Five Important Financial Questions to Ask Yourself Going into 2022

Contributed by: Sandra Adams, CFP®

Once again, a new year is upon us. Rather than start the year with financial New Year’s Resolutions that we are doubtful to keep, why not simply start by asking ourselves some important financial questions, answering them honestly, and taking some action steps in response? Here are the five questions we recommend asking to get your year started on the right foot:

1. What are the top financial goals you want to accomplish in 2022 (and do they align with what you value most)? 

Prioritizing what you want to accomplish and ensuring it is in line with what you value most is the first key to financial success. Once you have set your goals, you can put into motion just how to get there.

2. How can I accomplish my financial goals and save more? 

Most likely, many of your financial goals involve having money saved to meet them. Whether it be a large family vacation, paying off a mortgage, or making a certain amount of progress towards a significant life goal like retirement, most goals involve accumulating money. The beginning of the year is an excellent time to determine your financial budget and set aside funds for these goals. Make sure to keep in mind the new retirement plan contribution limits for 2022 and budget savings outside of retirement accounts for short-term goals and debt payoffs.

3. Does my investment strategy match my goals?  

The beginning of the year is always a good time to review your Investment Policy Statement. In return, you can determine if your investment strategy is still in line with your short and long-term financial goals and make sure that you are not taking too much or too little of a risk for the goals you have in mind for YOUR specific plan.

4. Am I financially protecting my loved ones? 

It makes sense to continually review your plan to ensure that your goal is solid from a risk perspective. Each year, you should review all of your insurance protections, including life insurance, disability insurance, liability insurance (home and auto), and possible long-term care insurance, to ensure that your family is fully protected.

5. Am I being financially safe/smart around potential financial credit and fraud risks? 

With electronic and internet transactions posing threats to our financial safety, it is important to be aware of precautions to take when transacting business electronically, having credit and fraud monitoring services in place, and proactively monitoring your credit report regularly. If you don’t have a credit and/or fraud monitoring service, you should likely have something in place (ask your advisor for recommended services).

Asking these quick questions and taking the action steps to answer them will get you on the right footing to a successful 2022. For assistance with any of these items, reach out to your financial advisor — we are always willing to help!

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.

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 Sandra D. Adams, CFP® and not necessarily those of Raymond James.

FireEye, SolarWinds, and The Center

Contributed by: James Brown

The Center Armor

As the Senior I.T. Manager at The Center, I would like to let our clients know that Cybersecurity and protecting our client’s information is of the highest priority in our technology department. Our security structure encompasses a multi-vendor firewall protected network and off-premise connections are made via secure multi-factor authentication across a virtual private network. The desktop and laptops used at The Center are protected with multiple real-time scanners for viruses, malware and unauthorized applications.

SolarWinds

The SolarWinds attack was a software supply chain attack that could allow malware to be loaded and provide a remote threat agent with access to network data. The breach at FireEye did result in the theft of Red team tools that could cause a problem in the future. The SolarWinds attack compromised government agencies, providers as well as private sector organizations. Though providers and companies began quarantining and patching their systems in the days after the discovery, we are bound to learn more about the effect and depth of the attack.

Attacks such as these often lay dormant but we are confident that our firm data and systems have not been impacted by this attack. Along with our vendors 24 hours a day, 365 days a year monitoring, we perform endpoint analysis to monitor our Internet traffic to look for any anomalies that could be a sign of an exploit.

Defense against the Known and Unknown

Vigilance is the only defense against cyber threats. We will continue to monitor our network and endpoints but we also recommend that our clients stay vigilant and take precautions to protect themselves and their data.

• Monitor your social media and financial accounts for unauthorized changes.

• Use complex passwords, PINs and answers to security questions.

• Enable two-factor authentication on all financial accounts.

• Do not share personal identifying information on social media, email or a Web site.

• If you receive a link in an email about your online account information, do not click on it. A better practice is to go the normal login page that you use for that institution and login with your two-factor authentication as you normally do.

James Brown is a Senior IT Manager, at Center for Financial Planning, Inc.® With more than 30 years of technology experience, he manages The Center’s technology resources.

Webinar in Review Blog: Staying Safe with Best Practices

Contributed by: James Brown

In today’s technology environment, information is just a click away. Sadly, bad guys looking for your information are just a click away also. Good security practices can protect you from becoming prey while you are on the Web.

The Center for Financial Planning, Inc.® offers some best practices on how to protect your accounts and your information.

Basic Security Hygiene: (Minute 1:15)

• Prevention

• Updates

• Firewalls

• Safe Browsing

Mobile\Wireless Security: (Minute 6:50)

• Limit your transactions

• Make sure the network is the right network

• ·Turn off what you are not using

Passwords: (Minute 11:10)

• Bad Practices

• Good Practices

Final Solution: (Minute 25:00)

• Your Backup Plan

• Backup best Practices

James Brown is an IT Manager at Center for Financial Planning, Inc.®

Taking Security Seriously

Contributed by: Angela Palacios, CFP®, AIF®

Ever wonder what steps we take to ensure the security of your information?

This is a topic we take very seriously here at The Center. There are a variety of ways we work to ensure the privacy of your data. One of the steps we took was to hire our IT Manager, James Brown. James brought with him not only an in-depth knowledge of networks, hardware, and software but also an eye for security best practices. A core value of our firm is to seek continuous learning. While we have a large number of individuals on staff who seek new certifications on the topics of investment management and financial planning, it is also just as important in the world of technology and security. While James possessed a large amount of knowledge on the topic of security, he felt it is important to remain on top of the latest threats. This is why he sought to obtain the CompTIA Security+ certification.

In “non-geek speak” CompTIA Security+ certification is an assessment of an IT professional’s cybersecurity skills in risk management, disaster recovery and computer security best practices.

CompTIA Security+ is a vendor-independent global cybersecurity certification for IT Security professionals. Security+ certified professionals have proven competency in:

• Network security

• Threats and vulnerabilities

• Compliance and operational security

• Cryptography

• Access control/identity management

• Application, data and host security

This is not an easy test to pass, let alone on your first try! So join us in congratulating
James on achieving this! We know he spent countless hours for the benefit of you, our
client, studying to pass.

In addition to James, we also have an excellent resource available to us in security through
our relationship with Raymond James. James requested that Raymond James perform a
scan of our externally facing addresses and ports. This is a vulnerability assessment that
checks for a variety of ways a hacker could make their way into our system and gain access
to your data. After their threat assessment, we were found to have no vulnerabilities, a
clean bill of health so to speak.

James will be sharing some of what he has learned in his upcoming webinar on “Staying
Safe with Computer Best Practices”

Angela Palacios, CFP®, AIF® is the Director of Investments at Center for Financial Planning, Inc.® Angela specializes in Investment and Macro economic research. She is a frequent contributor The Center blog.

WEBINAR IN REVIEW: SAFE, or Success After Financial Exploitation

Contributed by: Emily Moore

SAFE is a program created by Dr. Peter Lichtenberg, Ph.D., which is being run by LaToya Hall, MSW, of Wayne State University’s Institute of Gerontology.  SAFE was developed to educate seniors on how to protect themselves from fraud and scams, AND how to pick up the pieces after financial exploitation.

During our recent webinar with LaToya, we learned the basics about financial exploitation targeted to seniors: 

1. What to look for.

2. How to protect yourself and your loved ones.

3. What you can do if you have ever been a victim.

The main goals of SAFE:

1. Free education offered to seniors through presentations.

2. Helping seniors take control of their financial health through an educational four-part financial series.

3. Provide one-on-one services to older adults who have been a victim of scams, helping them to get back on their feet.

Key points to take away from the webinar are some common scams and what criminals specifically look for in targeting older adults. 

Criminals look for seniors because they tend to be more vulnerable. They look for people who are typically lonely and socially isolated. They’re also looking for people who have a regular income (such as receiving Social Security), and older adults who are typically more trusting and polite.

Many of the common scams are successful because they represent organizations considered to be legitimate:  Social Security, Medicare and the IRS. A lot of these are done over the phone or by e-mail. It’s important to remember never to give any information over the phone to an incoming caller or respond to an e-mail requesting your personal information.

Another phone scam is called spoofing, where a person calls the senior but looks like they are calling from another number deemed safe (caller ID might identify them as person’s doctor, bank, etc.), so always make sure to double check on a statement. The safest most effective thing to do is to hang up and call the number you have in your records.

These are only a few of the many scams and tactics LaToya goes over in the “Success after Financial Exploitation (SAFE)” Webinar. To learn more and get information along with the free SAFE services listed above, contact LaToya Hall, SAFE Program Coordinator, at L.hall@wayne.edu or 313-664-2608.

Emily Moore is a Client Service Administrator at Center for Financial Planning, Inc.®

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Raymond James is not affiliated with and does not endorse the opinions or services of SAFE, LaToya Hall, or Dr. Peter Lichtenberg.

Webinar in Review: Protect Your Data

Contributed by: James Brown

It is not just Personal Information Identifiers such as a social security number that the bad guys are after. Personal information like your email address, mailing address and preferred store is a sample of some of the information that can be used for identity theft. More devices are connecting to the Internet; more companies are experiencing data breaches; more cyber-attacks are becoming increasingly sophisticated and we all have a larger cyber footprint. The Center for Financial Planning, Inc. and Raymond James protects the information we have about you and offer some best practices on how to protect your data.

Some of the ways the Center for Financial Planning, Inc. protects:

• Encrypted drives

• Secure access

• Encrypted messaging

Some of the ways Raymond James Financial protects:

• 24/7 Real-time Monitoring

• Dedicated Analysts employing 74 security solutions to provide protective services

• Enhanced authentication and encryption for Raymond James Financial services transactions

Take a holistic approach. Make sure that your computer is receiving the latest updates from manufacturers. Many of the software and hardware vendors will release fixes to security holes that are found in the products as soon as they are discovered. Also, use a personal firewall to prevent unwanted traffic from entering or leaving your computer. Backup your data because sometimes, things just go wrong.

Consider two-factor authentication. Many web sites offer two-factor authentication. It usually takes the form of entering a password and a one-time code that is sent to your phone. It is a little extra work to log in to the site but adds a significant layer of protection.

Use strong passwords and change them often. Hackers are smart and they use tools that can easily break through an account that uses a word that is in the Dictionary. Consider using a phrase rather than a word and substitute some of the letters for characters (such as @ for the letter a). Never use the same password across sites. If you use a lot of different web sites, consider using a password manager.

James Brown is an IT Manager at Center for Financial Planning, Inc.®

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The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

Introducing Secure Messaging - A New Way to Help Keep Your Personal Information Safe

Contributed by: Lauren Adams, CFA®, MBA

From presidential campaign email hacking to “zombie” internet-enabled devices, it’s hard to watch the news lately and deny that cybersecurity will likely be one of the most important issues and challenges of our time. Cybersecurity is a constant threat for individuals, businesses, and governments alike, and it’s a subject that we take very seriously here at Center for Financial Planning.

That’s why we continually work to find ways to make sure your personal information is kept safe and secure. Going forward, you should expect to see messages from us that contain personally identifiable information (such as Social Security Numbers or account numbers) sent via Raymond James’ Secure Messaging system. Secure Messaging allows us to encrypt the entire message we send, not just the attachment. Opening and replying to this email is fairly straightforward once you get the hang of it, and the process depends on whether or not you have an Investor Access account.

For Clients That Have Investor Access

You can receive and view a secure email on your computer, open the secure email, and open the secure email attachment entitled SecureMessageAtt.html (opening the attachment may differ slightly depending on the internet browser you use). If viewing from a mobile device, just click the link embedded within the message itself. Then, you will be able to click a button to “Read secure message” by logging in with your Investor Access email address, password, and security question. Your secure message will then appear. Need to send us an attachment back? Make sure you reply within the Secure Messaging system (not just to the email you received alerting you that have received a secure message from Raymond James Financial), and use the Attach a File, Add, and Upload buttons to send us the document back.

Want step by step instructions with screenshots? Check out this link.

For Clients That Do Not Have Investor Access

You can receive and view a secure email on your computer, open the secure email, and open the secure email attachment entitled SecureMessageAtt.html (opening the attachment may differ slightly depending on the internet browser you use). If viewing from a mobile device, just click the link embedded within the message itself. Then, you will be able to click a button to “Read secure message.” The first time you open a secure email, you’ll go through a one-time registration process. After that, you access a secure message by logging in with the password you’ve established. Your secure message will then appear. Need to send us an attachment back? Make sure you reply within the Secure Messaging system (not just to the email you received alerting you that have received a secure message from Raymond James Financial), and use the Attach a File, Add, and Upload buttons to send us the document back.

Want step-by-step instructions with screenshots? Check out this link.

Other Secure Ways to Send and Receive Information

Furthermore, as an alternative to Secure Messaging we also continue to use e-Signature, to allow clients to easily and securely sign forms electronically, and, our online content management and file sharing platform, the Vault. Haven’t tried the Vault yet? Get signed up for Investor Access and discover this easy way to upload secure information for your planner to review! Check out the blog articles we’ve already written on e-Signature and Vault for more information, or contact your Client Service Associate. We love when clients start using these tools for the first time, and we’re happy to walk through Secure Messaging, the Vault, or e-Signature together!

Lauren Adams, CFA®, MBA is Director of Client Services at Center for Financial Planning, Inc.®

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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 Lauren Adams and not necessarily those of Raymond James.

No Such Thing as too much Security!

Contributed by: 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.®

A Webinar in Review: Cyber Security and How to Keep Your Information Safe

Contributed by: Clare Lilek

As more and more of our personal information makes its way onto the web or into our devices, cyber security is a growing concern. Did you know that there are 12 victims of cybercrime per second?! That’s over 1 million victims per day, and 378 million per year! The numbers are staggering and the threat is all too real. That’s why Nick Defenthaler, CFP®, hosted a webinar on cyber security with guest presenter Andy Zopler to help us combat these prevalent fears. Andy Zopler, Chief IT Security Officer with Raymond James, has been doing IT work for over three decades and has been focusing on the financial services for the past 15 years. Over an hour’s time, he explained the growing epidemic of cyber fraud and not only told us how Raymond James combats such attacks, but also gave the attendees tips for practicing cyber safety in their daily lives.

Let’s set the scene: we are currently living the second technology revolution (the first being the industrial revolution). The advancements and growing pervasiveness throughout society has made technology extremely influential in how we live our lives. The technology explosion has changed the way we interact with and conduct our finances, and how criminals can access our personal, financial information. Andy Zopler addressed these concerns by first identifying the threat actors.

Knowing who the threat actors, or bad guys, are is crucial to understanding our own fear and the reality of what type of attacks are most likely to be perpetrated. Andy talked about how external factors such as criminals, spies, and hacktivists are what make up most of our concerns. Of course there are also insider and partner threat actors as well; but of the five mentioned, criminal threat actors are the most common concern. Criminal threat actors want your money, which makes them scary, but also, quite predictable. Raymond James screens about 1.5 million spam and fraudulent emails every day that are sent to their financial advisors across the United States.

The sheer amount of attempts can be worrisome, but Andy explained how Raymond James defends the company and its financial advisors (including The Center) every day. The strategy includes:

• Protect – using creative solutions to stop attacks from happening.

• Detect – assume that all protections will fail, so remain vigilant for fraud.

• Develop – invest in the training employees to cultivate the highest talent.

• Partner – Raymond James only partners with trusted and well vetted third party vendors.

This is all done at the Raymond James Cyber Threat Center, which is a key component to the cyber security strategy. Andy then explained to all attendees the different layers of defensive measures Raymond James uses to protect financial information.

Finally, Andy gave concrete actions and best practices that all of us can use individually to keep our sensitive and private information safe and out of the hands of criminals. Those tips include:

• Secure your computers (with Antivirus, firewalls, and software updates).

• Restrict your browsing behavior.

• Strongly encrypt the files on your PC.

• Change your passwords frequently and don’t share passwords among sites. When saving passwords, it’s best to use an application on your phone or put it on a piece of paper – don’t save it as a word file on your computer! Also, when possible, opt for “two factor authorization.”

• Use multiple personal emails.

• Use a separate computer for online banking.

• Insist on having verbal/phone confirmation for “high risk” transactions.

• Back up your data! On a hard drive or in a secure cloud.

Raymond James and everyone here at The Center work diligently to protect your financial information and to stop fraud and cybercrime from affecting clients. We encourage you to watch the video and rethink your own personal practices. Don’t be one of the victims of cybercrime, instead invest in your cyber security just as you invest in your future.

Clare Lilek is a Challenge Detroit Fellow / Client Service Associate at Center for Financial Planning, Inc.

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This material is being provided for information purposes only. Any opinions are those of Clare Lilek and not necessarily those of Raymond James.

Technology Supports an Aging Population

Contributed by: Sandra Adams, CFP®

I was recently given the opportunity to visit one of the nation’s top research university’s that has a research institute dedicated to  aging – quite a treat for a geek like me interested in the study of gerontology!  The trip attracted my attention to current studies that focus on topics such as how technology can impact the lives of older adults, and how different generations interpret and understand financial concepts and financial advice – both interesting concepts to our work with clients here at the The Center.

My favorite take-a-way from my trip was a new awareness of the new technology service resources that are now available. So many of my conversations with clients center around the independence and the desire to remain in their family owned homes for as long as possible.  What I learned on my recent trip was how new technology and sharing economic services can make it possible for older adults to fulfill their wants and needs, and potentially make it possible for them to remain active and independent for far longer than they ever thought possible. 

How can you or an older adult in your life make this work in your favor?

• Start by becoming aware of new technology and the sharing service economy.  What am I talking about here?  Services like Uber for transportation, Pillboxie for medication reminders, Heartwise and Care Beacon for health monitoring and assistance, Washio for laundry services, Blue Apron for easy meal preparation, Task Rabbit for locating help with tasks around the house, and so many more.

• Begin to think about your long life planning and what options and preferences you have in mind for your housing, care, etc.

• Work with your financial planner and other professionals to put real plans in place to make sure your preferences can come true, and to make sure that you have access to all of the best and, if it makes sense, most technologically advanced, resources available to assist you.

Technology isn’t just for your kids and grandkids!  The tools and services now available can be used to make the aging process a more convenient, active and independent one for the ages – if we allow ourselves to explore it!

Sandra Adams, CFP® is a Partner and Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In addition to her frequent contributions to Money Centered, she is regularly quoted in national media publications such as The Wall Street Journal, Research Magazine and Journal of Financial Planning.

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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 Sandy Adams and not necessarily those of Raymond James. Raymond James is not affiliated with and does not endorse the services of the above mentioned companies in this material.