State of The Center: 2014

Since 1985, The Center has been a passionate advocate for the clients we serve. We take great pride in the success of our clients and are equally proud that so many clients take an interest in our firm.  In that spirit, we are excited to share some of our happenings & successes in 2014.

Growing The Center

As in the past, providing world-class service to our existing clients is priority number one.  We now serve roughly 820 individuals and families representing assets under our management of $897M as of December 31, 2014.

Moving The Center

To better serve clients and team members, we moved into larger and more collaborative space in July 2014.  Many of you have had the opportunity to visit and the feedback has been positive.  Thanks to changes in the commercial real estate market, we were able to make substantial changes to our space in a cost effective manner.  Technology has been enhanced to improve client annual review meetings and the new Center Café provides a generous space for team collaboration.

Changes at The Center

As shared last year, 2013 was a year of goodbyes as three long term team members began their retirement (fortunately we see them all….just now as clients of the firm). Our new team members stepped in, up and then some.  Associate Financial Planners Nick Defenthaler and Matt Trujillo have added a level of planning capability for clients. Office Manager Nancy Sechrist hit the ground running in a variety of areas – not the least of which was with our office move.  Additionally, several team members increased their knowledge and training to serve clients by completing the Certified Financial Planner™ program, completing securities licensing, as well as specialized training through the Sudden Money Institute. In 2014 we were fortunate to attract three valuable interns, and one of them, Nick Boguth, will be joining us midyear after graduating from the University of Michigan.

Making our Mark

The Center and our team members continue to be leaders in our communities and profession.

• Center recognized in Crain’s 2014 Cool Places to Work Award Program! To see what helped us make the cut, watch this cool video.

• Our co-founder Marilyn Gunther received the Raymond James 2014 Women of Distinction Award. The award is given to women advisors who are exceptional in both their professional and personal contributions.

• Daniel Boyce received an Honorable Mention Lifetime Achievement Award from Investment News. He was recognized for his ongoing contributions to the Detroit Chamber Winds & Strings.

• We’re not just focused on financial health at The Center. Our core value of leading healthy, balanced lives was recognized with three different awards. We were named a finalist for the 2014 Governor's Fitness Awards, the American Heart Association picked us as a Fit-Friendly Worksite for the 7th year running, and Corp! Magazine chose us as one of Michigan's Best & Brightest in Wellness.

• For the second consecutive year, The Center was recognized as one of the Detroit area’s largest money managers by Crain's list.

See a full listing of our Awards & Recognition by clicking here.

Educating our Clients

We continued our efforts to provide meaningful education in a variety of areas impacting our clients’ lives. In addition to our ongoing commitment to provide relevant, timely blogs and videos, we held sessions on Medicare & Investment Planning.

Unforgettable 2014 Moments

Many of our Center team members attended the Raymond James National Conference in Washington DC to improve their skills, engage in team building, and witness the First Annual (?) bull riding contest between Kali Hassinger & Matt Trujillo. Watch our video to see more about the best things we learned at the conference.

Melissa Cyrus became Melissa Parkins after her wedding to Kevin Parkins in October (the photos are wonderful!).

And lastly, 2014 will be remembered as the year it snowed a lot in Michigan! Perhaps that’s why we now serve clients living in 37 different states?

From all of us at Center for Financial Planning, we thank you for the opportunity to serve you and your loved ones.  We appreciate your continued confidence and trust and will work diligently each day in 2015 to provide world-class service.  Congratulations to all on a successful 2014 and here’s to 2015!

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 web sites or their respective sponsors. Raymond James is not responsible for the content of any web site or the collection or use of information regarding any web site’s users and/or members.

Smart Moves to Make the Year You Retire

So you’ve decided to hang ‘em up? Congratulations!  Retirement is an extremely personal decision and is made for a multitude of reasons.  Many of our clients have had the ability to retire for several years, however, they have now reached a point where the weekly grind isn’t as enjoyable as it once was.  There are probably thousands of things running through your head.  What will life look like without work?  How will I spend my days?  Where do I/we want to travel?  Do I want to work part-time or volunteer?  With so many emotions and thoughts, it can be easy to miss good opportunities to really maximize your final year of full-time work. How do you get the most “bang for your buck” in your final year of working full-time?

Maximizing your employer retirement contribution (401k, 403b, etc.)

If you aren’t doing so already, do your best to maximize your company retirement plan contribution.  If you are retiring mid-year, adjust your payroll deduction to make sure you are contributing the maximum ($24,000 for those over the age of 50 in 2015) by the time you retire.  If monthly cash flow won’t allow for it, consider using money in a checking/savings or taxable account to supplement your cash flow so you can put the max into the plan.  This will most likely be the final year you will be in the highest tax bracket of your life, you really want to take advantage of this and get the maximum tax benefit. 

“Front-load” your charitable contributions

If you are charitably inclined and plan on making charitable gifts, even into retirement, you might consider “front-loading” your donations.  Think of it this way – if you are currently in the 25% tax bracket and you will drop into the 15% bracket when retired, donating in which year will give you the most tax savings by making a donation?  The year you are in the higher bracket, of course!  So if you donate $5,000/year to charity, consider making a contribution for $25,000 while you are in the 25% bracket (ideally with appreciated securities).  This would satisfy five years worth of donations and save you more on your taxes.  As I always tell clients: When you save more money on your tax bill by gifting efficiently, you give less to the IRS’ and more to the organizations you care about!

Explore your health care options

This is typically a retiree’s largest expense.  How will you and your family go about obtaining medical coverage upon retirement?  Will you continue to receive benefits on your employer plan?  Will you go on COBRA?  Will you be age 65 soon and enroll in Medicare?  Are you retiring young and need to obtain an individual plan until Medicare kicks in?  No matter what your game plan, make sure you talk to the experts and have a firm grip on the cost and steps you need to take to ensure you don’t go without coverage and that it’s as affordable as possible.  With recent changes in health care, we are positioning more and more clients in a way to qualify for health care premium subsidies under the Affordable Care Act (“Obamacare”). For more information on how you might qualify, take a look at Matt Trujillo’s recent blog on this topic.

With so many moving parts, it really makes sense to have someone in your corner to help you navigate through these difficult and sometimes confusing retirement topics and decisions.  Ideally, seek out the help of a Certified Financial Planner (CFP®) to give you the comprehensive guidance you need and deserve!

Nick Defenthaler, CFP® is a CERTIFIED FINANCIAL PLANNER™ at Center for Financial Planning, Inc. Nick is a member of The Center’s financial planning department and also works closely with Center clients. In addition, Nick is a frequent contributor to the firm’s Money Centered and Center Connections blogs.

Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of RJFS or Raymond James. 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. 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. C14-041996

Slightly Off-Center: What is your best achievement?

 There’s a lot you know about our team at The Center … but we’ve dug up answers to some questions you might have never thought to ask.

Earning a Master’s Degree in Humanities –Amanda Toia

A sustainable, growing business enterprise –Dan Boyce

Being a mom –Gerri Harmer

Carrying 2 babies in my belly for 8 months –Jennifer Hackmann

Becoming a mom –Jennie Bauder

Winning 4 MVP awards from peers in sand volleyball tournament play over the last 10 years around the world. –Matt Chope

Raising two wonderful daughters –Nancy Sechrist

Earning my CFP® designation – it was the hardest I’ve ever worked for something and certainly my most rewarding accomplishment! –Nick Defenthaler

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Giving Back: Partnering with the South Oakland Shelter

 For many, getting involved in the community and giving back is as much a gift to yourself as it is a gift to others. Over the last 15 years, my partner (is this the best word?) Kim and I really enjoy giving back to those less fortunate by helping the South Oakland Shelter.  SOS is located in Lathrup Village, MI and is dedicated to helping individuals and families who have fallen on hard times. Many are temporarily homeless or out of work and need a safe place to fall and to lift themselves back up.  SOS is a revolving shelter with over 50 local churches and synagogues helping to provide shelter at night, rides to work in the morning and 3 hot meals a day.

This year, for our part, we cooked meals and helped people get to work.  But we also helped with the annual conversion of our church, (Birmingham Unitarian Church), into living quarters for 30 guests for a week. At the end of the week, I received a card signed by all the guests, thanking us for an outstanding effort on their behalf. In my years working with SOS, I have never received a note with personal messages like this:

We truly felt at home”
“I am so grateful to have you on this portion of my journey”
“I love you BUC”
“Thanks for your precious time, I am truly grateful”
“You all were great”

We’re looking forward to partnering with SOS again in 2015. 

Matthew E. Chope, CFP ® is a Partner and Financial Planner at Center for Financial Planning, Inc. Matt has been quoted in various investment professional newspapers and magazines. He is active in the community and his profession and helps local corporations and nonprofits in the areas of strategic planning and money and business management decisions. In 2012 and 2013, Matt was named to the Five Star Wealth Managers list in Detroit Hour magazine.

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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.

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 web sites or their respective sponsors. Raymond James is not responsible for the content of any web site or the collection or use of information regarding any web site’s users and/or members.

Three Keys to Successful Aging

 Most clients look forward to retirement as a time of freedom -- a time of fulfilling lifelong dreams of travel, pursuing passions, and spending quality time with family and friends. They work with professional advisors to make sure that they have the financial resources available to fund their retirement goals. Retirement income planning, Social Security planning, and investment planning are all part of the mix. Early in retirement, many of our clients don't pay as much consideration to the aging process.  What can be done to insure that with successful retirement comes successful aging?

At The Center, we work with hundreds of clients at various stages of retirement and aging.

Observing the success stories, we’ve observed these three keys to successful aging.

1. Positive Mindset/Attitude: Those that age successfully don't see themselves as "old" or "elderly". They don't dwell on the fact that they may begin to slow down or develop health issues. They focus on what they can do, not on what they might not be able to do.
2. Plan Ahead: Those that age successfully plan ahead for their future retirement and aging. They make sure that legal and financial plans are in place in the case aging slows them down. They think about alternatives for housing, health care and long term care and they talk to their families about their preferences so when/if the time arises, plans are in place. This allows these clients to live in the now, knowing that they have things covered when/if needed.
3. Take Action: Having a positive attitude and putting together a plan get you a large part of the way towards successful aging. The critical third step is to take action. Clients who age successfully take their positive attitude and use it to stay active, stay healthy and stay engaged. They make plans and put the important pieces in place so that they are ready to go as soon as the need arises -- they work with their financial planner to put together a team (including financial, legal and health care) for their successful aging. AND they make sure that the professional team is engaged with the family members and friends.

While we have often heard from clients that "getting older is no walk in the park," with a positive attitude, proper planning and appropriate actions, aging successfully is possible. Talk to your financial planner about what additional planning you can do to make sure you are one of the success stories.

Sandra Adams, CFP® is a Partner and Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012-2014 Sandy has been named to the Five Star Wealth Managers list in Detroit Hour magazine. In addition to her frequent contributions to Money Centered, she is regularly quoted in national media publications such as The Wall Street Journal, Research Magazine and Journal of Financial Planning.

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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 necessarily those of RJFS or Raymond James. C14-043035

Slightly Off-Center: What is your favorite food?

 There’s a lot you know about our team at The Center … but we’ve dug up answers to some questions you might have never thought to ask.

Many items but Hummus must win as I am sad if I miss eating this daily! – Angela Palacios

Homemade Chicken Soup –Amanda Toia

Peanuts (And peanut butter and lettuce sandwiches) –Dan Boyce

Chocolate chip cookies –Jaclyn Jackson

Nachos from Comerica Park –Jennifer Hackmann

Lasagna! –Jennie Bauder

Mrs. T’s Pierogies –Kali Hassinger

A Ginger Gold apple picked right from the tree –Laurie Renchik

Lasagna! –Matt Trujillo

Salads with everything, multiple types of lettuce, tomatoes, celery, carrots, onions, cheese, apples, nuts, dressings –Matt Chope

Risotto is warm and comfy and always good –Melissa Joy

Mexican – love El Charros’ soft puffy tacos and enchiladas –Nancy Sechrist

Mexican, hands down!  Nothing beats a huge burrito with nachos –Nick Defenthaler

Chicago style pizza from a restaurant called Roma’s in Owosso, MI –Sandy Adams

I love most all foods and really enjoy trying new things. But my favorite will always have to be my mom’s homemade chicken enchiladas. –Melissa Parkins

Slightly Off-Center: Where did you go to school?

 There’s a lot you know about our team at The Center … but we’ve dug up answers to some questions you might have never thought to ask.

Birmingham (elementary and secondary); University of Michigan for Bachelors and Masters degrees –Dan Boyce

Stockbridge High & Eastern Michigan University – Go Hurons! –Gerri Harmer

University of Michigan –Jaclyn Jackson

Indiana University –Jennifer Hackmann

Davison High School and Baker College for BBA –Jennie Bauder

Grand Valley State and Eastern Michigan University –Matt Trujillo

EMU - I very much enjoyed college life. It was so freeing and an amazing adventure of finding myself - waking up to all the world could offer. –Matt Chope

Clarkston High School, Oakland University undergrad and Walsh College MBA -Laurie Renchik

High school in Kansas at Shawnee Mission Northwest. University of Michigan –Melissa Joy

Mt. Clemens High, Macomb Community College, and Central Michigan University –Nancy Sechrist

I went to high school in Livonia where I was born and raised and earned my Bachelor’s degree in Finance at Eastern Michigan University.  I also completed the necessary coursework for the Certified Financial Planner or CFP® exam through the College for Financial Planning that is based out of Denver, CO –Nick Defenthaler

Eastern MI University for undergraduate and graduate (Go Huron’s, I mean Eagles!) –Sandy Adams

Dearborn Edsel Ford High School,  Albion College and Detroit College of Law before it became Michigan State University Law School. –Tim Wyman

Grand Valley State University – go Lakers –Melissa Parkins

Tastebuds the True Winners at our Guac Off!

Our stomachs were rumbling as we prepared to dip our chips at The Center’s 1st ever Guac Off! The competition sprouted out of a friendly conversation in our Center Café and four team members took the challenge of creating an award-winning guacamole. Sandy Adams, Angela Palacios, Melissa Parkins, and Matt Trujillo all started with a simple avocado and mixed and mashed up top-secret recipes.

Each contender lined up a bowl on the café counter and the rest of the office eagerly piled up on chips. The lucky judges included the rest of The Center team members willing to dip a chip!  Everyone enjoyed scraping the bowls clean of the glorious green! Judge Gerri Harmer said the tasty competition was, “The best job I’ve ever had.”

Our victor, Angie Palacios said her recipe was inspired by a weekend getaway to Sante Fe, New Mexico.  “It was there I finally learned how to make great guacamole when we ordered it tableside at a restaurant,” Angela remembers.  “While I do add lots of different vegetables and spices, it all has to start with a few perfectly ripened avocados!”

I just make it by taste so I don’t have any measurements. I think that day I had to work with:

Ingredients:

8 ripe avocados (the kind that are very small and come in bags of 4 taste the best – a tip I picked up from Marilynn Levin)

Juice of 2 limes

½ bunch of cilantro chopped

2 or 3 roma tomatoes chopped

¼ cup of chopped onion (I’m guessing I had red but can’t remember)

1 package of “Great Guacamole” mix

Salt to taste if needed

Mix ingredients together in a bowl and cover with saran wrap pressed down to touch the guacamole and let it rest for 30-60 minutes

Don’t Make a Costly Mistake

 If you knew that meeting with a financial planner regularly might help you find opportunities and avoid costly mistakes, would you do it? While that might sound like another financial planner’s pitch to get you in for your annual meeting, it’s not. And I have the story to prove it.

Uncovering additional income

I recently sat down with a same sex couple for a routine financial Annual Review. The federal government has found same sex marriage to be legal for filing a joint tax return and for drawing Social Security marriage benefits. These clients are in their late 50s and are both retired. One was a high-income earner throughout her career. The other fell 10 quarters short of the 40 quarters you are required to pay into FICA taxes in order to receive Social Security benefits.

Going back to work for 10 more quarters just didn’t seem worth it to my client since it only meant $2,000-$3,000 a year in benefits. But what she wasn’t thinking about was that, if she did work 10 more quarters, she would be legally entitled to spousal benefits. Her partner had maxed out the Social Security benefit after paying into the system for many decades. We did some quick math:

So, does working for 10 more quarters to become eligible for half of your spouse’s Social Security amount seem worth it? The answer was easy for them. And they realized, without sitting down for an Annual Review, they could have missed the boat entirely.

Your Own Annual Review

This is a very unique circumstance and your situation may not be similar. But there is no denying that Social Security is complex and it makes sense to pay attention to the rules for qualification and how the strategies apply in different circumstances. Could you do it alone? Think of it like going to the dentist. You might not know you have a cavity … that could turn into an abscess that threatens your life … unless you get a regular cleaning. So stay on top of your financial health, just like you do your dental health. Visit your financial planner regularly, discuss issues, and communicate. You might just uncover unforeseen benefits and it will hopefully be less painful than a trip to the dentist!

Matthew E. Chope, CFP ® is a Partner and Financial Planner at Center for Financial Planning, Inc. Matt has been quoted in various investment professional newspapers and magazines. He is active in the community and his profession and helps local corporations and nonprofits in the areas of strategic planning and money and business management decisions. In 2012 and 2013, Matt was named to the Five Star Wealth Managers list in Detroit Hour magazine.

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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 material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Center for Financial Planning, Inc. 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. The example provided is hypothetical in nature and is to be used for illustrative purposes only. C14-038027