Planners' Perspective: Four words that forever changed my life

 Part 7 of a series that will shed some light on who we are and why we love financial planning. For Laurie Renchik, it was one defining conversation, one extended invitation that led her into the field of financial planning.

We all have defining moments along the course of our lives.  For me, one of the biggest, from a career perspective came in 1992.  I distinctly remember “the talk” I had with my CPA.  I had been her tax client for a number of years and we often mixed the business of completing my tax return with conversations about family and our respective careers.  This year started out the same, but ended up very differently.   She handed me my tax return and said, “I am selling my tax practice and buying an investment advisory firm from an advisor who is retiring.  Then she added, “Think about joining me.”  Those four words were the beginning of my journey into the financial planning profession. 

I accepted the offer.   It was a huge step for me to strike out in this new venture, but I had the support of a trusted mentor and the desire to learn as much as I could about the financial planning process and how it related to investments and financial goals.  My research led me to the conclusion that the industry standard for financial planners was the Certified Financial Planner™ certification.  I was inspired to get enrolled in the Certified Financial Planning program immediately, and earned the CFP® in 1995.  Simultaneously, I made the decision to make a move to Raymond James Financial Services to better align myself with a firm whose culture was more deeply rooted in the financial planning process.  

In hindsight, my decision to make the move to Raymond James was the right course adjustment for me as I refined my professional career path and set new goals.  An added bonus that I did not anticipate was a chance meeting with Marilyn Gunther, CFP® a founding partner of The Center.  We met at a Women’s Financial Symposium and the reality is that this chance meeting was literally life changing.  Marilyn has the unique ability to hear what is not spoken and to see what is not obvious.  She shared her insights and experiences freely.  Ultimately, she opened the door for me to join the Center team in 2006; an organization that has given me the opportunity to be part of something really special.

As a mentor, Marilyn encouraged me to let my passion for financial planning shine, to listen first and keep my mind open to an array of possibilities that could unfold.  I encourage you to do the same.  Keep listening for your invitation to chart your own course.  It may come in four words.  It may come in forty.  But they can be your catalyst, just as they were mine.     

Risk vs. Reward: Finding the Right Asset Balance for You

There are inherent risks in investing (you can’t control the market) but there are potential payoffs that help people tolerate that risk (like funding retirement). To better understand your own tolerance for risk, you need to first get the gist of asset allocation.  Asset allocation is a technique used to spread your investment dollars across different asset classes.  Stocks, bonds, and cash or cash alternatives, among others, are generally the most common components of an asset allocation strategy. 

Determining risk tolerance

Deciding on an appropriate allocation is an important exercise because it may be the most important investment decision you make due to the impact it can have on your overall return.  Your financial goals, time frame and personal resources all contribute to the equation. A risk profile questionnaire is a widely accepted method to help advisors and investors make asset allocation decisions.  

However, there are two significant limitations to relying solely on a risk questionnaire to make the asset allocation decision.  First, the way people think about risk is not stable and very often varies with market conditions.  Behavioral science research tells us that when the market goes up, the pain of past plunges typically fades as investors feel they can accept more risk.  The dynamic reverses when markets correct or go down.  Suddenly, the market elicits fear in the hearts of investors and tolerance for risk diminishes.

The second limitation with risk questionnaires is they don’t measure an individual’s need to take risk.  The purpose of an investment portfolio is to support the financial planning objectives or desired lifestyle. The plan will articulate the why as well as the how.  It helps answer questions like, “So, can I retire?” or, “Do I have enough to feel confident?”  The specific goals and time frames are the determinants of how much risk to take, even if there is a willingness to take on additional risk.

Committing to an asset allocation

Picking an asset allocation is important, but committing to it is even more important; especially in light of our changing attitudes about risk and reward.  Don't hesitate to get professional help if you need it. And be sure to periodically review your portfolio to ensure that your chosen mix of investments continues to serve your investment needs as your circumstances change over time.

Laurie Renchik, CFP®, MBA is a Lead 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.

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 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.  Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment.  Prior to making an investment decision, please consult with your financial advisor about your individual situation.  Asset allocation does not ensure a profit or guarantee against a loss.

Three Skills to Help Women Become More Confident Investors

Many of my time-stressed female friends, colleagues and clients want to know how to create higher quality work/life balance. Launching meaningful careers, enjoying our families and creating financial confidence are outcomes we work hard to achieve.  At a time when women make up about half of the workforce, and control more than 50% of the wealth in the United States, research shows the financially savvy women have not achieved a level of investing confidence that goes hand in hand with greater wealth.

As a financial planner I work with women who are pioneers in their given career, possess personal confidence in creating wealth, and have strong savings values. However, these characteristics don’t necessarily translate from the office to their personal lives. But personal financial confidence is what gives you the opportunity to grow your savings and to build a solid foundation in retirement.

How to be a Confident Investor

Are you a confident investor?  If you are less than confident, it doesn’t mean you are stuck on that path.  Nothing could be further from the truth.  The reality is that your confidence can be strengthened with a few fundamental moves.

1. Create a financial plan.  This plan should not be viewed as a one-time event; rather a flexible and adaptive vision that you aspire to much like forging a career path that works for you throughout the different phases of your life.

2. Although it may seem counterintuitive, pay less attention to the markets and more to yourself and your financial goals.  Emotional reactions to things we can’t control often cause us the most trouble.  Refer back to your financial plan if your confidence in your investing ability begins to wane in light of current events.

3. Re-prioritize when necessary.   Changes can happen to take us off course in all aspects of life.  When change happens remember that cookie cutter advice doesn’t apply.  Look at your own life and evaluate what you need now and down the road.  Much like a mentor provides objectivity and perspective that can lead to good career decisions, share your current financial challenges with an advisor and address the worries proactively and with confidence.  

Why not leverage what you already have to create a financial plan and investing confidence that keeps you in the driver’s seat through all phases of your life?

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.

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.  Investing involves risk and investors may incur a profit or a loss.  Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making an investment.  Please consult with your financial advisor about your individual situation.

Designating beneficiaries: Don’t Let Your IRA Get Derailed

 Imagine you’ve lined up your will, your trust, all the necessary estate planning documents, thinking you’ve covered your bases. But here’s one you may have forgotten: naming beneficiaries for your IRA. A friend recently found out the hard way that this easily overlooked detail causes huge headaches. You see, her mother wasn’t sure who to name when the account was opened and decided to think about it.  Time went on and her mother passed away before this detail was corrected, sending the IRA to probate. The two intended beneficiaries will eventually get the money, but they will be forced to take the distributions much faster than they want (and absorb the tax implications), rather than stretching the payments over a longer period of time.

Here are some potential problems when a beneficiary is not named on an IRA:

• There is no backtracking by trustees or personal representatives to “fix” the omission
• The account will be distributed according to your will; through the probate process which can be lengthy depending on the complexity of the estate
• The account becomes subject to the creditors of your estate
• The opportunity for tax deferral by spreading out distributions over a longer period of time may be lost.

It seems easy enough to name a beneficiary, but the reality is that this important designation is often overlooked. To prevent unforeseen mishaps, have your IRA beneficiary form reviewed by your financial planner annually to make sure it reflects your wishes and fits with your overall financial planning objectives. 

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.

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 issues with the appropriate professional.

Why Estate Planning isn’t just for Multimillionaires

 Putting an estate plan in place is so much more than saving taxes.  It provides a roadmap for folks who want to better preserve, protect and transfer wealth to the people they care most about. Last year, the American Taxpayer Relief Act (ATRA), made permanent the gift and estate tax exemption amount. In 2013 that amount is $5,250,000 for individuals and $10,500,000 for married couples.  But you don’t have to leave behind millions to still need careful planning.  

Key takeaways to consider:

• Having an estate plan, including a will, generally means a family can avoid much of the intestate probate process.  Proceedings vary state to state, but without a proper estate plan, many families could experience costs, including time, money, and loss of privacy.         
• An appropriate solution designed to avoid any probate process is often the creation of a living trust, which helps maintain control over assets and seeks to avoid uncertainties for the family and designated beneficiaries.         

 Other important considerations:

• Designating guardianship for minor children and grandchildren will reduce the court’s control over both the minor’s inheritance and caretaker.
• Establishing a charitable plan as part of the estate plan ensures designated assets will be distributed to the charity of choice rather than by state law.

Finally, while an estate plan protects assets and family, it also provides the opportunity to pass on cherished values through gifts to family members or favorite charities.  A written reflection of hopes for the future and life lessons learned can be conveyed through legacy letters and ethical wills. Putting an estate plan in place addresses legal and tax issues and ultimately ensures assets will be used according to your wishes.

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.

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

What Women can do to Create more Retirement Confidence

 Spending a weekend with girlfriends I have known since high school is a can’t-miss opportunity that rolls around once a year. Not only do I eagerly anticipate this get-together, this year it gave me a chance to not only laugh and commiserate with my girlfriends, but to also share some important knowledge on a topic that women don’t talk about enough … money. Women should have more open, meaningful conversations that focus not just on financial assets, budgets and credit scores, but also include stories about value and worth that are created by our individual experiences, communities, family, friends, career and legacies.

The financial risks that women run are distinct from men because of real cultural, psychological and biological differences. Women live longer, earn less and do not have complete control over either of these factors. Combine that with a general aversion to investment risk, and females (my friends included) can find themselves questioning how they are going to achieve financial confidence in retirement. 

Here are 3 conversation starters you might use next time you're with your girlfriends:

• How can we pursue human capital potential during all life stages?
• How can we maximize our workplace salary and benefits?
• Would we continue to work past retirement age if we are still healthy and able?

Every weekend isn’t a girlfriends get-away, so these topics aren’t for the back-burner. Don’t you want those in your circle of friends to realize full potential in the workplace, negotiate a competitive salary and benefits package, and choose a unique and custom pathway to retirement? If so, maybe its time to get a meaningful girls weekend on the books and get ready for it by talking with your financial advisor about all these approaches and how they can work for you.

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.

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.

Social Security Planning for Divorcees

 Today’s longer life expectancies, especially for women have increased the importance and complexity of retirement income planning.  What used to be a 20-year retirement period has progressed to 30+ years for many baby boomers.  One common concern I hear expressed from women thinking about leaving the workforce and transitioning into retirement is "can I enjoy my desired lifestyle and have enough money to last through my retirement years."  Discussing retirement income and what part Social Security will play often leads to this question, “If I continue working, can I draw on my ex-husband's earning record at my full retirement age and defer my own Social Security benefit until age 70?"

The answer is “yes” and “it depends!”  In a special rule that applies only to divorced spouses, you can claim benefits on your ex even if he has not yet filed for retirement benefits.  The key is he must be at least 62 years old with sufficient Social Security credits.

Here is how this strategy works:

• At your Full Retirement Age (FRA) file a restricted claim for spousal benefits only
• You begin to collect 50% of your ex-husbands FRA benefit from age 66 to 70
• The Social Security benefit based on your earnings record increases by 8% per year with the delayed benefit credit from age 66 to age 70

Additional requirements:

• You are single and were married for more than 10 years
• You have been divorced more than 2 years (If divorced less than 2 and your ex-spouse is not collecting you must wait for the 2 year mark to receive benefit) 

Crunching the numbers:

• If you are less than FRA, drawing an ex-spouse benefit to delay yours may not be allowed because the decision is impacted by the amount of your own benefit.  If your benefit is greater (prior to reaching FRA) than ex-spouse you must take your own benefit.
• This strategy makes sense if your retirement benefit at full retirement age, plus a 32% increase due to delayed retirement credits would be worth more than the spousal benefit.

Settling on a Social Security strategy is one piece of the retirement income puzzle.  This strategy is not meant to be a one size fits all solution; rather an example of how Social Security planning can be customized to meet your individual income needs.

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.

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.  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.

Ladies – Don’t be left out of the Retirement Income Discussion

 We know that statistically women outlive men.  By age 85, there are approximately five women alive for every three men.  By age 95, the ratio of women to men doubles.  (Source: 2010 U.S. Census Bureau).  We also know that income disparities over time can have significant implications on the amount women are able to save for retirement.  Ultimately this means women need to fund a longer retirement with fewer financial resources.  

To help frame the retirement income decisions women have to make when approaching retirement, use the following suggestions as general guidelines:

• Establishing a target age is important because when you retire will affect how much you need to save.  For example, if you retire early at age 55 the number of years you have to save is lessened and the number of years that you will be living off retirement savings is longer.
• Medicare generally doesn’t start until you reach age 65.  Retiring prior to eligibility for Medicare means you may have to look into COBRA or a private individual policy, which can be expensive.
• You can begin receiving your Social Security benefit as early as age 62.  However, your benefit is then reduced 25% to 30% if you do not waiting to collect until full retirement age.
• Working part time during retirement will allow you to rely less on retirement savings in the beginning and you may also have access to affordable health care while waiting for Medicare.
• If you are married, and your spouse is still working too, it may pay to think about staggering retirements to ease the financial transition into retirement.

Creating a retirement income roadmap is a practical suggestion for managing and overcoming the unique challenges women face in retirement.  Don't sit this one out.  Join the discussion and learn along the way if necessary.  A financial professional can help sort through the options to develop a plan that is right for you.   One of my favorite quotes by Henry David Thoreau provides a timeless message for looking to the future; "Go confidently in the direction of your dreams. Live the life you have imagined."

Laurie Renchik, CFP® 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.

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.

What to do in the Last Crucial Months before Retirement

 After years of saving and planning for retirement, you may be relieved and excited about the prospects of making the decision to move forward and retire.  If you are at this point, careful planning in the months leading up to retirement can help you ensure a smooth transition from employment to retirement. But many of us may be missing out on an important step in this process.

I recently read a statistic about women and retirement that surprised me.  Insured Retirement Institute (July 2012) reported that through planning with a financial advisor, women can take steps to increase their optimism and financial outlook for funding their retirement years.  Yet, nearly 53% of Baby Boomer women reported that they have not consulted with a financial advisor.  This is a pressing problem that has the potential to create long term financial and emotional roadblocks for women who are on the cusp of retirement.  The following information to help you gauge retirement preparedness.

Conversations to Have as Retirement Draws Near

These conversations should include a detailed look at the following areas of your financial plan:

• Inventory investments, review employer retirement plan options and analyze Social Security benefits to make sure you can afford to leave the workplace.
• Decide on an initial annual withdrawal amount that you feel you can take from your investments every year without substantial risk of running out of money.
• If you are under age 65 and not eligible for Medicare, determine how you will cover health insurance needs.

Transition From the Work Force Into Retirement

Once you have a clear understanding of your retirement resources, another important part of retirement planning is to focus on the period of transition as you move from the work force into retirement.  Here are some suggestions to help make the transition run as smoothly as possible:

• Reduce or eliminate credit card debt prior to retirement.
• Carefully weigh your options for handling your mortgage.
• Focus on your actual expenses today and think about whether they will stay the same, increase, decrease, or even disappear by the time you retire.

If you find yourself with unanswered questions, I recommend hiring a financial professional to help you understand financial options and opportunities for retirement.   The decisions you make in the final months leading up to retirement can have a considerable impact on your overall retirement plan.  

Laurie Renchik, CFP® 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.

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 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.