Planning Opportunities for LGBTQ+ Elders

Contributed by: Lauren Adams, CFA®, CFP®

For over 35 years, our independent wealth management firm Center for Financial Planning, Inc. has partnered with Raymond James Financial Services to achieve our mission of “Improving lives through financial planning done right.” In addition to providing our clients with custodial services for their investment accounts, Raymond James also offers a wide range of resources to The Center from everything from equity research reports to educational opportunities to stay on top of the ever-changing financial planning landscape.

One wonderful resource example is the Raymond James Pride Financial Advisors Network, a network of advisors serving the Lesbian, Gay, Bisexual, Transgender, and Queer (LGBTQ+) community that was founded in 2020, and its “Inaugural Business of Pride Symposium,” held in June 2021. At the Symposium, I had the opportunity to attend a session titled, “The LGBT+ Aging Crisis – Planning Opportunities for our LGBT+ Elders,” presented by Dan Steward, National Program Director for the Human Rights Campaign Aging Project, and Sherrill Wayland, Director of National Education Initiatives for SAGE.

In the presentation, Steward and Wayland discussed practical ways for financial planners to address and better serve members of the LGBTQ+ community:

• Recognize the distinct needs of this growing and diverse community: It is estimated that there are over 2.7 million older adults that self-identify as members of the LGBTQ+ community. Citing the work of leading researcher Professor Karen Fredriksen-Goldsen, the presenters explained that within this group, however, there is a wide range of generational experiences: from the oldest “Invisible Generation” that grew up when public discussion of LGBTQ+ issues was unheard of, to “The Silent Generation” that grew up when issues were being discussed but faced heavy discrimination, to the younger “Pride Generation” where many have been out for decades. Recognizing that there are nuances within the community, but also understanding the overarching themes of discrimination and resiliency, is an important component of developing the cultural competency required to best serve these clients.

• Plan, Plan, Plan: I’ve seen firsthand how the benefits of pairing comprehensive financial planning with a thoughtfully constructed, well-diversified investment portfolio that fits the clients’ needs and objectives can be liberating and even life-changing for so many. Working with a financial planner early on can help members of the community develop good financial health and financial security that will position them well later in life. Thoughtful estate planning (including considering if wills, Durable Powers of Attorney for Healthcare and Financial Matters, and living trusts are right for the situation) become all the more critical given that members of the LGBTQ+ community still face legal discrimination in many areas. Proper insurance planning can help manage risks and protect assets, including the potential need for long-term care coverage, over a client’s lifetime.

• Be aware of the elevated risk of financial exploitation and barriers to seeking help: According to SAGE, a significant portion of the elder LGBTQ+ community does not wish to live alone, has shrinking support networks, and may be inclined to seek companionship online. These factors can conspire to put these clients at higher risk of financial exploitation (including online “sweetheart scams”) and elder abuse. At the same time, coming from a place of resilience and self-sufficiency after facing discrimination throughout their lives, LGBTQ+ elders may be reluctant to seek help. They may fear being outed if they need assistance, that they won’t be believed by authorities, the loss of financial support from the abusive person, or the prospect of living alone. Financial planners – who may be some of the most trusted people in the client’s life – must be aware of these concerns and be ready to help encourage reaching out to authorities or seeking assistance if needed.

• Know your resources: In the effort to assist, planners must know what resources are available and be cognizant of the added layer of being able to identify inclusive service providers. Steward and Wayland identified several resources that financial planners serving this community should be aware of:

  • The Long-Term Care Equality Index – The first national benchmarking system for residential long-term care communities. The index was launched in June 2021 and 184 communities participated. It was created by a partnership between the Human Rights Campaign Foundation and SAGE to promote equitable and inclusive care for LGBTQ+ older adults.

  • National Resource Center on LGBT Aging – This project is funded by the U.S. Administration for Community Living and serves as a resource center to improve the quality of services and support offered to LGBTQ+ older adults. It offers a host of resources ranging from caregiver support to Social Security, Medicare, and Medicaid guides to resource directories on the national and state level.

  • SAGE – SAGECare provides LGBTQ+ cultural competency training on aging issues to service providers. Their “Find a Provider” tool can be used to locate service providers that have participated in their cultural competency training programs.

 By keeping these considerations and resources in mind, financial professionals can ensure all clients –regardless of sexual orientation or gender identity – can benefit from the power of financial planning and act as true advocates for the aging LGBTQ+ community.

Lauren Adams, CFA®, CFP®, is a CERTIFIED FINANCIAL PLANNER™ professional and Director of Operations at Center for Financial Planning, Inc.® She works with clients and their families to achieve their financial planning goals and also leads the client service, marketing, finance, and human resources departments.

“Do Good at Work” A Center Book Club Discussion

Contributed by: Sandra Adams, CFP®

Our Center team took on the challenge of a different kind of book with this quarter’s book club discussion, choosing to read Brea Boccalandro’s new release Do Good at Work: How Simple Acts of Social Purpose Drive Success and Wellbeing.

The general premise of the book was to offer practical advice on how to make your work life more meaningful by job purposing — making a meaningful contribution to others or a social cause as part of the workplace experience. Studies show that we work harder, longer and happier when we pursue social purpose. And it doesn’t matter what position we hold in an organization — anybody can job purpose their own job.  We can all use our own jobs for good and be proud that our job matters.

Some Center Team members share their thoughts below:

“Going forward, this book has helped me think more intentionally about connecting the work we do to a larger purpose.” — Lauren Adams, CFA®, CFP®

“My key takeaway from the book is that small acts make a huge difference. No matter what your job is you can find fulfillment.” — Kelsey Arvai, MBA

“Two things that I learned:  (1) Leave ample ‘time’ for the important things in work and life; and (2) Most people are inner givers, but some need to be taught.”  — Matthew E. Chope, CFP®

Our Center book discussion group had interesting conversations around “Do Good at Work” and these concepts and enjoyed applying them to the work we do with each other, with our clients and with the community. We have already begun to apply the concepts we discussed in our book group and have several other ideas in the works to apply in the near future.

Sandra Adams, CFP® is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

Not All ESG Funds Are Created Equal

Contributed by: Kali Hassinger, CFP®, CDFA®

 

If you’ve read last week’s ESG blog, you should be familiar with the basic ideas driving ESG investing and aware of the recent investor rush to ESG investment funds.  Although 2020 was full of unforeseen circumstances, the trend to Sustainable and Responsible Investing has been building over many years. 

In the past, ESG was often used interchangeably with SRI, or Sustainable and Responsible Investing.  In reality, they are not exactly one in the same.  ESG analysis creates a set of standards used to screen investments through Environmental, Social, and Governance criteria.  Almost all Sustainable and Responsible strategies use at least one of the E, S, or G factors within their analysis, which is perhaps why the ESG abbreviation seems to have taken hold in recent years.  However, there are four prominent Sustainable and Responsible Investment approaches that are most often used to develop a portfolio or mutual fund.

Best-In-Class (Positive) Screening

This strategy involves investing in companies or sectors that have the best, or most positive, ESG performance relative to their peers.  The hope is that the investments selected in a best-in-class process will be able to handle unexpected changes regardless of the industry.  However, one criticism is that this includes all industries and sectors, often incorporating gas, oil, and mining companies, as long as they are handling ESG factors better than their peers.  Some refer to this as the “least bad” approach, as opposed to the best.  This is a good option for those who are afraid to miss out on returns by removing investments due to ESG factors.

Exclusionary Integration

Negative screening is what many so often associate with ESG investing.  This is most likely because it one of the oldest screening approaches and was often guided by religious beliefs with the investments eliminated through this process often referred to as “sin” stocks.  This approach, however, has evolved over the years to be less explicitly aligned with religions.  Now, exclusionary screens work to avoid companies based on more ESG related factors, such as fossil fuels, animal cruelty, and weapons production.  This approach is appropriate for investors who have specific ethical or religious motivations and want to be sure that their money is invested in a way that aligns with their beliefs.

ESG Integration

The ESG Integration approach involves using environmental, social, and governance factors to make decisions within a traditional financial analysis process. This approach does not prohibit investments in any particular sector or industry, and it searches to find value and opportunities by combining ESG information with conventional financial information. This method can include companies who have historically performed poorly in relation to ESG factors but who are working to improve on an environmental, social, or governance issue.  Notice the usage of OR in the last sentence.  This means that companies do not need to score or screen well in all three factors to be included or considered within an ESG integration fund.  This flexibility provides a vast investment universe and can be more palatable for investors who are still skeptical of ESG investing.

Sustainability-Themed Investing

Sustainability-themed investing often develops a portfolio aimed at solving a specific environmental or sustainable issue.  Within the selected theme, such as clean technology, climate change, animal welfare, or green energy, analysts will work to determine the strongest companies who positively represent this issue.  This allows investors to focus their resources on specific trends and to invest in companies who reflect those same beliefs in their business practices.

Although we have discussed these approaches as four separate methodologies, in reality, most ESG mutual funds use a combination of several or all of these tactics to build their portfolio.  This combination, which less frequently excludes specific industries or companies than it has the past, allows for more flexibility, which can translate to more opportunity for investors.  Many believe that companies who are focusing energy and time on ESG factors will be more poised for future success.  Are you interested to know how The Center develops and manages our ESG strategies?  Jaclyn Jackson, CAP® our firm Portfolio Manager will provide some insight next week!

---

Kali Hassinger, CFP®, CDFA® is a CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® She has more than a decade of financial planning and insurance industry experience.

Investing involves risk and you may incur a profit or loss regardless of the strategy selected. Sustainable/Socially Responsible Investing (SRI) considers qualitative environmental, social and corporate governance, also known as ESG criteria, which may be subjective in nature. There are additional risks associated with Sustainable/Socially Responsible Investing (SRI), including limited diversification and the potential for increased volatility. There is no guarantee that SRI products or strategies will produce returns similar to traditional investments. Because SRI criteria exclude certain securities/products for non-financial reasons, utilizing an SRI investment strategy may result in investment returns that may be lower or higher than if decisions were based solely on investment considerations. Investors should consult their investment professional prior to making an investment decision.

ESG Investing: Why Everybody Is Talking About It

Contributed by: Jaclyn Jackson, CAP®

According to CNBC, almost 1 in 4 dollars is going into Environmental, Social, and Governance (ESG) funds this year.  Even before 2021, the combination of ethical provisions and competitive performance turned many heads towards ESG investments.  I aim to explain what the big fuss is about and why ESG investments are gaining traction.

Investors Are Talking About It

To be clear, the March 2020 downturn was no picnic (for anyone).  However, investors who had stake in environmental, social, and governance (ESG) investments managed the economic downturn with greater resilience.  Leading research firm, Morningstar, reported that during March 2020, “sustainable funds dominated the top quartiles and top halves of their peer groups.  Sixty-six percent of sustainable equity funds ranked in the top halves of their respective categories and more than a third (39%) ranked in their category's best quartile.”  Compared to peers, ESG funds pulled top rankings.

Not only did peer to peer comparisons look good, but index comparisons proved more robust too.  In the same study, Morningstar compared 12 passive ESG funds in the large-blend category to a traditionally passive fund. They reported, “For the year through March 12, all 12 ESG index funds outperformed”. What’s more is that fees were included in this study.  While the ESG passive funds compared were more expensive than the traditional passive fund, they still managed to outperform.  Impressively, the trend held with international and emerging market index comparisons…and everybody is talking about it! 

Including the world’s largest investor/asset manager, BlackRock, who’s CEO challenged corporations to consider the impact of climate change on business models.  In 2020, CEO Larry Fink announced BlackRock would incorporate ESG metrics into 100% of their portfolios.  The asset manager also pledged to produce data and analytics to punctuate why considering climate change should be an investment value. 

Yellen And Powell Are Talking About It

Investors are not the only people concerned.  In wake of recent natural disasters, Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell are working to assess the risks climate change poses to the health and resilience of the financial system.  Their consensus implied a concentrated effort to monitor financial institutions and their exposure to extreme weather events.  Leading the charge, Fed Governor Lael Brainard, recently announced the Financial Supervision Climate Committee (FSCC).  Brainard is a proponent of using scenario testing to understand banks’ ability to survive hypothetical climate catastrophes.  The FSCC will focus on developing evaluation processes for climate risks to the financial system.

Why Everybody Is Talking About It

While many people acknowledge the ethical appeal of ESG methodologies, they may not fully appreciate the businesses appeal that underpins stock performance.  Business litigation risk provides a clear example.  The Financial Analyst Journal featured a study that explored the relationship between ESG performance and company litigation risks.  Analyzing US class action lawsuits, researchers found, “a 1 standard deviation improvement in the ESG controversies of an average company in the sample reduced litigation risk from 3.1% to 2.4%”.  The study also asserted that companies with low ESG performance experienced market value losses ($1.14 billion) twice the size of companies with high ESG performance.  Further, the study integrated their findings with a trading strategy and concluded investors benefitted from lower litigation risk.

It doesn’t stop with litigation risk.  There are also links between healthy corporate governance and market returns.  As You Sow, a nonprofit promoting corporate responsibility, has been tracking S&P 500 companies with excessively compensated CEOs since 2015.  They collaborated with R. Paul Herman, CEO of HIP Investor Inc., to do performance analysis based on their tracking. Herman determined, “…shareholders could have avoided lagging returns by excluding companies that keep making the list for excessive CEO pay”.  Companies without excessively paid CEOs significantly outperformed companies with excessively paid CEOs.  The former generated 5.6% in annualized returns compared to the latter at 1.5%.  What’s astonishing is that the report noted, “The performance gap due to excessive compensation equates to approximately $223 billion in shareholder value lost.”  How are companies without overpaid CEOs edging out competitors?  Instead of overpaying CEOs, more resources can be dedicated to research and development projects, dividends to shareholders, or equitable pay for employees; things that advantage company profits and support positive investor outcomes.

Are You Talking About It?

There is definitely a case for the merits of ESG investing.  It is no wonder folks are talking about it.  Are you interested in the conversation?  If you’ve followed trends in ESG investing and are considering adapting ESG strategies into your portfolio, The Center is here to help.  Ask your advisor about the Center Social Strategy; they would be happy to talk about it with you.

---

Jaclyn Jackson, CAP® is a Portfolio Manager at Center for Financial Planning, Inc.® She manages client portfolios and performs investment research.

This material is provided for information purposes only and is not a complete description of the securities, markets, or developments referred to in this material. Any opinions are those of the author and not necessarily those of Raymond James. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Utilizing an ESG investment strategy may result in investment returns that may be lower or higher than if decisions were based solely on investment considerations. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. Past performance does not guarantee future results.

500 Books Donated…and counting!

Contributed by: Jeanette LoPiccolo, CRPC®

The Center is just half way through our book collection drive for Rx for Reading Detroit.  I am thrilled to report that over 500 hundred books have been donated so far!  As we packed up the books to donate, we smiled to see some of our childhood favorites… remember the Hardy Boys adventures?  There were also more recently published classics like the Harry Potter series. I’m excited to know that these old and new stories will be filling the Little Libraries in Detroit soon!

When my parents recently relocated, my siblings and I were all handed a box of childhood mementos.  My mom said she could not throw them away, but the box did not make “the cut” to move to their new house.  Sound familiar to anyone?  After laughing at my childhood arts and crafts efforts, I found several books that I loved as a kid. I can’t think of a better way to show my appreciation for those stories than to share with the next generation of young readers.

We are so appreciative of the donations from clients, team members, and Center friends to this worthy charity.  If you are wondering if you can still participate, it’s not too late! We will continue collecting books through July 31st. 

If you are interested in donating, we are collecting gently used or new books, appropriate for elementary through high-school aged students. Rx for Reading Detroit is able to purchase books at a deep discount, so if you’d like to make a cash donation, please send directly to: Rx for Reading Detroit, University of Detroit Mercy, 4001 W. McNichols Road, Detroit, MI 48221. The Little Libraries used by Rx for Reading are constructed by Center client, John Mio.  

For more information about our event, please click here: Collecting-books-for-donation-to-rx-for-reading.

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

The Center Feels Honored to be Considered One of the Healthiest in the State

Contributed by: Gerri Harmer

The room was buzzing all night. We felt blessed to be invited to the Governor’s Fitness Award Gala and very humbled by our fellow nominees. We were excited to attend as one of the three nominees in the Healthy Workplace – small business category.

Al Kaline and Senator Stabenow were honored for the Vern Seefeldt Lifetime Achievement and the John Dingell Outstanding Public Official. They did not compare to a 20-year-old boy who pitches with one hand, a female army pilot who is making it her mission to help veterans coming home, and a 102-year-old veteran who challenged Lila Lazarus and Lt. Governor Brian Pauley to a pushup challenge onstage and won.

There were many amazing and courageous stories of overcoming obstacles, accomplishing great feats and positively influencing others. Race directors, communities and people coming together for the purpose of living healthier lives. We learned Michigan is ranked 35th in the health and wellness arena. We can do better. Those honored are leading the way to get us moving again.  We left ready to put on our tennies and bring everyone with us. We hope you’ll join the movement.

Read more about the winners and their inspiring stories here.

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

---

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members. Raymond James is not affiliated with the Governor's Fitness Award Gala.

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!

---

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.®

---

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.

The Importance of Friendships as We Age

Contributed by: Sandra Adams, CFP®, CeFT™

As a younger planner, I remember hearing planners older and wiser than I counseling clients to think twice before making the decision to leave their lifelong homes and communities upon retirement to move near children in a distant state (or country).  Despite that advice, many clients still think the best move as they age is to be nearest children (and grandchildren). 

However, they often regret that decision for a number of reasons:

• They find their families have their own lives to live and just don’t have the time to spend with them that they thought they would (spending time with “Mom and Dad” is not a priority);

• They may find that their children decide to relocate again, and then they are left in a location that they are unfamiliar with and have no family or community to call their own;

• Most importantly, they find that they truly miss the friends and community they spent years building.

Several conversations in client meetings recently have confirmed to me the importance of longtime friendships in the lives of older adult clients.  Friendships are especially important to those who have been widowed; it seems that family members provide support immediately after a death, but once they have a need to go back to their normal routines, it is friends that provide the emotional and social support that help widows get through the next months and years that are most difficult.  And for many older adults who have attempted to move away and start friendships in unknown communities, they realize that it is their longtime friendships that they truly value and miss (and sometimes find themselves wanting to come back to in older age).

Studies by the National Institutes of Health show that maintaining friendships and staying socially active are key components to a happy, healthy longer life.  Making the right decisions about where to live and near who are key decisions for quality of life and part of your retirement planning.  If you have not yet had these conversations about YOUR future retirement plan, contact your financial planner today.

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

---

This information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete. Opinions expressed are those of Sandra Adams and are not necessarily those of Raymond James.