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Financial Guidance Starts With Understanding

We’ve compiled answers to common questions to help you make informed financial decisions with confidence.

Find an Advisor FAQS
For Advisors FAQS
FAQS

For those Seeking an Advisor:

Done right, financial planning is a process that helps you figure out where you are financially today, where you want to be in the future, and then helps you determine the best way to get there. With Garrett advisors the process involves an initial in-depth review of a client’s current financial situation and then the creation of a blueprint on how to achieve future goals and objectives.
No. Garrett advisors have no income or investment account minimums for hourly engagements.
Garrett Network advisors don’t sell products, only their time and expertise. They do offer specific recommendations and opinions on various products and services that may be appropriate for a client’s situation, and in turn can advise a client where to obtain those products or services. If appropriate and at the client’s request, a Garrett member also can help with plan implementation.
Yes. Any of our advisors will be happy to visit with you about your situation. Garrett Planning Network advisors have no minimum income levels or net worth requirements. We realize that everyone has financial questions. Remember, you don’t have to have a fortune to start building one. Click Find an Advisor and start building today.
Yes. Garrett advisors offer many services for those people who need more sophisticated financial planning or advice. If a goal is to simplify your financial affairs, one of our ongoing client programs may be right for you. Or, if you’re interested in a professional review or a second opinion, we can provide that too
Garrett advisors tailor investment recommendations to each client’s goals, risk tolerance, time horizon, and overall financial situation. As fiduciaries, they are committed to providing objective advice and helping clients make informed decisions that support their long-term financial goals.

The total cost of a financial planning engagement with a Garrett Planning Network member is calculated from multiple elements on which the advisor spends their time. These are typical across the industry and are essential to putting together a successful financial engagement while upholding a fiduciary standard.

These factors include:

  • Actual time involved in meeting with a client in person or virtually
  • Researching and analyzing that client’s current situation
  • Providing specific recommendations and implementation assistance (if appropriate).

Hourly rates vary by Garrett member. However, members will provide prospective clients with quotes of their estimated fees based on the scope of a project at the end of an initial no-obligation Get Acquainted session. Please contact individual advisors for more information.

No, only that engagement will cease. It’s up to you to contact your advisor as the need arises. However, GPN likes to think of financial advisors as ongoing providers. Just as someone thinks of a dentist as an ongoing provider and has regular dental checkups to maintain good dental health, good fiscal health requires periodic reviews of your personal finances by a qualified financial advisor. Because financial planning is a process, not an event, Garrett Planning Network advisors offer ongoing services, periodic reviews, and day-to-day consultation as requested and/or needed if you so desire.

We have created a financial advisor interview questionnaire to assist you with evaluating individual advisors.

Education is key in increasing employee participation and appreciation. Garrett advisors can tailor a program for a company’s employees to help them understand the benefits of various programs.
Absolutely not! We offer recommendations to meet your needs and objectives, but you are under no obligation to purchase anything. We also recognize the importance of shopping around for the best available product or service. If you need life or disability insurance, for example, a Garrett advisor will suggest the type of policy, various riders or additions, and the amounts that best fit your situation. We can then direct you to one or several different providers with quality products at competitive prices. The extent of your advisor’s involvement in helping with your purchase of a product or investment also is up to you. If you would like, an advisor can help you purchase investments and/or set up your accounts with a third-party custodian like a discount broker. Since Garrett members are not compensated by commissions on products, you can be assured that their recommendations are based on what they truly believe is in your best interests. Garrett Network members take their fiduciary role seriously.
FAQS

For Advisors:

Starting and Growing Your Practice

The Garrett Planning Network provides resources, guidance, and support to help advisors launch their practices efficiently. Depending on your prior financial planning experience and the time required to complete state registration requirements, many advisors are able to begin serving clients within a few months of joining.
The timeline varies based on your experience, business goals, marketing efforts, and use of the resources available through the Network. Like most new businesses, the first few years require significant effort and persistence. Many members report reaching or approaching their desired capacity within four to five years.
Startup costs vary depending on your business model, technology choices, office setup, and state registration requirements. Historically, many members have launched their practices with startup costs ranging from approximately $5,000 to $15,000. Garrett Planning Network provides guidance and resources to help members make informed decisions during the startup process.
One of the greatest benefits of Garrett Planning Network membership is access to an experienced and supportive community. Members regularly share knowledge, discuss complex cases, and provide guidance through our online forums, discussion groups, and member meetings. If a client’s needs fall outside your expertise, you should always communicate that to the client and seek appropriate support or referral when necessary.
Implementation depends on the preferences of both the advisor and the client. Some clients choose to implement recommendations on their own, while others prefer assistance. Advisors may provide implementation support and charge for their time accordingly, consistent with their service model and client agreement.
Yes. Many Garrett members have started their practices on a part-time basis while transitioning careers, managing family responsibilities, or pursuing other professional opportunities. The flexibility of the hourly and project-based model allows advisors to grow their practices at a pace that works for them.

Certification, Registration, and Licensing

Members are not required to hold the CFP® certification at the time they join. However, members must obtain an approved professional designation within five years of their effective membership date.

Members must hold or obtain one of the following approved credentials within five years of joining Garrett Planning Network:

  • CERTIFIED FINANCIAL PLANNER™ (CFP®) certification, granted by the CFP Board
  • Personal Financial Specialist (PFS) credential, granted by the American Institute of CPAs (AICPA)
Members must maintain their credential in good standing throughout their membership.

Because Garrett members operate under a fee-only model and do not receive commissions, licenses used primarily for the sale of commission-based products are generally unnecessary. Depending on your business structure, services offered, and state requirements, you may need to obtain the Series 65 registration or satisfy an applicable exemption.

Garrett Planning Network does not impose geographic restrictions on members. Advisors are responsible for complying with applicable state registration requirements. Many advisors initially register in their home state and may work with clients in other states under applicable de minimis exemptions. Because requirements vary by state, advisors should consult current regulations and compliance resources.

Learning More About Membership

We encourage prospective members to explore our website, review our membership benefits and requirements and connect with us directly via our contact form or by submitting an Advisor Application. We are happy to answer questions about membership, the hourly and project-based planning model, and whether Garrett Planning Network is the right fit for your practice.

All Garrett Planning Network members agree to our Terms of Membership. We encourage prospective members to review the current Terms of Membership to better understand our standards, expectations, and commitment to fee-only, fiduciary financial planning.