Client Friendly Reminders

Wire Transfer Delays

Jeanette LoPiccolo Contributed by: Jeanette LoPiccolo, CFP®

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Clients occasionally request a wire transfer from their Raymond James account. We're delighted to assist, but we want you to be informed about the possibility of an industry-wide delay in the process. While most wire transfers occur promptly on the same day requested, a few are delayed.

Who is impacted?

All financial institutions using the wire transfer system are impacted. 

Why is this happening now?

Recently the federal government and international financial communities have instituted a more comprehensive due diligence review process for electronic wire transmissions, including domestic and international. For Raymond James clients, we have partnered with Citibank to provide wire transfer services. These U.S. federally mandated reviews may cause delays at Citibank as the wire transfer sender or delays at the receiving financial institution.

How long are the wire transfer delays?

We do not have an estimate of how long the reviews might take at the banks, as in some instances, the turnaround times have ranged from several hours (most common) to several business days and, in isolated cases, have run up to several weeks.

I plan to send a wire transfer in the future. What can I do to avoid this?

If you're planning to send a wire transfer in the future and want to avoid potential delays, don't hesitate to contact your Client Service team member. We're here to review your specific situation  and suggest ways to reduce the chance of any inconvenience.

Jeanette LoPiccolo, CFP® is an Associate Financial Planner at Center for Financial Planning, Inc.® She is a 2018 Raymond James Outstanding Branch Professional, one of three recognized nationwide.

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.

Don’t Be a Victim! Financial Abuse of Seniors – How to Spot Scams & Protect Yourself

Sandy Adams Contributed by: Sandra Adams, CFP®

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As a financial adviser in an almost 40-year-long practice, I work very hard to keep my aging client base educated on anything that might be a risk to them or their financial plan. Financial exploitation, including current fraud and scams, rises to the top of this list when it comes to the older adult population.

With technological advances, including artificial intelligence and access to computers, cell phones, and other devices, it is hard to keep up with how we can be attacked, who we can trust, and what is safe. According to the American Bankers Association, senior financial abuse is estimated to have cost victims at least $2.9 billion last year alone.

What is Senior Financial Exploitation?

This is a crime that strips older adults of their resources and independence. You should be on alert if you see signs of theft, fraud, misuse of another person’s assets or credit, or use of undue influence to gain control of an older person’s money or property. Those are signs of possible exploitation. Older adults who may have disabilities, including cognitive impairment, or may rely on others for help can be especially susceptible to scams and other fraud.

Dr. Peter Lichtenberg of Wayne State University’s Institute of Gerontology has done intensive research on financial exploitation in the senior population. He recommends avoiding scams by being aware of PRESSURE:

Phone: Phishing or text solicitations to start a scam.

Requests: That you send money by gift card, wire transfer, or cryptocurrency.

Ex tracking: Your personal information (Social Security number, date of birth, account numbers) to verify your identity.

Secrecy: Scammers insist that you keep their contact with you a secret!

Spamming: Multiple emails or texts, hoping one will catch you off guard.

Urgency: Scammers insist you act quickly before you become suspicious.

Repetitive: Requests to provide money or information (to wear you down).

Emotional: Scammers appeal to your emotions to make you panic (“your grandson is in jail”) or become excited (“you won the lottery”), so you act without thinking.

What are actions you should take to protect yourself against exploitation?

  • Make sure your estate planning documents are updated and that you have someone prepared to make decisions for you in the case that you are unable to make those decisions for yourself.

  • Shred receipts, bank statements, and unused credit card offers before throwing them away.

  • Lock up your checkbook, account statements, and other sensitive information when others will be in your home.

  • Check your credit report at least once a year (www.annualcreditreport.com) to ensure accuracy and ensure there are no unauthorized credit openings.

  • Never give personal information, including your Social Security number, account number, address, or other financial information, to anyone over the phone or computer unless you initiated the call and the other party is trusted.

  • Never pay a fee or taxes to collect sweepstakes or lottery winnings.

  • Never rush into a financial decision. Ask for details in writing and get a second opinion.

  • Consult with a financial adviser or attorney before signing any document you don’t understand.

  • Get to know your financial adviser and build relationships with those who handle your finances. They can look out for any suspicious activity related to your account.

  • Check with your trusted financial adviser before proceeding with transactions if you are not sure.

  • Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your financial accounts.

  • Pay with credit cards instead of cash to keep a paper trail. In the event of fraud, credit cards give you the best recourse for getting your money back.

  • Feel free to say “no.” This is your money. Do not be pressured into making a decision.

  • Trust your instincts.

What should you do if you suspect you have been a victim of financial abuse?

  • Do not keep it to yourself — talk to a trusted family member or professional who has your best interests at heart.

  • Contact your financial adviser, an officer at your bank, or your attorney.

  • Contact Adult Protective Services in your state or your local police for help.

If you are helping older adults, what are the warning signs of financial abuse?

  • Unusual activity in bank accounts, including large, frequent, or unexplained withdrawals.

  • ATM withdrawals by an older person who may have never used a debit or ATM card in the past.

  • Withdrawals from bank accounts or transfers between bank accounts that the older adult cannot explain.

  • New companions accompanying the older person to the bank or financial planning appointments who have never been part of the relationship in the past.

  • Sudden and uncharacteristic non-sufficient funds activity or unpaid bills.

  • Suspicious signatures on checks or other paperwork.

  • Confusion, fear, or lack of awareness on the part of the older adult client.

  • Refusal to make eye contact, shame, or reluctance to discuss an issue or problem with their financial account.

  • Checks written as loans or gifts when this is not typical of the client.

  • Sudden change of address or bank statements that no longer go to the customer’s home.

  • New power of attorney that the older adult does not understand.

  • Altered estate planning documents.

  • Loss of property.

If you suspect financial abuse, what should you do?

  • Have a conversation with the older adult to try to determine what is happening; seek advice for these difficult conversations, if needed.

  • Report the elder abuse to their bank or other financial institutions to help stop it and prevent its recurrences.

  • Contact Adult Protective Services in your town or state for help.

  • Report all instances of elder financial abuse to your local police. If fraud is involved, it should likely be investigated.

It is not uncommon to be vulnerable to fraud and scams. Older adults are even more susceptible than most due to things like social isolation, unfamiliarity with technology, cognitive decline, etc. Romance scams, grandparent scams, Medicare and Social Security scams, and new scams are catching us all by surprise and stealing thousands of dollars from unsuspecting seniors every day. Be educated, alert, and careful to avoid the risk of financial exploitation.

To keep informed of the most current ongoing scams, go to www.ftc.gov.

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

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.

Prior to making an investment decision, please consult with your financial adviser about your individual situation.

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.

How to Make Grants from Donor-Advised Funds

Contributed by: Matthew E. Chope, CFP® Matt Chope

I talk to a lot of clients who have set up Donor-Advised Funds or family foundations and are confused. They’ve figured out how to put money in, but how to make grants isn’t always as clear. The IRS prohibits using these funds to satisfy a pledge. That doesn’t prohibit you from supporting organizations like churches, but it does mean you need to follow certain steps.

The first step is to talk to your attorney and your CPA. They can give you tax and legal advice about making a grant. Carla Hargett, the Vice President of Raymond James Trust, told me if you’re planning on giving to your church, for example, she believes the best way to handle the Donor-Advised Fund Grants is to start by discharging any pledge made in the past. Donor-Advised Funds cannot be used to satisfy a pledge. You can let your church know you intend to provide General Support for a certain amount of money and year(s) going forward. The amount can be close to an amount you’ve given in the past – that’s up to you. But any legally enforceable pledges must be cancelled first. This should stop the audit trail if the IRS ever decides to get into the particulars with a grantor. So make sure the grant requests from your Donor-Advised Fund should say something like "2016 General Support.”  

When pledge time comes around, I recommend that you write on the pledge card something like, "I intend to request a distribution of $XXXX.XX from my Donor-Advised Fund during the 20XX fiscal year." Your church or charitable organization will be familiar with this language and can use it for budget planning similar to a pledge.

We just want to make sure that Grantors of donor-advised funds are doing things as accurately as possible and if an IRS auditor someday digs into your grants, you’ll have nothing to worry about.

Matthew E. Chope, CFP ® is a Partner and Financial Planner at Center for Financial Planning, Inc. Matt has been quoted in various investment professional newspapers and magazines. He is active in the community and his profession and helps local corporations and nonprofits in the areas of strategic planning and money and business management decisions.


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 Matt Chope and not necessarily those of Raymond James. 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.

No Such Thing as too much Security!

Contributed by: Raya Chope Raya Chope

Raymond James has rolled out a new feature for Investor Access called Enhanced Authentication. This is a new, free option that allows clients to add another layer of security to Investor Access accounts.

How Enhanced Authentication Works

If you have ever logged into your Investor Access account from a new, unrecognized device you may have been prompted to answer a few security questions. This new feature replaces security questions with a one-time text message or voice call that includes an authorization code. It’s not until the code is received and entered that you’re able to gain access to your Investor Access.

How to Get Started

To enable Enhanced Authentication, follow these simple steps:

  • Log in to Investor Access from a trusted device

  • Select the Account Services tab

  • Select the Password & Security sub-tab

  • Click the bubble at the bottom of the page to enable Enhanced Authentication

Once the feature is enabled, you will be prompted to choose either a mobile device or a landline from the phone numbers we have on file. If a mobile device is selected, you have the choice to receive the authentication code via text message or voice call. If a landline is selected, a voice call is the only option to receive the code. If you do not see your corresponding phone numbers or would like to add another one to our files, please contact the office.

If you’re new to Investor Access, get started by visiting our webpage and clicking on the Investor Access tab at the top.

Raya Chope is a Client Service Associate at Center for Financial Planning, Inc.®

Something Cool is Coming Your Way from Raymond James Investor Access!

Contributed by: Amanda Toia Amanda Toia

We would like to introduce you to Vault -- our online content management and file sharing platform available to those clients enrolled in Investor Access. This free service offers an easy way to upload secure information that you and your Financial Planner may view from any internet connected computer or mobile device. Vault fosters collaboration with easy file sharing and the ability to comment on uploaded information. It is safe, secure, and super user friendly.

While you have the ability to add virtually any document you would like stored, some of the most common items clients have placed in their Vaults are:

  • Insurance policies

  • Outside information such as your 401(k) statements

  • Tax returns

While there is a file limit of 200MB there is no storage limit, meaning you can store as many documents to your personal Vault as you want. Most file types are accepted although there are some exceptions: .exe, .bat, .pif, .pi, vbs, etc. are not currently compatible with this platform.

Both clients and planners can upload a multitude of documents that will not be deleted by Raymond James, however, you may delete any file you personally upload. There is also a file sharing feature available for authorized representatives such as your CPA, attorney, or eligible family members.

Getting started is easy. Just log in to your Investor Access account and click on the “Vault” tab. Once you have accepted the terms and conditions, you will be able to begin using this feature. If you are not using Investor Access, please sign up by visiting our webpage and click the Investor Access tab at the top to enroll.

Amanda Toia is a Registered Client Service Manager at Center for Financial Planning, Inc.

E-Signature: Fast, Easy, and Accurate

Contributed by: Melissa Parkins, CFP® Melissa Parkins

Raymond James has recently partnered with DocuSign, so we are now able to send most documents to you for an electronic signature. No more printing, signing, and scanning forms back to us – it can now all be done online! The only requirements are an email address and a text-enabled phone to receive an authentication code needed to access the forms for electronic signature.

Here are the steps to use this new feature:

  • You will receive an email from us alerting you that a document is awaiting your signature. Click View Documents to begin.

  • In the browser window that opens, verify that the phone number shown for you is correct (if not, contact us), then click Send SMS to send a text message to the phone number listed with your access code.

  • Enter your access code, in your email, and click Confirm Code.

  • You will be asked to review the disclosure and select the checkbox saying you agree to use electronic signature. Click Continue.

  • Click Start to begin the signing process. You won’t be able to add, delete, or modify anything. If you do discover missing or inaccurate information, contact us.

  • When you click the first Sign or Initial tag in the document, you will be asked to adopt your signature. Choose whether you want to use a preformatted style or draw your signature in, then click Adopt and Sign to save your signature and return to the document.

  • After you are done reviewing the document, click Finish.

For a more visual guide, please visit the E-signature Resources page: http://raymondjames.com/esignature/

We hope you are as anxious to use this new feature as we are. Next time you have to sign a Raymond James document, ask us to send it to you for your E-signature so you can try it out for yourself! 

Melissa Parkins, CFP® is an Associate Financial Planner at Center for Financial Planning, Inc.

A Change to Your American Funds CollegeAmerica 529 Plan

Contributed by: Melissa Parkins, CFP® Melissa Parkins

If you have 529 Plan(s) with American Funds CollegeAmerica, a change is coming this year that you should be aware of.

What is happening?

On June 24, 2016 your CollegeAmerica 529 account will be transferred out of the custody of American Funds, and into the custody of Raymond James.

What does this mean?

  • Better communication, efficiency, and service for you! Raymond James will now hold your CollegeAmerica 529 account assets instead of American Funds.
  • Communications about your account will now be more consistent and clear. Statements and tax documents will all come from Raymond James, instead of multiple communications from multiple sources.
  • If your 529 account is currently enrolled in systematic purchase plans at American Funds, they will continue without any disruptions or delay. The information will be transferred to Raymond James to continue any automatic transactions that are currently set up.
  • Your Raymond James account number for your 529 account will not change. The CollegeAmerica Program will continue to govern your account, but Raymond James will now hold the account.
  • The change will not affect the value of your investments, and there will not be any fees for this transfer.

What other information will you be receiving?

  • You will receive a letter from Raymond James at the beginning of April with the details of this change. If you have more than one CollegeAmerica 529. You will receive multiple mailings, one for each account.
    • This letter will state that your financial advisor (us) will now be your single point of contact for managing your American Funds CollegeAmerica 529 account. We have always been your main point of contact for these accounts. So you will continue to call or email us with any requests related to your accounts.
  • You will receive a statement from American Funds after June 24 reflecting a zero balance, because your investments in the 529 account will no longer be held by American Funds. The statement will show a transfer out of the 529 plan.
  • Two year-end statements will be sent for your 529 plan in early 2017: one from American Funds and one from Raymond James. Your year-end statement from American Funds will indicate that the funds transferred out.
  • If you had any reportable transactions before June 24, you will receive a 1099-Q tax document from American Funds. If you had any reportable transactions after June 24, you will receive a 1099-Q tax document from Raymond James. These would also both come in early 2017.

In a nutshell, not much is changing from your end. This change will allow us to more timely and efficiently service your 529 accounts, since we will no longer need to go through American Funds for any processing. This means better service to you! Please call us if you have any questions.

Melissa Parkins, CFP® is an Associate Financial Planner at Center for Financial Planning, Inc.

Investor Access: How the Raymond James Online System Allows Easy Access to your Tax Documents

Contributed by: Jennifer Hackmann Jennifer Hackmann

If you are not currently enrolled in the free, secure, online Raymond James Investor Access portal, then now would be the perfect time to jump on board. It’s a great tool offered by Raymond James that will allow you to access your tax documents online, as opposed to waiting for hard copies in the mail. Tax season can be frustrating enough, so as an added convenience Raymond James now allows you the option to receive your tax documents electronically – this is a new feature that just started with this 2015 tax year. Tax documents are available in PDF format, so you will be able to print and/or save them to your computer.

There are many additional features to the Investor Access system that will help make tax time much less of a headache, including:

  • The ability to access your documents quicker; as soon as they become available.
  • Option to export your 1099 tax information to an Excel format
  • Raymond James has partnerships with TaxACT, TurboTax, and H&R Block, which provides clients with additional information and instructions for downloading your tax information.
  • Information regarding Required Minimum Distributions.
  • A Guide to your Consolidated Tax Statement.

Login in to your Investor Access today to check-out all of these features and if you are not currently enrolled, please click on the Investor Access Tab on our website to get started.

Jennifer Hackmann, RP® is a Registered Paraplanner℠ at Center for Financial Planning, Inc.

Passing on Wealth & Money Values to the Next Generation

Contributed by: Matthew E. Chope, CFP® Matt Chope

I work with a lot of moms and dads who want their kids to know what they think is important. Since I’m their financial planner, these values are often tied to money. In an ideal situation, parents want to give their children and grandchildren the freedom to choose for themselves when wealth is passed on to them. But oftentimes, I’ve seen an inheritance turn into guilt, bring out greed, or even sprout into remorse…when all the parents wanted was for their kids to be okay.

Discussing Inheritance + Values

I recently spoke at The Private Wealth Midwest Forum in Chicago to other professional advisors regarding multigenerational family wealth issues. I shared how to help families manage wealth across the generations, covering the successes and challenges I’ve witnessed with families. A major part of the equation is communicating across the generations. The conversation is different when you’re talking to a tween than a college grad. By taking maturity level into consideration, you can tailor the conversation to focus on what brings meaning to money for them. I generally try to have parents or grandparents lead this discussion and share their values, how their wealth was conceived, and their ongoing intentions. Involving children in the conversation and encouraging them to share fosters deeper understanding.

Are My Kids too Young for this Conversation?

I had a meeting with an 11 year old and his father recently – he’s my youngest new client! We started chatting about what money means and providing an early education about stocks vs. bonds, working for the family business, and his wages vs. the company’s profits.  I was amazed at how much the 11 year old could understand. He was quicker with all of the math in his head than I was! Parents often assume their children are too young for serious conversations about wealth and inheritance. I feel the time is right as soon as the parents are ready and I always encourage my clients not to wait until it’s too late!

Knowing How to Give and How to Receive

Once your family has the conversation and develops an understanding of what is sacred, there are other ways to link money with meaning. I hear from clients that, “Our tax guy said gifting money is a smart thing to do.” But simply dropping checks into a bank account can be like a meteor strike if your family hasn’t invested time and effort in the money and in a meaningful conversation. I encourage parents and grandparents to accompany monetary gifts with a note about the value and meaning of the gift. Your goal is likely to help your children on their journey, but not provide for entropy … so tell them that. The act of transferring wealth may not change, but the values associated with the inheritance can provide valuable perspective for both the givers and the receivers. Is it time for you to begin the family conversation? I’m here to help.

Matthew E. Chope, CFP ® is a Partner and Financial Planner at Center for Financial Planning, Inc. Matt has been quoted in various investment professional newspapers and magazines. He is active in the community and his profession and helps local corporations and nonprofits in the areas of strategic planning and money and business management decisions. In 2012 and 2013, Matt was named to the Five Star Wealth Managers list in Detroit Hour magazine.


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 Matt Chope and not necessarily those of Raymond James.

New Investor Access Tool: Account Aggregation

Contributed by: Nicholas Boguth Nicholas Boguth

Investor Access has just added a neat new feature to the platform that allows you to organize your accounts so that they are easier to keep track of on the website.  If you are a subscriber to Investor Access, you are now able to create groups of accounts and aggregate them to different categories.  If you are not signed up for Investor Access, now is a good time to try it. You can take advantage of this feature in many ways, but here are a few ideas and examples to help you organize your accounts:

  • Cluster accounts by account owner and/or by account type
  • Separate your cash accounts from investment accounts
  • Separate your savings accounts from your checking accounts
  • Group your retirement accounts together
  • Group your individual or trading accounts together

However you choose to use this tool, it should make managing and maintaining your accounts a little easier with better organization.

CLICK HERE for more detailed instructions on how to take advantage of this new feature.

If you are not familiar with Investor Access, follow the “Investor Access” link at the top of our website to find out more.  And as always, please contact any of our Center Client Service Associates with any questions!

Nicholas Boguth is an Investment Research Associate at Center for Financial Planning, Inc.