Contributed by: Lauren Adams, CFA®, CFP® At The Center, we focus heavily on workplace culture to make our firm a wonderful place to work. We think happy employees translate into a better experience for our clients, and an award-winning workplace also allows us to attract top talent to our firm. In November, InvestmentNews named us the #1 Best Place to Work for Financial Advisors in the USA for companies our size. This marks the seventh consecutive year we've won this national award and the first time we've taken home the top spot. Then, in August, Crain's Detroit Business recognized us as a ..read more

Contributed by: Nick Defenthaler, CFP®, RICP® Checking your beneficiary designations each year on your investment accounts is always a wise move. Our team does this before each planning meeting with our clients, and I can't tell you how many times this has prompted an individual or family to make a change. As tax law has continued to evolve and new rules related to inherited retirement accounts have emerged, it's now even more important to be intentional with your beneficiary selections. Here are my top five tips and considerations when it comes to prudent beneficiary management and selectio ..read more

Contributed by: Kelsey Arvai, CFP®, MBA Contributed by: Nick Errer and Ryan O'Neal In the fast-paced world of finance, theoretical knowledge is only one piece of the puzzle. True mastery comes from hands-on experience, which is why the Center for Financial Planning's internship program is a transformative opportunity for aspiring financial professionals. This program offers more than just a foot in the door; it provides a robust foundation for a successful career through experiential learning and real-world application. The Power of Experiential Learning Experience is the greatest teacher, a ..read more

Contributed by: Sandra Adams, CFP® Bonnie's Story Bonnie and Carl had what they considered a very traditional marriage, with well-defined and balanced family roles. Carl was a corporate executive, so it seemed logical that he would manage all the family finances. Bonnie oversaw the running of the household, including maintenance, meals, the kids, and the household social calendar. Bonnie knew they were financially comfortable but never really knew how much they had coming in or going out. Nor did she know how much they had saved or invested for retirement. Carl would bring her the signature ..read more

Contributed by: Kelsey Arvai, CFP®, MBA Contributed by: Nick Errer and Ryan O'Neal Required Minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking withdrawals from your Traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 72 (73 if you reach age 72 after December 31st, 2022, or 75 if you were born after 1960). Account owners in a workplace retirement plan (for example, a 401(k) or profit-sharing plan) can delay taking their RMDs until the year they retire unless they own ..read more

Contributed by: Nick Defenthaler, CFP®, RICP® In a prior article, I focused on the popular 4% rule and discussed safe portfolio distribution rates over the course of retirement. While the percentage you are drawing from your portfolio is undoubtedly very important, other factors should also be taken into consideration to ensure the income you need from your portfolio lasts a lifetime. Asset Allocation It's common for retirees to believe their portfolio should become extremely conservative when they're in retirement. But believe it or not, having too little stock exposure has p ..read more

Contributed by: Jeanette LoPiccolo, CFP® 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 elect ..read more

Contributed by: Sandra Adams, CFP® Clients often find their adventurous side once they retire. It is not uncommon for them to find themselves living in a different part of the country (or the world) from their family for at least part of the year to enjoy the benefits of a warmer climate and a more active lifestyle with others who share the same interests. Planning conversations with these clients often make their way around to the topics of long-term care and the specifics of where they will want to live when they are older and potentially need care and who they want to take care of them. F ..read more

Contributed by: Kelsey Arvai, CFP®, MBA Contributed by: Nick Errer and Ryan O'Neal No, social security won't run out, at least not entirely. As a result of changes to Social Security enacted in 1983, benefits are expected to be payable in full until 2037. When these reserves are used up, continuing tax revenues are expected to pay 76% of scheduled benefits. What is causing the financial status of the Social Security Fund to shortfall? Americans have fewer children, live longer, and have an aging population of Baby Boomers retiring at a record pace, further lowering the workforce. Many discus ..read more

Contributed by: Nicholas Boguth, CFA®, CFP® At the highest level…not much! Mutual funds and Exchange Traded Funds are two common types of investments that group individual securities together into a neat package to make it easier for us investors to build our ideal portfolios. The difference between mutual funds and ETFs shows up more when you dig into the details of their liquidity, tax efficiency, costs, and transparency (more information on each difference is at the bottom of this post for anyone looking for the specifics). ETFs do have some structural benefits compared to mutual funds, w ..read more