Year-End Financial Checklist: 7 Tips to End the Year on a High Note

Contributed by: Jaclyn Jackson

And just like that, we are already in the fourth quarter; the year has gone by quickly! Before it completely slips away, try these top tips to strengthen your finances and get things in order for the year ahead: 

1. Harvest your losses – Tax-loss harvesting generates losses that can be used to reduce current taxes while maintaining your asset allocation. Take advantage of this method by selling the investments that are trading at a significant loss and replacing it with a similar investment. 
2. Max out contributions – While you have until you file your tax return, it may be easier to take some of your end-of-year bonus to max out your annual retirement contribution.  Traditional and Roth IRAs allow you to contribute $5,500 each year (with an additional $1,000 for people over age 50).  You can contribute up to $18,000 for 401(k)s, 403(b)s, and 457 plans.
3. Take RMDs – Don’t forget to take the required minimum distribution (RMD) from your IRA.  The penalty for not taking your RMD on time is a 50% tax on what should have been distributed.  RMDs should be taken annually starting the year following the year you reach 70 ½ years of age.
4. Rebalance your portfolio – It is important to rebalance your portfolio periodically to make sure you are not overweight an asset class that has outperformed over the course of the year.  This helps maintain the investment objective best suited for you.
5. Use up FSA money - If you haven’t depleted the money in your flexible spending account (FSA) for healthcare expenses, now is the time to squeeze in those annual check-ups.  Some plan sponsors allow employees to roll over up to $500 of unused amounts, but that is not always the case (check with your employer to see if that option is available to you).
6. Donate to a charity – Instead of cash, consider donating highly appreciated securities to avoid paying capital gains tax.  Typically, there is no tax to you once the security is transferred and there is no tax to the charity once they sell the security.  If you’re not sure where you want to donate, a Donor Advised Fund is a great option.  By gifting to a Donor Advised Fund, you could get a tax deduction this year and distribute the funds to a charity later. 
7. Review your credit score – With all of the money transactions done during the holiday season, it makes sense to review your credit score at the end of the year.  You can go to annualcreditreport.com to request a free credit report from the three nationwide credit reporting agencies: Equifax, Experian, and TransUnion.  Requesting one of the reports every four months will help you keep a pulse on your credit status throughout the year.

Bonus:  If there have been changes to your family (new baby, marriage, divorce, or death), consider these bonus tips:

• Adjust your tax withholds
• Review insurance coverage
• Update financial goals, emergency funds, and budget
• Review beneficiaries on estate planning documents, retirement accounts, and insurance policies.
• Start a 529 plan

Jaclyn Jackson is a Research Associate at Center for Financial Planning, Inc.

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This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. 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 Jaclyn Jackson and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected. RMD's are generally subject to federal income tax and may be subject to state taxes. Consult your tax advisor to assess your situation. 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. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

Where is my Social Security Benefits Statement?

Contributed by: Melissa Parkins, CFP®

You may recall that Social Security benefits statements used to be mailed out to workers every year a few months before your birthday. Then in 2011, due to budget cuts, the Social Security Administration (SSA) decided to stop mailing annual statements to save money. Another change came in 2014 when the mailing of paper statements partially resumed. Since then, paper statements are mailed at five-year intervals to workers who have not signed up to receive their statements online. These annual mailings are sent to workers at ages 25, 30, 35, 40, 45, 50, 55, and 60 and over.

Why Wait 5 Years? Sign up Online!

An easy alternative to waiting every 5 years to receive a Social Security benefits statement is to sign up for a My Social Security account. You can follow the easy step-by-step directions Jim Smiertka shared in his recent blog on how to sign up.  Once you are enrolled, you will no longer receive paper statements in the mail at the five-year intervals. Instead, you will have access to them on a continual basis through your My Social Security account. You will need to log in first, but then your statements are always at your fingertips.

The Benefits of Tracking Your Benefits

No matter your age, reviewing these statements annually is important. They provide a valuable reminder of what you can expect to get back in the future from payroll taxes paid. It is also important to review your earnings history to make sure there are no missing years or discrepancies. It is better to catch it early and get it corrected than having it go unnoticed for years and having to deal with getting it corrected when it is time to apply for benefits. Whether you are still working or not, your social security benefits are an important part of your financial plan. Please share your statements with us on an annual basis so we can better help you plan for your future!

Melissa Parkins, CFP® is an Associate Financial Planner at Center for Financial Planning, Inc.

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This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. 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 Melissa Parkins, CFP® and not necessarily those of 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.

Investor Education Ph.D. series: What is Roll Yield?

Contributed by: Angela Palacios, CFP®

Roll yield is a term that you may have heard lately in the financial news.  No, I am not talking about Cubans and cigars.  I am referring to a potentially profitable bond trading strategy that can be employed to enhance returns of a bond portfolio during a rising interest rate environment.

The Traditional Buy and Hold Bond Strategy

With interest rate increases supposedly just around the corner, investors fear negative or very low returns out of their bond positions.  Furthermore, there are many proponents of buying individual bonds only during a rising interest rate environment.  This strategy offers certainty of getting your principal back upon maturity if the creditor doesn’t default. However, when the bond yield curve is sloping upward there is another strategy that could be employed successfully and potentially create better long term returns than the buy and hold strategy.

How the Roll Yield Bond Strategy is Different

Roll yield is often thought of hand-in-hand with the futures market. In the futures market when you are buying a contract on the price of coffee for example, you are always paying either more or less then coffee is actually trading at in that moment (this is referred to as the spot price).  If you are paying less for the contract than the current spot price, you can then achieve a positive roll yield or price increase as that contract gets closer and closer to maturing at the spot price (assuming the spot price doesn’t change) as shown by the green line in the chart below.

In the bond market this concept is similar but works a bit differently.  When you buy a bond, for example a 5 year treasury bond, you pay $1,000 for this bond and in return get a set rate of interest, I will use1.75% for example.  If the yield curve is upward sloping that means that bonds maturing in less than 5 years should pay some interest rate less than 1.75% as you aren’t tying your money up for as long.  For example, a 4-year bond could yield 1.5%.  See the chart below for an example of an upward sloping yield curve.

As you hold your 5-year treasury it grows closer to maturity every day and eventually your 5 year bond turns into a 4 year bond, 3 year bond and so on until it matures.  If rates don’t change over the first year, you now possess a 4 year bond that yields 1.75% when all other 4-year treasury bonds that are issued are only paying 1.5%.  The interest rate premium means people want your bond more and are willing to pay more money for it.  This results in price appreciation or a capital gain on the bond.  At that time, you could sell the bond and collect the price appreciation in addition to the 1.75% in interest that you collected over the past year. 

The chart below shows a hypothetical example of owning 100 of these bonds.  The blue area is the 1.75% interest that you receive each year.  You can see that it stays level each year until maturity.  However, in the first year you see that there is a red area, or addition to your return, from capital gains of the price going up due to the nature of the process explained above.  You could sell your 100 bonds that in 4 years will mature again at $100,000 or sell it for $101,000 and over the first year collect a total of $1,750 in interest plus $1,000 in capital gains making your return on the $100,000 investment.

Then you could re-invest in a new 5 year bond still paying 1.75% interest again.  The reason you may want to make this transaction is when you get closer to the bond maturing you will have to lose that increase in price because you will only receive your $1,000 back from the US Treasury that you paid originally for the bond and therefore, the bond price will come back down as investors know this will happen and will be unwilling to pay more for the bond.  This is shown in the chart above as the annual loss (red area) in years 4 and 5 on the bond.

Large Bond Managers vs. the Individual Investor

A buy-and-hold investor would give up this potential increase in returns in the early years of holding the bond by not selling and locking in the price appreciation.  However, this strategy can be difficult to pay off for an individual investor because you are dealing in smaller lots of individual bonds and thus you pay commissions and are subject to bid/ask spreads that could make it too costly to trade and take advantage of roll yield.  Large bond managers can often successfully pull this off because they have pricing power due to the sizes of the bond lots they trade.

If rates rise too quickly or only certain parts of the yield curve increase, this type of strategy may not pay off over a buy-and-hold investor.  An investor needs to weigh whether or not they would prefer the certainty of the individual bond or if they would prefer to outsource to a manager to implement potential strategies such as roll yield to enhance returns over time.

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.

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Sources: http://www.futurestradingpedia.com/futures_roll_yield.htm https://www.kitces.com/blog/how-bond-funds-rolling-down-the-yield-curve-help-defend-against-rising-interest-rates/

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation.The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. 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 opinions are those of Angela Palacios and not necessarily those of Raymond James. Investing always involves risk, including the loss of principal, and futures trading could present additional risk based on underlying commodities investments. There are special risks associated with investing with bonds such as interest rate risk, market risk, call risk, prepayment risk, credit risk, reinvestment risk, and unique tax consequences. To learn more about these risks and the suitability of these bonds for you, please contact our office.

10 Ways to Raise Money Smart Kids—A Webinar in Review

Contributed by: Center for Financial Planning, Inc.

For those busy parents out there who couldn’t attend the “10 Ways to Raise Money Smart Kids” webinar, presented by Melissa Joy, CFP ®, here is a quick recap on the different methods parents can use to teach their kids about financial responsibility.

First of all, we have to mention how important it is to start talking to children about money early. Lynsey Romo, an assistant professor of communication at North Carolina State University says, “Even now, parents talk more about sex with their children than they do about money.” Money can seem like a taboo or troublesome topic to broach with children of all ages, but your kids will observe money behavior and patterns from somewhere, and it’s better to teach your child what they should know before they get different information elsewhere. Be intentional and consistent with your teachings to reinforce desired habits.

Now let’s get to the tips!

1. Talk about money earlier than you might assume.

Research shows that preschoolers can understand basic money concepts like spending and saving, and by the age of 7 children can understand what it means to earn an income. By waiting, parents can miss out on opportunities to teach their children valuable money lessons during formative years. A quick tip is to bring money out of the theoretical and into the physical and practical world to elicit better comprehension through examples with physical money.

2. Start with the basics and then be specific.

Kids are a blank slate, whatever they know is through observation and your specific instruction. Don’t forget to teach the little things, like protecting your money, because to a child, it’s not an innate habit quite yet.

*You are your child’s money role model.* This isn’t a tip so much as a reminder. Modeling smart money behavior can help your child reflect that same behavior.

3. Get your children comfortable with numbers.

Shawn Cole of Harvard Business School says it best: “a lot of decisions in finance are just easier if you’re more comfortable with numbers and making numeric comparisons.”

4. Use the Bucket approach.

Physically separate whatever money your child earns into three different buckets labeled: Spend, Save, and Share. Not only will this help your child understand the principles of saving money and using money for charity, but the visual will give practical context to their learning.

5. Disconnect allowance and chores.

There are a couple schools of thought here. Ron Lieber, author of the book The Opposite of Spoiled, suggests that parents disconnect allowance and chores all together. The allowance has the purpose of teaching kids the value of money and the chores are family work that needs to be done regardless of a monetary reward.

6. Try a family 401(k).

Leverage a matching dollar-to-dollar system, or act like the “Family Bank” and give interest to every dollar you child has saved in order to teach and encourage money lessons about the importance of saving and long term planning.

7. Understand that education really pays off.

It’s always good to remind your children how the higher the education an employee has the higher their salary is. The data is astounding at how much of a difference a college degree can make.

8. Encourage mini-entrepreneurs.

Encouraging your kids to be mini-entrepreneurs can not only teach lessons of innovation or the correlation between hard work and money, but it can also encourage charitable giving, like using “start-up money” to create a business where the profits go to a local nonprofit. It’s never too early for your kids to learn good business practices or the power of giving.

9. Have up-front communication re: financial commitment.

Hold your children responsible and accountable…give them ideas of what you expect and how they should plan to take on financial responsibilities so there’s no guessing game.

10. Share your family stories.

Your story, the story of your parents, and the story of their parents are important. They hold valuable lessons and are the history that impacts your child’s future. Share with them past success as well as struggles.

Wondering how you and your parenting partner(s) can implement these strategies? Discuss and develop your parenting philosophy with your partner and anyone who helps raise your children and come to a consensus for how you’ll teach your children how to be smart with money, then write it down and sign it. This will help create a consistent plan with intention. Write down specific action items you would like to cover within the year, and/or goals you and your partner(s) would like to reach, then review and amend the “money contract” annually to track your progress and to revaluate your strategies.

Lastly, we understand that parents can spend more of their time worrying about their children and their relationship with money, and less time worrying about their own financial future. It’s important to keep a balance between your kids’ needs and planning for your own life. Here at Center for Financial Planning, we are available to discuss the hard topics involving money and want to plan for your financial future, as well as your children’s.

If you were intrigued by any of the tips and want to hear more, below is the full 30-minute webinar.

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Raymond James is not affiliated with and does not endorse the opinions of Melissa Joy or the Center for Financial Planning. 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.

Third Quarter Investment Pulse

Contributed by: Angela Palacios, CFP®

After a volatile end to summer and beginning of fall, we’ve been busy reading, listening and digesting other perspectives on the markets … both of the past and looking ahead.

Eric Cinnamond on Taking the Unpopular Road

On September 22nd we had the pleasure to speak with Eric Cinnamond, Portfolio Manager at Aston/River Road.  Mr. Cinnamond offers his perspective on markets while managing a small cap value stock portfolio.  Today, as has often been the case at market inflection points in the past, his portfolio looks quite different than many others.  He currently maintains 85% of his assets in cash and the other 15% are comprised of mining and commodity companies, along with select energy and financial positions.  He stated that this has been his most uncomfortable portfolio in his career of managing money.  His portfolio has suffered major withdrawals in the past couple of years with his underperformance compared to peers.  According to Eric though,

“I’d rather lose half of my clients than half their capital.”

He stated that right now, investors are crowded into safety and high quality positions like healthcare.  As a result these areas are very expensive.  The valuations on the stocks he follows are at the highest of his career.  His possible buy list currently has a Price to Earnings ratio (P/E) of 45 and this has continued to climb this year, not because of price expansion, but due to Earnings contraction.  As a result, he is patiently waiting for the next opportunity to put risk back in his portfolio.  With his absolute return objective, he stresses the importance of avoiding mistakes and only taking risk when investors are compensated for it.  We applaud managers like this who stick to their investment disciplines that have added value over benchmarks over many years and market cycles, even if they are unpopular for a short period of time!

First Eagle pays $40 Million in SEC case Over Distribution Fees

This is a shocking headline coming out of a company that has had little regulatory headline issues in the past.  In 2013 the Securities and Exchange Commission (SEC) started an industry-wide sweep to evaluate the fees paid by Asset managers to its distributors.  After speaking directly to a representative of First Eagle we learned of 40 agreements First Eagle has with distributors the SEC found one to be in violation because the fee was paid by the mutual fund shareholders pool of money rather than from First Eagle’s general fund.  First Eagle, upon doing their own internal review, then found one other agreement that was also in violation and immediately reported this to the SEC.  As a result they are paying about a $12.5 million penalty to the SEC and then paying $25 million back to fund shareholders along with interest.  These fees are separate from a 12b-1 fee in that they are meant to pay to outsource record keeping and accounting services on the shares owned by investors from First Eagle to the distributing company.  This likely will not be the last we hear of this issue as many other companies are also under scrutiny.  First Eagle was the first to settle.

Dan Fuss Portfolio Manager for Loomis Sayles Fixed Income Team

Dan Fuss recently shared his views on the hot topic of liquidity in the bond markets.  Liquidity is the ability to easily purchase or sell a security at a reasonable price in a reasonable amount of time.  Often though, when the most liquidity is needed during market events, it is the scarcest.  This provides opportunities for bond managers to buy fundamentally strong credits at significant discounts.  Structural and regulatory changes have played a big role in this reducing liquidity as dealer inventories are very low (dark blue line below), while the number of bonds outstanding (light blue line) is steadily increasing in this low interest rate environment.  

In the wake of the global financial crisis in 2008, much regulation was passed that made principal trading (where the bank itself took one side of a bond trade either to buy or sell) much more risky and less profitable.  This, in essence, dried up that part of the market liquidity.  Now banks only act as agents, matching up buyers and sellers rather than being a buyer or a seller.  Mr. Fuss noted that this affects liquidity for large blocks of bonds but that for smaller lots of bonds he finds liquidity is still quite healthy.

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.

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http://www.reuters.com/article/2015/09/21/us-sec-firsteagle-idUSKCN0RL1S320150921

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. 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. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Any opinions are those of Angela Palacios and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected. There are special risks associated with investing with bonds such as interest rate risk, market risk, call risk, prepayment risk, credit risk, reinvestment risk, and unique tax consequences. To learn more about these risks and the suitability of these bonds for you, please contact our office. Raymond James is not affiliated with and does not endorse the opinions or services of Eric Cinnamond, Aston Asset Management, Dan Fuss and Loomis Sayles.

Keep Adding those CFP®’s to CFP!

Contributed by: Center for Financial Planning, Inc.

Two of the youngest members of our Financial Planning Department team have spent the last several months with their noses in their books – studying for the Certified Board of Standards CFP® Certification exam.  The Center is proud to announce that both Melissa Parkins and James Smiertka recently received their official “PASS” notification from the CFP® Board and are on their way to becoming future CERTIFIED FINANCIAL PLANNER™ certificants.  While Melissa has already satisfied her work experience requirements and will be able to use her CFP® designation right away, Jim will be working hard as part of the financial planning department team to build his experience to earn the right to use his marks. 

According to the CFP® Board, the designation is for individuals who meet rigorous professional standards and agree to adhere to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients. We have no doubt that both of our team members will live up to those standards and much, much more!

Impact of the 2016 Medicare Part B Premium Increase

Contributed by: Matt Trujillo, CFP®

You may have heard of the pending Medicare part B premium increase for 2016.  If this is news to you, the most recent Medicare Trustees Report is estimating the baseline premium to increase from $104.90 to $159.30 beginning in 2016 (approximately a 52% increase). The reason why premiums are estimated to increase so much next year is mainly attributable to the way the program is currently structured.

Hold Harmless Clause May Protect You

Currently, the law does not allow higher premiums for all participants. In fact, if you are currently receiving social security benefits, have an adjusted gross income under $170,000 (or $85,000 if single), and are having your Medicare part B premiums taken directly from your social security benefit, then you probably won’t see any increase in your Medicare part B premiums for 2016. This is due to the “hold harmless” clause that protects current Medicare recipients from large rate hikes.

Ordinarily the increase in Medicare premiums is pegged to the annual cost of living adjustment from the social security administration. However, next year the administration says there will be no cost of living adjustment, which has left the Medicare Trustees unable to raise the premiums on 70% of current Medicare recipients.

Am I at Risk for a Medicare Part B Rate Hike?

So how will the Medicare Trustees keep up with the rising cost of healthcare? Simple: they will pass along the costs to future recipients. If you’re not currently receiving social security benefits, but are slated to start soon, you might be in for an unpleasant surprise.

You might be a candidate for a rate hike if:

• You pay your Medicare Premiums directly and don’t have them deducted from your social security benefit.

• You have filed for social security benefits but have suspended payment to take advantage of delayed retirement credits (i.e. file and suspend strategy).

• You have an adjusted gross income higher than $170,000 filing a joint tax return or higher than $85,000 as a single filer.

Talk to your financial advisor to find out more about this pending rate hike, and whether or not you will be affected.

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

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This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. 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 Story Behind #ILookLikeaCFP

Contributed by: Center for Financial Planning, Inc.

How do we close the gender divide in the field of financial planning? It’s a question we ask ourselves frequently here at Center for Financial Planning. Maybe it’s because there’s that sticky 23% statistic – the percentage of Certified Financial Planners who are female – that just won’t seem to budge. Maybe we tend to talk about it at The Center because 2 of our 3 founders were women. That was back in the ‘80s when the gender divide was even greater.

Inspired by the #ILookLikeAnEngineer social trend, we decided it was time to act locally and think globally. We’re not just fighting stereotypes, we want to see real change in the ranks … from the number of young women applying to financial planning programs to the number of female partners at firms large and small. We’re joining the mission of the CFP Board’s Women’s Initiative:

WIN‘s mission is to identify why relatively few women choose to become part of the financial planning profession, to make recommendations for encouraging and supporting women to pursue careers in financial planning, and to undertake efforts and campaigns to address the “feminine famine” in financial planning.

And with just a blank piece of paper, a sharpie, the camera in your phone and an Internet connection, you can be part of the movement. If you’re a female CFP, make your sign and share it with #ILookLikeaCFP. It is time for change.

How do we close the gender divide in the field of financial planning? It's a question we ask ourselves frequently here at Center for Financial Planning. Maybe it's because there's that sticky 23% statistic - the percentage of Certified Financial Planners who are female - that just won't seem to budge.

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Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of Raymond James. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse the opinions or services of CFP Board's Women’s Initiative. 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.

Don’t Let the Gender Pay Gap Derail Your Retirement

Contributed by: Laurie Renchik, CFP®, MBA

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.

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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.

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.

Our 30th Anniversary Party at Ford Field

Contributed by: Nancy Sechrist

This coming Sunday is Opening Day at Ford Field.  It was just a few short months ago that we were celebrating an event of our own on the Lion’s big stage, so we thought we’d do a little bit of reminiscing…

When you’re celebrating 30 years serving clients, you have to do it in a big way. Around here, there’s not much bigger than the home of the Detroit Lions, Ford Field.  About 300 of our clients, Center team members, and family helped us celebrate. Entertainment included talented musicians, a magician, a juggler, and caricature artists. The fun performers and the delicious food gave an old Detroit nostalgic feel to what we called the “Street Fair” themed event. A photographer used green screen technology to help guests create their own photos to take home.  And the Detroit Lion’s mascot Roary wandered around showing off his sense of humor and taking pictures with everyone. Many also enjoyed a tour of Ford Field. Some of us even got to have a little fun throwing a football around right on the field itself before the party started. 

We also had an additional reason to celebrate … the retirement of two of the founders of the company, Marilyn Gunther and Dan Boyce. Enough can’t be said about the genuine gift of guidance, direction, accomplishments, and mentoring that Dan and Marilyn have given. We credit them for building The Center up from scratch and passing on the real meaning of the soul of the company. In the beautiful, sunlit atrium, Tim Wyman delivered a gracious presentation thanking the founders as well as our clients for making The Center what it is today.

Nancy Sechrist is the Office Manager at Center for Financial Planning, Inc.