Is Tax Reform Coming?

Contributed by: Nick Defenthaler, CFP® Nick Defenthaler

One of the hot topics in the recent presidential election was tax reform. Although both candidates may have had very different ideas of what changes they felt should be made, they did both agree that it was time to move forward with some type of reform. Our tax code is very confusing and many would also add, unnecessarily complex. The last tax reform we’ve had in the U.S was in 1986 – 31 years ago! Coincidentally, this is roughly the same period of time that elapsed between the reforms that were put in place previously in 1954.

Below is a breakdown of some of the proposals both President Elect Trump and the GOP have expressed as we enter 2017:

President Elect Trump:

  • Tax Brackets

    • Reduce the number of tax brackets:

      • Currently seven different brackets (10%, 15%, 25%, 28%, 33%, 35% and 39.6%)

      • Proposal is to reduce the number of brackets to three (12%, 25% and 33%)

  • Itemized Deductions and Standard Deduction

    • Consolidate the standard deduction and personal exemptions into a single, larger standard deduction:

      • $15,000 for single filers (compared to $6,300 in 2016)

      • $30,000 for those who are married and file jointly (compared to $12,600 in 2016)

      • Cap the total amount of itemized deductions ($200k for married filers, $100k for single filers)

  • Capital Gains Tax

    • Maintain similar capital gains tax rates for the new, proposed brackets:

      • 0% for those who are within the 12% proposed tax bracket

      • 15% for those who are within the 25% proposed tax bracket

      • 20% for those who are within the 33% proposed tax bracket

    • Would eliminate the 3.8% Medicare surtax on net investment income

GOP:

  • Tax Brackets

    • Reduce the number of tax brackets – same proposal as President Elect Trump:

      • Currently seven different brackets (10%, 15%, 25%, 28%, 33%, 35% and 39.6%)

      • Proposal is to reduce the number of brackets to three (12%, 25% and 33%)

  • Itemized Deductions and Standard Deduction

    • Eliminate virtually all forms of itemized deductions except for mortgage and charitable deductions, but like President Elect Trump, consolidate the standard deduction and personal exemptions into a single, larger standard deduction:

      • $12,000 for individuals

      • $18,000 for individuals with a child

      • $24,000 for those who are married and file jointly

  • Capital Gains Tax

    • Allow individuals to exclude 50% of their investment income – including both capital gains, qualified dividends and even interest income and then tax it at ordinary income rates

      • For example, this would mean if you’re in the 33% proposed tax bracket, investment income would be taxed at 16.5%

    • Would eliminate the 3.8% Medicare surtax on net investment income – same proposal as President Elect Trump

While obviously nothing is set in stone and many of these proposed changes could be blocked by a Democratic filibuster, history has shown that we are more than likely due for some type of tax reform in the near future. Stay tuned!

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 blogs.

The information contained in this blog 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 opinions are those of Nick Defenthaler, CFP®, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.
Sources:
http://www.cnbc.com/2016/11/22/how-advisors-are-preparing-clients-for-trumps-tax-plans.html
http://www.forbes.com/sites/kellyphillipserb/2015/10/21/irs-announces-2016-tax-rates-standard-deductions-exemption-amounts-and-more/#28a4d953792e

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The Center Partnered with Toys for Tots Again!

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Contributed by: Jeanette LoPiccolo, CRPC® Jeanette LoPiccolo

When you hear the words “Toys for Tots,” what comes to mind? For me, it’s the image of a wide eyed child filled with anticipation, unwrapping a colorful present on Christmas morning. I immediately smile when I think of the toy cars, dolls, and stuffed animals that generous patrons have given to families in need. I reflect on the relief that the parents may feel knowing that a present will be under the tree for their child.

How did this tradition start? It’s been around for so long that some of us may not know the history – I didn’t. After joining The Center’s charitable committee I had the opportunity to participate in this year’s collection. I was so impressed to learn that Diane Hendricks, the spouse of a Major in the Los Angeles Marine Reservists, hand crafted a doll in hopes of giving it to a needy child for Christmas in 1947.

Diane and her spouse, Bill, soon learned that there was no organization that existed to make her wish happen. So Bill decided to start the Toys for Tots project. Toys for Tots became an immediate success and the US Marine Corps Reserve has been collecting toys ever since!

Wondering how the toy drive works? Over the years, Marines have established close working relationships with social welfare agencies, churches and many local community agencies which are well qualified to identify the needy children in their community. These organizations play an important role in the distribution of the toys. Over 97% of the donations go to their mission of providing a much needed gift of joy to the less fortunate children on their community. In 2015, the program took place in 782 communities covering all 50 States, the District of Columbia, Puerto Rico, and the Virgin Islands.  

The Center is pleased to participate with the Oakland County chapter of Toys for Tots for the second year in a row. The Center and our friends have shown their generosity once again this year. With generous donations and happy hearts the collection boxes were overflowing!   

On behalf of The Center, thank you for your donations to the Toys for Tots project. We wish our community, all of our friends a very happy holiday season!

Jeanette LoPiccolo, CRPC® is a Client Service Manager at Center for Financial Planning, Inc.®

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.

Ten Tips for Aging Successfully

Longevity might just be one of the most important current topics in financial planning: how long will people live and how do financial planners help make sure their clients don’t run out of money before they run out of years? Ironically, many client conversations at The Center aren’t so much about will the money run out, but what will the money be spent on. Clients are concerned that the majority of their money will be spent on health and long term care expenses, and not the travel, leisure and meaningful family spending that they would prefer. What, clients ask, can they do to make sure that they can spend their money on the things they want to spend them on, not on those “costs of care?”

Before you start to think that this is a blog about Long Term Care insurance (that may be a blog for another day), think again!  This is where I tell you that I was recently asked to read the book “Live Long, Die Short – A Guide to Authentic Health and Successful Aging,” by Roger Landry, MD, MPH, for a Long Life Planning advisory group that I am on, and it helped me answer some of these client questions. If clients were given tips on how to live their aging lives planning for being healthy for the long haul with only a short unhealthy “end,” wouldn’t that address the goal?

So how does Dr. Landry suggest we Live Long and Die Short?

Here are his Ten Tips for Successful Aging:

  1. Use it or Lose it (Your Mind, Your Body, Your abilities)

  2. Keep Moving

  3. Challenge Your Mind

  4. Stay Connected (Stay Social)

  5. Lower Your Risks

  6. Never Act Your Age!

  7. Wherever You Are…Be There (Be Present)

  8. Find Your Purpose

  9. Have Children in Your Life

  10. Laugh!

The research suggests that lifestyle, more than genetics, determines how we age. Dr. Landry suggests that the time is now to assess your lifestyle to make the necessary changes to get healthy and change your future path. You, too, can find a way to live long and die short. Find a way to direct your own aging future…and work with your financial planner to make sure your financial future is planned accordingly.

Sandra Adams, CFP® , CeFT™ 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 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.

This 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 Sandra Adams and Dr. Roger Landry, and are not necessarily those of RJFS or Raymond James. Raymond James is not affiliated with nor does it endorse the services or opinions of Dr. Roger Landry.

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China's Currency - Revisited

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Contributed by: Nicholas Boguth Nicholas Boguth

I want to revisit a topic I first discussed back in March – China’s currency.

In the previous blog, I explained why China was devaluing their currency and what potential effects it could have on their economy. As previously stated, one of the biggest risks with currency devaluing is the risk of capital outflow. If investors think that there are better opportunities elsewhere, they will move themselves or their money into a country with stronger currency prospects. In the chart below, we can see this exact event currently happening in China.

This is a topic that catches a lot of headlines, and it should be useful to have some background to filter through all the noise. We are likely to see headlines about how China is managing its currency well into the New Year; maybe headlines about Chinese goods getting cheaper as the US Dollar strengthens relative to the yuan, or you may have already seen the most recent headline about China placing restrictions to attempt to slow the capital outflow from the country. They want to slow this mass capital outflow because it is increasing their supply of yuan and triggering inflation that can be harmful in excess. We will stay tuned and observe how the country acts and reacts going forward. If you have any questions about these changes, don’t hesitate to reach out to the Investment Department here at The Center!

Nicholas Boguth is an Investment Research Associate at Center for Financial Planning, Inc.® and an Investment Representative with Raymond James Financial Services.

The information contained in this blog 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 opinions are those of Nick Boguth and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance may not be indicative of future results.

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Humbling Experience: Volunteering with Humble Design

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On December 7th, eleven volunteers from The Center braved the cold and made their way to Pontiac to meet at the Humble Design warehouse. There we learned about the truly humble beginning of this non-profit that furnishes homes for families who have previously experienced homelessness. Humble Design goes into homes, procured by agencies, and adds furnishings—like a bed for each child, kitchen supplies, and furniture for living spaces—as well as character to the previously empty space. They take each unique family into consideration and decorate to their needs and likings. Each child gets their own bed, something most children living in shelters don’t have the luxury of experiencing, and those kids then for the first time have their own space to learn, to dream, and to live. Every kitchen is furnished with new pots and pans procured through valuable partnerships Humble Design has initiated. Most importantly, every house has a dining room table that is set and ready for family meals; again something most transient families are unaccustomed to. Humble Design attains all these materials from gracious donations, advantageous partnerships with organizations, and companies, like Center for Financial Planning, who sponsored a specific family.

We at The Center were so excited to start this partnership with Humble Design after having a few of our partners work with them in the past. In October, we had a couple employees volunteer in the warehouse, sorting donations and the like, and in December we were able to extend this partnership further to sponsor the design and furnishing of a house for a family of four in Detroit. Our volunteers carried boxes filled with pictures, lamps, pots and pans, in order to design and stock the house with the essentials and designed it in a truly beautiful way. At the end of the day the family was able to move into an already furnished house with all of their needs covered, and have it feel like a readymade home. We may have provided the things and donated our time, but that family will add the life, the love, and the happiness to make the house a home. We are truly grateful to have been a part of such a wonderful opportunity to make a family feel safe and welcomed in a place to call their own.

Raymond James is not affiliated with and does not endorse the services of Humble Design.

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How Much of My Income Should I Be Saving?

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Contributed by: Nick Defenthaler, CFP® Nick Defenthaler

This is a common and logical question to ask, right?  Unfortunately, there are too many unknown factors to give a precise answer.  If you’re 45, you have at least 15-20 years before you retire.  A lot can change in life during this time frame! What you think you may want retirement to look like might drastically change over the course of nearly two decades. How much you save obviously can have a big impact on your retirement goals. The simple answer I often hear in regards to this question is, “save at least what your company match is.” Meaning, if your employer offers a 4% match, you should contribute at least 4% to be eligible for the free money your employer is offering by incentivizing you to save for the future. Time to get blunt. Saving 4% isn’t enough. If you’re in your mid to late twenties, this is an acceptable savings rate to get in the habit of saving for retirement, in conjunction with paying down student loans, saving for a house, wedding or having children. When you’re 20 or fewer years away from retirement, however, that number simply needs to be more than the company match – probably closer to 15% - 20%. 

Thirty or forty years ago, saving 4% often times could in-fact create a successful retirement. So what’s changed? The extinction of the company pension plan.  Do you know that it would take a $615,000 retirement account to re-create a $40,000 income stream for 30 years, assuming a 5% distribution rate? In addition, most retirees who do receive a pension don’t just spend their pension income, they withdraw from their portfolio as well -- meaning far more than the $615,000 in my example would have to be accumulated prior to retirement to supplement spending for a 25+ year time horizon. 

So, if you’re not saving in the teens or twenties for retirement, how do you get there? I recommend implementing what I call the “one per year” strategy.  Meaning, you commit to increasing your 401k savings percentage by at least 1% each and every year until you get where you need to be in regards to your retirement saving goals. This is typically very doable for most; we just simply don’t make the change online or with our Human Resources department. As the New Year quickly approaches, now is the perfect time to evaluate your current savings level and check in with your planner to see if you need to be doing more. Many 401k plans now actually offer a great feature that automatically increases your contribution level each and every year, typically in January. Studies have shown that when things are automated, such as savings, they actually get done!  Ask your HR manager or 401k administrator if the plan allows for this and if so, seriously consider taking advantage of it.  

By increasing savings gradually, it will help make retirement savings far more manageable and realistic for many.

Think about it, if you’re trying to lose 100 pounds and you become fixated on that large number, chances are you’ll become overwhelmed and give up on your weight loss goal. Those who have the most success are the ones who focus on small victories. Losing a few pounds per month until that goal is met– the same goes for retirement savings.  

Keep it simple and be consistent – good things usually happen when we do just that!

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 blogs.

The information contained in this blog 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 opinions are those of Nick Defenthaler, CFP® and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. 401(k) plans are long term retirement savings vehicles. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty. Matching contributions from your employer may be subject to a vesting schedule. Please consult with your financial advisor for more information.

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Restricted Stock Units vs Employee Stock Options

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Contributed by: Kali Hassinger, CFP® Kali Hassinger

Some of you may be familiar with the blanket term "stock options." In the past, this term was most likely referring to Employee Stock Options (or ESOs). ESOs were frequently offered as an employee benefit and form of compensation, but, over time, employers have adapted stock options to better benefit both the employee and themselves.

ESOs provided the employee the right to buy a certain number of company shares at a predetermined price for a specific period of time. These options, however, would lose their value if the stock price dropped below the predetermined price, thus becoming essentially worthless to the employee. As an alternative to this format, a large number of employers are now utilizing another type of stock option known as Restricted Stock Units (or RSUs). This option is referred to as a "full value stock grant" because, unlike ESOs, RSUs are worth the "full value" of the stock shares when the grant vests. This means that the RSU will always have value to the employee upon vesting (assuming the stock price doesn't reach $0). In this sense, the RSU is more advantageous to the employee than the ESO.

As opposed to some other types of stock options, the employer is not transferring stock ownership or allocating any outstanding stock to the employee until the predetermined RSU vesting date. The shares granted with RSUs are essentially a promise between the employer and employee, but no shares are received by the employee until vesting. Since there is no "constructive receipt" (IRS term!) of the shares, there is also no taxation until vesting.

For example, if an employer grants 5,000 shares of company stock to an employee as an RSU, the employee won't be sure of how much the grant is worth until vesting. If this stock is valued at $25 upon vesting, the employee would have $125,000 of compensation income (reported on the W-2) that year.

As you can imagine, vesting can cause a large jump in taxable income for the year, so the employee may have to select how to withhold for taxes. Some usual options include paying cash, selling or holding back shares within the grant to cover taxes, or selling all shares and withholding cash from the proceeds. In some RSU plan structures, the employee is allowed to defer receipt of the shares after vesting in order to avoid income taxes during high earning years. In most cases, however, the employee will still have to pay Social Security and Medicare taxes the year the grant vests.

Although there are a few differences between the old school stock option and the newer Restricted Stock Unit hybrid, these options can provide the same incentive for employees. If you have any questions about your own stock options, please reach out to us!

Kali Hassinger, CFP® is an Associate Financial Planner at Center for Financial Planning, Inc.®

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 opinions are those of Kali Hassinger, CFP® and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be suitable for all investors. This is a hypothetical example for illustration purpose only and does not represent an actual investment.

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Should I Accelerate My Mortgage Payoff?

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Contributed by: Matt Trujillo, CFP® Matt Trujillo

Most homeowners make their regular mortgage payments every month for the duration of the loan term, and never think of doing otherwise. But by prepaying your mortgage, you could reduce the amount of interest you'll pay over time.

How Prepayment Affects a Mortgage

By prepaying your mortgage, you could reduce the amount of interest you'll pay over the life of the loan, regardless of the type of mortgage. Prepayment, however, affects fixed rate mortgages and adjustable rate mortgages in different ways.

If you prepay a fixed rate mortgage, you'll pay your loan off early. By reducing the term of your mortgage, you'll pay less interest over the life of the loan, and you'll own your home free and clear in less time.

If you prepay an adjustable rate mortgage, the term of your mortgage generally won't change. Your total loan balance will be reduced faster than scheduled, so you'll pay less interest over the life of the loan. Every time your interest rate is recalculated, your monthly payments may go down as well, since they'll be calculated against a smaller principal balance. If your interest rate goes up substantially, however, your monthly payments could increase, even though your principal balance has decreased.

Should I Prepay My Mortgage?

A common predicament is what to do with extra cash. Should you invest it or use it to prepay your mortgage? You'll need to consider many factors when making your decision. For instance, do you have an investment alternative that will give you a greater yield after taxes than prepaying your mortgage would offer in savings? Perhaps you'd be better off putting your money in a tax-deferred investment vehicle (particularly one where your contributions are matched, as in some employer-sponsored 401(k) plans). Remember, though, that the interest savings you'll obtain by prepaying your mortgage is a certainty; by comparison, the return on an alternative investment may not be a sure thing.

Other factors may also influence your decision. The best time to consider making prepayments on your mortgage would be when:

  • You can afford to contribute money on a regular basis

  • You have no better investment alternatives of comparable certainty

  • You cannot refinance your mortgage to obtain a lower interest rate

  • You have no outstanding consumer debts that are charging you high interest that isn't deductible for income tax purposes (e.g., credit card balances)

  • You are in the early years of your mortgage, when, given the amortization schedule, the interest charges are highest

  • You have sufficient liquid savings (three to six months' worth of living expenses) to cover your needs in the event of an emergency

  • You won't need the funds you'll use for mortgage prepayment in the near future for some other purpose, such as paying for college or caring for an aging parent

  • You intend to remain in your home for at least the next few years

Particularly against a fixed rate mortgage, regular contributions toward prepayment can dramatically shorten the life of the loan and result in savings on the total interest you're charged. As always, consult your financial planner before make any large financial moves. We’re here to look at the big picture and help make the best decisions for you particular situations.

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.

Raymond James Financial Services, Inc. and your Raymond James Financial Advisor do not solicit or offer residential mortgage products and are unable to accept any residential mortgage loan applications or to offer or negotiate terms of any such loan. You will be referred to a qualified Raymond James Bank employee for your residential mortgage lending needs.

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How to Get on the Same Financial Page

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If I told you that over 40% of couples don’t know how much their partner earns, would you believe it? The Couples Retirement Survey recently published by Fidelity Investments revealed that this statistic is in fact true. My first thought was, “how can this be” and a close second was “what’s the best way for folks falling in the 40% to get in sync financially?”   

Here are 5 straightforward questions to help get the conversation started.

Getting to the answers may not be easy especially if there is no centralized management in the household. Ready – set – go!

  1. Do we have any financial secrets? Talk about debt, obligations, past mistakes and what you learned. Are you a spender or a saver? Develop a shared vision for the future.

  2. How much do we earn? Include bonuses in your discussion and consider your future career goals and earning potential as well. 

  3. What’s our budget? Do you know your cost of living? Is it above your means or below? Create and maintain a budget together.

  4. What do we own and what do we owe? Take an inventory or your collective assets and liabilities; property, insurance policies, bank and retirement accounts—anything that involves money.

  5. How much are we saving for retirement and where are the accounts? Keep track of your 401(k)s, including those from previous jobs; IRA’s and other accounts dedicated to retirement savings. How much are you contributing and whose name is on each?

The preceding five questions are conversation starters. Want to get started? Set a date to talk money using these questions as a starting point. Compile all of your account numbers and passwords in a secure place for easy reference and share with your partner. Schedule time with your financial planner to review your progress and strategize for a more complete understanding of your financial status as a couple which is crucial to planning, budgeting and saving toward future goals.

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 is a member of the Leadership Oakland Alumni Association and is a frequent contributor to Money Centered.

This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

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Finding The Center

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Contributed by: Emily Lucido Emily Lucido

Looking for a new job is not the greatest thing in the world. Let’s not sugar coat it. It’s hard and it can be exhausting at times. Whether searching for a new job because of location, personal growth, or current discontent, it can be hard to find something “better” or even just a good fit for you.

So I wanted to share my Center Story. Instead of painstakingly searching for a specific job I wanted, I took the approach of looking for a good company. Because, let’s be honest, most of your happiness at work can sometimes just be about the company you are working for instead of the job itself.

As I started my research within the financial services industry, The Center stood out to me immediately. I liked that it was a smaller financial firm, and you can sense its cool vibe, great culture, and core values as soon as you step through the doors. It struck me as exactly the kind of place where a recent finance grad, like me, could really spread my wings.

The Center was recognized in Crain’s 2014 Cool Places to Work Award Program (fun fact: our Director of Client Services, Lauren Adams, found The Center after reading the Crain’s article too!), and I have to say, the award does not lie.

After being here for about two months, this is somewhere where you just feel at home. When your company takes care of you, you want to do a good job every day, and that is exactly how I feel here.

The Center strives for growth, which is something extremely important to me. I have learned so much in the past two months about the financial planning process and have stretched myself to do and learn more. Being a part of The Center doesn’t just mean doing your job; it means being involved with each other, engaged with our internal committees (like Health & Wellness), and committed to community services through our company sponsored volunteer programs. Everyone has equal value, and you respect everyone for the amount of work and time they’ve put into their jobs, which makes you want to do a good job as well.

And good work doesn’t go unnoticed! I remember vividly during my first weeks when I received a compliment from Tim Wyman, Partner and Branch Manager, about one of my first client phone calls. Being new and just getting started, it was refreshing to receive that kind of support especially from someone higher up in the company.  It meant a lot to me and motivated me to do even better for our clients.

So if you need advice and are looking for a new job or career, my two cents are to look at the company first. Look at its values and goals, see if it recognizes employees, and make sure you will be treated fairly. Happily, this is something I don’t have to worry about now that I work here, at The Center.

Emily Lucido is a Client Service Associate at Center for Financial Planning, Inc.®

Any opinions are those of Emily Lucido and Lauren Adams and not necessarily those of Raymond James.

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