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Center for Financial Planning, Inc. Named to 2016 Financial Times 300 Top Registered Investment Advisers
Contributed by: Center for Financial Planning, Inc. 
Center for Financial Planning, Inc. is pleased to announce it has been named to the Financial Times 300 Top Registered Investment Advisers, as of June 16, 2016. The list recognizes top independent RIA firms from across the U.S. This is the second year The Center has been on the list.
This is the third annual FT 300 list, produced independently by the Financial Times Ltd. in collaboration with Ignites Research, a subsidiary of the FT that provides business intelligence on the investment management industry.
The “average” FT 300 firm has been in existence for 22 years and manages $2.6 billion in assets.
More than 1,500 pre-screened RIA firms were invited to apply for consideration, based on their assets under management (AUM). Applicants that applied were then graded on six criteria: AUM; AUM growth rate; years in existence; advanced industry credentials of the firm’s advisors; online accessibility; and compliance records. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.
The 300 top RIAs hail from 34 states and Washington, D.C.
The FT 300 is one in series of rankings of top advisers the FT produces in partnership with Ignites Research, including the FT 401 (DC retirement plan advisers) and the FT 400 (financial advisers from traditional broker-dealer firms).
This award is bestowed by an independent third party organization not affiliated with Raymond James.
Center Stories: Timothy Wyman, CFP®, JD
Contributed by: Timothy Wyman, CFP®, JD
If video had been around before the English idiom “a picture is worth a thousand words,” was first uttered, the phrase just might have been “a video is worth a million words.”
A successful financial planning relationship is very personal, and for it to be truly successful it has to not only be personal but also worthy of trust. While education and credentials are important and the written word or professional bios provide a great medium to learn more about our backgrounds, trying to find out if a planner or firm might be a good fit is difficult to ascertain from words alone. Therefore, if we haven’t had the privilege of meeting yet I hope this video allows you to see, feel, and hear why I am passionate about helping folks make good financial decisions – it’s what I love to do.
If you feel that we might be a fit, please feel free to reach out. And if we decide to work together, you can be assured that I will do my best to stand in your shoes and use my roughly 25 years of experience to your benefit.
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.
FINRA BrokerCheck Rule Adds Resources to Our Website
Contributed by: Melissa Joy, CFP®
BrokerCheck is a free tool managed by financial industry regulator FINRA. This site researches professional backgrounds of investment adviser firms, their advisers, and brokers as well. You can search the background of your adviser for licensing, credentials, employment information, and misconduct.
In an effort to increase awareness of the services offered by BrokerCheck, advisers are now required to provide a link to this service on their websites. This information must be displayed on an advisory firm home page as well as biography pages.
In conjunction with these new rules, we have updated our website to provide these links. We are always proud to share our background with you and anyone interested in The Center and our services. We also think that regulatory efforts to increase disclosures to investors are in the best interest of everyone.
Melissa Joy, CFP® is Partner and Director of Investments at Center for Financial Planning, Inc. In 2013, Melissa was honored by Financial Advisor magazine in the Research All Star List for the third consecutive year. In addition to her contributions to Money Centered blogs, she writes investment updates at The Center and is regularly quoted in national media publications including The Chicago Tribune, Investment News, and Morningstar Advisor.
Financial Advisor magazine's inaugural Research All Star List is based on job function of the person evaluated, fund selections and evaluation process used, study of rejected fund examples, and evaluation of challenges faced in the job and actions taken to overcome those challenges. Evaluations are independently conducted by Financial Advisor Magazine.
An Ode to the 10th and Final Fun Run for CRN
Contributed by: Timothy Wyman, CFP®, JD
Have you ever had a moment that was so meaningful it’s etched in your mind like it was yesterday? Perhaps it was a special birthday as a kid – your first bike – first kiss – your wedding day – the birth of your child or even the loss of a loved one.
For me one of those moments was roughly 10 years ago sitting in a dimly lit hospital room. My daughter Kacy, 3 years old at the time, had just gone through hundreds of tests and finally her pediatrician – no, her medical angel Dr. Sonja Earles—just finished putting the medical puzzle together, diagnosing Kacy with Cystinosis.
The doctor on call came into the room and sat with my wife Jen and me. He looked us in the eyes and while I am sure he gave us the medical info, what I recall was him saying was that our family was in for a great challenge and that Kacy’s care was not going to be easy but a long tough road. Then he paused for what seemed to be an eternity and then said, “I’ve observed Kacy and how you both care for her and I know that you can do this.”
He said, “You can do this,” and I believed him.
As I looked over at Kacy with IV’s in both arms, hardly taking up ¼ of the bed I saw the toughest little person I know—I believed him. As I looked at Jen and saw an even tougher, committed and loyal person; if it meant getting up multiple times in the night to give meds or change bedding, I knew she could do it—I believed him.
As I thought about our family, Kacy’s brothers Matt & Jack, her grandparents, her aunts and uncles and the support they would give Kacy and us – I knew we could handle it because we were not alone—I believed him.
When I thought about our friends and community, all that we thank for emotional and financial support; for the meals, the love, the prayers, and the support when we needed help—I believed him.
Ten years ago when three young men – Jacob Ruby, Zack Neff, and Jarred Brately—selflessly gave us the gift of the Fun Run, I really knew we could do this.
Thank you for all who participated in presence, spirit, or financial support in the 10th and final Fun Run for Cystinosis Research this past May 1st. While we don’t have a cure for Cystinosis just yet; the funds that were raised over the last ten years have made a significant difference for all of the children living each day with this disease. The Cystinosis Research Network, an all-volunteer organization, continues to fund research and gives us hope that a cure will be found during Kacy’s lifetime.
So many people have played an important role in our lives over the last ten years. What does the next ten years look like? I don’t know; no one really does. But I will close with a quote that embodies Kacy and the three young men who started the Fun Run, this quote acts as a guide for how we all might choose to live the next ten years:
“May your dreams be bigger than your fears and your actions louder than your words.”
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.
Nick Defenthaler, CFP®, Featured in PBS Documentary
Contributed by: Nick Defenthaler, CFP®
Last July, I had the pleasure of participating in a documentary focused on retirement planning, titled “When I’m 65,” produced by Detroit PBS. After months of shooting and editing, the final product was finally aired in mid-April – click here to check it out! PBS decided they wanted to shoot several scenes at The Center’s office because of our unique look and the fun and vibrant energy our atmosphere portrays; something we welcomed with open arms (if you haven’t had a chance to see our amazing office, click here to take a virtual tour). The film crew showed up early that morning and I must admit, it was a tad intimidating! As financial planners, we’re used to meeting with clients, building relationships, and helping you make smart decisions with your money. Needless to say, filming for several hours with bright lights and a very expensive camera in your face was a new experience that forced me to step outside my comfort zone. The crew, however, made life much easier and was absolutely fantastic – they were extremely patient and we worked as a team to produce some pretty cool content. They even filmed some shots of fellow employees acting as “extras” in different scenes that also appear in the documentary.
The opportunity to participate in this documentary arose when PBS approached the Financial Planning Association (FPA) of Michigan to see if there were any members who would be interested in helping out with filming. (I have been a board member with the FPA of Michigan since late 2014 and currently lead the local chapter’s “NexGen” committee—a specific group within FPA of Michigan dedicated to financial planners under the age of 37 who are committed to progressing in their careers and moving financial planning in the right direction.) Being that I fall into the Millennial generation category, it was fitting for me to take the lead on discussing the issues fellow Gen Y’ers are facing and outline some simple things people in this age group should be considering in order to lay a solid financial foundation for the future.
Here are a few simple items I suggested:
Invest in yourself – Human Capital is your largest asset!
Start saving early – put away at least 5% of your salary in a retirement account at your first job out of college (typically enough to get you the full company match if one is offered).
Increase this savings rate 1% each and every year until you reach at least 20% - I call this my "One Per Year" Savings Strategy.
Keep investing simple! Consider investing in investments you can understand.
Purchase Life Insurance while you’re young and healthy – consider term insurance as a cost effective option.
Overall, the experience with PBS was something I truly enjoyed and will never forget. It was amazing for me to see firsthand how much filming and time goes into producing such a short amount of actual footage. Needless to say, I have a different level of respect for those who make a living in front of a camera! It was an honor to participate and to have our office so visible in the documentary and online videos that were produced, big thanks once again to PBS and for the opportunity to be a part of such a great message!
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.
Raymond James is not affiliated with and does not endorse the opinions or services of Detroit PBS, WI65.org, or the FPA of Michigan. 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 Nick Defenthaler, CFP®, 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. 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. Investments mentioned may not be suitable for all investors. Investing involves risk and investors may incur a profit or a loss.
Takeaways from Nashville
Contributed by: Jennie Bauder
Music City, USA (aka Nashville, TN) hosted the Raymond James National Conference during the last week of April. We have made it a point the last few year to get as many Center team members to this conference as possible, and this year was no exception -- all but one Center team member made the trip for at least a portion of the event to take part in the unique learning, networking and team building opportunities. We find it to be a great use of resources for everyone to brush up on new technology, get new ideas and sharpen our skills to continue to do the best job we can to serve our clients.
There were so many great sessions and takeaways from our time at the RJ National Conference that it would take pages to write them all down.
Here is a summary of our top takeaways from this year’s conference:
- We were proud to be represented by Melissa Joy, CFP®, who served on a panel of top advisors speaking on how to maintain clients during market ups and downs. The panel turned into a high level discussion for best practices and was a great experience to see one of our own planners leading the discussion.
- We learned about new technology called Client Onboarding – a process that will help to simplify processes, streamline documentation, and improve the experience we provide our clients. We are very excited to implement this technology to better serve all of you!
- Many of our team attended sessions on leadership and teambuilding. Such sessions were focused on helping us work more efficiently, get more out of our work days, etc., all in an effort to serve our internal and external clients (and ourselves) better.
- We heard from Sally Hogshead, author of Fascinate, who spoke on the power of fascination. Sally emphasized focused on finding your fascination factor and that being different is better than being better. Being back in the office, we’ve all taken part in fascination quizzes and workshops and have begun to implement our personal advantages that emphasize what makes us unique.
The conference was a lot of long days and a lot of intense learning, but we did take some time for some fun and bonding as well. Each night, for those who didn’t have other obligations, it was an opportunity to gather together, to meet new people or hang out with one another, and see some of the sites around the Nashville area.
Overall, the conference was filled with opportunities to expand our connections and networks, to learn not only about technology to better serve our clients but also about ourselves, and most importantly, an opportunity to connect with our fellow Center employees and enjoy each other’s company outside of the office. We’re grateful to be able to participate in the Raymond James National Conference each year and, I speak for the staff as a whole when I say, we’re refueled and ready to continue to serve our clients in the best manner possible.
Jennie Bauder is the Client Service Manager at Center for Financial Planning, Inc.
Raymond James is not affiliated with and does not endorse the opinions or services of Sally Hogshead.
Center Stories: Sandy Adams CFP®
Contributed by: Sandra Adams, CFP®
Here at Center for Financial Planning, we like to make personal connections…with each other, with our clients, and with all of the individuals that we come into contact with. In our work as financial planners, we need to get to know our clients on an individual basis – to get to know their personal situations and goals – in order to design a personal financial plan for them. I know a lot about my clients on a personal level, but you might not know quite as much about me. Rather than just writing a bio and having you attempt to get to know me in words on paper, I am hoping my bio video will help you connect with me on a more personal level – help you get to know more about me, my work as a planner, and how I work with clients. Check out my video here:
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.
The Team behind the Team
Contributed by: Clare Lilek
Have you ever wondered how our website always looks so organized or how our graphics are so cohesive? What about how we have so many professional videos with succinct content and consistent messaging? How about how creative our digital and social media is? All the while providing top financial service to our many clients! Well that doesn’t happen by accident; it occurs due to hard work, planning, and an array of talented professionals. We have a Creative Team that supports our Center Team every step of the way: Laura Garfield and Sharon Golutta of Idea Decanter, and Kimberly Wyman, our brand agent + graphic designer.
Idea Decanter provides a sounding board for new and intriguing ways to get pressing financial information, upcoming deadlines, and the daily activities of The Center out to our clients. The Center is a family and we want our clients to stay informed so they feel a part of the family, too. Creating fun videos, sharing pictures, and starting social media campaigns helps us do just that. In addition to Idea Decanter’s role, Kimberly Wyman coordinates and curates our brand aesthetics, website and all the fun graphics you see throughout social media, our monthly newsletter, CenterView, and reminders via social media. Together they help us cultivate and maintain our brand, communication tactics, and creative sanity!
Why utilize a Creative Team? Like all good plans, The Center must have its own personal strategy for our growing business, communicating with clients, and providing an overall engaging experience for our current and potential clients. Having a Creative Team whose time is dedicated to crafting our particular Center brand, breathes new life into our business and our company culture. We believe in the importance of digital communication and the transformative power of creativity. If we can get our message across in a manner that not only enlightens but engages our clients, then we have done our job. The Center staff focuses on making sure our clients can live their plan, and our Creative Team helps make sure The Center stays on mark with their own plan, while staying current with the changing times.
Just like we are your supporting team, accomplishing financial tasks to make your life easier, our Creative Teams keeps The Center on track with branding and digital communication. This allows The Center Team to better focus on our clients financially, all while providing an engaging and cohesive experience for them digitally. We thank our Creative Team that allows us to better showcase the work we do and get helpful information to keep our clients informed and entertained.
Clare Lilek is a Challenge Detroit Fellow / Client Service Associate at Center for Financial Planning, Inc.
Raymond James is not affiliated with and does not endorse the opinions or services of Laura Garfield, Sharon Gottula, Idea Decanter or Kimberly Wyman. 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.
New Face around The Center!
Contributed by: Center for Financial Planning, Inc.
At Center for Financial Planning, we love hiring promising student leaders and accomplished young professionals. It gives them a chance to get to know the financial services industry and how we work at The Center. At the same time, we get to capitalize on their bright talent and fresh perspective. This summer, we will have a new intern in the office, Ben Wright. Ben will work primarily with the Investment and Financial Planning Departments to complete research projects, mutual fund performance reporting, and special Client Service based work. Below is a quick note from Ben to you!
Hi Center for Financial Planning!
I am extremely excited to be joining your team as an intern this summer. Between your modern website and the colorful office setting, CFP looks like an incredible atmosphere to work in. Academically, I am a sophomore at the University of Michigan studying Economics. Working as a Student Equipment Manager for the Michigan football team has allowed me to work directly with coaches and players. I can usually be spotted on the sideline holding a football during home and away games. Professionally, my experience interning at Hoover & Associates gave me the introductory knowledge to mutual funds, model portfolios, and the general operations of a financial advisors office. Outside school and work, I enjoy golfing, running, playing tennis, and almost every other sport you can think of. My love for sports and commitment to serving others led me to travel to Africa last summer where I ran a Christian sports camp at an orphanage in Zambia. I enjoy traveling across the country and all over the world. I am excited to get to know everyone personally, share some of my stories and learn from each of you professionally.
Ben will start in the beginning of May, so if you get a call from him, or see him around the office, don’t be afraid to say “hi!” and welcome him to our Center family!