DTE Announces Buyout Offer

Contributed by: Michael Brocavich, CFP®, MBA

DTE has recently offered buyouts to 3,000 employees’, which is about 30% of its total workforce.  Employees that are eligible will receive an offer and be under a deadline to determine if they will accept the offer.

If you, friends, family members, or colleagues have recently received a buy-out offer from DTE or any other company and would like to discuss the details with one of our team’s Certified Financial Planners, please feel free to reach out, and we’d be happy to arrange a time to chat. Our team has nearly four decades of experience helping clients navigate significant life transitions such as this – we’d be honored to serve as a resource for you. 

Also, if you would like to attend a live seminar about this buyout and what you should consider when making this decision, please look out for an invitation to a live event at the end of February. 

Office Line: 248-948-7900

Website Contact Inquiry: https://www.centerfinplan.com/contact 

If you’d like to receive a copy of our “Should I roll over my 401k to an IRA?” checklist, please click HERE! 

Source: https://www.freep.com/story/money/business/michigan/2024/01/10/dte-energy-buyout-offer-voluntary-separation-incentive-employees/72173895007/

CENTER FOR FINANCIAL PLANNING, INC is not affiliated with DTE Energy.

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.

The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person's situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.

Toyota Announces Buyout Offer

Contributed by: Michael Brocavich, CFP®, MBA

Toyota North America recently offered some employees a voluntary severance package. Employees received offers dated December 11th, 2023, and must apply for the offer and have received an acceptance or rejection by January 25th. Not all employees will be able to qualify, and the offer is very limited compared to other recent offers from the Detroit Big Three. 

Employees who are approved for the severance offer will receive payments based on salary and years of service. Employees with 15 years or greater of service could receive up to two times their salary. Employees with years of service between 10 and 14 years could receive up to a year and a half of salary, while employees with five years of service to nine years could get up to one full year of salary.  

Over the past several years, the ‘Big Three’ have all offered similar buyouts, and many of our clients have come to us for guidance to ensure they make an informed decision. Above is a webinar recently hosted by partner and Senior Financial Planner Nick Defenthaler, CFP®, RICP®. During this educational session, Nick discusses five important considerations when going through a layoff or a recent job transition: 

Timestamps:

• Cash Flow Planning - 6:01

• Health Care & Insurance Guidance - 11:49

• Tax Considerations - 18:19

• Retirement Account & Pension Decisions - 23:41

• Putting It All Together - 35:21

If you, friends, family members, or colleagues have recently received a buy-out offer from Toyota North America and would like to discuss the details with one of our team’s Certified Financial Planners, please feel free to reach out, and we’d be happy to arrange a time to chat. Our team has nearly four decades of experience helping clients navigate significant life transitions such as this – we’d be honored to serve as a resource for you. 

Office Line: 248-948-7900

Website Contact Inquiry: https://www.centerfinplan.com/contact 

If you’d like to receive a copy of our “Should I roll over my 401k to an IRA?” checklist, please click HERE!

CENTER FOR FINANCIAL PLANNING, INC is not affiliated with Toyota North America.

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.

The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person's situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional. Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

Stellantis Announces Buyout Offer

Contributed by: Nick Defenthaler, CFP®, RICP®

Stellanits, the European automaker that builds vehicles for the US market under Jeep, Ram, Dodge, and Chrysler brands, recently announced that it is offering buyouts to half of its salaried US staff in a cost-cutting move. Over the past several years, the ‘Big 3’ have all offered similar buyouts, and many of our clients have come to us for guidance to ensure they make an informed decision. Above is a webinar recently hosted by partner and Senior Financial Planner Nick Defenthaler, CFP®, RICP®. During this educational session, Nick discusses five important considerations when going through a layoff or a recent job transition: 

Timestamps:

• Cash Flow Planning - 6:01

• Health Care & Insurance Guidance - 11:49

• Tax Considerations - 18:19

• Retirement Account & Pension Decisions - 23:41

• Putting It All Together - 35:21

If you, friends, family members, or colleagues have recently received a buy-out offer from Stellantis and would like to discuss the details with one of our team’s Certified Financial Planners, please feel free to reach out, and we’d be happy to arrange a time to chat. Our team has nearly four decades of experience helping clients navigate significant life transitions such as this – we’d be honored to serve as a resource for you. 

Office Line: 248-948-7900

Website Contact Inquiry: https://www.centerfinplan.com/contact 

If you’d like to receive a copy of our “Should I roll over my 401k to an IRA?” checklist, please click HERE! 

Nick Defenthaler, CFP®, RICP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® Nick specializes in tax-efficient retirement income and distribution planning for clients and serves as a trusted source for local and national media publications, including WXYZ, PBS, CNBC, MSN Money, Financial Planning Magazine and OnWallStreet.com.

The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person's situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional. Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

Nick Boguth Achieves CFA Designation

Contributed by: Angela Palacios, CFP®, AIF®

This summer, Nick completed his journey to obtain his Chartered Financial Analyst (CFA®) designation.  Nick started as an intern with the Center in May 2014, eventually joining us full time after graduating from the University of Michigan (Go Blue!) with a degree in Economics and Statistics.  Almost immediately after starting full-time, he began the long road to achieving his CFA® designation over five years ago.

Nicholas Boguth, newly minted Chartered Financial Analyst

What is the CFA® Designation?

The curriculum builds a strong educational foundation of advanced investment analysis and real-world portfolio management skills.  Upon completion, the average designation holder has spent roughly 1,000 hours studying! 

There are three levels that Nick will have to pass and several other hurdles before he can utilize the designation:

• CFA level 1 – tests your basic knowledge and comprehension focused on investment tools and ethics.

• CFA level 2 – tests more complex analysis along with a focus on valuing assets

• CFA level 3 – requires a synthesis of all the concepts and analytical methods in various applications for effective portfolio management and wealth planning.

Along with passing the courses and the exams, Nick must have four years of work experience in investment decision-making, which he has earned with his role as Portfolio Administrator here at the Center.  He must also agree to follow a rigorous Code of Ethics and Standards of Professional Conduct and become a member of the CFA Institute. 

Is this Easy?

While Nick may have made it seem easy to the rest of us, it is far from easy.  It is a popular designation to seek out.  Each year nearly 200,000 people from all over the world register to take one of the exams offered only once per year!  The pass rate for each level is usually only around 40%.

As with everything else, the examinations were set back due to COVID.  Nick persevered through COVID delays, planning a wedding, newborn twins, and two home purchases and renovations. When I asked Nick his thoughts on the program, he said:

The entire process was incredibly rewarding. I learned more than I ever thought I would over the past few years. It was a challenging road to pass the final level, and I was absolutely thrilled to complete it, but it feels like just the beginning. I’m looking forward to putting this knowledge to good use here at The Center in a constant effort to provide clients with the best investment experience possible.

Nick’s education and passion for research already adds more depth to The Center’s Investment Department and Committee in helping us shape portfolios for clients!  Look for many more great things to come from Nick!  Way to go, Nick!

Angela Palacios, CFP®, AIF®, is a partner and Director of Investments at Center for Financial Planning, Inc.® She chairs The Center Investment Committee and pens a quarterly Investment Commentary.

Senior Financial Planner Joins Center Team: Meet Michael!

Welcome to the team!

The Center proudly welcomes Michael Brocavich, CFP®, MBA to our team. With nearly 13 years of experience in the profession, Michael is thrilled to join a team where he can collaborate with other professionals to further enhance his career as a financial planner. 

Background

His extensive background includes both personal and corporate finance. After earning a BA in Economics and Management from Albion College, he launched his career in finance with Federal Mogul in Southfield, Michigan. He then went on to earn an MBA from Wayne State University and relocated to Chicago, where he worked as a senior financial analyst, first for Federal Mogul and later Barton, Inc.

Michael entered the personal finance field in 2007 when he joined MetLife Investors' Marketing and Distribution division. In 2013, he opened an Edward Jones office in Northville, Michigan, helping individual investors and small business owners with financial goal planning and wealth management.

Specialties

He joined Raymond James Financial Services in May of 2017 as a financial advisor specializing in financial planning, wealth management, and estate planning. 

Personal Life

Michael and his wife live in nearby Plymouth. In his spare time, he enjoys golf, the company of friends and family, and everything Detroit Sports.

Center Welcomes New Partner Nick Defenthaler, CFP®, RICP®

Contributed by: Center for Financial Planning, Inc.®

We are excited to announce Nick Defenthaler, CFP®, RICP® as the newest Partner at The Center! He will continue to lead the firm’s Financial Planning Department and contribute to the Operations Committee in addition to his primary role as Senior Financial Planner. We look forward to working with Nick in his new leadership role.

Growing with the Firm

Nick has been involved in the financial planning profession for over 12 years and joined The Center in 2013. In addition to being a Senior Financial Planner, he is Director of The Center’s Financial Planning Department and a member of the firm’s Investment and Operations Committees. Now, he takes on even more duties as he advances to Partner.

“Soon after joining The Center, I knew that I wanted to be a partner one day. The Center walks the walk when it comes to comprehensive financial planning”.

An Offer of Partnership

The current leadership team invited Nick to become a Partner. Managing Partner Tim Wyman CFP®, JD says that Nick is a tremendous leader at The Center.

“He is a highly technical practitioner who cares about the success of our clients and team members. But most importantly, Nick is a model for our Center Values. Nick’s energy, enthusiasm, and commitment to the financial planning process for the benefit of our clients and the entire Center team is inspiring.”

A Bright Future

Over the firm’s 35 year history, Defenthaler is the tenth employee to advance to Partner. He is a role model for The Center’s mission and values. As we begin our 35th year in business, the partnership couldn’t come at a more exciting time.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Nick Defenthaler, CFP® Named to 2019 Forbes Best-in-State Next-Gen Wealth Advisors.

Contributed by: Center for Financial Planning, Inc.®

Nick Defenthaler, CFP® has been named to Forbes 2019 list of "Best-in-State Next-Gen Wealth Advisors" in Michigan, where he ranked 35 in the state. Each advisor—selected by SHOOK Research—is chosen based on an algorithm of qualitative and quantitative criteria, including in-person interviews, industry experience, compliance records, revenue produced, and assets under management.

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SHOOK Research considered advisors born in 1980 or later with a minimum 4 years relevant experience. Advisors have built their own practices and lead their teams; joined teams and are viewed as future leadership; or a combination of both. Ranking algorithm is based on qualitative measures derived from telephone and in-person interviews and surveys: service models, investing process, client retention, industry experience, review of compliance records, firm nominations, etc.; and quantitative criteria, such as assets under management and revenue generated for their firms. Investment performance is not a criteria because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC. Neither SHOOK nor Forbes receives compensation from the advisors or their firms in exchange for placement on a ranking. Raymond James is not affiliated with Forbes or Shook Research, LLC. This ranking is not indicative of advisor's future performance, is not an endorsement, and may not be representative of individual clients' experience. Out of 6,389 advisors considered, 1,489 made the final list in 2019. For more information see www.SHOOKresearch.com.

Our very own Matt Trujillo crowned 2019 Chess Champion!

Contributed by: Gerri Harmer

The Center’s own Matt Trujillo has added chess champion to his list of accomplishments! Client Service Manager Gerri Harmer recently sat down with Matt to talk about his road to victory at the Michigan Bottom Half Class Championships.

Gerri Harmer: Congratulations on your recent victory! Let me ask you some clarifying questions so the folks at home know what this is all about! First, can you tell us a little bit more about the tournament you just played in and how the championship is decided?

Matt Trujillo: Sure I would be happy to. The tournament is held annually in Lansing, Michigan and is divided into five sections or classes. The lowest section is either for people without a rating (brand new to tournament chess) or a rating lower than 900, and then each section after that is 200 points higher than the previous section.

Gerri Harmer: So were you in the section with the beginners?

Matt Trujillo: No, my section was Class A, which is for players rated between 1800 – 1999. This is considered the top class, so it was definitely stiff competition.

Gerri Harmer: Wow that does sound like some pretty stiff competition. So was it just bragging rights or did you win anything to go with your title?

Matt Trujillo: There is no money in chess unless you are ranked in the top 10 in the world. At my level, it’s a few hundred dollars and a big trophy, but what really motivates me is the bragging rights. It’s a game of strategy and tactics, and I want to be the best.

A ‘Swiss style’ tournament

Gerri Harmer: What was the tournament format like? Was it round robin style, where everyone plays everyone, or a bracket format?

Matt Trujillo: It’s actually neither of those. The way these tournaments work is called a “Swiss Style” tournament. In round one, your section is divided by your rating coming into the tournament. So if there is 50 people in the section, the highest rated player will be paired against the 26th rated player and the 2nd highest rated player will be paired against the 27th highest rated player, and so on and so forth. After round one, winners play winners and losers play losers.

Gerri Harmer: So how many games do you have to win to be crowned the champion?

Matt Trujillo: Every win you get is worth one point, a loss is worth zero points, and a tie (draw) is worth half a point. I finished the event with three wins, two draws, and zero losses, which means I had four total points out of a possible five.

Gerri Harmer: So if you keep winning every round, do you play against someone else that won every round as well?

Matt Trujillo: Yes, that is exactly right. There was a total of five rounds, and going into the fifth round, I had two wins and two draws for a total of three points; however, my opponent had three wins and one draw, so he was actually in first place going into the final round.

Gerri Harmer: Wow! So if you had lost or got a draw, what place would you have taken?

Matt Trujillo: If I had drawn I would have taken 3rd, and if I had lost, I wouldn’t even have had a spot in the winner’s circle. It was truly a must-win situation going into the final round.

Sticking to his game

Gerri Harmer: Did you change your strategy at all given that it was a must-win?

Matt Trujillo: No, I didn’t. Some players will do that and play a more aggressive style when they know they have to win, but I prefer just to stick to my game. I play a certain style that I know really well, and I have found through past experience that if I deviate from that, it usually doesn’t end well!

Gerri Harmer: Good idea to stick to your guns! Did the game last a long time since there was so much on the line?

Matt Trujillo: Every game of the tournament lasted a long time, and the final round was no different. Every game I played was right around four hours long.

Gerri Harmer: Four hours long? I don’t know if I could sit still for that long! So when is your next tournament?

Matt Trujillo: Ya, it definitely takes a high level of patience and mental discipline to compete at this level! Good question about my next tournament…I’m not really sure. I was planning on playing in the Michigan Open on August 30th, but that is labor day weekend, and Diane and the kids want to go up north, so that tournament is off the table! I might play in a few small, one-day tournaments, but the next big one will probably be in January 2020.

Gerri Harmer: Well congratulations again on this accomplishment, and best of luck to you in January!

Gerri Harmer is a Client Service Manager at Center for Financial Planning, Inc.® She specializes in client service, event planning, and marketing.

Timothy Wyman, CFP®, JD Named to Financial Times 400 for 2nd Consecutive Year

Contributed by: Center for Financial Planning, Inc.®

Center for Financial Planning, Inc.® is pleased to announce that Timothy Wyman, CFP®, JD has been named to the 2019 edition of the 2019 Financial Times Top 400 Financial Advisors. The list recognizes top financial advisers at national, independent, regional and bank broker-dealers from across the U.S.

In addition to working directly with clients and helping them achieve their financial goals, Tim also acts as Branch Manager, RJFS, Partner and member of the firm’s Business Operations Committee. Tim has recently been appointed to the Albion College Endowment Investment Committee and is an active member of the Small Giants community whose mission is putting people before profits. Having gone through Leadership Oakland's program, Tim now serves his community as a member of their Board of Directors.

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The FT 400 was developed in collaboration with Ignites Research, a subsidiary of the FT that provides specialized content on asset management. To qualify for the list, advisers had to have 10 years of experience and at least $300 million in assets under management (AUM) and no more than 60% of the AUM with institutional clients. The FT reaches out to some of the largest brokerages in the U.S. and asks them to provide a list of advisors who meet the minimum criteria outlined above. These advisors are then invited to apply for the ranking. Only advisors who submit an online application can be considered for the ranking. In 2019, roughly 1000 applications were received and 400 were selected to the final list (approximately 40%). The 400 qualified advisers were then scored on six attributes: AUM, AUM growth rate, compliance record, years of experience, industry certifications, and online accessibility. AUM is the top factor, accounting for roughly 60-70 percent of the applicant's score. Additionally, to provide a diversity of advisors, the FT placed a cap on the number of advisors from any one state that's roughly correlated to the distribution of millionaires across the U.S. The ranking may not be representative of any one client's experience, is not an endorsement, and is not indicative of advisor's future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. The FT is not affiliated with Raymond James.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

Any opinions are those of Center for Financial Planning, Inc.® and not necessarily those of Raymond James.

InvestmentNews Best Places to Work for Financial Advisors Award

Contributed by: Center for Financial Planning, Inc.®

InvestmentNews has, for a second, consecutive year, named Center for Financial Planning, Inc.® in Southfield, Michigan, among its Best Places to Work for Financial Advisors.

Each year in April, the publication honors financial advisory firms across the U.S. that maintain a balance of fun events for employees and top service to their clients. The Center ranked 12th out of the 50 firms recognized.

“We are a close-knit team of fun-loving, hard-working people,” said Managing Partner Timothy Wyman. “We are dead serious about our work, but we know it is healthy to have fun and goof off when the moment calls for it. The Center is, flat out, a fun place to work.”

The Center’s core values include caring about the internal client just as much as the external client. Healthful catered lunches, a stress-reducing ping pong table, and time off for volunteer work are among the components of its happy and healthy work environment.

This, in turn, motivates The Center’s team members to demonstrate a passion for personal growth. Dedicated professional development plans are reviewed at least quarterly, and employee-run committees plan regular social and wellness events.

Wyman said, “A long-standing effort to meet needs as they arise are part of The Center’s DNA and that won’t be changing any time soon.”

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Source: InvestmentNews “2019 Top 50 Best Places to Work for Financial Advisers”, April 2019. The Best Places to Work for Financial Advisers program is a national program managed by Best Companies Group. The survey and recognition program are dedicated to identifying and recognizing the best employers in the financial advice/wealth management industry. The final list is based on the following criteria: must be a registered investment adviser (RIA), affiliated with an independent broker-dealer (IBD), or a hybrid doing business through an RIA and must be in business for a minimum of one year and must have a minimum of 15 full-time/part-time employees. The assessment process is compiled in a two part process based on the findings of the employer benefits & policies questionnaire and the employee engagement & satisfaction survey. The results are analyzed and categorized according to 9 Core Focus Areas: Leadership and Planning, Corporate Culture and Communications, Role Satisfaction, Work Environment, Relationship with Supervisor, Training, Development and Resources, Pay and Benefits and Overall Engagement. Best Companies Group will survey up to 400 randomly selected employees in a company depending on company size. The two data sets are combined and analyzed to determine the rankings. The award is not representative of any one client's experience, is not an endorsement, and is not indicative of advisor's future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award. InvestmentNews and/or Best Companies Group is not affiliated with Raymond James.