Garrett Encourages Reporting of Unprofessional Behavior of Advisers

Garrett Encourages Reporting of Unprofessional Behavior of Advisers

Garrett Planning Network

Dear Readers,

With 2,031 hits spanning 1.5 years, my article, “Did Garrett Planning Network Pass the Smell Test?“, has been my most popular blog post. I asked Sheryl Garrett to share what she and her staff did as a result of my report to them about one of their adviser’s unethical behavior. In short, a reader told me he was brushed off by an adviser he found on the Garrett website. He wanted the adviser to look at his portfolio to make sure he was on track and happily pay her by the hour. This “adviser” told him that “a lot of financial planners don’t like to take hourly work.” After a brief discussion, she sent him on his way. Wow! Her statement about what other financial planners do is totally against the Garrett Planning Network’s mission. Of course, a Garrett spokes person said that my reader could have just paid the adviser by the hour!

Sheryl gave me permission to publish her message to my inquiry.

Dear Steve,

Thanks for checking back with us regarding your concern.  Yes, one of our staff did speak with the advisor and with me, at that time.

Although I can’t comment on specific complaints regarding individual members with anyone other than the parties involved, I thought it would be fitting to briefly describe the process we follow if we receive a complaint about a member.

First, we try to fully understand the situation. Then, the member is notified and their response is required.  The member’s record is also checked to see if any prior allegations exist.  At an absolute minimum, our staff ensures the member understands what is and is not acceptable relating to the subject matter of the complaint, regardless of our ability to establish fault.  Lastly, we document and retain all of this. Depending on the circumstance, the advisor or someone from HQ will follow up with the initiating party to make sure satisfaction has been achieved, and the initiating party is encouraged to keep us informed as well.  We have had to terminate a few people over the years. Our membership contract spells out those terms.

Please let me know if you ever have any additional feedback, comments or concerns.  Thank you for all you do and your continued support for competent, objective advice for all!

Sheryl

Note: Sheryl Garret is the Founder of Garrett Planning Network. I still love Sheryl’s professional mission to provide ethical, moral and fiduciary investment management advice for all clients whether they want to pay by the hour, Assets Under Management (AUM) or pay a combination of both. Commissioned products are never sold. And all fees are upfront and transparent, and negotiable.

Find out more about her services: http://www.garrettplanningnetwork.com/.

  1. Listen to Dan Otter and Scott Dauenhauer’s podcast interview of Sheryl: http://teachandretirerich.com/podcasts/. Scroll down to Episode #15: Sheryl Garrett, CFP, owner of the Garrett Planning Network (released 12/3/15).
  2. Here is a television interview of Sheryl and another planner: https://www.youtube.com/watch?v=YCBnmAr1RTA

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  1. Did Garrett Planning Network Pass the Smell Test? | Late Bloomer Wealth - […] Steve’s Note: I asked Sheryl Garrett for a follow-up report on this adviser. Sheryl wrote this message: Click here.…

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