Laurie Renchik

International Women’s Day Celebration Challenges Women to Find Their Tribe

Laurie Renchik Contributed by: Laurie Renchik, CFP®, MBA

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The Center team recently commemorated International Women’s Day by hosting a gathering in Southfield to celebrate and support women’s achievements in our community and throughout the world.

In keeping with the theme of building personal and professional networks, over 150 attendees enjoyed networking opportunities before and after the keynote delivered by Joscelyn Davis, Founder and President of Jade Strategies.  Ms. Davis inspired her audience with personal stories and research-based strategies for visionary women who want to advance and lead.  Acknowledging that barriers exist, Ms. Davis provided fresh ideas and easily implemented action steps to help women cultivate a tribe of trusted advisors, mentors, and colleagues.

Aligned with the keynote message, The Center has a long history of supporting women in leadership roles.  In fact, two of our three founding partners are women, as are three of our five current partners.  Statistics bear out that women have very few role models at the top, and we are proud to be an exception to the rule!

Understanding the challenges women face is a worthy endeavor, and we wholeheartedly thank all those who joined us for our International Women’s Day celebration here in Southfield, Mich

Laurie Renchik, CFP®, MBA is a Partner and CERTIFIED FINANCIAL PLANNER™ at Center for Financial Planning, Inc.® With 20 years of industry experience, she specializes in proactive retirement planning and helping clients assess risk in their portfolios.

Raymond James is not affiliated with nor endorses Joscelyn Davis and/or JADE Strategies.

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Sustainable Investments and Your Portfolio

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Laurie Renchik Contributed by: Laurie Renchik, CFP®, MBA

Planning for a sustainable retirement is one that will financially support you for a lifetime. The financial planning process is dynamic as life unfolds and is subject to new information and changing circumstances along the way. 

One of the changes I see happening today is that a growing number of retirement savers are thinking more seriously about how a sustainable investment strategy fits into their overall investment plan. 

In tandem, the sustainable investment landscape is also evolving and growing.  Once a niche market, sustainable investing is becoming mainstream moving from a limited universe of investments focused on screening objectionable exposures to a range of solutions to achieve sustainable outcomes.  In fact, US investments focused on sustainable objectives grew 135% in the four year period from 2012 through 2016.**  With this volume of growth comes opportunity.  Demographic shifts, government policies and corporate views on environmental and social risk are the primary forces driving growth and change today.

For example, sustainable investing today includes Exclusionary Screens, ESG factors and Impact Targets.  Exclusionary screens avoid exposure to companies who operate in controversial sectors such as fossil fuels, tobacco or weapons.  ESG Factors invest in companies whose practices rank highly by Environmental, Social, and Governance (ESG) performance standards.  Impact Targets invest in companies whose products and solutions target measurable social or environmental impact.

If your goal is to create a sustainable retirement and in tandem allocate a portion of your investments to supporting a sustainable global future we can help. 

Our top priority is to create the best plan coupled with the best investment portfolio for you.  If that means taking sustainable investment preferences into consideration we have the resources and solutions available to build on traditional portfolio analytics to understand your current exposures and relevant sustainability factors.  We can set targets to improve the sustainability of your portfolio based on your personal objectives and measure performance data over time.

Contact us today to learn more!  Sustainable investing can drive positive social or environmental impact alongside financial results, allowing investors to accomplish more with their money.  Opportunity awaits.

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.

**Year over year growth in sustainable assets in the U.S. 2012 to 2016. Source: Global Sustainable Investment Alliance. Views expressed are not necessarily those of Raymond James Financial Services and are subject to change without notice. Information contained herein was received from sources believed to be reliable, but accuracy is not guaranteed. Information provided is general in nature, and is not a complete statement of all information necessary for making an investment decision. Past performance is not indicative of future results. There is no assurance these trends will continue or that forecasts mentioned will occur.  Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success.

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International Women’s Day Celebration with The Center

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On behalf of The Center team we want to thank everyone who participated in our First Annual International Women’s Day event!  The energy in the room of 200+ women on March 8th was an inspiration sure to carry on throughout the year.  Celebrating women’s success and making a difference in other women’s lives carries a message of community and mutual support; a WIN-WIN with staying power.

Our keynote presentation by Laura Vanderkam was a gift of wisdom and practical application as she helped us understand how to focus on aligning our time with priorities.  Before, during and after the presentation it’s no surprise that networking conversations were abundant from start to finish.  A truly remarkable exclamation point on the morning was the generous spirit in which financial donations were made for Haven’s Spark program. 

DONATION RESULTS

An amazing result for Haven’s Spark program:

$5,295 (so far!)

RESOURCE DIRECTORY

Networking connections are an essential ingredient to success.  If you have not already reached out to new connections we are happy to provide this resource directory of the companies and organizations who were participants in our Women’s International Day event.

KEYNOTE TO-DO LIST LINK

Laura’s advice hit home as evidenced by all of the head nodding going on in the room!  If you missed the link to our “more balanced life” To-Do list click here to open your personal copy!

PHOTO GALLERY

Smiles and memories of our time together at The Center sponsored Women’s International Day event. Click to view.

SAVE THE DATE 

Plan to celebrate International Women’s Day with us again next year on Friday March 8th 2019!  You can mark your calendar and we will take care of all the details!  

IN CLOSING

Women celebrating women is one example of pooling resources around a common goal.  We are grateful to have so many professional connections and women advocates in our circle of friends.  In our world of financial planning, it is not uncommon to work with accomplished women who are seeking guidance to ensure that their present plan for financial security is on track for future success.  One hurdle is that many times they don’t know someone …… consider that we might be that someone!

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.

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Tax Reform Series: Changes to the Mortgage Interest Deduction (including home equity loans/LOC implications)

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The Tax Cuts and Jobs Act (TCJA) is now officially law. We at The Center have written a series of blogs addressing some of the most notable changes resulting from this new legislation. Our goal is to be a resource to help you understand these changes and interpret how they may affect your own financial and tax planning efforts.

Washington has been busy and after many twists and turns sweeping tax reform was signed into law on December 22, 2017.  There are key changes for homeowners regarding the mortgage and home equity line of credit (HELOC) interest deductions.

Mortgage

If you own a home, mortgage interest is still deductible. The debt cap of deductibility, however, has been lowered.  The new cap limits interest deductibility to the first $750,000 of debt principal.  Debt principal refers to acquisition indebtedness or loans used to acquire, build, or substantially improve a primary residence.  The new $750,000 cap is a reduction from $1,000,000 and an additional $100,000 of home equity debt. 

  • The reduction to $750,000 expires December 31, 2025 and reverts back to $1,000,000 beginning in 2026.

  • Mortgage debt incurred before December 15, 2017 is grandfathered under the $1,000,000 cap

  • In the future, a mortgage refinance for debt incurred prior to December 15, 2017 will retain the $1 million debt limit (but only for the remaining debt balance and not any additional debt). In addition, any houses that were under a binding written contract by December 15th to close on a principal residence purchased by January 1, 2018 (and actually close by April 1st) will be grandfathered.

Home Equity Line of Credit (HELOC)

Home equity lines of credit give homeowners the ability to borrow or draw money using equity in the home as collateral.  New restrictions mean that home equity loan interest is not necessarily eligible for a deduction. 

While you may have read that interest on HELOC’s is no longer deductible, this is only if the loans are cash out or for purposes other than home purchase or improvement.  It’s important to note that deductibility is not based on whether the loan is a home equity loan or home equity line of credit. Instead, the determination is based on how the proceeds are used.

  • If the money is used to consolidate debt, pay for college or used for any other personal spending not associated with home acquisition or substantial improvement, the interest is not deductible; without grandfathering.

  • Interest on a HELOC up to the total $750,000 cap that is used to build an addition or substantially improve the home is deductible for taxpayers that itemize.

We are here to assist in any way we can.  This summary of mortgage and HELOC interest deductibility changes highlights key areas to keep in mind for 2018 tax planning.  If you have any questions regarding your personal situation, don’t hesitate to contact us.

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.

The information contained in this blog 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 Laurie Renchik and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. This material is being provided for information purposes only. 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. Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person's situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional. Raymond James Financial Services and your Raymond James Financial Advisors do not solicit or offer residential mortgage products and are unable to accept any residential mortgage loan applications or to offer or negotiate terms of any such loan. You will be referred to a qualified Raymond James Bank employee for your residential mortgage lending needs.

Center's Laurie Renchik, CFP® Graduates Leadership Oakland Program

 From the opening 3-day retreat to the graduation ceremony 9 months later, Laurie Renchik's leadership skills were put to the test.  The Leadership Oakland organization is all about growing local leaders and the 49 members selected to join the 2011-2012 Cornerstone program brought a spectrum of corporate, civic and non-profit experience to the group.  "When we started the program last fall, we embarked on a somewhat unknown journey," Renchik explained.  "Many of us had been told about Leadership Oakland and encouraged to apply, while others had heard about it and were simply curious."

They join more than 800 local leaders who have graduated Leadership Oakland since its foundation in 1990.  This year's class delved into important issues facing the region, from the educational system to the justice system and began to envision solutions through in-depth, monthly day-long sessions.  According to Leadership Oakland:

When you take leaders and provide them with a rich network of colleagues, a deep understanding of the regions challenges and the opportunity to achieve value for their own organizations . . . . . you create new levels of leadership. Through Leadership Oakland, today's leaders will shape tomorrow's community.

At the graduation ceremony at the Fieldstone Golf Club in Auburn Hills, the 2011-2012 class was recognized for their new understanding of local issues.  Laurie remarked, "The program was inspiring and humbling at the same time.  I have lived and worked in Oakland County for many years and learned new information at every session."  Renchik said the conclusion was bittersweet.  "As the academic year came to a close, I had a keen sense from the experience what leadership truly stands for, that it comes in all shapes, sizes, and colors, and that innovation and vision can be found in one's backyard."

The graduates' participation links them to one of the most powerful business networks in Michigan. For more information about Leadership Oakland please visit www.leadershipoakland.com

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Nine Represent Center at Raymond James Conference

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The Center proudly led two separate Top Advisor Sessions at the recent Raymond James National Conference.  Matt Chope and Tim Wyman (pictured left) led a discussion about growing your business.  Dan Boyce and Melissa Joy presented "Finding, Developing, & Implementing Junior Partners."  Over 100 peers attended each session.  

With the destination of Orlando, Florida, nine team members flew south to attend the National Conference May 21st through the 25th.  The four-day event welcomed over 3,400 participants from across the nation.  The conference fosters both professional and personal development through a variety of learning sessions which are presented by both peer advisors and specialized industry experts.  

A powerful benefit of attending conferences like this is the opportunity to hear ideas from others.  Center team members get to know people over the years and learn what new ideas and innovations are working for peers.

One area of growth highlighted at this year’s national conference was technology. Raymond James and the Center for Financial Planning are making major investments in cutting edge technology that will work to the advantage of both the advising teams and Center clients.

Members of our Center team in attendance included:  Sandy Adams, Dan Boyce, Matt Chope, Marilyn Gunther, Jen Hackmann, Melissa Joy, Laurie Renchik, Tim Wyman and Troy Wyman.

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Aging in Lansing

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Sandy Adams and Laurie Renchik weren’t seeking the fountain of youth on a recent trip to Lansing, rather they went in search of important information on aging. The two met with State of Michigan officials in the Office of Services to the Aging (OSA). As representatives for the MI Financial Planning Association (FPA), Sandy and Laurie were fact-finding in a couple of key areas:

Talking about senior financial fraud and abuse issues

  •  Learning how the Government Relations Committee of Michigan’s FPA can support legislation designed to protect seniors from financial fraud and abuse
  • Exploring what non-legislative opportunities exist to assist OSA staff and their senior resource hotline

Finding out what our State Agencies know about the FPA, the financial planning profession and the Certified Financial Planner™ designation (CFP®)

  • The meeting helped Sandy and Laurie understand the opportunity to provide education about licensing and the meaning of credentials advisors use in the financial planning industry
  • We also provided Michigan OSA officials with information about the full extent of the relationships and services we provide to our clients

Sandy found the trip was very enlightening. “I feel good knowing that we started the process of educating the OSA about our industry and that we will be providing important input to them as they propose and support legislation to protect seniors in our state.”  

Laurie agreed that the trip was an eye-opener. “The dialogue was open and confirmed that we can be a resource to elected officials, state government and the citizens of Michigan.”  She added that it takes a collaborative effort to understand how everyone can work together to protect at-risk seniors from financial fraud and abuse. 

Laurie Renchik Honored to Share The Center's Wellness Efforts

The Center’s health and wellness initiatives were recently recognized by both the American Heart Association and Blue Care Network for building a culture of health and wellness in the workplace. 

A key factor in the program’s continued success since 2008 has been the positive power of wellness champions within the firm creating grassroots commitment within the firm.  

 

Accolades from Blue Care Network’s Healthy Blue Living program resulted in an invitation to sit on a wellness panel at a BCN’s recent five year anniversary event in Southfield.  

Planner Laurie Renchik represented the Center wellness initiative on the panel, sharing stories about activities and healthy practices adopted at the Center.

 

Laurie Renchik Supports “Women of Words” Fundraising Event

Michigan Women’s Media recently hosted a “Women of Words” fundraiser to kick-start its annual Women and Journalism Internship.  Three Michigan authors headlined the evening by talking about their work and passion for writing. 

The historic Masonic Hall in downtown Farmington provided a wonderful venue for the event.  Guests enjoyed tea service, petit sandwiches and a cupcake dessert bar.  The Center for Financial Planning proudly sponsored the event.

Laurie serves as an active board member for Michigan Women’s Media, Inc. where she joins an equally dedicated group of women supporting this newly formed non-profit organization.  Their primary mission is to fund and maintain a robust internship program that will offer student journalists the opportunity to write about women’s interests.

Contact Laurie for additional information or volunteer opportunities.

Laurie Renchik Embarks on Leadership Oakland Cornerstone Program

Since 1990, the Leadership Oakland Cornerstone Program has brought together over 900 leaders from corporate, civic and non-profit organizations.

As one of class of 50 leaders for 2011-12, Laurie’s membership in this program provides exposure to an exclusive organization with a mission to develop leadership skills, expose individuals to key issues impacting the region, and enable participants to reach their full potential personally, professionally, and through public service to their communities.

Laurie recently attended the Kick-Off Retreat, a three-day, two-night retreat, where participants were provided an overview of the region and its challenges, insights into their own leadership style, and an opportunity to get to know their fellow Leadership Oakland classmates.  They will also set goals for their year in the Leadership Oakland Cornerstone program.

Laurie commented, "Over time community leaders armed with knowledge, collective creativity and innovation can change the course of our region to a stronger more vibrant future.”

By building a shared understanding and partnership, Cornerstone graduates develop purpose and commitment to the community for the organizations they represent and the communities they live and work in.

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