Sheryl Garrett, an early advocate of fee-only financial planning, is leaving her position as CEO and chief compliance officer of Garrett Investment Advisors, the RIA she co-founded.
She said during an interview Friday that she will continue her role at the Garrett Planning Network, which she created 19 years ago. The two entities are separate.
Garrett is leaving the Eureka Springs, Ark., based financial advisory firm in order to spend more time with her family and to devote more time to the Garrett Planning Network, she said.
Justin Nichols, president and co-founder of the RIA who will continue to head Garrett Investment Advisors, is moving the firm to Manhattan, Kan. The firm includes 30 advisors throughout the United States.
Garrett has become well known in the financial industry for advocating for an hourly fee for advisory services in order to make advice accessible to more people. The firms that are members of the network, an educational, training and business support organization, provide an option for an hourly fee and pledge that 51 percent of their clients will be served with no minimums, Garrett said.
Garrett Planning Network has about 250 member firms and is now growing, following a decrease in firms when membership fees were reconfigured four years ago.
Garrett left the RIA as of Jan. 7.