New Team Member: Peggy Hall-Davenport, CFP®

Contributed by: Timothy Wyman, CFP®, JD

The Center is pleased and honored to announce the addition of Peggy Hall-Davenport to The Center team.  After faithfully serving clients through her own practice for over 30 years, Peggy joins The Center as a Senior Financial Advisor.  In this role, Peggy will continue to provide technically advanced financial planning to individuals and their families in a new team setting. “What a gift to have someone of Peggy’s integrity and experience join The Center team. Peggy, and former colleague Sandra Tutro, Registered Assistant, have taken great care of clients over the years and we look forward to supporting Peggy and clients in the future.”

In her personal time, Peggy enjoys gardening, swimming, genealogy and spending time with family.  Peggy also gives back to the community through service in local Rotary and Optimist clubs.

Timothy Wyman, CFP®, JD is the Managing Partner and Financial Planner at Center for Financial Planning, Inc.® and is a contributor to national media and publications such as Forbes and The Wall Street Journal and has appeared on Good Morning America Weekend Edition and WDIV Channel 4. A leader in his profession, Tim served on the National Board of Directors for the 28,000 member Financial Planning Association™ (FPA®), mentored many CFP® practitioners and is a frequent speaker to organizations and businesses on various financial planning topics.

Holiday Online Shopping Scams

Contributed by: Nicholas Boguth

Tis’ the holiday season, which means plenty of online shopping for a lot of us. For those of you who have been or will be online shopping for the holidays, we want you to take special care to avoid attempted fraud.

Most of these online shopping scams will come through your email in the form of a fake offer, receipt, or shipping notice.

The most important thing is to avoid clicking on anything that seems out of the ordinary, and if you get an offer that seems too good to be true – it probably is.  You may also see these “too good to be true” offers on social media, and they could even look like a friend shared it with you. In these cases, do some research before clicking, and avoid filling out personal information on non-reputable websites.

Protect yourself by shopping with a credit card; it is easier to deal with fraud if you ever do fall victim.

If you are emailed a receipt or shipping notice for something that you did not purchase, do not click the email. Instead, check your credit card transactions to see if this purchase actually did happen. If it did happen, contact your credit card company immediately to report the fraud.

This is also a good time to remind everyone to periodically change your passwords for online accounts, and be sure to use different passwords for different accounts. If possible, only shop at well-known online stores, or retailers that you have had success with in the past. Be on the lookout for anything out of the ordinary. If you do come across something you believe to be fraudulent, report it to the FBI’s internet crime complaint center (https://www.ic3.gov/default.aspx).

Keep these tips in mind and happy holiday shopping!

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

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Third party links are being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor the listed website or its respective sponsor. 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.

Travel Planning Tips

Contributed by: Raya Chope

Whether you want to take a dream trip around the world or simply want to visit your close relatives for a few days, you can benefit from some pre-trip planning. If you plan far enough in advance, you'll usually get better rates on airline fares, lodging, and packages than if you wait until the last minute, particularly if your travel plans are flexible. If you're traveling to a foreign country, you may need time to obtain a passport or a visa or to research your itinerary. In addition, you'll reduce the inevitable stress that accompanies traveling by preparing yourself as thoroughly as possible.

Financial Considerations for Travelers:
 

Cash vs. Credit Card

The main advantage to paying for your trip with cash is that you'll be less likely to overspend, because you can clearly see how much you're spending. Plus, you won't have to pay your trip off gradually over time, long after your vacation has ended. Even if you pay for most of your travel arrangements with cash, make sure that you do not carry large amounts of cash with you on your trip. It's safer to take traveler's checks or use an ATM card.

Prepare a Daily Budget

Have you ever returned from a trip happy because you spent less than you anticipated? If you're like most travelers, the answer is no. You usually return from trips feeling overextended or even guilty because you spent more money than you wanted to. If you want to avoid this, plan a daily budget before you leave on your trip. This can mean simply deciding how much you want to spend each day, or it can mean breaking down how much you want to spend on certain items on your trip.

Prepare for Cancellation Fees

Before making travel arrangements, find out what will happen if you have to cancel your trip. In most cases, you'll pay some penalty if you cancel. For instance, if you purchase nonrefundable airline tickets (many tickets issued at a “low fare rate” are nonrefundable), you cannot get a refund if you cancel your trip. If you have to cancel a group tour or cruise, expect to pay part or all of the cost of the trip, depending on how early you cancel. Since the cancellation policies vary widely, make sure you understand how and when you will be charged if you cancel.
 

Make copies of your important documents

Before you go on your trip, copy all your important documents, including your driver's license, your medical card, your credit cards, and your passport. Give a copy to a friend/family member at home in case your wallet or identification is stolen. Keep with you a copy of your passport, your airline ticket number, and a log showing what traveler's check numbers you've used in case these get lost or stolen.

We love to see our clients living out their travel dreams, please don’t hesitate to call or email our staff with any questions.

Raya Chope is a Client Service Associate at Center for Financial Planning, Inc.®

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Any opinions are those of Raya Chope and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

Our New Financial Planner: Bob Ingram

Contributed by: Nick Defenthaler, CFP®

The Center recently welcomed a new team member: Bob Ingram.  With nearly 15 years of experience in the profession, Bob is thrilled to join a team where he can collaborate with other professionals to further enhance his role as a financial planner. 

Prior to joining The Center, Bob helped clients achieve their financial goals at a large, national investment and financial planning firm. 

In addition to meeting with clients, Bob will be an active member within The Center’s Financial Planning Department.  If Bob looks familiar, it might be because you’ve seen him speak on various personal finance and investment related topics as the “Money Man” for Detroit’s WXYZ Channel 7. 

Bob is not only excited to join our team, but happy to be on yours as well.  Next time you’re in the office, stop by and say hi to our growing team!

Nick Defenthaler, CFP® is a CERTIFIED FINANCIAL PLANNER™ at Center for Financial Planning, Inc.® Nick works closely with Center clients and is also the Director of The Center’s Financial Planning Department. He is also a frequent contributor to the firm’s blogs and educational webinars.

Three New Faces on the Client Service Team

Contributed by: Lauren Adams, CFA®, MBA

It’s been one year since I last introduced new members of the client service team, and exciting things continue to happen within this department at The Center. We’ve added another three members to the team in the last few months. It’s my privilege to introduce them to you here, and I hope you’ll join me in giving them a very warm welcome to The Center Family!

Abigail Fischer joined us after recently graduating with a degree in Economics from Whitworth University in Spokane, Washington. She caught the financial planning bug from a young age and was heavily involved with financial education projects on campus. Most notably, she co-founded a counseling and financial workshop program—that was available to 2,000 students—with the goal of helping her peers build a foundation for a lifetime of financial well-being. She recently moved to Michigan to be closer to family, and we were lucky enough to snag her for a client service position this July. In addition to client service work, Abigail also helps manage The Center’s social media presence, and she loves to hear from clients and friends of The Center regarding blog topic ideas (or even just a Facebook Like or Share!).

Andrew O’Laughlin also came onboard at the end of July and joined our team after several years of experience at another advisory firm—experience he’s already putting to excellent use in his first few months as a client service team member. In addition, he earned his undergraduate degree from the University of Vermont and has completed a Masters of Business Administration at Wayne State University. If that wasn’t impressive enough, he has also obtained licenses in insurance and securities, and plans to continue to pursue more in the future (all with two little ones at home, by the way). He’s a great example of The Center’s “Continuous Learning and Personal Growth” Core Value, among others.

Joining us at the end of September, Sarah McDonell is our most recent addition to The Center’s client service team. Sarah graduated from University of Michigan with a degree in English Literature. Sarah also joined us from another financial advisory team and was attracted by The Center’s commitment to excellent client service, continual education, and strong work ethic. Speaking of which, she hopes to begin studying for the Series 7 license in the near future. Sarah also enjoys marketing and social media, as well as striving to WOW clients on a daily basis—a mindset we, of course, love.

Please join me in welcoming Abigail, Andrew, and Sarah to The Center Family! We’re so thrilled to have them onboard, and they can’t wait to meet all of our clients and friends soon.

Lauren Adams, CFA®, MBA is Director of Client Services at Center for Financial Planning, Inc.®

Raymond James Women’s Symposium Recap

Contributed by: Jeanette LoPiccolo, CRPC®

It is no surprise that women represent more than 50% of American population.  What may surprise you is the number of female financial advisors in the US:  less than 16%.  The goal of the 23rd Annual Raymond James Women’s Symposium was to connect female financial advisors with each other, to share successes, learn from each other, and inspire women who are considering a career as a financial planner.   From our office: Melissa Joy, CFP®, Laurie Renchik, CFP®, Kali Hassinger, CFP® and Jeanette LoPiccolo, CRPC® attended the 3 day conference in Tampa, FL.  

The Symposium presented a number of great speakers who shared their stories and discussed how the critical decisions in their lives paved the way to their later successes.  The Center’s own Melissa Joy, CFP®, lead an inspiring conversation with Dr. Lissa Young, Associate Professor, West Point on the subject of “Being your Authentic Self”.  Dr. Young reminded the audience to embrace and encourage each other to be their genuine selves.

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

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Dr. Lissa Young is not affiliated with Raymond James.

Nick Defenthaler, CFP® NAMED TO INAUGURAL FORBES LIST OF AMERICA’S TOP NEXT-GENERATION WEALTH ADVISORS

Contributed by: Center for Financial Planning, Inc.®

Southfield, MI – Nick Defenthaler, CFP®, Financial Planner at Center for Financial Planning, Inc.®, was recently named to the inaugural Forbes list of “America’s Top Next-Generation Wealth Advisors.” The list, which recognizes advisors from national, regional and independent firms, was released online July 25, 2017.  

"It’s an honor and humbling to be recognized as one of the top next-generation financial planners in the country," Defenthaler said. "I’m grateful for the amazing team I’m surrounded by each and every day that has helped me to continually progress in my career."

The Forbes ranking of “America’s Top Next-Generation Wealth Advisors,” developed by Shook Research, is based on an algorithm of qualitative and quantitative data, rating thousands of advisors with a minimum of four years of experience and weighing factors like telephone and in-person interviews, client retention, industry experience, credentials, review of compliance records, firm nominations and quantitative criteria, such as: assets under management and revenue generated for their firms. Investment performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor Shook receives a fee in exchange for rankings.*

Defenthaler, who specializes in working with nearly and newly retired individuals and families, is also director of financial planning at The Center. He also sits on the board of directors at Michigan Financial Planning Association where he is the leader of the chapters Next Generation focus group.

Center for Financial Planning, Inc. is a wealth management and financial planning registered investment advisor located in Southfield, Michigan. Founded in 1985, the firm has seven financial planners and 24 total team members who work with more than 800 clients, the firm manages more than $1 billion in assets under management.

Securities are offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. is not a registered broker/dealer and is independent of Raymond James Financial Services.

* Past performance is not indicative of future results. Individual experiences may vary. Shook – Data provided by SHOOKTM Research, LLC. Data as of 3/31/17. SHOOK considered advisors born in 1980 or later with a minimum 4 years relevant experience. 2,356 Millennial advisors were considered based on high thresholds from which 500 were chosen. Advisors have: built their own practices and lead their teams; joined teams and are viewed as future leadership; or a combination of both. Ranking algorithm is based on qualitative measures: telephone and in-person interviews, client retention, industry experience, credentials, review on compliance records, firm nominations; and quantitative criteria, such as: assets under management and revenue generated for their firms. Investment performance is not a criteria because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC, which does not receive compensation from the advisors or their firms in exchange for placement on a ranking. For more information see www.SHOOKresearch.com.

4 steps to our Due Diligence Process

Contributed by: Angela Palacios, CFP®, AIF®

My friend’s wife is constantly putting him on a diet. He often appeases her by ordering taco salads instead of a traditional entree.  She assumes he’s eating healthy, but little does she know: some taco salads can pack as many as 1,700 calories and over 100 grams of fat! His wife might need to do her homework.

As important as it is to the success of dieting to understand what you are eating, it is equally important to understand what you are buying when investing.  Once you have identified your appropriate mix of asset classes for your risk tolerance and time horizon (your strategic allocation), it is time to start doing your homework to identify the appropriate securities to fill each asset bucket. 

Here is a summary of the steps we follow at The Center:

• Qualitative Review: We generate ideas through reading, conference attendance, peer networking and searches in Morningstar Direct.  The following criteria serve as a starting point.

  • At least $50 Million of Assets Under Management (AUM)

  • Manager tenure of 10 years or more

  • Bottom half of expense ratio in category

  • Manager invests in their strategy ($1 Million and up preferred)

• Quantitative Review: We review the performance and risk characteristics of investment options within the category.  Criteria may include but are not limited to:

  • Review of rolling returns to identify performance standouts over different time periods – 1, 3, 5, and 10 years.

  • Review of performance during difficult time periods (bear markets or periods of performance difficulty for the asset category).

  • Review of rolling statistics including standard deviation, alpha, beta, Sharpe and information ratio relative to best-fit benchmarks.

  • Review of upside-downside capture.

  • Review asset flows by category and individual security.

• Due Diligence Questionnaire & Manager Interview:  Center for Financial Planning’s Due Diligence Questionnaire is submitted to the short list candidates for completion.  Manager interviews for active strategies are conducted via phone conference or in-person interview. 

• Mock-up in portfolios: Position is added into a mockup of the portfolio to identify if intended outcome is achieved and what degree of exposure is required to help attain the desired outcome (percent allocated within the portfolio).

You can also view a simplified graphic on this process:

You can do your investment “waistline” a favor by doing your homework. Don’t be fooled by taco salads, make sure you are getting what you want when it comes to investing by having a defined buying process, or talking to your financial planner about establishing one that is appropriate for you!

Angela Palacios, CFP®, AIF® is the Director of Investments at Center for Financial Planning, Inc.® Angela specializes in Investment and Macro economic research. She is a frequent contributor The Center blog.

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Any opinions are those of Angela Palacios and not necessarily those of Raymond James.

2017 Congenital Heart Walk & Why I’m so Involved

Contributed by: Emily Lucido

Photo Source: http://www.congenitalheartwalk.org/

My name is Emily and I work as a client service associate here at The Center. I’m honored and proud to announce that The Center will be one of many sponsoring the Congenital Heart Walk in September of this year. This is something that means a lot to me and I feel so happy to work for a place that is so supportive.

Congenital Heart Disease, more commonly known as CHD, is the most common birth defect in the U.S. with nearly 1 in 100 babies born with CHDs each year. I was one of those babies many years back, which is why I am here promoting the walk today. I was born with a heart condition that affects my right ventricle. The name of my condition is pulmonary atresia – but I’ll spare you from any more medical terminology. I had open heart surgery when I was born and 2 more surgeries after that, all before the age of 3. I now live a very healthy life and am becoming more involved volunteering with heart related programs.

The Center jumped on the idea to be involved in the heart walk and exceeded my expectations when they offered to sponsor and support me (and everyone else out there!) who has Congenital Heart Disease as well. CHD research and programs are severely underfunded. The Congenital Heart Walk aims to correct this problem.

The Congenital Heart Walk (CHW) is the only national event series dedicated to fighting congenital heart disease. Since 2010, CHW has raised more than $8 million. CHW is a partnership between the two leading national organizations dedicated to fighting CHD – The Children’s Heart Foundation (CHF) and the Adult Congenital Heart Association (ACHA).

The information for the event is listed below:

• Date: Saturday, September 23, 2017

• Location: Boulan Park – Troy, MI

• Event Schedule: Festivities begin at 9:00 AM

• Expected attendance: 1,000 + Participants

• Visit: www.congenitalheartwalk.org for more information!

I will be speaking at the Congenital Heart Walk this year, which is a huge honor for me. For those of you who would like to come support and walk with us at The Center, join by registering with the link below. If you have any trouble accessing the website or registering, please feel free to give me (Emily) a call.

To register for the walk with The Center Team follow this link:

http://events.congenitalheartwalk.org/goto/TheCenterTeam

I truly appreciate you taking the time to read about my story and the Congenital Heart Walk. Thank you all for your support.  We look forward to walking with you in the fall!

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

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Links are being provided for informational 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.

The Center's Day of Creative Giving

Contributed by: Laurie Renchik, CFP®, MBA

There are many ways to give time, talent and resources through volunteering.  Recently, a group of Center clients, friends, and team members came together with energy and purpose to lend a hand for an afternoon of Creative giving.  The goal was to make 125 care packages for children who are experiencing a stay at C.S. Mott Children’s Hospital in Ann Arbor.   We reached our goal and hope that the goody bags will bring smiles to the faces of children receiving care at C.S. Mott.

Handmade cards decorated the outside of the packages. Volunteers filled the bags with snack items, huggable stuffed animals, coloring books, and puzzles. The smiles were abundant, and the sense of purpose created a positive vibe for all.  

The Center Charitable Committee, Creative Committee, and team members all pitched in to help with the planning and set up.  Clients and friends of the Center came together in support and created a multitude of brightly colored Care Packages filled with tangible items and a sprinkle of love and caring. 

In the words of Oprah Winfrey; “I don’t think you ever stop giving.  I really don’t.  I think it’s an ongoing process.  And it’s not just about being able to write a check.  It's being able to touch somebody’s life.”

Thanks to all that contributed to the success of our “Creative Giving” day!

Laurie Renchik is a partner and Certified Financial Planner™ at the Center for Financial Planning, Inc.®

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