The History of Labor Day

Contributed by: Kelsey Arvai, CFP®, MBA

We celebrate Labor Day to recognize the contribution and achievements of American workers. It unofficially marks the end of summer and is traditionally observed on the first Monday in September.

The history of Labor Day is somewhat grim. At the height of the Industrial Revolution, in the late 1800s, the average American worked 12-hour days and seven days a week to scrape together a decent living. To emphasize the dire working and living conditions, children as young as five or six worked in mills, factories, and mines across the country.

Most workers faced unsafe working conditions with insufficient access to fresh air, sanitary facilities, and break time. Because of this, labor unions first appeared in the late 18th century. Workers began organizing strikes and rallies to protest poor conditions and compel employers to renegotiate hours and pay. On September 5, 1882, 10,000 workers took unpaid time off to march from City Hall to Union Square in New York City, holding the first Labor Day parade in US history.

The “workingmen’s holiday” caught on in other industrial cities, and many states passed legislation recognizing it. Congress legalized the holiday 12 years after workers in Chicago went on strike to protest wage cuts and the firing of union representatives.

We can thank our labor leaders for the fact that we get to enjoy weekends off, a 40-hour work week, sick days, and paid time off. Thousands of Americans have marched, protested, and participated in strikes to create fairer, more equitable labor laws and workplaces – and still do today. So kick back, relax, and enjoy your long weekend!

Kelsey Arvai, CFP®, MBA is an Associate Financial Planner at Center for Financial Planning, Inc.® She facilitates back office functions for clients.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Kelsey Arvai, MBA, CFP® and not necessarily those of Raymond James.

The Center to Observe Upcoming Juneteenth Holiday

Contributed by: Kelsey Arvai, CFP®, MBA

Contributed by: Michael Brocavich, CFP®, MBA

This year, Juneteenth will be observed on Monday, June 19th. The Center, Raymond James, and public trading markets, including NYSE, NASDAQ, Chicago Stock Exchange and bond, unit investment trust, options and mutual fund markets will all be closed in observance.

Juneteenth (which stands for “June nineteenth”) commemorates the day in 1865 that federal troops arrived in Galveston, Texas – months after the end of the civil war— to take control of the state and ensure that all enslaved people be freed. This came over two years after the signing of the Emancipation Proclamation. Although emancipation did not happen overnight for all the enslaved people in Texas, celebrations broke out among the newly freed, and Juneteenth was born. Slavery was formally abolished with the adoption of the 13th Amendment in December 1865.

Juneteenth signifies a historic day for Black Americans and is an important day for all Americans to observe as a part of our collective history. A landmark for social equity, we honor this day to commemorate Black freedom; reflect on how far we’ve come since; and acknowledge that work still needs to be done in the pursuit of social equity.

Kelsey Arvai, CFP®, MBA is an Associate Financial Planner at Center for Financial Planning, Inc.® She facilitates back office functions for clients.

Michael Brocavich, CFP®, MBA is a CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® He has an extensive background in both personal and corporate finance.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc.

The History of Labor Day

Contributed by: Kelsey Arvai, MBA

We celebrate Labor Day to recognize the contribution and achievements of American workers. It unofficially marks the end of summer and is traditionally observed on the first Monday in September.

The history of Labor Day is somewhat grim. At the height of the Industrial Revolution, in the late 1800s, the average American worked 12-hour days and seven days a week to scrape together a decent living. To emphasize the dire working and living conditions, children as young as five or six worked in mills, factories, and mines across the country.

Most workers faced unsafe working conditions with insufficient access to fresh air, sanitary facilities, and break time. Because of this, labor unions first appeared in the late 18th century. Workers began organizing strikes and rallies to protest poor conditions and compel employers to renegotiate hours and pay. On September 5, 1882, 10,000 workers took unpaid time off to march from City Hall to Union Square in New York City, holding the first Labor Day parade in US history.

The “workingmen’s holiday” caught on in other industrial cities, and many states passed legislation recognizing it. Congress legalized the holiday 12 years after workers in Chicago went on strike to protest wage cuts and the firing of union representatives.

We can thank our labor leaders for the fact that we get to enjoy weekends off, a 40-hour work week, sick days, and paid time off. Thousands of Americans have marched, protested, and participated in strikes to create fairer, more equitable labor laws and workplaces – and still do today. So kick back, relax, and enjoy your long weekend!

Kelsey Arvai, MBA is an Associate Financial Planner at Center for Financial Planning, Inc.® She facilitates back office functions for clients.

The Center to Observe Upcoming Juneteenth Holiday

Contributed by: Lauren Adams, CFA®, CFP®

Contributed by: Shatara King

The Center is proud to announce that it will be observing Juneteenth as a new holiday going forward.

What is this new holiday? In 2021, Congress overwhelmingly voted to make Juneteenth – the holiday commemorating the abolition of slavery – the 12th federal holiday. This makes Juneteenth the first new federal holiday since Martin Luther King Jr. Day was signed into law in 1983.

Juneteenth (which stands for “June nineteenth”) commemorates the day in 1865 that federal troops arrived in Galveston, Texas – months after the end of the civil war— to take control of the state and ensure that all enslaved people be freed. This came over two years after the signing of the Emancipation Proclamation. Although emancipation didn’t happen overnight for all the enslaved people in Texas, celebrations broke out among the newly freed, and Juneteenth was born. Slavery was formally abolished with the adoption of the 13th Amendment in December 1865.

This year, Juneteenth will be observed on Monday, June twentieth. The Center, Raymond James, and public trading markets, including the NYSE, NASDAQ, and bond markets, will all be closed in observance of this new holiday.

Lauren Adams, CFA®, CFP®, is a Partner, CERTIFIED FINANCIAL PLANNER™ professional, and Director of Operations at Center for Financial Planning, Inc.® She works with clients and their families to achieve their financial planning goals.

Shatara King is a Client Service Associate at Center for Financial Planning, Inc.® She has a Bachelor of Science in Human Resource Development from Oakland University and also serves as the Chair of The Center’s Diversity & Inclusion Committee.

The Center to Celebrate 2022 PRIDE Month

Contributed by: Shatara King

The Center is excited to celebrate the upcoming 2022 PRIDE month! 

Before diving into the festivities that are sure to come (virtually or otherwise), let’s briefly revisit the rebellion that birthed this annual celebration. For those who may be unaware, PRIDE Month is celebrated every June to commemorate the 1969 Stonewall Uprising in Manhattan. 

The Stonewall Uprising consisted of a series of demonstrations in response to a police raid in the early morning hours of June 28, 1969, at the Stonewall Inn in the Greenwich Village neighborhood, NYC. Patrons of the Stonewall, other Village LGBTQIA bars, and fellow neighborhood residents fought back when the police became violent.

One of the most iconic people at the center of this movement was Marsha P. Johnson (August 24, 1945-July 6, 1992). Marsha stood at the Center of New York City’s gay liberation movement for nearly 25 years. She was on the front lines of protests against oppressive policing. She also helped found one of the country’s first safe spaces for transgender and homeless youth. And it’s worth noting that these weren’t her only accomplishments. Her contribution to the community was vast and touches the lives of many to this day. For good reason, Ms. Johnson’s memory will forever live on, not just in our hearts, but in the hearts of every LGBTQIA person and ally. 

Marsha P. Johnson

www.biography.com/activist/marsha-p-johnson

For those who already do celebrate (and those who may be considering it), it’s worth taking a moment to consider how much your support means and how necessary it is to this day. 

It’s important to note that we still live in a time where the very existence of the LGBTQIA community is under constant threat.

Here at The Center, our Diversity & Inclusion Committee works to achieve an ongoing celebration of diversity within the firm. We recognize that these celebrations must go on. However, we also acknowledge the work that still needs to be done to finish the completion of a society that fully accepts and honors the challenging history of the LGBTQIA community and allies, those who have served as the trailblazers prior to this point, and the many that have yet to come. 

The LGBTQIA community will forever be woven into the fabric of our history, and because of this, they are more than deserving of our respect, true acceptance, and support. 

Shatara King is a Client Service Associate at Center for Financial Planning, Inc.® She has a Bachelor of Science in Human Resource Development from Oakland University and also serves as the Chair of The Center’s Diversity & Inclusion Committee.

Battle of the Brackets…Portfolio Management Edition: A Center Spin-Off Competition

Contributed by: Nicholas Boguth, CFA®

I believe certain things make our team outstanding here at The Center, and a few of them were in the spotlight this past month amid the March College Basketball Tournament:

• We constantly practice our company values.

• We have a heavy focus on charitable giving.

• And ultimately, we are just a cool place to work.

In the spirit of education, teamwork, and some friendly competition, we ran a bracket competition with an investment focus (we did a normal bracket game too, but mine was busted the first day, so there is no need to talk about that). Every team member chose an asset class to represent their “team” in the tourney. The winner of each round is the asset class that outperformed over the week, and we are repeating for five weeks until we have our champion.

Some team members chose more stable asset classes like short-term U.S Treasuries or investment-grade bonds, while some chose more volatile options like Emerging Market stocks or commodities. Overall, it is fun for the entire team to collaborate and for all of us (not just those in investment roles) to watch how different asset classes move with economic news*.

*We all know there is no shortage of economic news lately from the U.S. and overseas. Markets have been volatile, and times like these stress the importance of having a plan in place. As always, we are here to help answer any questions you may have about your plan. One small but powerful tool in investment management that we have taken advantage of is tax-loss harvesting during volatile markets. Read more about that here.

The cherry on top of this competition is that we are playing for some of our favorite local charities. The Center’s Charitable Committee donated $1,000 to the winning four team members’ charities of choice. Check out the results from last year, as we ran the same competition using individual stocks instead of asset classes. We will continue to find new ways to collaborate, learn, and partner with charities here at The Center. We hope you follow our blog as we update along the way!

Nicholas Boguth, CFA® is a Portfolio Manager at Center for Financial Planning, Inc.® He performs investment research and assists with the management of client portfolios.

Any opinions are those of Nicholas Boguth, CFA® and not necessarily those of Raymond James. Every Investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment, Prior to making an investment decision, please consult with your financial advisor about your individual situation.

Center Participates in Annual Walk to End Alzheimer’s

Contributed by: Center for Financial Planning, Inc.®

Center Team members recently participated in the Walk to End Alzheimer’s in Brighton. The walk, sponsored by the Alzheimer’s Association of Michigan, raised funds and awareness for dementia, a disease that has and continues to impact our clients, client’s families, and team member’s families. Alzheimer’s and other dementias impact those diagnosed and their families so significantly from a psychological, emotional, and financial standpoint that we make substantial efforts at The Center to provide extra information, resources, and support to clients who may be impacted. Helping to raise awareness and funds for research is just one of the things we do!

If a client or family member were to receive a dementia diagnosis, we have helpful resources and action steps available here:

How to Reduce the Risks of Dementia and Diminished Capacity to Your Retirement Plan

A Dementia Diagnosis and Your Financial Plan

The Center Supports “Swing Fore the Cure” Golf Outing

Contributed by: Nicholas Boguth, CFA®

The Center was proud to sponsor the "Swing Fore the Cure" golf outing, a fantastic event involving raising money for a worthy cause and having a great time while doing it! The outing was organized by the family of the Center’s own, Nick Boguth, whose mother has been a significant fundraiser for the cause since becoming a breast cancer survivor 15 years ago.

Cancer is something that hits close to home for most of us as we all have colleagues, family, or friends who have been affected by the disease. The Center was happy to corral around this event, bring some of our Center energy to the golf course, and support the fundraising efforts that benefitted Ascension St. John Breast Cancer Center, Wigs 4 Kids, and Susan G. Komen Foundation.

Nicholas Boguth, CFA® is a Portfolio Administrator at Center for Financial Planning, Inc.® He performs investment research and assists with the management of client portfolios.

Planning Opportunities for LGBTQ+ Elders

Contributed by: Lauren Adams, CFA®, CFP®

For over 35 years, our independent wealth management firm Center for Financial Planning, Inc. has partnered with Raymond James Financial Services to achieve our mission of “Improving lives through financial planning done right.” In addition to providing our clients with custodial services for their investment accounts, Raymond James also offers a wide range of resources to The Center from everything from equity research reports to educational opportunities to stay on top of the ever-changing financial planning landscape.

One wonderful resource example is the Raymond James Pride Financial Advisors Network, a network of advisors serving the Lesbian, Gay, Bisexual, Transgender, and Queer (LGBTQ+) community that was founded in 2020, and its “Inaugural Business of Pride Symposium,” held in June 2021. At the Symposium, I had the opportunity to attend a session titled, “The LGBT+ Aging Crisis – Planning Opportunities for our LGBT+ Elders,” presented by Dan Steward, National Program Director for the Human Rights Campaign Aging Project, and Sherrill Wayland, Director of National Education Initiatives for SAGE.

In the presentation, Steward and Wayland discussed practical ways for financial planners to address and better serve members of the LGBTQ+ community:

• Recognize the distinct needs of this growing and diverse community: It is estimated that there are over 2.7 million older adults that self-identify as members of the LGBTQ+ community. Citing the work of leading researcher Professor Karen Fredriksen-Goldsen, the presenters explained that within this group, however, there is a wide range of generational experiences: from the oldest “Invisible Generation” that grew up when public discussion of LGBTQ+ issues was unheard of, to “The Silent Generation” that grew up when issues were being discussed but faced heavy discrimination, to the younger “Pride Generation” where many have been out for decades. Recognizing that there are nuances within the community, but also understanding the overarching themes of discrimination and resiliency, is an important component of developing the cultural competency required to best serve these clients.

• Plan, Plan, Plan: I’ve seen firsthand how the benefits of pairing comprehensive financial planning with a thoughtfully constructed, well-diversified investment portfolio that fits the clients’ needs and objectives can be liberating and even life-changing for so many. Working with a financial planner early on can help members of the community develop good financial health and financial security that will position them well later in life. Thoughtful estate planning (including considering if wills, Durable Powers of Attorney for Healthcare and Financial Matters, and living trusts are right for the situation) become all the more critical given that members of the LGBTQ+ community still face legal discrimination in many areas. Proper insurance planning can help manage risks and protect assets, including the potential need for long-term care coverage, over a client’s lifetime.

• Be aware of the elevated risk of financial exploitation and barriers to seeking help: According to SAGE, a significant portion of the elder LGBTQ+ community does not wish to live alone, has shrinking support networks, and may be inclined to seek companionship online. These factors can conspire to put these clients at higher risk of financial exploitation (including online “sweetheart scams”) and elder abuse. At the same time, coming from a place of resilience and self-sufficiency after facing discrimination throughout their lives, LGBTQ+ elders may be reluctant to seek help. They may fear being outed if they need assistance, that they won’t be believed by authorities, the loss of financial support from the abusive person, or the prospect of living alone. Financial planners – who may be some of the most trusted people in the client’s life – must be aware of these concerns and be ready to help encourage reaching out to authorities or seeking assistance if needed.

• Know your resources: In the effort to assist, planners must know what resources are available and be cognizant of the added layer of being able to identify inclusive service providers. Steward and Wayland identified several resources that financial planners serving this community should be aware of:

  • The Long-Term Care Equality Index – The first national benchmarking system for residential long-term care communities. The index was launched in June 2021 and 184 communities participated. It was created by a partnership between the Human Rights Campaign Foundation and SAGE to promote equitable and inclusive care for LGBTQ+ older adults.

  • National Resource Center on LGBT Aging – This project is funded by the U.S. Administration for Community Living and serves as a resource center to improve the quality of services and support offered to LGBTQ+ older adults. It offers a host of resources ranging from caregiver support to Social Security, Medicare, and Medicaid guides to resource directories on the national and state level.

  • SAGE – SAGECare provides LGBTQ+ cultural competency training on aging issues to service providers. Their “Find a Provider” tool can be used to locate service providers that have participated in their cultural competency training programs.

 By keeping these considerations and resources in mind, financial professionals can ensure all clients –regardless of sexual orientation or gender identity – can benefit from the power of financial planning and act as true advocates for the aging LGBTQ+ community.

Lauren Adams, CFA®, CFP®, is a CERTIFIED FINANCIAL PLANNER™ professional and Director of Operations at Center for Financial Planning, Inc.® She works with clients and their families to achieve their financial planning goals and also leads the client service, marketing, finance, and human resources departments.

“Do Good at Work” A Center Book Club Discussion

Contributed by: Sandra Adams, CFP®

Our Center team took on the challenge of a different kind of book with this quarter’s book club discussion, choosing to read Brea Boccalandro’s new release Do Good at Work: How Simple Acts of Social Purpose Drive Success and Wellbeing.

The general premise of the book was to offer practical advice on how to make your work life more meaningful by job purposing — making a meaningful contribution to others or a social cause as part of the workplace experience. Studies show that we work harder, longer and happier when we pursue social purpose. And it doesn’t matter what position we hold in an organization — anybody can job purpose their own job.  We can all use our own jobs for good and be proud that our job matters.

Some Center Team members share their thoughts below:

“Going forward, this book has helped me think more intentionally about connecting the work we do to a larger purpose.” — Lauren Adams, CFA®, CFP®

“My key takeaway from the book is that small acts make a huge difference. No matter what your job is you can find fulfillment.” — Kelsey Arvai, MBA

“Two things that I learned:  (1) Leave ample ‘time’ for the important things in work and life; and (2) Most people are inner givers, but some need to be taught.”  — Matthew E. Chope, CFP®

Our Center book discussion group had interesting conversations around “Do Good at Work” and these concepts and enjoyed applying them to the work we do with each other, with our clients and with the community. We have already begun to apply the concepts we discussed in our book group and have several other ideas in the works to apply in the near future.

Sandra Adams, CFP® is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.