Financial Planning: Creating a Road Map for your Future

Contributed by: Laurie Renchik, CFP®, MBA

Setting the stage for a comfortable retirement can start with your first paycheck and continue through every stage of life. Whether you are at the beginning of your career or well on your way to reaching financial goal milestones, one of your options along the way is to develop a relationship with a financial planner.

Why partner with a financial planner?

When you establish a relationship with a financial planner you start with a customized financial plan and pair it with ongoing investment advice. That way the plan leads investments rather than the opposite. By pairing a plan—informed by long term goals—with your investment strategy, investment decisions are based on you rather than a starting point of past performance or beating the market. 

If we could simply lay out a plan, set it on autopilot and land on time at our destination it would take all of the financial wondering and stress out of planning for the future. Life, however, is no ordinary journey from point A to point B; it is likely that unexpected turns happen at the most inopportune times. Turns like career changes or getting close to retirement are inflection points in life where your financial planner can make a big difference. 

I have found that the most successful financial planning relationships are focused on real life advice, in real time managing change as it happens. Looking forward helps allows for a more proactive approach, reducing the importance of relying on the rear view mirror for perspective. While it may be tempting to start with investments and lay out your plan later, it is not a complete solution. Without financial planning investing alone may not produce the results you are counting on. 

Here are my top three route changers that can add value in your journey with a financial planner:

1. 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?

2. Steer your financial plan by making investment decisions based on your goals and current circumstances. It may be tempting to jump straight to investments. Resist the temptation for a more focused journey.

3. Tracking your progress through every stage of life is an effective accountability check and helps increase the likelihood of reaching your destination on time and prepared.

So whether you’re beginning your financial journey or nearing a big inflection point, feel free to call us and ask how we can help create a plan and map out your future to better align your investments with your goals.

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 at The Center.

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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 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. Investing involves risk and you may incur a profit or loss regardless of strategy selected. 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.

Life Planning: When Real Life Trumps Technical Financial Planning

Contributed by: Matthew E. Chope, CFP®

A meeting I had recently with the daughter of some long-time clients reminded me that sometimes what matters most in what we do with clients isn’t the dollars and cents and the detailed tax analysis, but what we call life planning. What am I talking about? Well let me tell you a little bit about the kind of planning we did.

The client’s daughter, a successful, single 30 year old woman, came in for a basic financial check-in after finding out that her job was being discontinued with her employer. She seemed somewhat relieved, because her job was not challenging her intellectually and she needed a change. She wanted to make sure she was making the right financial decisions, and needed some guidance on planning for her next stage of life. What she really wanted to know was if it was okay to take four to six months off from working, and what the financial implications would be on her short and long term goals. It seems that her primary objective at this point in her life was to find someone to spend her life with and to ultimately build a family, and taking the time to do this was a higher objective than saving for retirement—if she could swing it financially.

This young woman had been on the path of multi-generational financial planning for years.  Her parents had been guiding her based on their good habits, and we were able to provide some financial education before she went off to college to help build a strong base of financial knowledge and etiquette. In addition, she was able to get a solid college education and had been earning a good income, saved very well, and had lived below her means up until this point. Upon termination from her employment, she would be receiving a severance and health care for a couple of months, and had built a very comfortable nest egg in taxable, Roth and traditional IRA’s. She had a home with over 50% equity and was very flush with liquidity and confident in her financial situation.

After reviewing all the things in her financial life, we came to the conclusion together that she was in a strong enough financial position to pursue her primary objective of finding a life partner and building a family.

What’s Next?

We came up with a temporary travel budget for the next four to six months so that the sabbatical could take place and she could feel comfortable with it. She could travel abroad and around the United States, visit different places and experience new adventures; all while being creative to find someone that she could spend the rest of her life with. We talked about the things that needed to be done during her time off:

1. A Belief Statement:  Write down at the top of a blank piece of paper, “What Do I Believe.” By writing this down, capturing at this moment in time how she felt, she’d be able to return to it in the future. This will help her realize when she is close to finding her partner—does this person fit her values and belief systems. Or she can decide if it's crucial that they do or don't believe in the same things as she does.

2. 100 Thing List:  List of the 100 things she wanted to experience in life so that the money, she has spent all this time earning and saving, has some reason and goal behind it in order to be used for experiences that matter to her. Ideally we don’t just work to grow a big pot of money, but grow it and use it for life fulfillment. We want no regrets later in life. 

3. Vision Statement: Her idea of where she wanted to be in one year, three years and in ten years. Vision statements help guide current choices and offer a great reflection tool to check personal progress.

So, while we talked about some financials at this meeting, it was only enough to know that she was going to be okay to take time off from work. The majority of our time was spent on things that were not financial topics but were life planning issues—those non-financial issues that were most important to her at this point in her life. Sometimes we have to look at the big picture and go beyond money in order to dig deep into life planning issues, because how you chose to live your life and use that money in meaningful ways trumps the financial nuances or details of taxes, savings, and investing.

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.

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Any opinions are those of Matthew Chope and are not necessarily those of Raymond James. This case study has been provided for illustrative purposes only. Individual cases will vary. Every investor's situation is unique; prior to making an investment or withdrawal decision; please consult with your financial advisor about your individual situation. It is not known whether the client referenced in this case study approves or disapproves of Matthew Chope or the advisory services provided.

Focusing on what you Can Control

Contributed by: Nick Defenthaler, CFP®

“Don’t stress about the stuff you can’t control, doing so will ruin the present.” Simple but powerful advice my dad gave me nearly a decade ago which has always stuck with me. Personally, I’ve always been a bit of a “worry wart.” Those words of wisdom, however, provided by my dad—that I probably already knew, but needed to hear from someone I loved and respected—have proven to dramatically reduce the things I lose sleep over because that I know deep down that I have virtually no control over them. As I had to remind myself of this recently, it made me think of a graphic J.P. Morgan put together that we often times share with clients:

Often times, the major area that we as investors become fixated on (and rightfully so!) are market returns. Ironically, this is an area, as the chart shows, we have no control over. The same goes for policies surrounding taxation, savings and benefits. As you can see, employment and longevity are things we do have some control over, by investing in our own human capital and our health. The areas that we have total control over—saving vs. spending, and asset allocation and location—are what we need to focus on, in my opinion. Consistent and prudent saving, living within (or ideally, below) your means, and maintaining a proper mix of stocks and bonds within your portfolio are what we try to have clients be laser focused on. Over the course of 31 years of helping clients achieve their financial goals, The Center has come to realize that those two areas are the largest contributors of a successful financial plan. 

With so many uncertainties in the world we live in today that can impact the market, it’s always a timely reminder to focus on the areas that we have control over and make sure we get those things right.  Chances are, if we do, the other things that we might be stressing over today, will potentially fall into place. If you need help focusing on the areas of your financial wellbeing in which you CAN control, give us a call! We’re always happy to help.

Nick Defenthaler, CFP® is a CERTIFIED FINANCIAL PLANNER™ at Center for Financial Planning, Inc.® Nick is a member of The Center’s financial planning department and also works closely with Center clients. In addition, Nick is a frequent contributor to the firm’s blogs.

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Opinions expressed are those of Nick Defenthaler, and are not necessarily those of Raymond James. Investing involves risk and investors may incur a profit or a loss regardless of the strategy or strategies employed. Asset allocation does not ensure a profit or guarantee against loss.

Millennials Matter: To Rent or to Buy?

Contributed by: Melissa Parkins, CFP®

The infamous question – should I continue to rent or should I buy a house? The answer – it completely depends! The right answer for you will depend on a number of factors:

• How long you plan on living in the same location

• The prices of rent compared to buying in your location

• Costs such as maintenance and repairs, insurance, property taxes

• The inflation rate that rent will rise

See Matt’s blog for more considerations and details when contemplating buying a home. It is one of the largest financial decisions you will make in your life, and there are a lot of common misconceptions to also consider before pulling the trigger:

• Paying rent is the equivalent of throwing away money.

  • Either way, you have to pay to live somewhere, because of the way amortization schedules work, only a small portion of your monthly mortgage payments go towards building equity in your home (even smaller than you probably think!). Most of your monthly payments are going towards paying the bank interest, which can also be seen as throwing away money. Some say you are better off renting unless you plan on being in the home more than 5 years because of this reason. Plus there are added costs that come up when you own a home, like property taxes, insurance, maintenance, and repairs.

• You’re getting married. Time to buy a house together.

  • Give yourself time to get settled, decide on a location together, do you research, and especially, learn to manage your finances together before you jump right in to buying a home. There are enough changes going on at this point in your life, so don’t be in a rush to get in a house just because you think it is what you are expected to do next. Take the time to find a home you love that is in your price range and meets all of your other requirements. That being said, my fiancé and I bought our house together right before getting married, and it (hopefully?!) was the right decision for us.

• The real estate market is only getting more expensive. You must buy now.

  • You should really wait until the time is right for you, and not just buy because of the market. Do you have an adequate emergency fund saved? Have you saved to cover the down payment without depleting your emergency fund? Do you have other debts that should be paid off first? All of these factors should be worked out before you try and buy a home. When the time is finally right for you to buy, don’t fret…there will still be houses on the market!

• Buying a house is a good investment.

  • It takes years to build equity in a home. The market must cooperate. You will undoubtedly have costs coming up that detract from your “return.” Your primary home should not be looked at as an investment only.

So if you are looking to be a first-time homebuyer: take a step back, don’t be in a rush, and consider all of the factors. It is important to be sure that you are financially ready to buy a home, and if not, continuing to rent may be the best option for you for more reasons than one.

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

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The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete. Opinions expressed are those of Melissa Parkins and are not necessarily those of Raymond James. Raymond James Financial Services, Inc. does not provide advice on mortgage issues. These matters should be discussed with the appropriate professional.

How to Make Grants from Donor-Advised Funds

Contributed by: Matthew E. Chope, CFP®

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.

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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.

Rio Olympics: A Lesson in Commitment

Contributed by: Nick Defenthaler, CFP®

If you’re like me, you spent the majority of your nights this month tuning into the Summer Olympics held in Rio de Janerio, Brazil. I’m more of a football and hockey type of guy but I must admit, watching some of the best athletes in the entire world compete for their respective countries, even in sports I wouldn’t consider myself a die had fan in, was captivating. The level of competition was incredible and you could truly feel the passion each athlete had as they competed for gold. 

While watching the actual games and being engaged in the competition is very entertaining, what hit home the most to me was the level of commitment each athlete had, especially those who are dominant in their respective sport. Athletes like Usain Bolt, Michael Phelps, Katie Ledecky, and Simone Biles are in a league of their own when it comes to training, execution, and their overall commitment to their goals. Training is rigorous and is often times 6 – 8 hours per day 5 – 6 days a week for nearly 4 years in preparation for a 2 week competition. Just think about that for a moment. That’s over 1,000 days of hard work, persistence, consistency and probably ten additional adjectives necessary to describe what it takes to be an elite Olympic athlete. 

As you hopefully already know, setting and committing to goals are at the core of what we help clients with here at The Center. We need to know what’s important to you and what you want to accomplish to help you with your own unique situation to ensure your financial plan is aligned with what’s important to you. Often times, some might perceive this as too “touchy feely” or you might ask yourself, “Why do they want to know this stuff? They’re financial planners, aren’t they just concerned about the numbers?” Simple answer – absolutely not. Committing to goals, whether they are for your family, career, personal life or financial well-being, are critical for your success, just as they are for Olympic athletes. 

As you start to think about the goals you might have, keep in mind what Michael Phelps had to say about them – “Goals should never be easy; they should force you to work, even if they are uncomfortable at the time.” If goals were simple, they wouldn’t be fulfilling. Personally, watching the Olympics re-energized me to better commit to my own goals. Do you have a clear vision of what your goals look like? If so, are they challenging? Commit to the things that bring real value to your life and work hard to make them a reality. Life is too short not to. As always, feel free to contact your financial planner to help prioritize and strategize when it comes to these goals. 

Nick Defenthaler, CFP® is a CERTIFIED FINANCIAL PLANNER™ at Center for Financial Planning, Inc.® Nick is a member of The Center’s financial planning department and also works closely with Center clients. In addition, Nick is a frequent contributor to the firm’s blogs.

3 Reasons Discretionary Investment Management could be Right for You

Contributed by: Angela Palacios, CFP®

We all have busy lives. Whether you are getting down to business or enjoyingyour retirement to the fullest who wants to worry about missing a call from their advisor because something in their portfolio needs to be changed? Perhaps cash needs to be raised to meet that monthly withdrawal to your checking account so you can keep paying your traveling expenses. Or money has to be deposited to your investment account, if you are still saving, and needs to be invested. Regardless of your situation, many investors find it difficult to make time to manage their investment portfolios. We argue this is far too important to be left for a moment when you happen to have some spare time. 

What is Discretionary Management?

It is the process of delegating day-to-day investment decisions to your financial planner. Establishing an Investment Policy Statement that identifies the guidelines you need your portfolio managed within is the first and arguably the most important step. Investment decisions are then made on your behalf within the scope of this statement. It is kind of like utilizing a target date strategy in your employer’s 401(k). You tell it how old you are and when you are going to retire and all of the asset allocation, rebalancing and buy/sell decisions are made for you.

3 reasons this can be a suitable option for investors:

1. Frees up your time to do what you love most. Time is the resource we all struggle to get our hands on. Need I say more?

2. Markets move quickly and sometimes portfolios must also to respond. Changes can happen in a timely fashion whether you are within reach on your cell phone or not.

3. May reduce the potential for poor investor behavior. Let those not emotionally charged by fluctuations in the market make decisions on your behalf.

If you have questions on whether or not this is right for you and your portfolio don’t hesitate to contact us.  We’d be happy to help!

Angela Palacios, CFP® 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.

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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 Angela Palacios and not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. 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.

Unpacking Incentive Stock Options

Contributed by: Matt Trujillo, CFP®

What is an ISO?!

Some of you reading this might have been granted Incentive Stock Options (ISOs) in the past or perhaps this is something that your employer recently started to grant you. In either case it never hurts to get a refresher on what they are and some of the nuanced planning opportunities that go with them. ISOs are a form of stock option that employers can grant to employees often to reward employees' performance, encourage longevity with the company, and give employees a stake in the company's success. A stock option is a right to buy a specified number of the company's shares at a specified price for a certain period of time. ISOs are also known as qualified or statutory stock options because they must conform to specific requirements under the tax laws to qualify for preferential tax treatment.

The tax law requirements for ISOs include*:

• The strike price—the price you will pay to purchase the shares—must be at least equal to the stock's fair market value on the date the option is issued.

• To receive options, you must be an employee of the issuing company.

• The exercise date cannot be more than 10 years after the grant.

*Special rules may also apply if you own more than 10 percent of your employer's stock (by vote). Nonqualified stock options, another type of employee stock option, are separate from ISOs therefore receive different tax treatment.

Once you have been granted a stock option, you can buy the stock at the strike price even if the value of the stock has increased. If you choose to exercise a stock option, you must buy the stock within the specific time frame that was set when the option was purchased or granted to you. You are not required to exercise a stock option.

Your options may be subject to a vesting schedule developed by the company. Unvested options cannot be exercised until some date in the future, which often is tied to your continued employment. The stock that you receive upon exercise of an option may also be subject to a vesting schedule.

Assuming that a stock option satisfies the tax law requirements for an ISO, preferential tax treatment will be available for the sale of the stock acquired upon the exercise of the ISO, but only if the stock is held for a minimum holding period. The holding period determines if a sale of the stock you received through the exercise of an ISO is subject to taxation as ordinary income or as capital gain or loss.

To receive long-term capital gain treatment, you must hold the shares you acquired upon exercise of the option for at least:

• Two years from the date you were granted the option, and

• At least one year after the date that you exercised the option

So whether this is something new to you or something you’ve been handling for a long time, feel free to contact us with questions regarding the nuances around Incentive Stock Options.

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc.® Matt currently assists Center planners and clients, and is a contributor to Money Centered.

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This information does not purport to be a complete description of Incentive Stock Options, this information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Investing in stocks always involves risk, including the possibility of losing one's entire investment. Specific tax matters should be discussed with a tax professional.

Recent Mortgage Rate Decline may offer Financial Opportunities

Contributed by: Nick Defenthaler, CFP®

Over the past month, interest rates on mortgages have declined significantly, posing the question to many clients if it would make sense for them to refinance or potentially accelerate a new home purchase that they may have been considering. Many factors cause mortgage rates to decline, but the most recent cause can primarily be attributed to the UK leaving the European Union, dubbed “Brexit” (click here  to read our recent blog on this topic and don’t forget to check out our investment focused webinar as well on 7/28!). Typically, when there is a surprise in the markets or volatility spikes, there is a “flight to safety” by investors and bonds are purchased. Bonds are a bit tricky at times to understand in the sense that when bond prices rise, interest rates usually fall. This “flight to safety” caused the yield on the 10-year Treasury bond to hit an all-time low of 1.36% on July 5th. Mortgage rates typically have a direct correlation to the 10-year Treasury bond yield so when you see those rates decline, usually mortgage rates will follow suit. 

Here are some items to consider if you’re thinking of taking advantage of these once again, historically low mortgage rates:

• How long do you plan on staying in your home? There is usually a cost to refinancing and we’ve found that you typically need to live in your home for at least two to three years after the refinance to justify the fees lenders will charge.

• Lowering the payment isn’t always the best option – consider reducing the term on the loan even if it means the payment will slightly increase. Being mortgage free in retirement is a beautiful thing!

• If you have an outstanding second mortgage or home equity line of credit, consider combining them into one loan with a fixed interest rate.

• If you have an adjustable rate mortgage (ARM), now could be a great time to move to a fixed rate to avoid payment fluctuations in the future.

• Consider a modest cash-out refinance to pay down high interest rate loans or use as a low interest rate option to fund higher education costs.

• Don’t make an impulse home purchase just because mortgage rates have declined – the cost of rushing into a major decision like buying a home can cost you far more than the savings you’d see by having a very low mortgage rate.

As with any major financial decision, such as a refinancing or a new home purchase, we encourage all of our clients to reach out to us before making a final decision so we can ensure it is in their best interest for their own personal situation. Please don’t hesitate to reach out if you’d like to talk through your options and see if changing your mortgage rate or term aligns with your overall financial plan and goals. 

Nick Defenthaler, CFP® is a CERTIFIED FINANCIAL PLANNER™ at Center for Financial Planning, Inc. Nick is a member of The Center’s financial planning department and also works closely with Center clients. In addition, Nick is a frequent contributor to the firm’s blogs.

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The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. . Any opinions are those of Nick Defenthaler and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Investments mentioned may not be suitable for all investors. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

Webinar in Review: Taking Control of your Student Loans

Contributed by: Clare Lilek

If you or a loved one has student loans, then you know it’s easy to feel overwhelmed at times. According to The Institute of College Access & Success, 70% of undergraduates have student loan debt of $35,000 on average upon graduating. Moreover, these numbers and percentages increase with degree level. With increasing numbers of Americans with student loan debt and the fact that managing multiple loans of various types and interest rates can cause confusion, Melissa Parkins, CFP®, and Kali Hassinger, CFP®, hosted a webinar on the subject in order to provide some clarity.

First, it’s important to determine whether you have federal or private loans; there are various sub-categories of loan types for federal loans. The majority of loans you will come in contact with are federal loans and they tend to have fixed-interest rates and the possibility of flexible repayment plans. Private loans tend to have less flexible repayment plans and interest rates are determined by credit scores.

Federal loans tend to be considered the preferred type of loan. They offer flexible repayment plans, varied interest rates, loan consolidation options, and the possibility of loan forgiveness (note on loan forgiveness: if you still owe money at the end of your federal loan period, the government will forgive that loan but the remainder will be taxed as income that year). Private loans, however, tend to be more straight forward since there is a standard repayment plan that is not based on your income.

One big tip Melissa and Kali offered is first getting organized with your loans. Create a list that outlines the type of loan, the lender, interest rates, and the term. (For help with creating this inventory check out Melissa’s latest blog on the subject.) They also offered a helpful flow chart for deciding whether or not you should refinance your federal loans:

Taken from Social Financial, Inc

At the end of the webinar, Melissa and Kali went over an in depth case study looking at specific examples of loans and potential refinancing options to save you money and to pay back your loans at a faster rate. Listening to this case study can provide more clarity on how creating a loan inventory may help you save money in the long run.

If you have questions regarding your own student loans, listen to the webinar and see if any of the information applies to you. As always, feel free to reach out to your financial planner or Melissa and Kali for any remaining follow up questions or to talk about your specific situation.

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

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The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of and Clare Lilek, Melissa Parkins and Kali Hassinger not necessarily those of Raymond James. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Prior to making an investment decision, please consult with your financial advisor about your individual situation.