Garrett Planning Network experiences

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
averagedude
Posts: 178
Joined: Sun May 13, 2018 3:41 pm

Garrett Planning Network experiences

Post by averagedude » Sun Jun 24, 2018 8:01 pm

I have heard alot of good things about the Garrett Planning Network. Has anyone used their services and would be kind enough to share there experiences dealing with them.

HJG0989
Posts: 155
Joined: Sat Oct 13, 2007 2:18 pm

Re: Garrett Planning Network experiences

Post by HJG0989 » Sun Jun 24, 2018 8:22 pm

I went to a Garrett FP so my spouse could hear an opinion other than my own as to whether we could retire or not. The FP was an attorney who had passed the bar exam and had recently passed the CFP on the first attempt.

The plan we received was so full of errors that we were given a full refund. Even if the plan had been accurate I don't think it would have been actionable to my non financially savvy spouse.

I am working toward the three fund portfolio so if something happens to me our finances will be as simplified as possible. My spouse will be doing the selling of individual stocks and the buying of index funds to get comfortable with the process.

bsteiner
Posts: 3479
Joined: Sat Oct 20, 2012 9:39 pm
Location: NYC/NJ/FL

Re: Garrett Planning Network experiences

Post by bsteiner » Sun Jun 24, 2018 8:53 pm

I know Sheryl. I think she has a good concept.

The couple of hundred people in her program are all different, so some may be better than others. However, since they work on a time basis, they shouldn't have any conflicting interests, and the cost of working with them should be modest.

User avatar
Alexa9
Posts: 1562
Joined: Tue Aug 30, 2016 9:41 am

Re: Garrett Planning Network experiences

Post by Alexa9 » Sun Jun 24, 2018 9:03 pm

I met one. He was trying to join as many networks as possible. He said that he respected Garrett the most.

carolinaman
Posts: 3245
Joined: Wed Dec 28, 2011 9:56 am
Location: North Carolina

Re: Garrett Planning Network experiences

Post by carolinaman » Mon Jun 25, 2018 8:03 am

Garrett is often recommended as a reputable fee only financial planning source. I have checked their website and there is only one in the entire Charlotte metro area of 3M people and only a handful in the entire state of NC. Depending upon where you live, it may be difficult to find one in your locale.

annielouise
Posts: 329
Joined: Wed May 14, 2008 4:11 pm

Re: Garrett Planning Network experiences

Post by annielouise » Mon Jun 25, 2018 8:11 am

Wanting a full financial work-up with pretty graphs and charts (and having the money to pay for it) helps. I wanted to just buy time to ask specific questions, and that was a no-go with every Garrett planner in my area.

moehoward
Posts: 169
Joined: Mon Mar 05, 2018 10:16 am

Re: Garrett Planning Network experiences

Post by moehoward » Mon Jun 25, 2018 8:30 am

I googled them and their fees: https://www.garrettplanningnetwork.com/ ... and-prices
Try to make sense of their schedule. I live in the Charlotte area and these guys are similar to FPL. Run Forest Run

SRenaeP
Posts: 750
Joined: Tue Jan 19, 2010 9:05 pm

Re: Garrett Planning Network experiences

Post by SRenaeP » Mon Jun 25, 2018 8:36 am

HJG0989 wrote:
Sun Jun 24, 2018 8:22 pm
I went to a Garrett FP so my spouse could hear an opinion other than my own as to whether we could retire or not. The FP was an attorney who had passed the bar exam and had recently passed the CFP on the first attempt.

The plan we received was so full of errors that we were given a full refund. Even if the plan had been accurate I don't think it would have been actionable to my non financially savvy spouse.

I am working toward the three fund portfolio so if something happens to me our finances will be as simplified as possible. My spouse will be doing the selling of individual stocks and the buying of index funds to get comfortable with the process.
:shock:

What were some of the errors in the plan? Every time I think I may want a one-time session with a CFP for a sanity check, I hear stories like this that make me think I shouldn't bother.

Northster
Posts: 127
Joined: Wed Oct 28, 2009 3:30 pm

Re: Garrett Planning Network experiences

Post by Northster » Mon Jun 25, 2018 8:37 am

I had good overall experiences with two here in the Twin Cities. Some try to get your money under management because that's about the only way to survive. The one who was pure fee for service had to leave to work for a major financial firm. I think there are so few because it's a very tough business.

livesoft
Posts: 62693
Joined: Thu Mar 01, 2007 8:00 pm

Re: Garrett Planning Network experiences

Post by livesoft » Mon Jun 25, 2018 8:54 am

It would be interesting to find out if Garrett PN does a follow-up survey of every single client that uses a GPN advisor. I doubt they would ever publish the results though.
Wiki This signature message sponsored by sscritic: Learn to fish.

MikeG62
Posts: 1096
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: Garrett Planning Network experiences

Post by MikeG62 » Mon Jun 25, 2018 8:56 am

OP, you may want to consider contacting Harry Sit to find a reputable advisor. See my comment here:

viewtopic.php?f=1&t=247537&p=3890071&hi ... r#p3890071
Real Knowledge Comes Only From Experience

User avatar
neurosphere
Posts: 2952
Joined: Sun Jan 17, 2010 1:55 pm

Re: Garrett Planning Network experiences

Post by neurosphere » Mon Jun 25, 2018 9:21 am

moehoward wrote:
Mon Jun 25, 2018 8:30 am
I googled them and their fees: https://www.garrettplanningnetwork.com/ ... and-prices
Try to make sense of their schedule. I live in the Charlotte area and these guys are similar to FPL. Run Forest Run
Just in case it's not clear, those fees are the fees an advisor pays to the Garrett network to be included in their search/listing. These are not the fees a client would pay for financial advice.
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes".

TLB
Posts: 36
Joined: Wed Nov 30, 2016 5:04 pm

Re: Garrett Planning Network experiences

Post by TLB » Mon Jun 25, 2018 10:47 am

I met with a Financial Advisor last week from the Garrett Network. This was an introduction meeting that was supposed to last an hour. I went over my five year pre-retirement plan that I started 3 years ago with most of them being accomplish and still working on a few. We both had the same philosophy about low cost index funds with low fees.

My plan is I receive enough rental income I will not (hopefully) touch my retirement funds or SS. As a backup plan I want to have 30 years of expenses in fix income (T-bills, Muni MM, Muni funds, Treasuring MM) and then after the 30 year was set, work on the remaining funds in a 50/50 or whatever AA that works for my kids and grandchildren.

The Advisor didn’t like my plan and thought I should not over think it and just go to a 60/40 AA. We spent 2 hours going back and forth on his ideas and mine. At the end he said it would be a waste of my money for him to draft a plan that would not work for me.
I think in general I would recommend him to others for his knowledge and basic BH investing. He didn’t charge me for the extra hour or try to sell me on something I wasn’t looking for.

hale2
Posts: 168
Joined: Sat Feb 15, 2014 5:54 pm

Re: Garrett Planning Network experiences

Post by hale2 » Mon Jun 25, 2018 10:12 pm

Garrett has many good advisors. However, the organization will let anyone who is qualified (ie. CFP or about to become one) and who will agree to their hourly model requirement, join. There is no quality control.

tioscrooge
Posts: 35
Joined: Wed May 25, 2016 10:01 pm
Location: Pacific NW

Re: Garrett Planning Network experiences

Post by tioscrooge » Tue Jun 26, 2018 4:16 pm

I had good experience with Garrett Network in WA/OR state. Hourly fee model is difficult to sustain.

My first financial planner gave me investment recommendations that were mostly Vanguard. The first time I went to him, he told me to save for downpayment for house, and then when I was done buying in a few years, to come back to him. He moved out of state at some point.

The second financial planner I met through Garrett network was a great communicator and educator. I learned a lot from him. After a few years, he could not sustain the business with hourly fee only model and moved to AUM model.

The third Garrett network planner I met was not taking any new clients, but talked to me in general and gave me some guidance. A few years later, I sent him some of my friends who were looking for advisor. [I have been doing my own planning for several years - thanks to education from second planner above, and bogleheads]

The fourth Garrett planner, I recommended to a small professional organization that had some money to invest. It was mostly Vanguard and worked well for the organization - since they had annual change in treasurers etc.

In general, I have had good experiences with Garrett network - they have fiduciary duty and they don't sell things. Sorry to hear that other posters didn't have good exeriences.
Whether you think you can or you can not, you will be correct.

Post Reply