Cody Garrett’s ‘advice-only’ approach to financial planning

Welcome to the 255th episode of the Financial Advisor Success Podcast!

My guest on today’s podcast is Cody Garrett. Cody is the founder of Measure Twice Financial, an independent RIA based in Houston, TX, which has managed to quickly achieve nearly $150,000/year in annualized financial planning fees in just over 6 months since its launch.

What is unique about Cody, however, is his “advice only” approach to financial planning, where clients have no obligation, expectations or even option to have their investment managed by Cody’s company…which has allowed him to quickly attract a waiting list of clients who may be do-it-yourselfers when it comes to implementation, but aren’t apprentices and are happy to pay Cody for more personalized education.

In this episode, we go into detail about how Cody first came to the advice-only model after talking to a frustrated prospect who had interviewed 10 paid advisors looking for someone who would simply charge him for financial advice and couldn’t find anybody who would make the plan without expecting to also manage his money, how Cody has managed to find a niche with a certain segment of do-it-yourself consumers who are quite ready and willing to pay financial planning fees for advice and education, and how Cody was able to quickly generate a steady pipeline of new clients by immersing himself in Facebook Do-It-Yourself FIRE communities of extremely early retirees.

We also talk about what Cody actually has Is in his financial planning process for DIY clients, the 3 month 3 meeting process for which he charges a planning fee of $6,400, why Cody avoids using traditional financial planning software to earn his planning, and the 25 plus ‘un-pagers that Cody provides to clients as educational financial planning deliverables.

And be sure to listen to the ending, where Cody shares how building a guidance-only model allowed him to build the ideal practice for his own lifestyle, how he quickly systematized his process to the point that ‘he doesn’t need to work more than 10 hours a week to generate nearly $150,000/year in financial planning fees, how his lean approach to building his practice with high-value clients means he’s in able to take home more than 90% of his gross income after all business expenses, and what he is looking to do with it rest of his time giving back to the advisor and consumer communities he is involved with now that he has been able to achieve his lifestyle goals.

So whether you want to know how Cody provides advisory services only to do-it-yourself investors, how he gets referrals by “giving his all”, or why he charges all his clients the same amount, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Cody Garrett.

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