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.®

Deepening Financial Planning Knowledge: FPA Residency

Contributed by: Kali Hassinger, CFP®

Financial Planning is more than just analyzing data and crunching numbers – it’s also about trust, communication, and (most importantly) relationships. While studying for the CERTIFIED FINANCIAL PLANNER™ certification, all candidates are, perhaps obviously, required to focus on the technical (and necessary) knowledge to be a worthy financial planner. Upon finishing the coursework and passing the test, however, the relationship facet of a financial planning practice is left somewhat overlooked.  In hopes of filling this gap, the Financial Planning Association (FPA) offers a “Residency” program for new financial planners who are looking to hone in on their interpersonal skills. I was lucky enough to be one of the attendees at this workshop in Denver, Colorado last month. 

The FPA Residency program provides a space to refocus on the subtle skill of building relationships based on trust, authenticity, and mutual respect. Although I would have argued that you either innately possess these abilities or you don’t, this course ultimately changed my mind.  Every skill in life can be practiced and improved upon, and communication is no different. The Residency focused on specific strategies such as how to ask the most effective questions and minimize miscommunication. It also focused on the more delicate skill of how to better notice and acknowledge emotions in others. 

Financial Planning is a deeply personal matter for all of our clients. We are discussing your life’s work, your dreams, and your family. In many cases, the financial aspects of these matters aren’t discussed with anyone else, so it’s normal for clients to have a certain level of anxiety when engaging a financial planner or preparing for a meeting. Although numbers and strategies will always be a main focus, above all, we strive to provide clients with a relationship that provides them with confidence. By recognizing, understanding, and dealing with the emotions that are often incited by finances, we can better serve our clients in all aspects of financial planning. Without question, I personally benefited from the FPA Residency program. I hope to use this benefit, however, to foster effective and valued financial planning relationships in the future.  

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

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Raymond James is not affiliated with the Financial Planning Association. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Center Stories: Angela Palacios, CFP®

Contributed by: Angela Palacios, CFP®

Getting to focus on what I love has made The Center a natural fit for me. While I spend much of my time “behind the scenes” here, you may not know exactly what it is that I do. 

Research and investments is what initially drew me to a career in the investment world. I came to the realization after working for a few years that investing and financial planning go hand-in-hand. Without financial planning, investing alone doesn’t always produce satisfactory results. That is why I got my CERTIFIED FINANCIAL PLANNER™ certification early in my career. Eventually these two passions landed me at The Center. Learn more about our investment department, its role within our firm and me here!

Angela Palacios, CFP® 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.

Nick Boguth on his way to a CFA® designation

Contributed by: Angela Palacios, CFP®

This summer Nick completed his first milestone on his way to completing his Chartered Financial Analyst (CFA®) designation. Nick started as an intern with the Center in May 2014, eventually joining us full time after graduating from the University of Michigan (Go Blue!) with a degree in Economics and Statistics. Almost immediately after starting full time he began the long road to achieving his CFA® designation.

What is the CFA® designation?

The curriculum is designed to build a strong educational foundation of advanced investment analysis and real-world portfolio management skills. Upon completion the average designation holder has spent roughly 1,000 hours studying! 

There are 3 levels that Nick will have to pass and several other hurdles before he can utilize the designation.

• CFA level 1 – Tests your basic knowledge and comprehension focused on investment tools and ethics.  Congrats Nick on passing this level on your first try!

• CFA level 2 – Tests more complex analysis along with a focus on valuing assets.

• CFA level 3 – Requires a synthesis of all the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning.

Along with passing the courses and the exams, Nick must have four years of work experience in investment decision making which he is on his way to earning with his role as Investment Research Associate here at The Center and as an Investment Representative with Raymond James. He must also agree to follow a rigorous Code of Ethics and Standards of Professional Conduct and become a member of the CFA institute. After obtaining the designation he will be required to complete continuing education to hold on to it.

Is this easy?

While Nick may have made it seem easy to the rest of us, it is far from simple. It is a popular designation to seek out. Each year nearly 200,000 people from all over the world register to take one of the exams always offered in June (level 1 additionally offered in December) and 100,000 will fail because it is extremely difficult! In June 2016, only 43% of people taking level 1 passed!

It is not uncommon to see Nick at his desk early throughout the week studying! It took him roughly 300 hours of studying to pass Level 1. When I asked Nick his thoughts on the program so far he said:

It felt great to pass level 1 my first time through, and it definitely helped having the support of everyone at The Center for extra motivation (and those extra few days off to study as the test approached).

We will continue to be there cheering him on while preparing for the last two levels. His education already adds more depth to The Center’s Investment Department knowledge in order to serve our clients! Way to go Nick!

Angela Palacios, CFP® 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.

Diving into Raymond James: Conference Style

Contributed by: Lauren Adams, CFA®, MBA

In September, I was given the wonderful opportunity to attend the Raymond James Branch Professionals Foundations Conference, which an intensive hands-on educational experience for new employees of Raymond James-associated offices. Just as the weather was starting to cool in Michigan, I headed south to hot and humid Atlanta for the two-day training.

The roughly 30 attendees came from all over the United States, including as far as California and Washington. I’m proud to say that Michigan represented well with five of us attending from different Michigan offices (which also gave us a chance to ask each other where to find the “pop” during breaks and actually be understood… although I’m still puzzling over my new southern friends’ tendency to ask for a “Coke” and then proceed to select a Sprite or Dr. Pepper).

We started the conference with a deep dive into Client Center, which is Raymond James’s command center for managing client accounts, and new account processes, where we learned everything from how to monitor the opening, funding, and ongoing maintenance of accounts to the difference between IRAs and SAR SEP IRAs and UTMAs and UGMAs. All the while gaining a newfound appreciation for acronyms!

Day two started with a bang.... which, if you’re an operations nerd like me, that means an hour and a half session on compliance! Two senior compliance professionals presented to us about how to best prepare for a branch audit and learn about other compliance best practices. They quizzed us on the most common compliance issues (spoiler: the most common issues generally center on advertising) and gave us plenty of time for questions and answers.

We then moved into sessions on how to quickly and efficiently conduct money movement, which is of critical importance for our clients, and reporting. I found the sessions on practice management and client reporting especially helpful, as it allows us to do everything from make sure account administration goes smoothly to conduct interesting analysis on our business. Our last session was on how to use social media to better understand our clients and connect with them on issues that are most important to them.

Since returning from the conference, I’ve already used what I’ve learned to run reports that allow me to better analyze the potential FDIC exposure of our clients and identify the different sweep options used by our managed accounts (both of these topics are especially relevant given new SEC money market reform rules). Also, I’m eager to tell our clients about the benefits of our secure document center called the Vault, which clients can access through their online Investor Access account and share documents back and forth with The Center team in a secure and organized way. I’m also jazzed about the ease of using eSignature, a convenient (and eco-friendly) way to electronically sign documents.

We ended our time together with a competitive game of Jeopardy to test what we’ve learned. The prize was your pick from a table of Raymond James swag. As good branch associates, we all learned the material quite well, so winning came down to who could raise their hands the fastest after the questions were asked. I even took to jumping in the air along with raising my hand, but sadly, another team was somehow quicker on the draw; my team came in second place. Next year, I hope to be able to attend the Raymond James Branch Professional Development Conference to learn more advanced concepts in technology, office procedures, and compliance… and for another chance at the Jeopardy Gold.

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

Three’s a Party! The Center Welcomes New Team Members

Contributed by: Lauren Adams, CFA®, MBA

When we mentioned that we were looking for great people to hire back in July, little did we know what an exceptional pool of client service talent would come our way! In the last month we brought on not one, not two, but THREE new members of the client service team. Let me give you a quick introduction to these service-oriented rock stars, and make sure you say hi to them the next time you call or stop by the office to meet the newest members of The Center Family!

Emily Lucido came to us from the banking industry where she worked her way up from a part-time float teller to the loan department of a local bank. Emily holds a degree in finance and dazzled us during the interview process by explaining how she made a saving/spending calculator for her friends and family in her spare time. We’re excited for Emily to bring her love of finance (and arts and crafts), attention to detail, and friendly attitude to the Client Service Associate position.

Jeanette LoPiccolo joins us after spending nine years as a Registered Client Associate at a large financial services firm. During this time, Jeanette earned her Series 7 and 66 licenses, among others, and was regularly recognized for outstanding client service. Fun fact about Jeanette: she found her way into financial planning after being recruited by an advisor who noticed her exceptional customer service as branch manager of a credit union. We’re thrilled for Jeanette to bring her impressive experience and ability to “surprise and delight clients” to the Client Service Manager position!

Ashley Frank, our newest Client Service Associate, recently moved to Michigan and found The Center after several years of experience in financial services in her home state of Ohio where she earned her Series 6 license, among other designations. Ashley is eager to meet and build relationships with clients of The Center, and we need to do our best to welcome her to Michigan in style (so bring on the suggestions of which Coney Island or type of Faygo pop she must try!). In her spare time, Ashley enjoys volleyball and has been a youth volleyball coach in the past.

Please join me in giving a warm welcome to Emily, Jeanette, and Ashley! We are so thrilled to have them become a part of our team, and we know you’ll love meeting them soon too.

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

Center Stories: Laurie Renchik, CFP®

Contributed by: Laurie Renchik, CFP®, MBA

Financial planning doesn’t mean planning for the day your health begins to fail. It means asking, “Where do I want to be in three years? Ten years? Twenty years?” Here’s how I help. One of my special interests is working with women who are handling financial assets and want to move forward with their financial lives. We focus on what is important to you. To me, that means being authentically interested in your life story, because financial planning done right is all about you, your plan and your goals. I work with you to put the financial pieces in place so that you can focus on what you do best…living your life!

The below video is an opportunity for you to hear my perspective on finding the right fit in a financial planning relationship. The confidence to know you have a handle on the financial aspects of your vision is why I am inspired to help clients create and manage financial plans to serve as a guide for future success. If you’re interested in working together, please don’t hesitate to contact me!

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.

Challenge Detroit: A Fellowship Year in Retrospect

Contributed by: Clare Lilek

It’s hard for me to believe that one year ago I was embarking on one of the most enlightening, demanding, and rewarding yearlong experiences I could have imagined. I came to The Center without any prior experience in the financial industry but with a passion for learning and for positively impacting communities. Through Challenge Detroit I was able to reach and discover many different nonprofits and various organizations doing good in and around the city. Through my time as a fellow, I was able to establish, retain, and bring connections made to The Center in order to expand our personal and companywide impact in the community that we work in.

As the year wrapped up, my “fellow” Challenge Detroit fellows and I worked on three more challenges culminating in a total of six challenges completed throughout the year. For more information on the first part of the year, check out my blog: Challenge Detroit—An Update Halfway Through. Here’s what we’ve been up to since I last checked in:

Challenge #4: Downtown Detroit Partnership

Downtown Detroit Partnership is a partnership of corporate, civic, and philanthropic leaders that supports, advocates, and develops programs and initiatives designed to create a clean, safe, and inviting Downtown Detroit. We worked with the DDP to see how the organization could more positively establish a back and forth communication and integration with Detroit’s neighborhoods outside of the downtown area.

Challenge #5: Detroit Future City and Black Family Development

Detroit Future City are the gatekeepers to the Strategic Framework, a highly detailed long term guide for decision-making, that is meant for all of the stakeholders in the City in order to guide land use and space development. Challenge Detroit was tasked with using their Open Lot Field Guide to take a vacant lot in the Osborn neighborhood and create an open, safe, and beautiful space for the neighbors, while simultaneously working with Black Family Development, a nonprofit in the Osborn neighborhood, on neighborhood specific tasks that involve land development.

Challenge #6: Recovery Park

Recovery Park, centered in the historic Pole Town region of Detroit, aims at developing land, creating job opportunities, and revitalizing a once highly populated area through urban farming. We were tasked with aiding in the redevelopment of this neighborhood through transportation access, small business development, and land beautification.

The past few months of Challenge Detroit went insanely fast. It feels like 2016 was just starting and more than three quarters of the experiences and opportunities that the fellowship brings still lied fatefully ahead. Now, as the year comes to an end and Challenge Detroit prepares to welcome the Year 5 fellows, I can’t help but reflect on the challenges, rewards, and unforgettable experiences this past year has brought me. I am continually grateful for that opportunity, especially since it introduced me to The Center and the wonderful people that work here. The Center chose to participate in the program in order to be connected to and participate in all the exciting work that is being done in the City. I plan on continuing that work and mission with The Center outside of the fellowship in order to keep the Challenge Detroit spirit alive.

Clare Lilek is a Challenge Detroit Fellow / Client Service Associate at Center for Financial Planning, Inc.®

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Raymond James is not affiliated with Challenge Detroit or any of the co-operating organizations named. Challenge Detroit: A Fellowship Year in Retrospect

No Such Thing as too much Security!

Contributed by: Raya Chope

Raymond James has rolled out a new feature for Investor Access called Enhanced Authentication. This is a new, free option that allows clients to add another layer of security to Investor Access accounts.

How Enhanced Authentication Works

If you have ever logged into your Investor Access account from a new, unrecognized device you may have been prompted to answer a few security questions. This new feature replaces security questions with a one-time text message or voice call that includes an authorization code. It’s not until the code is received and entered that you’re able to gain access to your Investor Access.

How to Get Started

To enable Enhanced Authentication, follow these simple steps:

• Log in to Investor Access from a trusted device

• Select the Account Services tab

• Select the Password & Security sub-tab

• Click the bubble at the bottom of the page to enable Enhanced Authentication

Once the feature is enabled, you will be prompted to choose either a mobile device or a landline from the phone numbers we have on file. If a mobile device is selected, you have the choice to receive the authentication code via text message or voice call. If a landline is selected, a voice call is the only option to receive the code. If you do not see your corresponding phone numbers or would like to add another one to our files, please contact the office.

If you’re new to Investor Access, get started by visiting our webpage and clicking on the Investor Access tab at the top.

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

Introducing our Newest Team Member!

Contributed by: Center for Financial Planning, Inc.

Exciting things are happening this summer at The Center! We are thrilled to welcome our newest team member, Lauren Adams, as our brand new Director of Client Services. Here at The Center, we are committed to providing an exceptional level of service to our clients, and we are continuing to invest in this area by bringing Lauren aboard. And that’s not all! As one of her first responsibilities, Lauren is tasked with further growing our client service team by hiring two new Client Service Associates. We hope to be able to introduce them to you here soon.

Lauren said she was eager to join The Center after finding us on Crain’s list of “Michigan’s Cool Places to Work.”* Originally from Michigan, Lauren worked as a stock analyst and manager in Chicago for Morningstar for several years while also earning her MBA from the University of Chicago Booth School of Business and CFA®, Chartered Financial Analyst®, designation in the evening. She’s excited to put these credentials to work helping further improve The Center’s operations and contributing to our investment process. 

Managing Partner Tim Wyman comments, “While working at Morningstar Lauren held a variety of roles that makes her uniquely qualified in this new Senior Manager position here at The Center. Most importantly, Lauren passionately embraces our firm values such as professionalism, a strong work ethic, and a desire to serve others.”

Lauren and her husband Chris decided to return to her home state of Michigan, but not before spending one year traveling the world and visiting over 50 countries (they were inspired by Jim Rogers’s book Adventure Capitalist). If you get the chance to speak with Lauren, be sure to ask her about her favorite countries!

*annual ranking of Michigan’s best work environments based on factors such as benefits, policies, perks, and engagement as measured by employee and employer-based surveys (awarded for 2014)