The symphony of financial planning

For Cody Garrett, the realms of wealth management and music are intrinsically similar. With an education in piano performance and arranging from Berklee College of Music, and a successful past career as a pop musician, Garrett’s seen a lot of skills that are transferable from recording studios to financial boardrooms.

Before his current career, Garrett wrote music – some of which was recorded at Abbey Road in London, where The Beatles cut some of their most famous songs.

“I think of the financial plan like a full orchestra of musicians – but the players are each part of your financial ecosystem,” he says. “Instead of the brass, woodwinds, strings, and percussion, you have insurance, investments, taxes, and estate planning. They each have a unique role to play, but they should all be following the same conductor – you. As a financial planner and educator, my role is to be the arranger – but not to conduct their orchestra.”

Garrett also highlights the importance of staying in tune when it comes to financial planning. Much like when you’re planning a financial strategy, it’s important to listen to the cues around you.

“I’m not just playing anything I want,” he says. “I know all my scales, I know all the different chords, much like how people need to know all the contribution limits. I know the difference between good debt and bad debt – but I don’t play everything I can as quickly as possible. I have to play while listening to the players around me – moving my hands and feet while also understanding the environment of where we’re playing.”

While it’s important to follow the music, there’s also an improvisational aspect to financial strategy. You need to be able to adapt to challenges, to pivot in certain unseen situations, and to ultimately evolve as the market does. All of which Garrett also honed during his musical past.

“My career background as a professional pop musician has made the improvisational aspect of financial planning easier for me – understanding that plan is both a noun and a verb,” he says. “The only thing we know is accurate about the plan is that it’s going to be wrong. I love the adaptive part, and certainly helping people keep their finances in tune.”

At Measure Twice Financial, Garrett deals primarily with DIY investors – people ages 35 to 60 who’re looking to build their own wealth. While he likes to help and advise his clients, Garrett also places a strong emphasis on self-education about investments. And that begins with throwing out the archaic notions of a “one-size-fits-all” approach to investing.

“Personal finance media is often filled with one-size-fits-all frameworks and rules of thumb that take the personal out of personal finance,” he says. “DIY investors are taught to save 10 percent to 15 percent of their income in retirement accounts, as if retirement savings should be based on how much you earn, not how much you spend. They’re told to subtract their age from 100 to determine their asset allocation between stocks and bonds, without regard for the size of their portfolio versus their distribution rate. They’re told to build a three-to-six-month emergency fund without considering their unique risk profile. They’re either told to pay off the mortgage early or only pay minimally based on interest rates but ignoring investor behavior.”

This notion of bland plans that can apply to everyone is the antithesis of Garrett’s philosophy, as well as his slogan, “Keep finance personal.” Instead, he advocates for developing your own knowledge about investing by asking the right questions and always looking for new opportunities.

“The ‘Keep Finance Personal’ slogan came from a mix of ‘personal finance’ and Austin, Texas’ motto of ‘Keep Austin Weird,’” Garrett says. “Austin has become a really innovative place now – it’s not run by big businesses but rather by family shops. And I think that ties into keeping finance personal. As we create educational content, let’s not miss out on the personal side of money. We have the quantitative side, but we also have our qualitative values.”

To achieve this, Garrett asks people to question their own motives in investing. What do you really care about? How do you want your money to align with your life, not just align your life with your money?

“Rather than telling people what to do, I provide comprehensive financial education to help them make their own well-informed decisions – based on their financial situation, unique values, and desired outcomes. I’m trying to be a guide but not the hero of their story.”

This commitment to teaching has followed Garrett throughout his financial career. His work includes teaching individuals how to review real financial documents while discovering unique planning opportunities.

His new video course at MeasureTwiceMoney.com includes a step-by-step review of 20 actual financial documents: mortgage, auto loan, and credit card statements; pay statements; employee benefits guidebook; estate documents; various investment account statements; disability/homeowners, auto, and umbrella liability policies; Social Security statements; and a federal income tax return. All of which means less stress and more financial literacy for his clients.

Garrett says maintaining a sense of self when dealing with clients is absolutely essential.

“Determine who you want to help and how you want to serve them,” he says. “Once you know in great detail whom and how you’re passionate to serve, the direction of your career path will become clear.

“For example, as a financial planner, I want to serve families who want to become work-optional as DIY investors within five years. And they prefer transparent financial planning services without investment management. That ideal client avatar naturally shapes my service, process, and fee structure – to provide comprehensive, education-focused financial advice for a flat fee without control over client investments,” Garrett says. “Most people want to serve the past, present, or future version of themselves.”

Related Topics: Financial Education, Financial Planning