twoo when people know that they're not

57:18
going to get sold a product they're

57:20
going to get listened to and they're

57:21
going to get good advice yeah when I

57:24
when I got into the business I started

57:26
with IDs which is now aeric prise and

57:30
where a lot of us started and people

57:33
wouldn't even tell me that they had a CD

57:35
coming du next year sure whereas I went

57:39
F only and people came in and they just

57:42
dumped all their original statements on

57:46
our desks and said I'll see you later

57:48
and it's like hold it now that's an

57:50
extreme the other direction I remember

57:53
that they used to tell us when we were

57:54
first starting out I was with Dean wood

57:55
like don't believe that they're telling

57:57
you everything that they have and they

57:59
kept saying that every place I went

58:01
they'd say that I'm like in in this

58:03
situation they do um my apologies for

58:05
interrupting you earlier but I'm dying

58:07
to hear this because um with every one

58:09
of my guests I I have something at the

58:12
end that I don't tell them about that

58:14
they're Yep this is like this is a this

58:17
is one of those things that you had to

58:19
be prepared for you almost have already

58:21
done it and what I call it's the mic

58:23
drop moment and you get 30 seconds when

58:26
I say go to give really Sage advice in

58:29
30 seconds like a elevator speech but

58:31
you gave you I think you've already done

58:33
it you said Financial Independence

58:35
doesn't doesn't revolve around your

58:37
money and I I was like well there you

58:39
know that's actually a mic drop moment

58:41
but because you know you're who you are

58:45
Cheryl Garrett Pioneers take all the

58:47
arrows Visionary in the financial

58:49
planning world all right here comes the

58:52
mic drop moment go

58:56
[Music]

58:59
H the future is going to be dictated by

59:03
the

59:05
receivers as it should have

59:07
been those of us who get stuff need

59:11
stuff are we're going to speak up and

59:14
ask for it how we want it we want clear

59:19
transparent and immediate if

59:22
possible and sometimes immediates

59:24
unreasonable

59:26
but there's no reason we can't have

59:28
clear and the transparent is you know we

59:31
don't want to be screwed or taken

59:33
advantage of or you know treated as

59:36
anything other than intelligent beings

59:39
and being able to be where the humans

59:42
are is you know what we've striven for

59:45
with strove for with you know charging

59:48
for our time and now being able to do

59:51
like a realtime planning engagement

59:53
doing virtual planning we can see people

59:55
where they're

59:57
at at the time you know where they're at

1:00:00
in their heart and their head but also

1:00:02
physically and geographically so we

1:00:05
don't have to be there but then be able

1:00:07
to charge them just for that you know

1:00:09
exchange if you will um and so you know

1:00:13
it it sounds like we've gone back to

1:00:16
trans

1:00:17
transactional um a better word in my

1:00:20
viewpoint might be

1:00:22
periodic um that you know kind of like

1:00:25
you go to the and you pay for services

1:00:27
when you go um but you don't stop going

1:00:31
if you stop going that would be a bad

1:00:32
thing um so you know the bottom line

1:00:37
is consumers should be driving um

1:00:40
Industries and I feel that this is where

1:00:45
at least for one aspect of the delivery

1:00:48
advice it's by time um and we're right

1:00:52
in The Sweet Spot of it so I absolutely

1:00:55
believe that's the fure I've been I've

1:00:57
been early but it is I haven't CH my

1:01:00
mindly but you've been right and the

1:01:01
person that's early and right her name

1:01:03
is Cheryl Garrett and we really

1:01:05
appreciate you being on fun with the

1:01:08
nties Hope you join us next time and I

1:01:10
want to thank everybody in all the major

1:01:11
podcast platforms and the fun with

1:01:13
anties YouTube channel for joining us

1:01:15
I'll see you next time

1:01:21
[Music]