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Laurie D. Renchik, CFP®, MBA

Center Stories: Laurie Renchik, CFP®

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

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

Laurie Renchik, CFP®, MBA is a Partner and Senior Financial Planner at Center for Financial Planning, Inc.® In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie is a member of the Leadership Oakland Alumni Association and is a frequent contributor to Money Centered.

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Inherited IRA – Learn About Your Choices as a Non-Spouse Beneficiary

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During a recent meeting with a client (let’s call her Anne), we discussed the options available to her as the beneficiary of her brother Jim’s IRA. This is an important discussion because there are certain tax benefits that come with inheriting an IRA, but the rules differ depending on whether you are a surviving spouse or what is called a non-spouse beneficiary. In this case Anne is considered a non-spouse beneficiary because she is the sister of the original account owner, Jim.

Here are the options available to Anne:

  1. She can rollover the assets directly into an Inherited IRA for her benefit. With this option Anne will take distributions over her lifetime and enjoy the benefits of tax deferred growth.     

  2. Anne can take a lump-sum distribution. With this option, there is an immediate tax impact. The value of the distribution is taxed as ordinary income in the year it is withdrawn. Because the IRA is inherited Anne can take the lump sum prior to age 59 ½ and not be subject to the 10% penalty that is usually applied for distributions before age 59 ½. 

  3. The third option is that Anne does not have to take the inheritance. She can disclaim all or part of the inherited assets. If this option is chosen the assets pass to the next eligible beneficiaries.  If Anne considers this option she wants to be sure all of the legal requirements are met.

When handled correctly, Anne as a non-spouse beneficiary can enjoy the continued potential for tax-advantaged growth of these assets while avoiding the immediate income taxes.

Our discussion also highlighted some common mistakes to avoid:

  1. A non-spouse beneficiary cannot move the inherited IRA into his or her own IRA. An inherited IRA must be kept totally separate from other IRA’s Anne may have and no new contributions can be deposited into the account.

  2. Beneficiaries named on an IRA account supersede instructions provided in a will or trust. Since the IRA account information takes precedence it is important to make sure the designated beneficiaries named on the inherited IRA are up to date. 

  3. No 60-day rollover. With this rule, you can take a distribution from your own IRA as long as you put the money back in the same account within 60 days, you won’t have to pay income taxes or a penalty. Unfortunately, you can’t do this with inherited IRAs. There is no 60 day rollover rule for inherited IRAs. If you withdraw the money, it’s taxed.

  4. If you inherit an IRA, whether it’s traditional or Roth, the IRS requires you take at least some of the account balance each year. It’s called a required minimum distribution and must be taken annually, regardless of your age, beginning the year following the year-of-death of the original account owner. If you don’t take the distribution, the penalty ends up being 50% of the amount you were required to take.

If you are faced with decisions regarding an inherited IRA and have questions feel free to give me a call or send me an email.  I’ll be happy to review your options with you and make sure the choice works in harmony with the rest of your financial plan goals and objectives. 

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 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 Laurie Renchik and not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. 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. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

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Women’s History Month: The Inspiration of Sylvia Lawry

Whether you’ve just started your career or you’re a seasoned professional, establishing yourself as a leader at work can boost your ability to achieve success in the short term and advance your career over the long term. An important part of being an effective leader is inspiring those around you. In honor of National Women’s History Month, I want to take the time to highlight the accomplishment and inspirational leadership of Sylvia Lawry.

Sylvia Lawry is the woman who single-handedly launched an international war on Multiple Sclerosis. In search for a successful therapy for her brother Sylvia put an ad in The New York Times. The year was 1945 and she received more than 50 replies from people who were themselves seeking a cure. This was her first step in the fight for a world without MS. She won over famous scientists to her cause and shortly after her initial ad, in 1947, she had founded the National MS society.

My interest in Sylvia Lawry’s story goes deeper than supporting National Women’s History during the month of March. It’s personal as I have family members, friends, and clients who are affected by MS.  Today, 70 years later I am supporting Sylvia’s vision to find a cure for MS by participating in the 2016 MS Leadership Class. Leadership class members commit to increasing their knowledge about MS, to raising public awareness, and to raising funds for ongoing research.

My interest also has professional roots. At The Center, we are a team that meets you where you are, understands where you want to go and through collaboration with you, we develop and execute a strategy focused on your financial well-being through every stage of life. While retirement planning is a common cornerstone of a majority of financial plans, it is not uncommon for clients to make contingency plans for health related issues or craft philanthropic strategies to ensure their charitable dollars create the desired impact.

National Women’s History month presents an opportunity to be intentional about reflecting on the past successes of women throughout history. It hits home here at The Center too as our 30+ year history reflects the inspired leadership of many women through the years. When you wonder what you can do because you are one person, think about Sylvia Lawry.

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.

Raymond James is not affiliated with Sylvia Lawry or The National MS Society.

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Don’t Let the Gender Pay Gap Derail Your Retirement

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Women hold a tremendous amount of financial power and are an active part of the workforce and economy as a whole. At a time when women are assuming added responsibility for their families and finances, the gender pay gap that is a reality for many has the potential to derail security in retirement.  

Recently, Ellevate Network surveyed thousands of professional women and found that 26% of respondents worry that they are not making enough money today and 30% worry that they are not planning well enough for retirement.

If you have these concerns, here are some steps you can take: 

  1. Do your homework about salary ranges for your given position and your growth prospects for the industry. Then be prepared to negotiate.

  2. Leverage benefits provided by your employer.  Medical, dental, life insurance and disability are just some of the benefits that may be part of your compensation package.  Pay attention to when you become eligible.

  3. Prioritize your own retirement and begin saving as soon as economically feasible. On average women live longer than men and accumulate less in retirement accounts. Don’t forget to increase your contribution every time you receive a raise.

  4. Understand how your lifetime earnings directly impact your Social Security benefit. Benefits are calculated on the highest 35 years of earnings.  If there are fewer than 35 years, then zeros go into the calculation.

Shining some much needed light on the gender wage gap can make a difference for all women. In the meantime, women can adopt good financial habits early in life, set their own goals, and garner the support they need to stick to those habits over the long run. We can help you pull together the details you need to put your plan in place.

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 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.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laurie Renchik and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Investing involves risk and investors may incur a profit or a loss.

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Women & Investing: How to get more Engaged with Finances

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How does a busy, multi-tasking woman make sure the important financial stuff does not get missed? A statistic in a 2015 Fidelity Investments study recently caught my attention.  According to the study:

83% of women would like to become more engaged with their finances within the next year. 

Working with women over the last 20 years has taught me that the first step is usually the most difficult.  Once the decision is made to pull a financial plan together, the pieces start to fall nicely into place. But getting over that initial hurdle of getting started can seem daunting.

Here is some practical advice to get you started:

  • Give your personal financial life the attention that is needed. If you feel like life is whizzing by, take time to step back and ask, “Am I on the right track?”

  • Start creating a mental picture of your goals. You probably have at least a vague picture in your head of what you want in the future.  The beauty of the financial planning process is that it makes conversations happen especially with the help of a financial planner who serves as a thinking partner.

  • Pull a team together.  Your financial planner, tax preparer and attorney can help you keep your arms around the different aspects of your financial plan. They’ll also help you make important course corrections when necessary and chart the progress as you go.

Practical advice to keep you on track:

  • Continue to ask questions. Financial planning means asking, “Where do I want to be in 3 years?, 10 years?, 20 years?” This may change as you go along.

  • Stick to your plan.  Good financial habits are a foundation you can build on for a lifetime.

  • Stay focused on your priorities. A good plan will help you remind yourself what is most important in your life and decide how your financial resources can help you get there. 

The future is not the finish line; it is just the beginning if you have the resources to lead the life you want.  Is there a better reason to become more engaged with your finances and put your plan together? 

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 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.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laurie Renchik and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Investing involves risk and investors may incur a profit or a loss regardless of strategy selected.

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Green Money: Tracking the Socially Responsible Investing Trend

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The concept of using investment dollars to support environmental and societal initiatives is not a new idea.  For decades socially responsible investing, also called SRI, has been recognized as a broad investment category spurred on by religious values, social movements and concerns about health and the environment. Today the SRI landscape is changing.  There are new strategies that fall under the responsible investing umbrella with differing objectives, more exposure to a wider range of asset classes and a growing number of investment dollars being put to work.  This is good news for investors who have personal and financial goals to incorporate responsible investment strategies into their portfolios.

Navigating this emerging landscape is nuanced because there is no single term that describes the multiple approaches evolving from the original concept of responsible investing. Socially responsible investing (SRI), ESG investing (environmental, social and governance) and Impact investing make up three main categories. There are some distinct differences between the three.

At the most basic level, here are the philosophical guideposts:

SRI Investing:  Creating a portfolio that attempts to avoid investments in certain stocks or industries through negative screening according to defined ethical guidelines.

ESG Investing:  Integrating environmental, social and governance factors into fundamental investment analysis to the extent they are material to investment performance.

Impact Investing:  Investing in projects or companies with the express goal of effecting mission-related social or environmental change.

What does responsible investing mean to you? 

Incorporating responsible investment strategies into your portfolio is not a one-size-fits-all solution.  Your goals are specific to you and your objectives for the future.  Talk with your financial planner to better understand the opportunities available today to integrate responsible investment strategies in your portfolio.    

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 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 Laurie Renchik and not necessarily those of 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 any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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Why Age Matters with Michigan’s Pension Tax: 2015 Update

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In the three years since Michigan’s Pension Tax was enacted, many more baby boomers have reached retirement age and started to tap into their pensions. It’s no secret that tax law is complex and we are not surprised that Michigan retirees have plenty of questions when it comes to the MI pension tax rules.  Even though the pension tax for Michigan retirees was enacted back in 2012, the subject continues to generate interest from retirees and pre-retirees alike. 

The rules for retirees vary based on age:

  • Tier 1:  You were born before 1946

  • Tier 2:  You were born between 1946 and 1952

  • Tier 3:  You were born after 1952

Special Note:  For joint returns, the age of the oldest spouse determines the age category that will apply to the pension and retirement benefits of both spouses, regardless of the age of the younger spouse. 

Taxpayers born before 1946

If you were born before 1946, there is no change in the income taxes for your pension income.  This means your social security income is exempt and so is income from public pensions.  You don’t pay taxes on the first $49,027 ($98,054 if you’re married and filing jointly) from private pensions.  You also get a senior citizen (over age 69) subtraction for interest, dividends and capital gains.

Taxpayers born between 1946 and 1952

 If you were born between 1946 and 1952, your social security income is exempt and so is income from railroad and military pensions.  You don’t get a senior citizen subtraction for interest, dividends and capital gains.  Before age 67, you don’t pay taxes on the first $20,000 ($40,000 if you’re married and filing jointly) from private or public pensions.  After age 67, you can subtract $20,000 ($40,000 if you’re married and filing jointly) from the amount you’ll pay taxes on unless you take the income tax exemption on military or railroad pensions. 

Taxpayers born after 1952

 If you were born after 1952, your social security income is exempt and so is income from railroad and military pensions.  You don’t get a senior citizen subtraction for interest, dividends and capital gains.  Before age 67, you are not eligible for any subtractions from your income from private or public pensions.  After age 67, you can choose to continue to have social security and railroad or military income exempt or you can choose to subtract $20,000 ($40,000 if married and filing jointly) from the amount you’ll pay taxes on. If you choose to keep your social security and railroad or military income exempt, then you can claim a personal exemption.

If you need help sorting through the pension guidelines, please give us a call or email me at laurie.renchik@centerfinplan.com.

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 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.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laurie Renchik, CFP® and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. 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 matters. You should discuss tax matters with the appropriate professional.

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3 Steps for Coping with Financial Roadblocks

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Going through a divorce or changing jobs can put your life in a spin. That wasn’t in your plan, so what’s next? Getting financial facts together, especially during a significant change in life, can easily get shifted to the back burner. I see these kinds of life events as potential financial roadblocks.  When you begin navigating through a financial roadblock, all of the answers may not be clear upfront.

Undoubtedly there are options and trade-offs involved.   People worry that they lack knowledge on financial topics.  If you find yourself in a position where financial planning in that moment seems overwhelming, intimidating, or you are just plain fearful of making a mistake, I recommend starting with these three steps to simplify, organize, focus and ultimately overcome your financial roadblock:

  1. Create a realistic post-financial change budget.  This could be post-retirement, post-divorce or post-career change.  Maybe you haven’t paid enough attention to what you are spending or saving. You need to take into consideration a change in income. This fundamental step will help you understand what you can or need to do.

  2. Invest in yourself by putting together a snapshot of your financial health.  This is accomplished with a personal net worth statement. The formula to use is:  Assets – liabilities = net worth.  There are a number of reasons why preparing a net worth statement is a good move.  It gives you a one page reality check to use as a planning tool, you can check progress toward financial objectives and it can help you identify potential red flags like an emergency fund that has dipped too low or debt that is rising faster than anticipated.

  3. Address financial decisions proactively.  Instead of guessing or letting things roll along, begin by thinking about financial goals and obligations on a timeline.  This can be as simple as prioritizing in 3 buckets.  What do I have to do now (immediate action)? What can be tackled soon (big picture prep steps)? And what can be done later (accomplished after the priorities are under control)?

You may not know all of the answers today, but this exercise will at least help simplify, organize, and address the financial issues that are weighing on your mind. If you need help navigating through a financial change due to divorce or a career move don’t hesitate to call or email me.    

 

 

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laurie Renchik and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. 

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 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.

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Wise Words from the Women who Founded The Center

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30 years ago, Marilyn Gunther and Estelle Wade, along with a select group of financial planning professionals, joined together to establish the Center for Financial Planning.  Back then financial planning was still an emerging profession. Marilyn Gunther and Estelle Wade were trailblazers who became influencers in a new, primarily male-dominated profession.  They took leadership roles in professional organizations with a commitment to strengthen the standards of financial planning practitioners and enhance the public’s understanding of the financial planning process.

Unwavering commitment to The Center values and a comprehensive financial planning foundation that were envisioned by Marilyn and Estelle in 1985 are still firmly anchored in our business today. In fact, if you visit our Founders’ conference room, you’ll find yourself surrounded by wise words from these two women:

“The art of financial planning is listening to clients with your eyes, your ears and your heart.” –Marilyn Gunther

 “From the beginning we have strived to treat every client with respect and honesty while helping them meet their short-term and long-term financial goals.” –Estelle Wade

While Marilyn and Estelle have retired, they continue to serve as role models for women at The Center.  Today, their leadership torch has been passed on to three female partners Laurie Renchik, CFP®, Sandy Adams, CFP® and Melissa Joy, CFP®.  This March, in honor of Women’s History Month, we give a special word of thanks to Marilyn and Estelle. They created our workplace, they changed our profession, and they lead the way.

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 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.

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Don’t Let 2015 Goals Become Afterthoughts

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New beginnings offer the chance to hit the reset button.  Whether it’s setting personal goals spurred on by the beginning of a New Year or adjusting your financial course to focus on retirement, hitting the reset button is an opportunity to think about your intentions and put a finer point on your action plan.

One challenge that comes into play when setting goals, either personal or financial, is the potential to get distracted along the way.  Day-to-day stuff gets in the way and goals can easily become afterthoughts. How can you avoid falling into the gap trap that exists between expressing a goal (Point A) and crossing the finish line (Point B)? 

Here are three tips to get you started.

  1. Commitment is essential.  Commitments have an emotional component attached to our personal values.  If something is truly meaningful, you will automatically do what is necessary to get there, whether you set a goal or not.  I am committed to saving appropriately today, so that when I reach retirement I won’t worry about running out of money.

  2. Put more focus on the journey rather than the destination.  Goals focused solely on the destination can be met without enjoyment or personal growth along the way.  To retire at age 65 the savings number I need to hit is 15% per year.  Commitments, on the other hand, allow you to chart a course and keep the ultimate arrival point in clear view.   I am committed to understanding how my rate of savings affects my lifestyle in retirement.

  3. Don’t get lost in the details of the planning. Getting caught up in the details is a good way to procrastinate.  Action is a must to move good intentions toward progress.

Throughout our lifetime, there are natural breaks in the journey that offer a chance to hit the reset button.  With your goals in hand and motivation clear, the future is shaped.  What will you commit to in 2015?

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 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 goals listed are for illustrative purposes only. Individual cases will vary. Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of RJFS or Raymond James. C15-000603

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