How to Transfer Family Assets Through Successful Family Meetings

 Research has show that 70%* of wealth transfers fail from one generation to the next.  Family meetings are one vehicle that can be used to help all members of the family gain a greater understanding of family assets and values.  But despite the usefulness, family meetings are seldom held.  Parents may be reluctant to share knowledge of family resources because they are concerned about stifling individual initiative and because their children may have different economic situations and temperaments. There is also the divorce issue, which leaves some parents reluctant to have in-law children know of the wealth situation. Second and third generation children are often scattered through the country and beyond which make meetings difficult.  However, the consequences of not helping the next generation understand wealth management may cause family friction, jealousy, business failures and frivolous use of resources.

There are many ways to begin family meetings.  Designating specific times at holidays or vacations when the family is together is one possibility.  Technology is another.  The use of a family web site, blogs, and social media for the family can be an innovative mechanism to celebrate successes and discuss more serious issues.

Meetings do not have to start out will full blown disclosure. 

Some techniques you can use to assess family values & engage in learning experiences:

• If the family is charitably inclined, have younger members choose a charity of choice, find out about its programs, fund raising activities, financials and success.  Designate a sum of money to go to one or more charities after the research project; reevaluate the following year.
• Game playing.  What would you do with your life if you won the 5 million dollar lottery; what would you do if you knew you only had ten more years to live?
• Pick  investment vehicles such as real estate, stocks and bonds to research
• Discuss alternatives for educational funding
• If you have a family business, discuss the process for getting family members involved. Discuss what educational needs are critical to success of them in the business.

Eventually, a meeting with the family advisors, financial planner, attorney and CPA should take place.  This will help the family know the advisors and gain greater understanding of the net worth of family, the tax situation, estate planning situation and an opportunity to discuss short and long range goals.

Successful family meetings are intended to engage family members, not be a set of rules handed from one generation to the next.  Healthy communication among family members builds trust; trust builds understanding and is more likely to achieve acceptance and enthusiasm in achieving individual and family goals.

Coming up in the third part of this blog series, a step-by-step resource for anyone hoping to keep the legacy they leave behind from evaporating.

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*Sources:  1983 MIT Study reported in the Economists;  Roy Williams and Vic Preisser from the Williams Group  research study.

The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material.  The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.  The services and  opinions of Roy Williams and Vic Preisser are independent of Raymond James. You should discuss any legal matters with the appropriate professional.

Passing on Wealth to the Next Generation

 You may have heard the saying, “Shirtsleeves to shirtsleeves in three generations.” In a family, it refers to the phenomenon of a generation building wealth, passing it to a second generation, and by the time the third generation rolls around, the wealth has disappeared.  Unfortunately, many research studies indicate it is true. In fact, 70%* of wealth transitions fail. Whether you are passing on a family business or family investment assets, most parents have the same desires.  They would like the money to enrich the lives of their children and grandchildren and to be neither frivolously spent nor a burden.  Parents would like their children to know the family values and participate in the formation of a value orientation for multiple generations.

There is the catch. Successful transitions do not just happen when the elders die and assets are distributed.

Successful transitions begin long before elders are gone. One way to begin is the family meeting where adult children are involved in knowing about and understanding the family wealth situation.  Passing on family values is an everyday experience.  Family meetings give members the opportunity to express their views, take responsibility and acknowledge where they may need additional help in accepting responsibilities. Family meetings also give members the opportunity to understand how family resources can benefit several generations.  These family meetings should involve members in the decision making process.

There are many ways family meetings can be conducted but they all center on the same objectives of trust, communication and understanding.  Parents teach their children to ride bicycles, play baseball and drive cars.  Family meetings help the next generations to use one of their most valuable resources, family wealth, to attain personal satisfaction and growth in an environment of family values.

Coming up in my next blog, more on avoiding the shirtsleeves to shirtsleeves trap. I’ll discuss how to use a family meeting to begin transferring assets.

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**Sources:  1983 MIT Study reported in the Economists;  Roy Williams and Vic Preisser from the Williams Group  research study.

The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material.  The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.  The services and  opinions of Roy Williams and Vic Preisser are independent of Raymond James. You should discuss any legal matters with the appropriate professional.

How to Get Started with Your Savings Goals

 Whether you are young and starting your own life as an adult or in mid-life and realizing that you are behind in getting started towards your financial planning savings goals, it may be hard to know how to begin.  No matter where you are now, it’s time to take steps towards setting and achieving your financial goals. 

Ready.

Determine your top financial goals.  Maybe you need to start saving, period.  Then there is college for the kids and retirement someday (?)

Set.

Prioritize your main goals.  Top priority is building emergency reserves – at least 3 – 6 months of monthly expense needs is recommended.  Next, balance retirement and education savings, keeping in mind that loans are available for education costs, but there are no loans for retirement.

Go.

• Begin your saving by paying yourself first.  Budget an amount to set aside in savings, as if your savings account is someone you owe, until your savings reserve is built up to your goal.
• Next, begin contributing at least a minimal amount to your employer retirement plan.  Start by contributing enough to receive any employer match that might be available, and then slowly increase your contribution percentage over time.  
• Education saving can begin by investing monetary gifts received for birthdays and other holidays into 529 college education accounts for your children.  As cash flow allows, budget in a set amount monthly to add to the 529 accounts.

No matter what your current place in life, it’s the right time to start saving to meet your financial planning goals.  Contact a Certified Financial Planner™ to help you come up with a plan to get you to the starting line and off to the races!

Sandra Adams, CFP® is a Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012 and 2013, Sandy was named to the Five Star Wealth Managers list in Detroit Hour magazine. 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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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.

Why is 2020 So Significant to Boomers and Their Children?

 We’re not talking about 20/20 the news program, or about your vision.  We’re talking about the startling statistic released by the Alzheimer’s Association that by the year 2020, there will be 20 million baby boomers with Alzheimer’s disease.  In case you’re counting, that will be nearly 1 out of every 3 baby boomers that have Alzheimer’s or a related dementia.  The cost of care will be a huge concern for these boomers and their families (according to AARP, the current average cost to care for someone with Alzheimer’s is $56,800 annually), among the many issues that will arise.

If you are a boomer, here are the top 3 things you can do to prepare for this risk:

1. Put Together a Team of Professionals – Start with a Certified Financial Planner™, who can help you plan ahead for the financial risks.  This will involve simplifying accounts, managing your assets, and helping you plan for your financial future with your personal preferences in mind.  Your financial planner will help you to put together a team of the additional professionals you may need and will bring on additional team members, as needed, along the way.
2. Make Sure Your Legal Documents are Up-To-Date – We are talking here about your wills, possibly a trust, but most importantly Durable Powers of Attorney.  All individuals should have two durable powers of attorney – one for Health Care and the other for General/Financial affairs.  These Powers of Attorney will be invaluable if you ever need someone to make health care or financial decisions when you are unable to make them yourself. 
3. Get Your Financial Life in Order and Document – Not only is it a good practice to take inventory of what you have and where it is, but it is also (and equally) important to document these items and indicate where and who to contact if there are questions.  Documenting investment accounts, insurance policies, legal documents, former employer benefits, etc., will be invaluable to family members or close friends who may need to assist you with your financial affairs in the future.  Click Here for our Personal Record Keeping document that can serve as a guideline for this purpose.

While an Alzheimer’s diagnosis is not something any of us want to think about, it is better to plan ahead so that your financial life will be handled as you intend, rather than leaving the burden of making those decisions to your family when you might not be able to communicate your wishes. 

Sandra Adams, CFP® is a Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012 and 2013, Sandy was named to the Five Star Wealth Managers list in Detroit Hour magazine. 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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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing information is accurate or complete.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.  You should discuss any tax or legal matters with the appropriate professional.

Planning for Marriage May Include a Prenuptial Agreement

 If an “I do” is in your near future, you need to make another commitment … this one to your financial planner. Before all the wedding planning and honeymoon booking are complete, a conversation with your financial planning team is also recommended to take a look at how marriage will impact your financial situation.  Two people coming together with unique financial positions can create a number of financial issues to think about and plan for prior to entering this new chapter in life. 

While prenuptial agreements aren’t for everyone, they are important planning tools especially if you or your future spouse have substantial assets, will receive a future inheritance, or have children from a previous marriage.

A prenuptial agreement typically provides direction in the following areas:

• Assets and liabilities – who brings what into the union
• Contributions of each partner – will there be special considerations
• Estate Planning – who gets what at the death of either spouse
• Division of property – when a couple decides to dissolve their marriage

More importantly the prenuptial document creates an understanding between partners and a roadmap for conducting financial affairs together. It determines how the assets and debts will be shared. It spells out how children from a previous marriage or relationship will inherit and it addresses the financial needs of the survivor in the case of death.

While talking with an attorney about a prenuptial agreement can be a stressful and touchy topic for many couples, the many beneficial aspects are worthy of consideration. 

Laurie Renchik, CFP®, MBA is a 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 was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.

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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

You should discuss any tax or legal matters with the appropriate professional.

Are Extended Warranties Worth the Expense?

 How many times have you been asked about buying an extended warranty on a product purchase?  Probably every time you make a purchase.  Salespeople are trained to push extended warranties to “upsell,” and the extended warranties are huge money-makers for retailers (about 60% is profit according to Businessweek!) because most consumers never use them.

Here are 3 Reasons Why You Should “Just Say No” to an Extend Warranty:

1. The manufacturer’s warranty is usually enough:  Most products come with a standard no cost warranty that covers the purchase for up to one year.  Most minor problems with a product occur within the first year, with major malfunctions occurring much later (often after even the extended warranty has expired).
2. Cost is a consideration:  Often, the cost of the extended warranty is up to a third of the cost of the product itself.  Since consumer products generally depreciate in value very quickly, it might make more sense to keep the extra dollars and save for a future repair when or if it is needed, or for your future replacement purchase.
3. There are other ways to get the same protection:  Many credit cards offer protection on purchases made with the card.  Many also offer to double the length of the manufacturer’s warranty.  Make sure to investigate all of the benefits you might have available through your credit card provider.

Although there are many reasons to “Just Say No,” there are a few instances when it might make sense to say yes to an extended warranty:

• You are buying an item that is new technology or is prone to problems.
• You are buying a refurbished product, or one that was a floor model.
• You are buying a very pricey item that would be expensive to repair or replace; the more expensive the item, the more consideration to give the extended warranty.

And above all else, don’t fee like you need to make an “at the register” decision.  Most retailers allow you to purchase an extended warranty for up to 15 or 30 days after a purchase.  Take your time to make a good financial decision.

Sandra Adams, CFP® is a Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012 and 2013, Sandy was named to the Five Star Wealth Managers list in Detroit Hour magazine. 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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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

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

Got Savings Bonds?

 Ahhh….savings bonds.  Throughout the years, savings bonds have been popular gifts. Grandma and grandpa have given their grandchildren savings bonds for birthdays to encourage saving for the future.  They were easily available savings vehicles that you could purchase at your local bank or, in some instances, through payroll deduction.  The paper certificates are those you might stumble across in a stack of old papers or locked away in your safety deposit box. 

What do you do if you find that you have savings bond certificates?

• Check the dates.  All savings bonds have a maturity date; a date at which they stop accruing interest (i.e. Series EE bonds accrue interest for 30 years).  You can use any number of online savings bond calculators to find out if your bonds have matured.
• Transition to Electronic Bonds.  The U.S. Treasury recently stopped issuing paper bonds to save costs.  If you own paper bonds that are still accruing interest, consider establishing a Treasury Direct account to convert your paper bonds to electronic bonds.  This helps eliminate the risk of loss or damage to the physical bond certificates.  If/when your bonds have matured, you can cash them in and have the proceeds deposited to your bank through Treasury Direct.
• Check the registration on the bonds.  Savings bonds seem to be easily forgotten.  It is not uncommon for a client to find a bond in the name a deceased relative, in a former/maiden name, or in custodial registration for a child who is now a well-established adult.  Updating the registration on active savings bonds now can prevent headaches later.  Registration changes can be handled through Treasury Direct.
• Last but not least, document that you own savings bonds.  List these holdings with your financial planner and on your Personal Record Keeping Document to ensure that these assets are not forgotten if something happens to you.

While savings bonds are not as en vogue today as they were in past decades, they can still be valuable assets.  It is worth taking the time to bring the old bonds into the current century with Treasury Direct.

Sandra Adams, CFP® is a Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012 and 2013, Sandy was named to the Five Star Wealth Managers list in Detroit Hour magazine. 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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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.

Parents and Children Misaligned on Finances

 As the mother of a teen and a pre-teen, I can testify that parents and children often speak different languages. Like when my daughter says "I'm going to die," it doesn't generally mean she's seriously ill; it more likely means she got a hole in her favorite pants! I live for the promise of the day when my children are grown and we will be able to communicate on the same plane.  After reading the recent Intra-Family Generations Study conducted by Fidelity Investments, I’m not so sure that will ever happen…at least when it comes to finances.

The Intra Family Generations Study found that parents and their adult children are on different pages when it comes to several key family financial issues, including retirement planning, inheritance planning, and caring for elderly parents.  The study found that 97% of parents and children surveyed disagreed on whether adult children will care for their elderly parents if they need long term care assistance.  Children tend to overestimate the value of their parents’ assets (by an average of $100,000 or more) and parents are overly critical of their children’s financial decisions.  In addition, while 24% of adult children surveyed say they will need to help their parents in retirement, 97% of parents say they won’t need help.  Clearly, there are misunderstandings between the generations.

So why, you might ask, are adult children and parents so disconnected?  According to the study, (which I can vouch for in my personal experience) families simply don’t talk about financial issues.  Talking about things like investments, debts, savings shortfalls, income taxes, or estate planning is taboo in many families. 

Most interestingly, the study did find that 60% of adult children and 68% of parents indicated that they would be more comfortable discussing these important financial issues with a third party financial professional than with each other.  Financial planners are the ideal financial professionals to lead productive family meetings.

If you find yourself as either a parent who has not discussed future financial issues with your adult children or as an adult child who has not discussed long term care or financial issues with your parent, contact your financial planner to schedule your family meeting today.

Sandra Adams, CFP® is a Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012 and 2013, Sandy was named to the Five Star Wealth Managers list in Detroit Hour magazine. 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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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.  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 websites users and/or members.

Debt: Just Another Four-Letter Word

 Is DEBT a four-letter word? It doesn’t have to be – but managing (notice I didn’t say avoiding) credit and loans is an important component in building and maintaining wealth. Clients that have worked with us over the years know that as comprehensive planners, we are trained to view our clients’ entire balance sheet or net worth statement. A quick refresher: Your net worth consists of both assets (investments, savings, etc.,) AND liabilities/debts (home mortgage, auto loans, etc.). You can help improve your net worth or wealth by adding to investments and/or reducing liabilities. Therefore, we work closely with clients to track and analyze their net worth each year as one measurement of overall financial health.

Debt doesn’t have to be one of those bad, four-letter words if used and managed properly. Financing a house can be a good lifestyle decision as well as a smart financial transaction. Certainly today’s low interest rate environment makes it more compelling to wisely use debt or leverage.

For example, Sue and Steve are 45 years old and currently desire to retire in 15 years. “Retire” to them means working for a charitable organization that they are passionate about…perhaps earning some wages…perhaps not.  Essentially, they would like to be Financially Independent at the end of 15 years. Ideally, clients such as Sue and Steve plan to also retire their mortgage over the next 15 years. However...

Utilizing mortgage debt over the next 15 years can be a good financial strategy:

1. Interest rates are historically low, giving them a better opportunity (not guaranteed) to earn higher returns on their retirement savings.

2. There is an income tax benefit for mortgage interest paid.

3. The mortgage payments are a forced savings mechanism. 

Depending upon their overall situation, we might even suggest a 30-year mortgage and that they invest the difference between the 30 and 15-year payments for additional flexibility. As always, each situation is different and you should consult the appropriate professionals.

In summary, our experience suggests that clients’ eliminate debt, including home mortgage debt, at or near retirement.  At retirement, the name of the game becomes “cash flow” and not having to service debt payments goes a long way in living a successful retirement. 

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

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Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.  Investing involves risk and investors may incur a profit or a loss.

Personal Emergency Reserve Savings

 The other day during my morning drive to work, I heard a rather startling statistic on our local news radio program – 40% of Michigan residents have NO (that means $0) savings!  Michigan is number 26 of the 50 states in savings rankings, which means that there are 24 states that are worse.  OUCH!

There is no doubt that with the market downturn of 2008 and the slow economic recovery in the last several years, many families had no choice but to dig into savings to survive. But that’s exactly one of the reasons that emergency reserve savings are so important!  Now that more people are back to work and are back to a more normal cash flow, it’s time to get back to business and build the reserves again.

How much emergency savings do you really need?   

Experts don’t always agree on an exact number, but many financial planners recommend having at least three to six months living expenses in an emergency fund, invested in cash or cash alternative investments.  For some, it is easier to pick a specific dollar amount as an achievable goal (say $10,000 or $20,000).  Clearly, the higher your monthly expenditures, the higher your reserve savings should be, especially if the majority of those monthly expenditures are non-discretionary.

Whether you are one of Michigan’s 40% with no savings, or are just someone who doesn’t have enough set aside for an emergency, start “reserving” some cash today. 

To get started, here are a few tips to consider:

• Save aggressively.  Use payroll deduction from your paycheck, if possible, or budget in savings (i.e. have an amount automatically moved from your checking to a savings or investment account on a monthly or bi-monthly basis).
• Reduce your discretionary spending.  Remind yourself that this is likely a temporary adjustment until your reserve savings reach an adequate level.
• Consider other resources until reserves are built.  Do you have cash value life insurance that you can borrow from if you have an urgent need?  Do you have other investments generating income that can be pulled off to build reserves? 

Hopefully, you’ll never have to tap into the funds you are committing to setting aside. But it is impossible to know what is around the next bend and it is always best to be prepared. The time to start (or continue) building your emergency reserves is now!  Consult a Certified Financial Planner™ for these and other ways to help save for your financial future.

Sandra Adams, CFP® is a Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012 and 2013, Sandy was named to the Five Star Wealth Managers list in Detroit Hour magazine. 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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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.  Any information is not a complete summary or statement of all available data necessary for making an investment decision.  Prior to making an investment decision, please consult with your financial advisor about your individual situation.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.