Financial Topics for Women

Don’t Let the Gender Pay Gap Derail Your Retirement

Women hold a tremendous amount of financial power and are an active part of the workforce and economy as a whole. At a time when women are assuming added responsibility for their families and finances, the gender pay gap that is a reality for many has the potential to derail security in retirement.  

Recently, Ellevate Network surveyed thousands of professional women and found that 26% of respondents worry that they are not making enough money today and 30% worry that they are not planning well enough for retirement.

If you have these concerns, here are some steps you can take: 

  1. Do your homework about salary ranges for your given position and your growth prospects for the industry. Then be prepared to negotiate.

  2. Leverage benefits provided by your employer.  Medical, dental, life insurance and disability are just some of the benefits that may be part of your compensation package.  Pay attention to when you become eligible.

  3. Prioritize your own retirement and begin saving as soon as economically feasible. On average women live longer than men and accumulate less in retirement accounts. Don’t forget to increase your contribution every time you receive a raise.

  4. Understand how your lifetime earnings directly impact your Social Security benefit. Benefits are calculated on the highest 35 years of earnings.  If there are fewer than 35 years, then zeros go into the calculation.

Shining some much needed light on the gender wage gap can make a difference for all women. In the meantime, women can adopt good financial habits early in life, set their own goals, and garner the support they need to stick to those habits over the long run. We can help you pull together the details you need to put your plan in place.

Laurie Renchik, CFP®, MBA is a Partner and Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.


Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laurie Renchik and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Investing involves risk and investors may incur a profit or a loss.

Using Women’s Leadership as an Investing Concept

Contributed by: Angela Palacios, CFP® Angela Palacios

Did you know 3 of the 6 partners at The Center are women? We know the value of gender diversity in the ownership and leadership of our firm, which is why we invited Kathleen McQuiggan of Pax funds to join us for a roundtable discussion. We wanted to give clients and friends of The Center the chance to discuss the importance of having women in executive roles, their impact on businesses, and the opportunities they provide for investing. Kathleen is the Senior Vice President of Global Women’s Strategies and Managing Director of Pax Ellevate Mgt. LLC. 

Top 3 roundtable takeaways

  1. Women’s leadership can and should be understood as an investment concept.  Many studies have shown that women bring a unique perspective to senior and executive management roles within firms.  According to Kathleen, this “secret ingredient” adds profitability, better risk preparedness, more collaboration and more innovation to companies. 
  2. There is an emerging consensus that the status and role of women may be an excellent clue to a company’s growth potential.  Despite this, there continues to be a large wage gap between women and equivalent men in the workforce and very little gender diversity among senior management and corporate boards.
  3. There are many barriers to female participation in management and the boardroom.  One of the most easily understood barriers is time out of the workforce.

Women spend an average of 12.6 of their working years out of the workforce to care for children or parents whereas a man only spends 10 months outside the workforce!

This pulling in two directions between work and family responsibilities likely has a lot to do with the disparities that still exist.  As I read Lean In by Sheryl Sandberg, COO of Facebook, I’m discovering there are also barriers within ourselves to prevent women from climbing the corporate ladder. 

Whatever the reasons, the time for change is now.  Having discussions like our roundtable and sharing ideas is part of the solution.  Another potential solution developed by Pax is using your investments to express your viewpoint with your dollars.  If you would like to learn more please contact your financial planner!

Angela Palacios, CFP® is the Portfolio Manager at Center for Financial Planning, Inc. Angela specializes in Investment and Macro economic research. She is a frequent contributor to Money Centered as well as investment updates at The Center.


Raymond James is not affiliated with and does not endorse the opinions or services of Kathleen McQuiggan or Pax funds. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Angela Palacios, CFP® and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Investing involves risk and investors may incur a profit or a loss regardless of strategy selected. Past performance is not a guarantee of future results.

Women & Investing: How to get more Engaged with Finances

How does a busy, multi-tasking woman make sure the important financial stuff does not get missed? A statistic in a 2015 Fidelity Investments study recently caught my attention.  According to the study:

83% of women would like to become more engaged with their finances within the next year. 

Working with women over the last 20 years has taught me that the first step is usually the most difficult.  Once the decision is made to pull a financial plan together, the pieces start to fall nicely into place. But getting over that initial hurdle of getting started can seem daunting.

Here is some practical advice to get you started:

  • Give your personal financial life the attention that is needed. If you feel like life is whizzing by, take time to step back and ask, “Am I on the right track?”
  • Start creating a mental picture of your goals. You probably have at least a vague picture in your head of what you want in the future.  The beauty of the financial planning process is that it makes conversations happen especially with the help of a financial planner who serves as a thinking partner.
  • Pull a team together.  Your financial planner, tax preparer and attorney can help you keep your arms around the different aspects of your financial plan. They’ll also help you make important course corrections when necessary and chart the progress as you go.

Practical advice to keep you on track:

  • Continue to ask questions. Financial planning means asking, “Where do I want to be in 3 years?, 10 years?, 20 years?” This may change as you go along.
  • Stick to your plan.  Good financial habits are a foundation you can build on for a lifetime.
  • Stay focused on your priorities. A good plan will help you remind yourself what is most important in your life and decide how your financial resources can help you get there. 

The future is not the finish line; it is just the beginning if you have the resources to lead the life you want.  Is there a better reason to become more engaged with your finances and put your plan together? 

Laurie Renchik, CFP®, MBA is a Partner and Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.


Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laurie Renchik and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Investing involves risk and investors may incur a profit or a loss regardless of strategy selected.

Does Investing Feel Overwhelming? You’re Not Alone.

This article is contributed by guest blogger Laura Garfield, a social media and marketing contractor for The Center and the author of The NeXt  Revolution, a business book researching the generational behavior of women in the workplace.

No matter your tax bracket or the credentials you have tacked on to the end your name, many women agree on at least this one thing:

Decisions on Investing can feel Overwhelming

I recently sat in on a session about Women and Investing at the Raymond James National Conference. The point was hammered home by Kristin Gibson, the Senior Director of Sales & Strategic Partnerships at Russell Investments. She said in a survey of high net worth women, most described investing as:

 “Overwhelming”

 “Complicated”

“Boring”

“Latin”

 These may not be your adjectives of choice. In fact, you may buck the trend and love every nuance of the investing process (I certainly know a few of these women … but can’t claim to be among them). But in general, women want to find a way to make investing not feel like scaling a steep climbing wall in heels and a pencil skirt. Some way to make investing approachable.

Using Your Natural Advantage

Women are naturally strong investors. It’s not a stereotype. Research backs this up. “When it comes to making investment decisions, gender plays a larger role than many people realize,” reports USAToday. Factors like risk aversion, ability to ask for advice, and taking your time … these are all traits that fall on the female side of the gender divide. Research indicates that women investors have these natural advantages:

  • Are not over confident
  • Are realistic and risk averse
  • Research more and ask questions

When it comes to behavioral economics, the Washington Post interviewed Terry Odean, a University of California professor who has studied stock picking by gender for more than two decades. In a seven-year study, Odean found single female investors outperformed single men by 2.3 percent while female investment groups outperformed male counterparts by 4.6 percent. Odean told the Washington Post, “In our research, male investors traded 45 percent more than female investors. Men are just making a lot more bad decisions than women. More trading leads to lower performance.”

Finding the Right Ear

So back to the Overwhelming/Complicated/Boring/Latin part of the investing equation, if you’re going to flip those adjectives with a boost from your feminine advantage, you may need some help. A key to that is picking the right investment advisor. Research shows that women and men gather information about investing differently.

  • Women want better communication, the chance to say what they mean
  • Women build trust by collaborating & sharing information

In Kristin Gibson’s session at the conference, she summed up what most women are looking for in a financial advisor like this:

“I want someone who understands my situation.”

Whether that’s a man or a woman shouldn’t matter. What does matter is how well the advisor can listen, communicate and understand your needs. You may be looking for “straightforward” or you might want someone who is “motivational”. Whatever your word, when you find the best fit, that advisor will help you translate “investing” from Latin into English. If they can turn “boring” into “captivating” then you’ve really found a keeper.


This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laura Garfield and those cited/quoted and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Raymond James is not affiliated with and does not endorse the services of Laura Garfield, Kristin Gibson or Russell Investments. Investing involves risk and investors may incur a profit or a loss regardless of strategy selected. Past performance is not a guarantee of future results.

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.

Joint Planning Doesn’t Replace Individual Financial Planning

 Are you a casual observer or a committed participant when it comes to mapping out a strategy for your financial future?    Maybe you are already a planner and organizer, or perhaps a visionary that lives in the future, or maybe you are happy to be working on one thing at a time.  Regardless of your starting point managing your finances is like managing your health --- you have to be involved. 

A question that women often ask me is, “Should I be thinking about my financial future separately from my spouse or partner?”  My answer is an unequivocal yes.  This doesn’t mean to disregard your partner or forego joint financial planning.  What it does mean is this:

  1. You will be better prepared if you are on your own at some point in your life
  2. Financial health and well-being is not a “one-size-fits-all” prescription
  3. Involvement provides the opportunity to step back and really ask yourself, “Are we on the right track?”
  4. Looking at individual planning and then coordinating with your spouse can be a way to ensure you both are planning for financial independence when partners handle money matters differently. 

It would be simple if we could decide exactly where we want to go and chart a course accordingly, but remember, life is no ordinary journey. It all starts with the commitment to pull together the different aspects of your individual financial picture and collaborate with a spouse or partner.  Ultimately, the goal is to commit to a game plan because standing on the sidelines is for spectators.

Laurie Renchik, CFP®, MBA is a Partner and Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.


Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served. C14-011216

6 Tips for Your Tax Return

 This March, in honor of Women’s History Month, I’d like to share a little about Muriel Siebert, a legend on Wall Street and a trailblazer for women.  In 1967, she was the first woman to buy a seat on the New York Stock Exchange. This accomplishment, as well as her other successful business ventures and philanthropic activities, helped to expand opportunities for women in finance. 

As March exits and we transition to April, many of us are busy with tax preparation leading up to the April 15th deadline for filing. Now is the time to follow the trailblazing example of Muriel Siebert and blaze a path to your own financial independence. Are you getting a refund?

Here are some tips to help you make the most of this once in a year windfall:

  • Ask why you have a refund.  Did you pay too much in the first place? Has something changed in your financial picture? Or is it a forced saving strategy?
  • Set some aside. Treat the refund as income and save a minimum of 15% for longer-term goals that are important to you.
  • Pay down debt obligations. Especially credit card debt or student loan debt with high interest charges.
  • Not maxing out your 401k? A strategy for reducing future taxes is to increase your 401k contribution and then set aside the current refund to help with monthly cash flow if needed.
  • Are you saving for college educations? If additional funds are needed, use the refund to put savings goals back on track.
  • Splurge! Set it aside for gifts, vacations and other lifestyle choices.

As Women’s History month comes to an end and April  15th approaches, celebrate your commitment to making the most of your financial opportunities. Take a look back at the success you have experienced along the way and continue to step forward into your financial plan for the future.

Laurie Renchik, CFP®, MBA is a Partner and Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.


Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served. C14-006593

Taking Charge: Why Every Woman Should Get Involved in Financial Planning

 You may have spent decades building a life with a significant other or spouse, perhaps even leaving the important questions about assets and investments up to them. In fact, it is not uncommon for couples to pick and choose household responsibilities and slide into a routine to divide and conquer.  All the ducks are in a row so what is missing?  Some things like picking up the laundry, getting your oil changed or planning that much-needed vacation can easily be delegated.  But a mistake I see women making is delegating away personal financial planning.  You can leverage your time by letting others take on this task, but there are some pitfalls that come with this strategy. 

Risks of Delegating Financial Decisions

  • If you are suddenly put in a position where there is no one but you to make the decisions, you may be unprepared.
  • Others may not fully understand the vision you have for your future. If you aren’t actively involved, you risk losing your say.
  • You may be delegating to save yourself time, but playing catch-up when the duties fall on you can be very time-consuming.

Making Yourself a Priority

If properly planning for the future of your design has been shuffled to the bottom of your inbox, it is time to reprioritize and here is why:

  1. Your vision is like a best friend.  It reminds you of what is most important in your life.
  2. Putting your vision in the context of a financial plan helps connect values and money.
  3. Financial planning doesn’t mean planning for the day your health begins to fail, it means asking, “Where do I want to be in 3 years?”
  4. For those who are more risk-averse, having a plan can change unknowns into quantifiable nuggets of information to reflect upon and serves as the basis for decision making.
  5. While it might seem ok now to let a spouse or someone you trust steer your financial plan, if you don’t have an active role or solid understanding of desired goals you may be disappointed at the end result.

Here’s my challenge to women of all ages and stages of life:  Let’s not kid ourselves – things get missed.  Think of yourself first and give your personal financial life the kind of attention it deserves!

Laurie Renchik, CFP®, MBA is a Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.


Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

Any opinions of Center for Financial Planning, Inc. are not necessarily those of Raymond James C14-004276

One of the Biggest Investing Mistakes for Women

 There is so much information out there for women about investing … news stories, case studies, research reports, white papers and books try to answer common investment questions.  But this well-intentioned information should come with a warning label: Lumping women investors together in one big category is a cliché’ to be avoided at all costs

Similar But Not the Same

While the similarities among women investors can be significant, cookie cutter advice is not specific enough to rely on over the long term. Over the last 20 years I have had the pleasure of working with many women with backgrounds as diverse as snowflakes. A couple of common themes I see working with women investors is a high degree of importance placed on the personal connection with an advisor, and an intuitive sense that links investment decisions to heartfelt priorities including family and charitable causes.

Differences Abound

Differences are also abundant and unique to each individual.  For example, a woman in her 50’s who is immersed in her career and has launched children is in a different place than a woman who is recently widowed or divorced.  Even women who have achieved similar career goals cannot be lumped together.  Some have built investment savvy along the way and some have not.  The real work begins with the discovery of how each woman investor is different from other women even when they share general characteristics.   

Creating Your Vision

Discovery starts with a personal vision that is linked to your unique financial life planning.   Vision implies you have a view of exactly where you want to go and you chart a course accordingly. It’s like plotting a journey on a map – straightforward with no distractions or alternate routes.  The reality is that, for many women, the vision diverges into quite a lot of directions.  It is at these points where the advisor you work with really can make a difference.

Hitting mile markers where life and money intersect including career changes, divorce, loss of a spouse or retirement are all opportunities to regroup resources, refocus on the vision, and move forward with plans for the future.  Avoiding clichés associated with being a woman investor is an important part of the process. 

Laurie Renchik, CFP®, MBA is a Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.


Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

Any opinions are those of Center for Financial Planning, Inc., and not necessary those of Raymond James. #C13-002513

Risk vs. Reward: Finding the Right Asset Balance for You

 There are inherent risks in investing (you can’t control the market) but there are potential payoffs that help people tolerate that risk (like funding retirement). To better understand your own tolerance for risk, you need to first get the gist of asset allocation.  Asset allocation is a technique used to spread your investment dollars across different asset classes.  Stocks, bonds, and cash or cash alternatives, among others, are generally the most common components of an asset allocation strategy. 

Determining risk tolerance

Deciding on an appropriate allocation is an important exercise because it may be the most important investment decision you make due to the impact it can have on your overall return.  Your financial goals, time frame and personal resources all contribute to the equation. A risk profile questionnaire is a widely accepted method to help advisors and investors make asset allocation decisions.  

However, there are two significant limitations to relying solely on a risk questionnaire to make the asset allocation decision.  First, the way people think about risk is not stable and very often varies with market conditions.  Behavioral science research tells us that when the market goes up, the pain of past plunges typically fades as investors feel they can accept more risk.  The dynamic reverses when markets correct or go down.  Suddenly, the market elicits fear in the hearts of investors and tolerance for risk diminishes.

The second limitation with risk questionnaires is they don’t measure an individual’s need to take risk.  The purpose of an investment portfolio is to support the financial planning objectives or desired lifestyle. The plan will articulate the why as well as the how.  It helps answer questions like, “So, can I retire?” or, “Do I have enough to feel confident?”  The specific goals and time frames are the determinants of how much risk to take, even if there is a willingness to take on additional risk.

Committing to an asset allocation

Picking an asset allocation is important, but committing to it is even more important; especially in light of our changing attitudes about risk and reward.  Don't hesitate to get professional help if you need it. And be sure to periodically review your portfolio to ensure that your chosen mix of investments continues to serve your investment needs as your circumstances change over time.

Laurie Renchik, CFP®, MBA is a Lead Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.


Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

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.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or 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.  Asset allocation does not ensure a profit or guarantee against a loss.

Three Skills to Help Women Become More Confident Investors

 Many of my time-stressed female friends, colleagues and clients want to know how to create higher quality work/life balance. Launching meaningful careers, enjoying our families and creating financial confidence are outcomes we work hard to achieve.  At a time when women make up about half of the workforce, and control more than 50% of the wealth in the United States, research shows the financially savvy women have not achieved a level of investing confidence that goes hand in hand with greater wealth.

As a financial planner I work with women who are pioneers in their given career, possess personal confidence in creating wealth, and have strong savings values. However, these characteristics don’t necessarily translate from the office to their personal lives. But personal financial confidence is what gives you the opportunity to grow your savings and to build a solid foundation in retirement.

How to be a Confident Investor

Are you a confident investor?  If you are less than confident, it doesn’t mean you are stuck on that path.  Nothing could be further from the truth.  The reality is that your confidence can be strengthened with a few fundamental moves.

  1. Create a financial plan.  This plan should not be viewed as a one-time event; rather a flexible and adaptive vision that you aspire to much like forging a career path that works for you throughout the different phases of your life.
  2. Although it may seem counterintuitive, pay less attention to the markets and more to yourself and your financial goals.  Emotional reactions to things we can’t control often cause us the most trouble.  Refer back to your financial plan if your confidence in your investing ability begins to wane in light of current events.
  3. Re-prioritize when necessary.   Changes can happen to take us off course in all aspects of life.  When change happens remember that cookie cutter advice doesn’t apply.  Look at your own life and evaluate what you need now and down the road.  Much like a mentor provides objectivity and perspective that can lead to good career decisions, share your current financial challenges with an advisor and address the worries proactively and with confidence.  

Why not leverage what you already have to create a financial plan and investing confidence that keeps you in the driver’s seat through all phases of your life?

Laurie Renchik, CFP®, MBA is a Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.


Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

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 opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.  Investing involves risk and investors may incur a profit or a loss.  Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making an investment.  Please consult with your financial advisor about your individual situation.