Senior Financial Planner Joins Center Team: Meet Michael!

Welcome to the team!

The Center proudly welcomes Michael Brocavich, CFP®, MBA to our team. With nearly 13 years of experience in the profession, Michael is thrilled to join a team where he can collaborate with other professionals to further enhance his career as a financial planner. 

Background

His extensive background includes both personal and corporate finance. After earning a BA in Economics and Management from Albion College, he launched his career in finance with Federal Mogul in Southfield, Michigan. He then went on to earn an MBA from Wayne State University and relocated to Chicago, where he worked as a senior financial analyst, first for Federal Mogul and later Barton, Inc.

Michael entered the personal finance field in 2007 when he joined MetLife Investors' Marketing and Distribution division. In 2013, he opened an Edward Jones office in Northville, Michigan, helping individual investors and small business owners with financial goal planning and wealth management.

Specialties

He joined Raymond James Financial Services in May of 2017 as a financial advisor specializing in financial planning, wealth management, and estate planning. 

Personal Life

Michael and his wife live in nearby Plymouth. In his spare time, he enjoys golf, the company of friends and family, and everything Detroit Sports.

Branding Your New Year

Contributed by: Kimberly Wyman

*Originally posted December 30, 2015

A New Year is traditionally a time to set resolutions you hope to accomplish over the coming year. At The Center, we encourage you to Live YOUR Plan™ every day, but what a better time of the year to reinforce and embrace all that you wish to be, do and have.

Identifying the lifestyle that best suits you is similar to crafting a personal brand and crafting a personal brand can be greatly supported by setting goals a.k.a. setting New Year’s resolutions.

A personal brand is about:

• Realizing you already have a personal brand – everyone does. Your existing personal brand is someone’s gut feeling about you and your existing perception of yourself. Does your brand say what you want it to say?

• Acknowledging where you currently are. What is your gut feeling about yourself? What do others say?

• Recognizing where you want to be. How do you want to be perceived, by yourself and by others?

• Bridging the gap between the two points. This is your personal brand journey and an excellent lead-in to your desired lifestyle.

5 Ways to Brand Your New Year

1. What are you passionate about? Most of us know what gets us up in the morning. If you don’t, consider spending time exploring this. If you truly aren’t passionate about anything, how about if you pick something and stick with it for 3 months? By eliminating things that you’re not passionate about, it just may lead you to what you are passionate about. Knowing this passion will help you set a resolution that is sure to make you proud of yourself.

2. Where do your strengths lie? Sometimes we’re good at things that don’t interest us. But, understanding what we’re good at can help us leverage what we truly want by taking some of the extra legwork out of the equation.

3. What do you want to learn about? Are there a million things that come to mind? Just pick one to focus on. If you have nothing that comes to mind, then just pick something and stick with learning all about it for a designated period of time. Eventually, you’ll discover things you truly want to learn about via process of elimination.

4. Where do you want to explore? Your neighborhood? You community? Your state? Your country? The world? Pick a place. Read about it, learn about it, visit…even if only virtually. This world is pretty big and pretty small at the same time. Take time to learn about another tiny corner besides that in which you live.

5. Be consistent. As with any type of branding – personal or professional – branding relies on consistency. Be faithful. Be reliable. Be steadfast. 

Having a clear vision of your desired lifestyle can help you make very good decisions about which paths you follow and which you choose to decline. Having a clear vision of your desired lifestyle will also make planning for your everyday and your future easier. Make life count. Live YOUR Plan™ and Happy New Year!

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Any opinions are those of Kimberly Wyman and not necessarily those of Raymond James.

Top 5 Reasons You Need an Intern

Contributed by: Jaclyn Jackson

As you are wrapping up your business’ year end numbers and planning next year’s budget, consider adding “internship” as a line item.  Offering an internship is a budget friendly way to lighten heavy workloads, tackle projects, and bring youthful enthusiasm to your team. Still on the fence?

These reasons may convince you to seriously consider starting an internship program.

1. Leverage Time – Let’s get the most obvious out of the way.  An intern can make two hands four and turn twenty four hours into forty eight. Simply stated, interns can take routine or odd tasks off your plate, so you can actually get through your to-do list.

2. Power Through Projects – If you’re like most, there are usually one or two projects on the backburner that you don’t have the time, experience, or manpower complete. Why not hire an intern to get those projects in motion? Take advantage of the opportunity to temporarily hire someone with a specific skillset that may not be needed permanently. For example, if you are implementing a new technology, it may be more appropriate to hire an intern studying information technology than one studying a topic related to your field.  Perhaps there are operational or logistical projects, marketing or media projects, etc. than an intern can develop and train you/others to maintain.

3. Trial Hire - Hiring an intern gives you time to discern whether someone is a good fit for your office. You can evaluate one’s ability to manage responsibilities or see how well an individual blends with your current team. Additionally, internships can help you refine a new hire role. Through the internship, you can explore the specific needs and responsibilities most helpful to taking your business to the next level as well as determine if a seasonal, part-time, or full time employee is necessary.

4. Save Money – If your business is small or just starting, hiring a full time employee can be quite expensive. With interns, you don’t have to worry about the overhead costs associated with a full-time employee. Furthermore, if you decided to hire an intern fulltime, you save time and money on recruiting efforts.

5. Move Forward – Interns can ignite forward thinking. Since most interns are college age/young adults, they are likely familiar with and comfortable using new technologies. They may assist you in identifying where you can be more productive with the use of technology. Moreover, many interns dabble in related but different fields as they endeavor to find which they’d like to pursue professionally. If you work with someone who’s had multiple internships, they can also offer insight as to how other businesses solve the problems your business is currently facing. In other words, they can provide a unique perspective that may help you maintain competitiveness with industry peers or surpass them with out of the box (outside industry) thinking. 

Jaclyn Jackson is a Portfolio Administrator and Financial Associate at Center for Financial Planning, Inc.®

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.

Finding The Center

Contributed by: 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.®

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

Giving Thanks

Contributed by: Gerri Harmer

Most of us give thanks on Thanksgiving. Some have started listing what they’re thankful for every day of November on social media which I think is absolutely fantastic. It’s how I start my day, not on social media but some kind of affirmation to myself. Most of the things they mention are big things they are most grateful for such as people like family and friends. While I know those are indeed the most important things, I’ve found that the little things about those big things are the things I remember most.  When I think back about some of the best times with family, I don’t always remember the gift I got my son for his birthday but I do remember that big mega-watt smile that spread over his face and the feeling of joy in my heart knowing his day was filled with excitement and bliss. I don’t recall the jokes my dad told or his bigger than life stories but I do remember his voice and the way his eyes lit up when he laughed. I recall my grandmother’s advice and her listening to my latest adventures with excitement as if it were the greatest story she’d ever heard or the hugs I received from grandpa or Mom putting the special spice in the recipe. These small moments fill us. They are what we hold in our hearts. I think Maya Angelo said it best, “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

It may sound corny but how we make clients feel is what we hold dear here at The Center. We consider our clients to be part of our extended family. It’s important to us to we take care of their needs, spoken or unspoken, to the best of our ability. If we don’t have the answer, we’ll research it. When our clients call, we do our best to respond as quickly and thoroughly as possible and if we can put a smile on their face or a more peaceful feeling in their hearts then we’re content. When clients go through a joyful occasion, we cheer, when they’re going through a rough time, we feel it and do what we can to make it easier. We prepare in advance for possible emergencies whether it’s economic or situational. We try to get to know clients’ families, in case anything should happen we know who to contact and how to help. We take time to think about how we can do better for our clients even if we’re doing great. We want our client families to create the best lives they can possibly imagine and we feel incredibly thankful they have chosen us to share time and those moments.

Happy Thanksgiving from your Center Family!

Gerri Harmer is a Client Service Manager at Center for Financial Planning, Inc.®

Diversity in Financial Services and The Center – What Does it Mean to You?

Contributed by: Sandra Adams, CFP®

February is Black History Month and we, at The Center, have been celebrating by sharing some of our favorite quotes from famous African American leaders. However, we thought it was also the perfect time to address the topic of diversity and the role it plays in our industry. Throughout our 30 years, we have paid special attention to the topic of diversity and what it means to our teams, committees, and ultimately to you – our clients.

Where do we stand on the topic of diversity in our industry? 

Interest in personal financial advice has never been greater and as more Americans assume responsibility for managing their financial futures, there is increasing demand for financial advice. According to recent research conducted by CFP® Board, 40 percent of Americans now work with financial advisors, compared to 28 percent in 2010.  The rising need for financial advice presents an opportunity for the financial planning profession to diversify its workforce to better match the population we serve. For example:

• African Americans represent only 8.1 percent of financial advisors, yet comprise more than 13 percent of the U.S. population. 

• Hispanics represent only 7.1 percent of financial advisors, yet comprise more than 17 percent of the U.S. population.

• Only 23 percent of CFP® professionals are women, even as women control more than a third of wealth in the U.S.  

Why do we think it is important to have people with diverse backgrounds and experience working in teams at The Center on behalf of our clients? 

Working in a committee or team structure is not something that comes natural to us as human beings. Working with a diverse group of people in a committee can be even more difficult, but is of utmost importance when making investment or financial decisions. However, a diverse committee is less likely to have a blind spot, will have a broader set of experiences to draw from and offers checks and balances. We believe building a committee of diverse individuals is one of the first and most important steps to successful outcomes.

At The Center we have recognized this importance when deciding who should sit on the investment committee. These members drive the decisions and diversity helps avoid groupthink. Groupthink happens when group pressures lead to a deterioration of mental efficiency, reality testing, and moral judgement. It’s rewarding to see change coming and equally as rewarding to be part of it.

The Center has also seen the value of diversity as it has developed other teams within the firm to work on behalf of clients, like the financial planning department, or the weekly meeting of the financial planners. Each of these diverse groups is made up of people coming from different backgrounds, possibly having slightly different educations, and various certifications or specialties. Because of this, we have the opportunity to bring different insights and perspectives to client cases that wouldn’t exist if we all came from the same background and had the same frame of thought – what an advantage for our clients!!

As you celebrate Black History Month along with us at The Center, know that diversity is important to how we do things and how we serve you each and every day.

Sandra Adams, CFP® is a Partner and Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In addition to her frequent contributions to Money Centered, she is regularly quoted in national media publications such as The Wall Street Journal, Research Magazine and Journal of Financial Planning.

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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 Center is taking on a 21 Day Challenge

Contributed by: Gerri Harmer

Not all of us have the same goals in health and wellness. So when it comes to putting together a work place program, we try to keep everyone in mind. It’s been said to permanently change a habit, you need to do it for 21 days. So starting on January 19th, The Center staff committed to making at least one new healthy habit for 21 days. Each person’s individual goal had to be a bit of a stretch but ultimately doable, with some effort! If we miss a day, we start again. We found quite a few were similar, a few very unique and some had more than one.

Our goals were gathered and posted in the kitchen. 

• Drink 64 oz. of water a day

• At least 15 minutes of exercise /workout at least 3x per week

• Listen to relaxing music in the car on the way in

• No bread products

• No snacking between work and dinner

• No stress eating

• No candy/reducing sugar

• Take vitamins

• Pack a lunch

• Eat less than 1,000 calories for lunch

• Meditate 5 minutes a day

• Make someone laugh

Maybe you can identify with one of these, or maybe they’ll inspire you to come up with your own challenge. We are having so much fun keeping each other on track or calling each other out; we’d love for you to join in, too. What habit do you want to work on for 21 days?

Gerri Harmer is a Client Service Manager at Center for Financial Planning, Inc.

How The Center Spends the Holidays

Contributed by: Center for Financial Planning, Inc.

Once Halloween passes, the shift in the atmosphere is palpable, the holiday season approaches! Families gather together after time apart or spend special time together. No matter what holiday you and your family celebrate together, this time of year is filled with traditions. Whether it’s decorating your house, eating certain kinds of food, traveling, baking, or singing, holiday traditions bring people together and help foster cherished memories. The Center team is no different. We have holiday traditions we share with our families each year. Here are some of our favorites:

Sandy Adams keeps her family on the same traditions path that she and her brother shared as children. No Christmas decorations are put up until AFTER Sandy’s birthday on the 14th of December, that’s when the season can officially begin in her household! Her kids exchange presents on Christmas Eve, just as Sandy and her brother did growing up.

Do you love Christmas cookies? How about 600 of them?! Jennie Bauder and her family (kids included!) hone their baking skills each year and make a varied sort of delicious cookies to give as gifts to extended families, teachers, neighbors, and the mailman.

Speaking of cookies, Melissa Parkins and her family have a cookie-decorating contest each year. Nothing like a good ‘ol competition to start off the Holiday! Her family also celebrates Christmas Eve with a Mexican twist, including enchiladas galore!

Jennie Bauder

Melissa Parkins

Gerri Harmer and her extended family have taken Christmas celebration to a whole new level! They get together mid-Summer and celebrate Christmas in July - and they love it! Gerri shares, “Our family has grown so large we can’t fit in the house and weather always tends to be an issue for those that travel.  Our family has a great sense of humor so Christmas in July was perfect for us. We hang out at the lake with travelers camping nearby arriving by car or boat.” This year they even had t-shirts made.

Kimberly Wyman describes her tradition with her children as including, “Grabbing a hot chocolate with the kids and preparing our holiday gift list! Beyond gifts for grandmas and grandpas, our list includes baking cookies for fire fighters and police officers, toys for local families, tamale baskets for families in Guatemala & live stock for Ethiopian families. Involving the children and fostering a love of giving worldwide is a passion of ours.”

Gerri Harmer

Kimberly Wyman

Partner Matt Chope, and girlfriend Kim Schultes, started a new tradition this year during Thanksgiving. They donned red noses and makeup and joined the Clown Corps in the annual Thanksgiving Day Parade in downtown Detroit.

New member to our team, Clare Lilek, describes her family tradition: “Every Christmas, since moving from our hometown of Chicago, my family and I travel back to Chicago to see our extended family. On Christmas Eve we go to church at Holy Name Cathedral, have dinner at Joe’s Seafood, Prime Steak & Stone Crab (it’s amazing!), and spend the rest of the evening watching a movie in our hotel. It’s wonderful!”

Matt Chope

Clare Lilek

For your viewing enjoyment, Raya Chope and her family get together each year and sing Christmas songs and carols in both English AND German! Raya claims in her family, there’s never a dull moment. From the video, that seems about right!

What are some of the traditions that you and your family will share together this holiday season? Whatever your traditions, all of us here at The Center wish you and your family a Happy Holiday!

Veterans Day Tribute to Those Who Served

Contributed by: Center for Financial Planning, Inc.

The Veterans Day holiday offers us all an opportunity to say “thank you” to those who served our country. This year, we wanted to include a personal tribute to some special veterans who are close to our hearts. From WWII through Korea and Vietnam, relatives of our Center team have bravely answered the call of duty. For this, we are grateful, today and always.