Timothy W. Wyman, CFP®, JD Quoted in the Detroit Free Press

 Exotic certificates of deposit could mean large losses for savers

By Susan Tompor, Detroit Free Press, June 24 2012

As much as savers wish and hope, higher interest rates are not in the cards soon.  So I want to warn seniors and others about some unusual CDs that are being marketed that make me do a double-take. 

Ever hear of a market-linked CD or equity-linked certificate of deposit?

The pitch is that these types of CDs could earn rates of 4% or 5% or 9% or higher.  The return is linked to the future performance of something – such as stocks or commodities or even currencies. 

The FDIC put out a long list of questions that consumers should ask before they agree to a market-linked CD or an indexed or structured CD.  The U.S. Securities and Exchange Commission also has an alert on structured products, as well as market-linked CDs.

Any product that shows up on the SEC’s website as an ‘Investor Bulletin’ raises concern or reason to pause, suggested Timothy W. Wyman, a Certified Financial Planner at the Center for Financial Planning* in Southfield.** While the product can work for some consumers, he said, the upside is usually limited because of expenses. 

Click here for the entire article

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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. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendations. Any opinions are those of Timothy Wyman, CFP^®, JD and not necessarily those of RJFS or Raymond James.  

*Center for Financial Planning, Inc. is an independent firm.
** Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC 

Nine Represent Center at Raymond James Conference

The Center proudly led two separate Top Advisor Sessions at the recent Raymond James National Conference.  Matt Chope and Tim Wyman (pictured left) led a discussion about growing your business.  Dan Boyce and Melissa Joy presented "Finding, Developing, & Implementing Junior Partners."  Over 100 peers attended each session.  

With the destination of Orlando, Florida, nine team members flew south to attend the National Conference May 21st through the 25th.  The four-day event welcomed over 3,400 participants from across the nation.  The conference fosters both professional and personal development through a variety of learning sessions which are presented by both peer advisors and specialized industry experts.  

A powerful benefit of attending conferences like this is the opportunity to hear ideas from others.  Center team members get to know people over the years and learn what new ideas and innovations are working for peers.

One area of growth highlighted at this year’s national conference was technology. Raymond James and the Center for Financial Planning are making major investments in cutting edge technology that will work to the advantage of both the advising teams and Center clients.

Members of our Center team in attendance included:  Sandy Adams, Dan Boyce, Matt Chope, Marilyn Gunther, Jen Hackmann, Melissa Joy, Laurie Renchik, Tim Wyman and Troy Wyman.

3 Center Planners Recognized by Hour Detroit Magazine

Center team members Sandra Adams CFP®, Matthew Chope CFP® and Timothy Wyman CFP®, JD received recognition by Five Star Professional in the June 2012 issue of Hour Detroit magazine.  They were named to the 2012 Five Star Wealth Managers list, a select group of wealth managers in the Detroit area.  Congratulations – Sandy, Matt, and Tim.

Kacy Wyman Fun Run Recap & Thanks!

The weather was fantastic May 6th, 2012 for the 6th Annual Cystinosis Fun Run. With the sun shining, people and pooches gathered to support Kacy Wyman, who continues her journey with Cystinosis, for a 5K Fun Run, Walk and Bike event. More than 300 people participated raising over $20,000! 

"Our gratitude is immeasurable for the amount of support we have received and continue to receive," says Tim Wyman. "The Fun Run is just one example of that support."

The Detroit Free Press ran an article May 13th, 2012 about the event and Kacy's journey. Click here to read.

Center Team Attends Invitation-only Raymond James Investment Conference

Angela Palacios, Melissa Joy, and Tim Wyman. The three headed to St. Petersburg, Florida January 25^th and 26^th to attend the Portfolio Manager Group investment conference. Top industry experts talked portfolio monitoring, analyzing risk in portfolios, and even about the current political environment’s impact on investments.

“It is very energizing spending time with a group of peers and sharing ideas,” Angela said of the conference. “It provides valuable insight into how to better serve our clients.  Also, it is always a great opportunity to hear from economists and money managers in person as this is key to our investment decision process.”

Melissa and Tim joined the experts at the podium, sharing The Center’s processes in the portfolio monitoring space. Tim explained the history of The Center’s Investment Process and Melissa detailed ten tips for monitoring investments for clients. The audience was particularly interested in learning about our Due Diligence Questionnaire, which is a pre-requisite for investment in our model portfolios. Our investment communication process and firm-wide investment strategy were also well-received.

The advisors at the conference are part of an ongoing Institute of Investment Management Consulting group (IIMC) that was formed last year.  The goal of the IIMC is to provide institutional quality education for investment management. 

Learning from peers and sharing with others puts our process to the test. By that standard, our trip was an overwhelming success. And, coming from Michigan, the weather wasn’t half bad either.

Welcome 2012. Nice to Meet You!

On behalf of our 19 team members, Happy New Year! The headlines thus far in 2012 trumpet the rhetoric of a contentious presidential election, difficult economic issues in Europe and beyond, and a rare Detroit Lions appearance in the playoffs. As advisors, we keep the world’s events in mind, but know that your personal milestones are our first priority.

In order to assist you in accomplishing your life goals and achieving financial confidence, we have been working on a variety of initiatives for you.

• In February we will present 2012 Financial Planning & Investment Opportunities at the Bloomfield Township Library. There will be a day and evening session, in addition, a recording for our clients residing across the nation (a few worldwide too!). We will cover a variety of topics, which include the potential income tax landscape as the Bush tax cuts are set to expire. We will also provide a snapshot of today’s investment landscape and share our view of the future. And as always, review our well-grounded investment principles designed to help you appropriately plan while taking into consideration taxes, inflation, and fees.

• Throughout the year we will offer a variety of educational workshops for you and guests. Topics include Social Security (maximizing benefits for those that have yet to begin receiving benefits), Medicare strategies, Social Media (with an emphasis on safe-guarding your privacy in a wired world), and an Investment Forum. These programs are intended to provide sound advice concerning today’s most relevant financial topics, so please feel free to invite your family and friends to share in these educational opportunities.

• As you may know, we have partnered with The Oakland Press and launched our Money Centered Blog that provides actionable advice surrounding many of today’s financial planning and investment opportunities. Under the leadership of Sandy Adams, CFP®, we have enjoyed the opportunity to communicate with you and our community more frequently. This blog is a great way to share our collective experience, judgment and commitment to your well-being with relevant financial planning and investment topics, and it continues to energize our internal conversations and stretch our leadership in the financial planning community. Look for a new post three times per week! We have also launched Center Connections, a blog that will keep you apprised of news, events, and announcements concerning our clients, our team, and The Center.

Since our firm's founding in 1985 our advice, tactics and strategies have changed, but the core tenets of financial planning have remained the same: helping you with your most important goals. Whether it’s a successful retirement, providing education funding for children and grandchildren, or planning the legacy of your estate, our highest satisfaction is not the dollars and cents of a rewarding investment but your accomplishments which our financial conversations can foster.

We look forward to our work together through 2012 and beyond.

The Cystinosis 5k Fun Run was a Great Success!

On May 1, The morning started out with rain and thunderstorms, but by "race" time the rain subsided for our 300 walkers, runners and bikers.  We raised over $17,000 for CRN, the Cystinosis Research Network.  CRN is a non-profit organization that we have been affiliated with since Kacy's diagnosis in 2006. Dedicated to supporting research, providing family assistance, and educating the public and medical communities about cystinosis, CRN has provided a life support system for our family.  Thank you for your support and generosity.

The Wyman Family

Are Prepaid Credit Cards a Good Idea?

Tim Wyman, JD, CFP(r) recently quoted in article, “Prepaid cards can be very helpful in establishing good money management and budgeting habits,” says financial advisor Timothy Wyman from the Center for Financial planning in Southfield, MI. “You put an amount on the card and you know your spending limits—that’s a good thing.”

To read the entire article, please visit: Reduce Risk And Spending With Prepaid Credit Cards