Happy Fourth of July!

 Declaration of Independence was approved by the Continental Congress. Thereafter, the 13 colonies embarked on the road to freedom as a sovereign nation. This most American of holidays is traditionally celebrated with parades, fireworks and backyard barbecues across the country. As you send out your July 4th party invitations, take a minute to think about how much you really know about what we are celebrating.

4th of July History & Trivia -Did You Know…

• The major objection to being ruled by Britain was taxation without representation. The colonists had no say in the decisions of English Parliament.
• In May, 1776, after nearly a year of trying to resolve their differences with England, the colonies sent delegates to the Second Continental Congress. Finally, in June, admitting that their efforts were hopeless; a committee was formed to compose the formal Declaration of Independence. Headed by Thomas Jefferson, the committee also included John Adams, Benjamin Franklin, Philip Livingston and Roger Sherman. On June 28, 1776, Thomas Jefferson presented the first draft of the declaration to Congress.
• Betsy Ross, according to legend, sewed the first American flag in May or June 1776, as commissioned by the Congressional Committee.
• Independence Day was first celebrated in Philadelphia on July 8, 1776.
• The Liberty Bell sounded from the tower of Independence Hall on July 8, 1776, summoning citizens to gather for the first public reading of the Declaration of Independence by Colonel John Nixon.

Financial Empowerment for Women Today

 How do you keep control and focus in your busy life? For many, the creation of a to-do list and the eventual checking off of items is essential.  Busy multi-taskers (code word for most women) have made lists work for them for generations.  My problem, however, is that I make too many lists and then forget where I put them.  They exist all over – on the back of envelopes, on my smart phone, or zipped securely in a pocket in my purse. 

Whether you have one list or ten, are diligent or more creative with your check list system I think it is fair to say that clearly, to-do lists empower those who partake.  Check!  When I talk with groups of women; either informally with my friends and family or professionally with clients and colleagues, the subject of financial empowerment is a popular topic and many times comes to the top of everyone’s to-do list.  Especially in today’s economy, with new financial realities affecting many families in many different ways.

What does financial empowerment look like for women today?  In my experience there is no single correct answer to this question.   Creating your own financial to-do list is one way to focus your energy and check your progress toward achieving financial empowerment.  Here is a “list” of anecdotal responses, in no particular order, culled from the many conversations I have had with women on this important topic.

What Needs to be on Your Financial To-Do List?

• My decisions about spending money will be made in a way that honors my values and responsibilities
• I will learn from my financial mistakes
• I will understand that taking care of myself financially is just as important as taking care of others
• I will delegate without abdicating responsibility for managing my money
• I will set and make progress toward financial goals
• I will know my value in the marketplace and initiate the compensation conversation

Imagine the satisfaction and confidence you will feel, and the empowerment that will emerge crossing the financial to-dos off your list. 

Want to share your financial to-do list with me?   Send me an email or give me a call! 

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.

Timothy W. Wyman, CFP®, JD Quoted in the Detroit Free Press

 Exotic certificates of deposit could mean large losses for savers

By Susan Tompor, Detroit Free Press, June 24 2012

As much as savers wish and hope, higher interest rates are not in the cards soon.  So I want to warn seniors and others about some unusual CDs that are being marketed that make me do a double-take. 

Ever hear of a market-linked CD or equity-linked certificate of deposit?

The pitch is that these types of CDs could earn rates of 4% or 5% or 9% or higher.  The return is linked to the future performance of something – such as stocks or commodities or even currencies. 

The FDIC put out a long list of questions that consumers should ask before they agree to a market-linked CD or an indexed or structured CD.  The U.S. Securities and Exchange Commission also has an alert on structured products, as well as market-linked CDs.

Any product that shows up on the SEC’s website as an ‘Investor Bulletin’ raises concern or reason to pause, suggested Timothy W. Wyman, a Certified Financial Planner at the Center for Financial Planning* in Southfield.** While the product can work for some consumers, he said, the upside is usually limited because of expenses. 

Click here for the entire article

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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. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendations. Any opinions are those of Timothy Wyman, CFP^®, JD and not necessarily those of RJFS or Raymond James.  

*Center for Financial Planning, Inc. is an independent firm.
** Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC 

Center Walks and Donates for Epilepsy

Fun was had by all at the annual Epilepsy Foundation of Michigan Summer Stroll at the Detroit Zoo on Saturday, June 9th.  Face painting, breakfast goodies, and prizes all while personally raising over $450 with the entire Summer Stroll raising over $120,000 towards the research on epilepsy.

As many of you know, my family participates in the Epilepsy Foundation Summer Stroll every year to help raise money for the Epilepsy Foundation of Michigan.  My family collects donations each year in honor of my dad, Bill Hallock, who continues to thrive since his 2008 brain surgery which removed all of the diseased tissue in his brain causing his Epileptic seizures.  Dad continues to enjoy the freedom of driving a car, playing golf whenever he feels like it and making the best of his new found freedom – even donating his time to “Meals on Wheels” and the “Kiwanis Club” in Ann Arbor.

The Epilepsy Foundation of Michigan estimates that between 100,000 to 200,000 people in Michigan have epilepsy. Anyone can develop epilepsy at any time. In about 70% of cases, there is no known cause. Of the remaining 30%, the following are most frequent: Head Trauma, Brain Tumor or Stroke, Lead Poisoning, Infections, & Maternal Injury. To find out more please visit them online at www.epilepsymichigan.org or call (800) 377-6226.

A personal thank you to family, co-workers and friends for the continued support for a cause close to my family’s heart.  

Jen Hackmann

Donor Advised Fund – A Way to Manage Your Charitable Giving

 It is better to give than to receive.

Whether it is giving of your time, talents or financial resources, there is a lot to be gained by simply being generous. As a professional financial advisor, one of my many great pleasures is helping clients plan and then efficiently give to causes near and dear to them.  Recently, I helped long-time clients do just that.  After conducting a Financial Independence analysis that provided confidence that they were in a position to provide financial assistance to others, they decided to earmark a significant amount for charitable giving.  However, like many, these clients were not sure which charity to give support … just yet.

Enter the DONOR ADVISED FUND. Donor Advised Funds have been around for a while – but I am still surprised at how little they are used. Many firms and organizations offer them – Southeast MI Community Foundation, Fidelity, Raymond James, etc. There are many situations where a donor advised fund might make sense.

Hopefully you are aware of the advantages of gifting appreciated securities, which allow you to avoid capital gains taxation (note that I said avoid and not evade).  When you gift appreciated securities to a charity or donor advised fund held for longer than 12 months, you are able to deduct the fair market value of the securities and avoid capital gains. I like to say that there are three parties to a charitable donation; you, the charity, and your silent partner the IRS.  We want you and the charity to benefit the most.

A donor advised fund allows you to lock in the gain by transferring the shares to the donor advised fund. Next, you get an immediate income tax deduction. And then, you can decide on the specific charity or charities to benefit at a later date. For more information visit the web site www.myfamilyfoundation.org. If you would like additional assistance – give us a call – we’d like nothing more than to help you with your charitable giving.

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

Elections and the Markets: Better returns on the horizon?

 In 2012, we either re-elect a Democrat or newly elect a Republican—history shows either can be a sweet spot for stocks. Stocks have averaged 14.5% historically in election years a Democrat is re-elected and 18.8% when a Republican is newly elected.

Source: Global Financial Data, Inc. S&P total return as of 12/31/10

When looking at the above returns, it may be hard to believe that we could end up with those kinds of returns by the end of the year … especially with the strong pullback we have seen recently.  In light of this recent pullback in the markets, both domestically and internationally, it is important to revisit a chart we have shared before.  It serves as an important reminder of the volatility experienced each year and the returns that investors end up having the potential to earn despite these pullbacks.

Of course you have no control over the market’s ups and downs or who gets elected, aside from your vote, to serve as the President of the United States, but you can be better prepared to weather these volatile cycles if you focus on factors you can control like staying fully invested.

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The S&P 500 is an unmanaged index of 500 widely held stocks that are generally considered representative of the U.S. stock market.  Inclusion of this index is for illustrative purposes only.  Keep in mind that individuals cannot invest directly in any index, and individual investor’s results will vary.  Past performance does not guarantee future results.  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.  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.

Nine Represent Center at Raymond James Conference

The Center proudly led two separate Top Advisor Sessions at the recent Raymond James National Conference.  Matt Chope and Tim Wyman (pictured left) led a discussion about growing your business.  Dan Boyce and Melissa Joy presented "Finding, Developing, & Implementing Junior Partners."  Over 100 peers attended each session.  

With the destination of Orlando, Florida, nine team members flew south to attend the National Conference May 21st through the 25th.  The four-day event welcomed over 3,400 participants from across the nation.  The conference fosters both professional and personal development through a variety of learning sessions which are presented by both peer advisors and specialized industry experts.  

A powerful benefit of attending conferences like this is the opportunity to hear ideas from others.  Center team members get to know people over the years and learn what new ideas and innovations are working for peers.

One area of growth highlighted at this year’s national conference was technology. Raymond James and the Center for Financial Planning are making major investments in cutting edge technology that will work to the advantage of both the advising teams and Center clients.

Members of our Center team in attendance included:  Sandy Adams, Dan Boyce, Matt Chope, Marilyn Gunther, Jen Hackmann, Melissa Joy, Laurie Renchik, Tim Wyman and Troy Wyman.

3 Center Planners Recognized by Hour Detroit Magazine

Center team members Sandra Adams CFP®, Matthew Chope CFP® and Timothy Wyman CFP®, JD received recognition by Five Star Professional in the June 2012 issue of Hour Detroit magazine.  They were named to the 2012 Five Star Wealth Managers list, a select group of wealth managers in the Detroit area.  Congratulations – Sandy, Matt, and Tim.

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Announcing 2012’s Summer Intern: Kyle Branda

At the Center, we value developing the next generation of financial service professionals. In fact, in 2007, the Center launched its Summer Internship Program to help those interested in joining the field gain first-hand experience.  Interns work with our investment and financial planning departments to complete performance reporting and research projects.  They also participate in unique education, training, and staff shadowing opportunities.   

Accordingly, we have kicked off our 2012 Summer Internship Program with this year’s intern, Kyle Branda. Kyle is a senior at Michigan State University hailing from Brooklyn, MI.  He is an economics major and a member of the Michigan State Student Economics Association.  His career goals are to obtain a Masters in Finance and to become either a financial advisor or financial analyst.   

When asked about the internship, Kyle says, “This internship will help me reach these goals by giving me the skills necessary to create a good financial plan. It will also give me a better understanding of what goes into making investment decisions.  This internship will help me determine which career path I intend to choose by presenting me with both aspects of what an advisor does and what an analyst does.”