Women at the forefront - Raymond James Financial...highlights the importance of self-assurance 8Women make great advisors – so why aren’t there more? rom misconceptions about F

THE NETWORK FOR WOMEN ADVISORS

Women at the forefront

INSIDE OUR SUCCESS: For more than 20 years, the network has been building meaningful connections and sparking growth, with more than 900 members and counting.

2 RAYMOND JAMES | THE NETWORK FOR WOMEN ADVISORS

Since 1994, the Raymond James Network for Women Advisors has dedicated

time and resources to the growth, development and success of women financial

advisors like you.

We started small – just a handful of like-minded professionals who knew how

much they could learn from each other. Together, we’ve grown to become a

powerful, unifying force for women throughout the industry and across the

country. Our educational tools, development workshops and signature event, the

annual Women’s Symposium, are designed to help establish the connections

that make an impact.

When you want to reveal your potential, grow your business and celebrate your

successes, the Raymond James Network for Women Advisors is here to help.

We’re here to invest in women like you.

REVEAL YOUR POTENTIAL.

Meaningful connections and a fierce desire

to succeed. These are just a couple of

the tenets the Women’s Advisory Council

fosters as it empowers the best and

brightest women advisors at Raymond

James to excel.

With perspective to help navigate an ever-

changing marketplace, these powerful

women provide both experienced advisors

and trainees with thoughtful guidance and

direction. While each has her own story and

business style, all share an understanding

of where you’ve been, the obstacles you

face and the opportunities ahead. By paving

the way, their strong leadership helps drive

our mission and vision so it stays connected

with the needs of our women advisors.

Reach out to any of these inspirational

women by visiting rjnetworkforwomen.com

and learn exactly what makes the Network

for Women Advisors so unique and valuable

to advisors like you.

The Women’s Advisory Council members represent some of the industry’s best advisors and serve as mentors for both new and experienced advisors at Raymond James.

GET TO KNOW THE NETWORK AND HELP US CELEBRATE

MORE THAN 20 YEARS OF INSPIRING WOMEN AT

RJNETWORKFORWOMEN.COM.

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RJNETWORKFORWOMEN.COM 3

WOMEN AT THE FOREFRONT

A warm welcomeInsights from Michelle Lynch, vice president of the Raymond James Network for Women Advisors

Michelle Lynch, vice president of the Raymond James Network for Women Advisors, shares her gratitude for the ability to work alongside such inspiring women, how the firm continues to support women advisors, and the network’s near- and long-term plans.

Can you provide a little history on the Network for Women Advisors?

The network was started 22 years ago by a group of successful Raymond James women advisors. They recognized the importance of sharing ideas and best practices in order to help each other become even more successful. Because they got so much out of getting together and discussing their challenges and successes, they knew that all women

advisors at the firm could benefit from the same. So, with the full support of senior management, the Network for Women Advisors was created. Today, we have over 900 women advisors and the network serves as a source of inspiration, education, motivation and support for our professional women.

I know that you are very excited to lead the network. What prompted you to choose this opportunity?

I’ve been with Raymond James for over a decade in a variety of marketing and communication leadership roles. I worked closely with the network in my former position and was captivated by the impact it had on our women advisors and their practices. The Network for Women Advisors puts Raymond James in a very enviable position to appeal to smart, talented, success-driven women advisors and women teams looking for a place that understands who they are and what they want to do. I am excited and honored to help continue its mission.

Other firms also have similar networks. Any thoughts on what makes us unique?

I think what the network, and our firm, offers women advisors is unprecedented in our industry. We have such a strong culture of sharing here, and to have the freedom to reach out – clear across the country, even – to another woman for help and have her be more than happy to share her insight and wisdom and experiences is just invaluable. There is such an energy and rejuvenation that occurs after you have talked with and heard from the other women around the firm – from the ideas that are shared and how that translates into business growth, to the knowledge transfer that is happening and the networking and friendships that are built. Once you are aware of it, you’ll understand that it’s worth taking the time to explore. Whether it’s practice management seminars, coaching and mentoring programs, our presence at national and regional conferences, client events, or the annual Women’s Symposium – we do so much throughout the year and are looking to do even more going forward.

The 21st Annual Women’s Symposium was held in October 2015 at the Vinoy Resort in St. Petersburg. Can you share your thoughts on the event’s success and why is it so important for the Raymond James Network for Women Advisors?

It was a terrific event with record attendance from Raymond James women financial advisors as well as prospective women advisors from other firms. There really isn’t anything quite like our network at other firms, in terms of the amazing support and idea sharing that goes on. The speakers were inspiring, and we all left feeling energized and renewed in our commitment to serve our clients, continue to network and share best practices, but most importantly, do what we can to attract women to our industry in general and to our firm in particular – the role of trusted financial advisor is really such a perfect one for a woman. We just need to spread the word!

MICHELLE LYNCH

Vice President, Network for Women Advisors

INSIDE THIS ISSUE

4 Rock concerts, emerging technology and other secrets to success

Behind the scenes at the 2015 Women’s Symposium

6 Bridging the confidence gap

Katty Kay, lead anchor of BBC World News America, highlights the importance of self-assurance

8 Women make great

advisors – so why aren’t there more?

From misconceptions about needed skills to the profession being off women’s radar, women advisors share myths and realities of the career

9 One step at a time

How Kelly Flores is making the leap to financial advisor

10 Giving back to our communities helps us all

Our members share ways of deepening ties through volunteering

11 Is a financial plan enough?

To live well in retirement, clients and their advisors have to embrace change – and longevity planning.


Right from the start, Michelle Lynch emphatically shared the network’s two primary goals: support and retain existing advisors while helping grow their businesses and bring even more women to the firm.

With more than 500 attending the 21st Annual Women’s Symposium – hosted by the Ray-mond James Network for Women Advisors and its director, Michelle Lynch – the network is well positioned to do just that. In fact, at-tendees included over 300 advisors and 23 prospective advisors, reinforcing the goal to recruit experienced advisors and train new ones.

The symposium convened in the fall of 2015 in St. Petersburg, Florida, and featured keynote addresses from the firm’s leadership as well as co-author and BBC World News America anchor Katty Kay; Raymond James board member and former Walmart President and CEO, EMEA Region, Shelley Broader; and Bloomin’ Brands CEO and Chairman Elizabeth Smith. The symposium also included numerous educational and break-out sessions, a top-client panel and three TED-style advisor talks.

TELL US WHAT YOU REALLY THINK.

• Attendees provided instantaneous feedback via a conference app. Throughout the year, the network keeps the spirit of sharing alive with informal meetings, personal connections with mentors and an online discussion forum.

• A first for the symposium was hearing straight from a panel of investor clients. Four female clients discussed what creates a long-term advisor relationship where referrals happen. First and foremost was providing personal attention, having knowledge of their situations and families, hopes, dreams and fears and, importantly, proactively being included in financial discussions with a spouse. They also appreciated regular contact, holistic planning, reassurance during rocky times, and assistance connecting them to other professionals.

ME – A FINANCIAL ADVISOR? YOU MIGHT BE SURPRISED.

• Nearly 30% of Raymond James women advisors began their careers as sales assistants. The firm continues to foster the Registered Associate Mentoring Program (RAMP), which trains and encourages registered sales associates to explore careers as financial advisors.

• For every eight advisors leaving the industry, only three are ready to replace them.* Raymond James is committed to increasing the number of women in our Advisor Mastery Program (AMP), a 24-month development program focused on the educational upbringing of next-generation financial advisors.

• Professionals considering a career change, specifically female teachers, attorneys, former military and those re-entering the workforce after raising families, are all known to have many of the skills needed to be successful advisors.

* Cerulli Quantitative Update, Advisor Metrics 2013, Understanding and Addressing a More Sophisticated Population, Cerulli Associates.

DOING GOOD

Last year, CEO Paul Reilly challenged symposium attendees to give back, get more involved, and consider targeting young people with financial literacy as a goal. On the heels of that request, Michelle Lynch thanked attendees for rising to the challenge and shared the success story of rock group Gooding, which is making a difference with the power of music, their personal stories and their Funding the Future campaign. Through concerts, engaging presentations and Q&A sessions, the band is inspiring young people with lessons of finance and discipline to help them see their dreams as possibilities. Additionally, the firm provides opportunities to give back through a women-focused, donor-advised fund to make significant charitable gifts to women with limited financial means who are interested in the advisory role.

One of the symposium’s educational sessions – standing room only – echoed the sentiment of connecting with younger generations regarding financial literacy. Sybil Verch, Sacha Millstone and Nancy Phillips discussed how to differentiate your practice by engaging with clients’ children and grandchildren. One example? Sponsoring Gooding performances at middle and high schools, which they say paid off for their practices. The rock band also performed at the symposium’s awards dinner.

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Michelle Lynch

Rock concerts, emerging technology and other secrets to success: Behind the scenes at the 2015 Women’s Symposium

Our panel of female clients provided valuable insight to attendees.



MORE SUPPORT FOR MORE WOMEN

After CEO Paul Reilly discussed the strong capital position of the firm and very low attrition rate among advisors, he expressed his desire to further diversify the advisor population – particularly by increasing the number of women. He encouraged the audience to not take “no” for an answer, and to push senior management to deliver in this regard. Reilly ended his session describing how the firm is investing to meet the challenge of both delivering needed products and services and communicating in the manner that the client of the future expects. He also shared that the demographic of this client is likely to be female.

The Private Client Group Executive Roundtable (Raymond James Financial Services President Scott Curtis, Raymond James & Associates President Tash Elwyn, Raymond James Limited Executive Vice President Terry Hetherington and Raymond James Investment Advisors Division President Bill Van Law) also spoke of increasing the number of women advisors in all channels and focused on the issue of succession planning as an absolute necessity. The roundtable discussed preserving the culture of the firm as it grows larger and continuing to focus on putting clients’ interests first while acknowledging that the firm’s advisors are the Private Client Group’s primary clients.

Also of note was the firm’s ongoing investment in technology. Not only to help advisors become more productive and efficient while combating robo-advisor threats, but cybersecurity threats as well. During an educational session, Andy Zolper, chief IT security officer, shared tips and best practices on how to protect advisor and client data, as well as your practice.

TAKING ACTION

Financial advisors broke into study groups of 10 and discussed a number of topics from marketing to client reviews and business efficiency. These smaller group sessions consistently send the women back to their businesses with ideas they can implement.

Shelley Broader

Learning from others’ self-discoveryWhether gleaned from keynote addresses or breakout sessions, a recurring theme included real-life ideas and actions to strengthen confidence and skyrocket success.

Raymond James Financial board member Shelley Broader shared her career path from mutual fund sales to running an equities syndicate desk, to turning around a grocery store chain and heading a group of arts and crafts stores prior to her role with Walmart’s Emerging Markets, Asian and European segments. Shelley is currently president and CEO of Chico’s FAS Inc. In each case, she took a leap of faith and significant risk but applied the same skills of being a quick learner, good listener and coordinator of experts along the way. She warned that you will not have enough capacity for high level strategic thinking if you remain attached to the details. Subscribing to a “first team” thinking approach, she challenges leaders to look at the big picture and strive to elevate all teams, not just the one you’re on.

Elizabeth Smith recounted her professional journey – working for just three companies since her Stanford MBA graduation: Kraft Foods, Avon and now Bloomin’ Brands, where she is CEO and chairman of the board. She gave the audience permission to have self-doubt, and emphasized that having a grand plan is not necessary. She noted that confidence is a muscle that builds over time, and comes from taking risks. She shared that women should learn to balance gratitude with pride in their abilities. She believes that living a 360 degree life makes you a better leader because you don’t take yourself too seriously and don’t only identify yourself with work. Above all, she invites women to mix confidence with candor and humility, all important when mentoring others to pave the way for the next generation of women leaders – something she believes all women should do.

During a two-day bike ride to benefit cancer, estate financial planner Cindy David of Vancouver, Canada, described how she stretched her abilities, stamina, commitment and perseverance to the limits. Through that experience she realized she has much to give and learned that work-life balance has nothing to do with your calendar, but everything to do with connecting with yourself and others.

Raymond James executives discussed timely topics and answered questions from the audience. From left to right: Network for Women Advisors Vice President Michelle Lynch, Raymond James Financial Services President Scott Curtis, Raymond James & Associates President Tash Elwyn, Raymond James Limited Executive Vice President Terry Hetherington and Raymond James Investment Advisors Division President Bill Van Law.


So, act more, think less, and

be authentic, and I think we can get

more women to the TOP if we do that.

– Katty Kay

Bridging the confidence gap

Your Confidence Challenge: 3 in 1Katty explained that it’s very hard to build your confidence if you’re always ruminating and worrying about what you haven’t done right. Overthinking mistakes and criticisms simply magnifies them. Instead, she invites you to think of three things you’ve done well each day.

For example, mastering a new email system, having a good conversation with a co-worker, submitting a proposal for a new client report to your boss. When you can keep that practice going, you can overcome your tendency to think of negatives by building your brain to be more prone to confidence. This type of brain plasticity is one of the most exciting areas of neuroscience for women and it shows up in brain scans – Katty calls it hope.

This means we can train our brains to be more inclined toward confidence, which can lead to all of the other amazing things happening in women’s brains that are great for our business world. “So act more and think less. And pass this on to your kids.”

Katty Kay, lead anchor of BBC World News America, highlights the importance of being self-assured

As co-author of the book “The Confidence Code,” Katty has thoroughly researched the topic and discussed the gap in confidence most women experience when compared to men. Confidence, she noted, is critical to getting ahead and comes from doing things that are difficult, by going outside one’s comfort zone, taking risks, and sometimes even failing.

She wants her work on confidence to bring women’s perception of their ability in line with their actual ability. “Confidence is a choice. We have all of the competence that we need, but we need to stop holding ourselves back.”

Katty shared how Milan-based research psychologist Zach Estes asked men and women to solve a series of puzzles. The first group took the test, and the women did not score as well as the men. After reviewing the results, Zach found that the women skipped questions a lot more often than the men. He told the next group that they had to answer all of the questions. When the women answered all of the questions, guess what happened? They did just as well as the men.

So, why were the women skipping the questions even though they knew it would lower their score? Zach’s

theory is that the women were skipping the questions because they didn’t want to risk getting them wrong.

For Katty, this study became a metaphor. To build confidence, you have to answer the questions. If you don’t answer the questions – even if the risk is that you might get them wrong – you’re not going to get the score you deserve. These women were being perfectionists, and it was causing them to fall behind. “If you really want to have some kind of balance in your life and get ahead, you’re not going to do it if you try to be perfect at everything. It’s just not going to happen. So drop the perfectionism, because it will help you take risks,” Katty stressed.



BE AUTHENTIC.

Katty concluded that all you need to do is to bring the perception of your ability in line with reality. She believes this will allow you to take risks, stop ruminating and go as far as your talents allow you to go without having to change your manner. “Confidence isn’t about mannerisms or about projection; it’s about how good you believe you are and being honest about your abilities and your talents. So, act more, think less, and be authentic, and I think we can get more women to the top if we do that.”

WHAT IS CONFIDENCE, ANYWAY?

As Katty and her team interviewed dozens of neuroscientists, people working with confidence in monkeys and rats, psychologists, business leaders, people in the military and sports – they were inevitably met by a pause to this question and, “Hmm, well it’s complicated.” Eventually the best definition came from professor Richard Petty at Ohio State University, who very simply described confidence as the stuff that turns thoughts into action, adding that thoughts without action are pretty useless.

So whether you want to ask for a raise in pay, speak up in a difficult meeting, run for PTA president or introduce yourself to a stranger at a conference, confidence is required to get you there. “It’s this great notion of action and confidence being linked that’s a virtuous circle. So when you take action, you build confidence,” Katty explained. “You get confidence from going outside of your comfort zone. That means trying things that are difficult and continuing even when you’re met with hurdles. It takes a certain amount of risk and a preparedness to fail.”

Katty shared that what is critical for women is to start really examining what we are so scared of in failure and in risk. Why are we holding ourselves back from going outside our comfort zone even though that’s where we will expand our confidence?

Shared insights for reaching, and retaining,

more clients

NETWORK WITH A POSITIVE SPINIn 2009, amid the worst market conditions, Ponte Vedra, Florida-based Aimee Boggs invited around 30 women to attend and focus on something positive while networking and reinforcing the fact that there is more to life than money. The first series of the program, “Celebrating Possibilities,” included nine events over 20 months, and picked back up again in 2014 with two events a year – broadening the scope, involving nonprofits, and offering networking opportunities to have fun and pay it forward.

LESSONS LEARNED:

“Jump in before you have all the answers or know the outcome. Be your authentic self and bring your

passion to whatever you do.” – Aimee Boggs

DEVELOP A TARGETED PROGRAMSweet Financial in Fairmont, Minnesota, created a group called “Smarter Women.” Their multi-pronged approach includes a website (smarterwomen.org) with real life stories and invites visitors to become members; regular emails with business tips; a series of monthly educational workshops or social gatherings covering investing, health or community-focused topics; and one, big annual event, Wardrobe, Wealth & Wine, that benefits a nonprofit and is open to all women clients, Smarter Women members and prospects.

LESSONS LEARNED:

“When Smarter Women was founded in 2013, it helped us to first create a clear mission:

to continuously educate women and inspire them to make better decisions for

themselves and their families.” – Julie Leichtnam and Lynne Burgraff


When women look for a financial advisor, most (70% according to a 2013 study by the Insured Retirement Institute) look for a woman. The Bank of Montreal’s Wealth Institute says women control $14 trillion (about 51%) of American personal wealth – a number expected to reach $22 trillion by 2020. With demand today and future opportunity to boot, you’d think there would be more female advisors.

Providing thoughts on this business conundrum is Sacha Millstone, wealth manager, The Millstone Evans Group of Raymond James. Sacha offers some reasons – and answers – on the subject:

“ Women want to see a career path.”

u Women generally seek a clearly paved job path and more security than a traditional, financial planning business model can initially offer.

u We can create career tracks from existing jobs, for example:

• The way the industry thinks about the job of sales assistant could be changed so that it is an entry-level position for beginning a career as a financial planner (planning only), or an advisor, or a manager through team or operations management.

• The fact is that many sales assistants already progress along these tracks, but it has not always been easy to do so. Sacha suggests that this should change to reflect the realities of today’s job market.

“ Many women feel hesitant to jump into the business without being fully trained.”

u In Sacha’s experience, women feel less confident than men, and books such as “The Confidence Code” have documented the difference. Because of the perceived complexities of the business, women express a desire for more comprehensive training than the industry typically provides before they are asked to bring in new clients.

u She suggests firms consider:

• Creating a specific outline of the training program as to how and when trainees will be taught the necessary skills to bring in new business.

• Explicitly describing the role of the financial advisor – what activities comprise a typical advisor’s day, week and month.

• Being clear about the roles advisory teams need today and outlining career paths for each: professional administrative roles, financial planning roles, business development roles, investment management roles, and team/branch management roles.

• Market these defined paths to young people in high schools, colleges and graduate schools. Being visible at career fairs and other opportunities.

Aimee Boggs, senior vice president, investments, Boggs-Huffman Wealth Management Group of Raymond James, also shares her views:

“ There are misconceptions regarding the skills necessary to be an advisor.”

u Women believe the job of an advisor involves a financial background they don’t have.

• This business involves listening more than anything – something women do well. Resources are available that provide financial details and guidance.

u Women think the job of an advisor requires extensive math skills.

• In reality, the job requires much less math than most people realize, and technology makes it easy to manage even those mathematical requirements.

One of the reasons you’ll most often hear for why there are so few women in the industry is women simply don’t know about the opportunity – a sentiment echoed by Traci Richmond, CFP®, The Meakem Group, an independent firm.

“It’s not on their radar.”

u Most women have never been shown the career opportunity that exists.

• One of the things that can help put it on the career list is the benefit of schedule flexibility, especially for mothers.

Being an advisor has given many parents, like Traci, control of their schedules. Traci was an attorney who traveled extensively and had a grueling schedule. On the rare occasion she wasn’t working, she was too tired to enjoy her family. After the birth of her first child, she decided to make a change. Being a financial advisor was a second career for her mother, who had been a teacher before her children were born. For Traci, becoming an advisor was a natural choice.

Sacha Millstone

Aimee Boggs

Traci Richmond

Women make great advisors – so why aren’t there more?



At first, Kelly joined Raymond James with the view of herself as supporting the financial advisor she worked with. But that’s not how financial advisor Donna Walton saw things. She saw potential in Kelly, thought of her as a partner, and opened her eyes to possibilities within the firm to develop personally and professionally as she grew her career.

After learning about the firm’s Registered Associate Mentoring Program (RAMP), a one-year program designed for registered associates interested in exploring the career transition to financial advisor, Donna encour-aged Kelly to participate as she was already doing the job of a financial advisor but not receiving the recognition. “It’s a joy to come to work knowing someone is in your corner,” Kelly said.

Kelly first finished her bachelor’s degree and then turned her attention to designation options. With Donna’s steadfast encourage-ment, Kelly earned her Certified finanCial Planner™ professional designation with the financial backing of the firm. It was then that Donna and Kelly agreed RAMP was the next best step.

“There are people with so much potential right under their noses to become future advisors,” Kelly explained. For her, the path was to discover if she would like to develop into a financial advisor through RAMP as a transition to the Advisor Mastery Program (AMP). The 24-month development program is a commitment to the educational upbring-ing of the next generation of Raymond James financial advisors.

RAMP was developed to help participants evaluate their options, and is an educational opportunity for those seriously considering a career transition to financial advisor. Through the program, you obtain your Accredited Asset Management Specialist (AAMS) des-ignation. Then you can decide if continuing down the career path to financial advisor is something you’re interested in. If not, you

have participated in a robust professional development opportunity that helps support your team.

With Donna’s support, including splitting a book of business, Kelly had the opportunity to build her relationship with new clients on her own. This empowered her, built confidence and provided a starting point for when she moved up to the next level. Kelly has been blown away by the support and encouragement she’s received not only from Donna but from the network and other women at the firm. She is grateful for her mentor, branch manager, Karen Julien, who is willing to give her time and experi-ence, and share her positive attitude.

RAMP also includes attendance to the sym-posium, where Kelly met numerous inspiring women and noticed the air of encourage-ment and support. “You come home with a completely different attitude and feel more confident about yourself and your career. Everyone is so giving of their time and knowl-edge because they have a genuine interest in seeing me succeed,” Kelly beamed.

If you decide to step out into AMP, the pro-gram can be tailored to your needs. Kelly entered AMP in early 2016 with a hybrid type of curriculum since she had completed designa-tions and started a book of business. Through a combination of distance learning, sessions at the firm’s international headquarters and mentorship, the blend of classroom structure and real-world experience supports long-term development and addresses the fear of and obstacles to becoming a financial advisor.

Both RAMP and AMP help you confidently take that next step in your career. As Kelly said, “Sales assistants keep the business going. The key is to see yourself in another light – as being a partner and not a support person.”

“Service associates are financial advisors waiting to break out. RAMP makes you see that.” – Kelly Flores

Kelly Flores

How Kelly Flores is making the leap to financial advisor

stepat a time

One

Concerns to overcome• RAMP’s curriculum and designation opportunities serve as

stepping stones to move into earning a CFP® designation.

• Kelly and her mentor, Raymond James branch manager, Karen Julien, have weekly or biweekly calls, and she feels comfortable calling with questions or for advice along the way.

• With a family to support, Kelly appreciated that AMP eased her out of a set salary with a generous payout as she built her book, to help limit her fears and make the transition.

• Kelly considers RAMP a win-win. “You have nothing to lose since you’ll find out if becoming a financial advisor is the direction you want to go or that you’re fine where you are. Either way you walk away knowing you made the right decision, and have a new designation, too.”


By and large, financial advisors are giving people. They enjoy sharing their time and resources with worthy organizations and enterprises that help others in the community. To learn about their efforts, we spoke to some women advisors who are active in reaching out. What we discovered were some traditional – and some not-so-traditional – ways of giving back.

Maggie O’Hearn, CFP®, financial advisor, Integre Wealth Management of Raymond James, stays involved with charitable food distribution through White Pony Express. This all-volunteer, nonprofit organization collects extra food from grocery stores, restaurants, caterers, etc., and provides it to shelters, women’s recovery centers and neighborhood programs that need nutritious food to help feed the less fortunate. In total, the group distributes almost 5,000 pounds of food per day, seven days a week.

It may only be rock n’ roll, but to Sacha Millstone, wealth manager, The Millstone Evans Group of Raymond James, it’s a way to help spread financial literacy. About a year ago, at a dinner party, Sacha met Steve Gooding, the lead guitarist in the rock band Gooding. They found out they had a shared passion: teaching kids about financial literacy. Steve had created a unique delivery mechanism: combining a rock concert with a talk about financial literacy, sprinkled with personal and celebrity stories, delivered free in schools through a nonprofit called Funding the Future. Sacha began underwriting some of these financial literacy shows. She found the information was similar to what Sacha herself would share but, as she puts it, “Because of the rock star angle, the band was much more effective in communicating to the kids. I was struck by how much the kids paid attention.”

Sacha said the questions the kids asked during the events demonstrated that they clearly understood the messages being delivered.

Sacha offered other tips for advisors:

• Get involved with things in the community where you’d be happy even if no business comes from it.

• Be passionate about it.

• It doesn’t have to require your financial expertise; you have other skills from running your business that are beneficial.

Sybil Verch, senior vice president, Western regional manager, stays active as a mentor to young women interested in finance. Says Sybil, “The best relationships happen when there are clear expectations of what the mentee is looking for.” She began mentoring at a local college that provided speed mentorships. She volunteered for two hours and students signed up for 15-minute time slots. Sybil now participates in more traditional mentor relationships that last six to 12 months, meeting for 30 to 60 minutes per month.

Sometimes volunteering can also impact the volunteer. For instance, Traci Richmond, CFP®, The Meakem Group, an independent firm, was volunteering at a domestic abuse shelter when she met a woman with very low self-esteem. “She was terrified at how to handle financial things,” says Traci. So Traci helped her to simply balance her checkbook. “Self-doubt caused her to put off balancing it for two months,” recalls Traci. “But then she called and said she’d buckled down and balanced all three months – she was so proud.” Traci was overwhelmed with how she could help this woman. And if you volunteer, you may be surprised at what you can accomplish, too.

to our communities helps us allGiving back

It takes a village.Raymond James supports financial literacy programs through organizations such as Junior Achievement, SIFMA Foundation, Pinellas Education Foundation, Florida Council on Economic Education, Financial Services Roundtable, the Executive PASS program (providing lunchtime mentors for students at targeted public schools) and more.

In addition to the firm’s financial support, a number of advisors and associates volunteer their time teaching financial literacy courses to youth across the country. You can find a listing of organizations the firm supports at raymondjames.com/community.

Sybil Verch

Maggie O’Hearn

Get involved with things in the community where you’d be happy even if no business comes from it. – Sacha Millstone



Is a financial plan enough?To live well in retirement, clients and their advisors have to embrace change – and longevity planning.

As clients get older, their circumstances will con-tinue to change, sometimes rapidly. What doesn’t change is their desire to be independent, to have social connections that enrich their lives and to participate in activities that bring them joy. Financial planning that can meaningfully address these quality of life issues can make all the difference.

By embracing the realities – and rewards – of lon-gevity in your clients’ financial plans, you can help them sort through their possibilities and offer advice designed to guide them up to and through the retire-ment they’ve envisioned.

In the fall of 2015 the network partnered with Hartford Funds to send a number of women advisors to visit the MIT AgeLab to help them apply critical retire-ment planning concepts. Drawn from MIT AgeLab research, the concepts help ensure clients have con-sidered key quality of life issues and their financial implications associated with increased longevity.

After a welcome orientation from the founder and director, Dr. Joseph F. Coughlin, the group was given a tour of the AgeLab and then engaged in a discussion about the emerging dominance of the female role within financial planning, investor perceptions about finance and advice, character-istics that clients consider critically important in

their advisor relationship, non-financial roles that advisors can play to help the aging population, client support through major life transitions, and a focus on thoughtful questions to initiate engaging client conversations. Below are some of the topics covered to get to the heart of client’s quality of life in retirement.

HOUSING

Even in retirement, housing remains the largest spending category. Where clients choose to call home is an important decision, and one that deserves serious thought. Most retirees want to age in place. In a recent AARP survey, 89% of those 50 and older said they want to continue living in their homes indefinitely. However, there are a number of other options in retirement, and it’s best to encourage clients to think about the issue before it becomes an immediate need.

HEALTHCARE

As clients age, health issues and their associated costs tend to add up. Consider that the average couple at age 65 can expect healthcare costs of $266,000 over a 20-year retirement – and that number doesn’t include any chronic conditions or health emergencies, according to the Employee Benefit Research Institute. An important part of financial planning is to help ensure that healthcare costs don’t become a drain on clients’ quality of life.

CAREGIVING

It’s a sobering statistic: 70% of Americans age 65 (in 2014) will need some kind of long-term care during their lives, according to the Department of Health and Human Services. At some point, your clients may be providing or receiving care, so this must be taken into account in long-term financial planning.

TRANSPORTATION

It may come as a surprise, but transportation is the second largest expense for individuals older than 65 and accounts for about 15% of their annual expendi-tures, according to the Bureau of Labor Statistics. That’s why advisors should make sure to account for it as part of clients’ long-term financial plans.

Dr. Joe Coughlin, director of the MIT AgeLab, met with a group of Raymond James advisors to share how they blend innovation with technology to improve quality of life for clients’ expanding life spans.

Vital questions can be signsThe answers these questions generate can predict how rich and satisfying your clients’ retirement years will be. They move us away from finite costs and running numbers, and focus instead on living a meaningful life. That includes tangible retirement concerns, like housing, transportation, the relationships and connections that improve your quality of life, and the decisions and planning that go along with them. Advisors can serve as the hub to help clients connect the qualitative and quantitative aspects of their life and integrate them into planning discussions.

Housing

• Do you want to stay in your home? Will it need to be modified?

• What housing options are available to you, and what will they cost?

• Would you want to downsize? Relocate to a pedestrian-friendly neighborhood?

Healthcare

• What will the treatment of existing medical conditions cost over the long term?

• Do you know what costs Medicare will cover?

• Should you consider long-term care insurance?

Caregiving

• Do you understand the full impact of being a caregiver?

• How will you get the care you need as you age?

• Is long-term care insurance a good idea for you?

Transportation

• How will you get to your favorite places in retirement?

• Who will assist you if you can’t drive yourself somewhere?

• What transportation options are available in your area?

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