Pat Rudolph, Ph.D., CFP®

Pat Rudolph, Ph.D., CFP®

“The hourly planning model works and focuses on providing advice to regular people.”

Pat Rudolph, Ph.D., CFP® knows the world of personal finance inside and out. As a CERTIFIED FINANCIAL PLANNER™ professional, she has proven her knowledge and ability to work with individuals. As a professor of finance for almost thirty years, she has mastered the ability to teach others and communicate both simple and complex concepts as they relate to financial matters. She is now the founder of Rudolph Financial Planning, a Fee-Only financial planning firm located in Columbia, Maryland.

We recently interviewed Pat regarding her experiences as a Fee-Only financial planner and Garrett member since February 2006.

Why did you decide to offer planning services on an hourly, as-needed basis?
After teaching personal finance for a number of years, I know how little most people understand the financial choices they have to make.  I wanted to help people without the conflict of selling a product so I wanted to be Fee-Only.  The hourly planning model works and focuses on providing advice to regular people.  In addition, it gives me a great deal of flexibility in scheduling my time.

Why did you decide to join the Network?
While I was certain that I wanted to be a financial planner, I wasn’t sure how to go about it.  The Network provides a model and advice on implementing that model.  Running a financial planning firm is a lot different from teaching personal finance.  The Network provided a roadmap.

What are the top 3 reasons that you remain a member of the Garrett Planning Network today?

1. The advice and support provided through the Garrett Knowledge Bank.

2. The information and guidance provided through regularly scheduled webinars.

3. The collegiality and fun provided through the annual Garrett Retreat.

Looking back, what is one thing you wish you’d have done sooner in your business building activities?

I would have worked from a business plan from the beginning.  The sooner you can put together a business plan that reflects your own version of the Garrett Planning Network model, the better off you will be.  There are a lot of decisions to make as you set up your business and your business plan will help you to make decisions that move you closer to your goals.

Do you have staff or outsource anything?

I have a long distance assistant.  (I don’t like the term virtual assistant – she is a real person.)  She sends out annual reminders, birthday cards and holiday cards.  I also have an email archiving service.

What are your current business challenges and how are you overcoming them?

My biggest business challenges are managing the growth of my firm and planning my exit strategy.  This is my retirement job and my goal is to keep it as a less than full-time commitment.  Over time, I would like to reduce my time commitment even more and, eventually, to retire completely.  This year has been my best year.  With the business growing, I need to work on alliances that will allow me to share the workload now and in the future.

What session are you most looking forward to at the upcoming Garrett Retreat?

To be honest, it’s not a session that I am most looking forward to, but it’s the “hallway” time.  The Garrett Retreat is a time to exchange ideas and find out what other Garrett members are doing.  All the members I have met are very generous in sharing their experiences.

Pat is an active member of her church where she serves as the Chair of the Parish Finance Committee.  She enjoys her horse, Bobby Too, and her cats, Stan Not the Man (she’s a girl) and Oliver Stubs (he lost part of his tail).  Pat’s favorite exercise is walking.