Environmental and social issues are dominating headlines. Increasingly we are hearing about environmental, social governance (ESG) investing. Is this just a marketing ploy or is there validity to ESG-focused brands? In order to answer those questions, let’s first break down what “ESG investing” actually means.

ESG in A Nutshell

ESG stands for environmental, social, and governance—these are a grouping of non-financial factors that evaluate the sustainability of a company or fund. The goal of ESG investments is to utilize capital assets to find ways that positively impact society at large, whether it be through social means or environmental ones. ESG investing gives individuals the opportunity to conscientiously grow their portfolios in ways that might better align with their social values.

While “socially responsible investing” may seem like a trendy concept plucked from the Twitter feeds of today, the idea to allocate money for ESG-like securities dates back to the 1950s. During this post-World War II boom, trade unions began investing their considerably large pension funds in altruistic areas like affordable housing projects and health facilities.

In fact, so many individuals and institutions are shifting focus to ESG-considerations that global sustainable fund flows hit a record high of $45.6 billion in Q1 of 2020. The United States was responsible for contributing a whopping $10.4 billion to that total.

Is ESG Investing Right For You?

Okay, so sustainable investing is popular, but does it work? Various studies have shown that ESG investments are becoming more competitive both in price and performance. An article released by The Forum for Sustainable and Responsible Investing curated studies from many reputable sources, stating that, “investors do not have to pay more to align their investments with their values, or to avoid companies with poor environmental, social or governance practices.”

Another recent report published by Money Management Institute and The Investment Integration Project summarizes why investors are beginning to consider ESG-inclusive portfolios:

• Companies with sustainability in mind are better at managing risk and have “less systemic volatility than their conventional peers.”
• Capital costs are lower at companies that participate in sustainability practices, which encourages growth, shareholder returns, and often positively impacts the value of the company.
• Private equity and debt-focused sustainable investments are shown to achieve market-rate returns.

With sustainable investing growing in popularity, it’s important to work with a knowledgeable advisor who has experience and knowledge in the area of ESG investing to see if it is right for you. Unfortunately, there are a lot of companies that may falsely use the ESG label to attract more investors, when in reality they are not sustainable brands. This misleading behavior is called “Greenwashing.”

Don’t Get Fooled by Greenwashing

It can be hard to spot which companies are actually invested in making sustainable change and which companies are taking advantage of a trend. Without concrete regulations and/or definitions of sustainable criteria, it’s up to the company to decide whether or not they fall under the ESG classification—which means there’s lots of room for interpretation. As the popularity of ESG investing grows there is a growing movement to standardize metrics for ESG and put in place requirements to use this term.

Given the ambiguity of the term ESG, here are a few things to help you do your due diligence and look out for and avoid Greenwashing in your funds. Of course, working with a trusted advisor is the best way to make sure the funds truly meet your personal goals.

1. Do your research. If a company or fund makes a claim about their ESG-practices, check their website and certifications to make sure this claim is backed up. Vague or inconsistent claims are a red flag. Actual ESG companies should be completely transparent and proud to share their data.

2. Watch what they do, not how they market. A popular greenwashing practice is using buzzwords on product packaging, such as “all-natural,” “earth-friendly,” “non-toxic,” “100% organic”, etc. These words are useless without actions to back up their existence. Just because a house cleaning brand has a product with the word “green” on the label, doesn’t mean the company falls into the ESG category.

3. Be familiar with the rules. For example, many products are quick to point out that they are CFC-free. CFCs are gaseous compounds that can be found in refrigerants, cleaning solvents, and aerosol propellants. While getting rid of toxic gas is certainly an environmental win, CFCs are now banned. So, the claim “CFC-free” may look good on paper, but in reality, it’s required by law and therefore not a good indicator of sustainability.

Morningstar offers a Sustainability Rating tool to help you figure out if a company you’re interested in investing in has a strong background in sustainability. Using an objective facts-based tool such as Morningstar may help you avoid falling victim to false marketing.

Overall, the growing interest in ESG investing marks an opportunity for those who are interested in taking on a more socially and environmentally, conscientious investing strategy. However, data is key when parsing through all the investments claiming to be socially responsible. While there aren’t universal metrics to measure sustainability, regulators are looking at creating standards for labeling investments as such.

Whether you work with a trusted advisor or on your own, ESG investing is yet another option to grow your wealth. Many investors may not be concerned about environmental or social compliance and simply want to grow their portfolios; ultimately, ESG may still make sense as part of a well-diversified plan offering potentially more stability than non-ESG offerings.

With the current push for the use of electric vehicles, alternative energy, and reductions in carbon emissions, ESG investing will continue to receive more attention.

Since 1990 the mission of Carver Financial Services has been to Make People Lives’ Better. As part of this mission, we offer ESG compliant strategies. ESG is certainly not for everyone and continues to evolve. We can discuss what is important to you and figure out how to invest your overall portfolio in a way that meets both your needs and personal values whether that includes ESG or not.

Randy Carver, CRPC^®, CDFA^®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Randy has more than 32 years of experience in the financial services business. Carver Financial Services, Inc. was established in 1990 and is one of the largest independent financial services offices in the country, managing $2.1 billion in assets for clients globally, as of July 2021. Randy and his team, work with individuals who are in financial transition as a result of divorce, retirement, or the sale of a business. You may reach Randy at randy.carver@raymondjames.com.

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 information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Randy Carver and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Links are being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors.

Incorporating sustainable investing criteria into the investment selection process may result in investment performance deviating from other investment strategies or broad market benchmarks. 

Looking in the rearview mirror while driving works…until the road curves. This is a good principle to keep in mind when investing; the past performance of your investments does not guarantee future growth.

When it comes to market performance, we believe the road is heading for a curve.

In the past year, the United States has seen unprecedented fiscal stimulus, with the money supply increasing by 30-percent. The Fed has taken a laissez-faire approach to these developments, keeping interest rates at virtually zero while the economy reopens after pandemic closures. These factors combined will likely result in high inflation over the next few years—something we have not seen in recent decades.

It’s important, as investors, to ask ourselves, “How will I be affected by what is going to happen?” Ultimately, there’s no foolproof way of predicting the future. That is why our Personal Vision Planning® process takes into account periods of uncertainty and market volatility. We believe that with proper planning, you’ll be able to handle any shifts in the economy no matter what transpires.

Having a strong grasp of the macroeconomic outlook and conditions can provide context for planning. There is broad consensus that we can expect higher inflation and higher taxes in the future. The question is, how can we not only protect ourselves but also take advantage of these tax-hikes to build wealth?

Economists Warn of a Sharp Rise in Inflation

Larry Summers is a center-left economist who was formerly the Treasury Secretary under President Clinton and head of the National Economic Council under President Obama. Summers has called Biden’s economic efforts the “least responsible” macroeconomic policy in 40 years.” He believes the amount of extra spending is far in excess of what’s needed to get the economy back to where it would have been in the absence of COVID-19. “If your bathtub isn’t full, you should turn the faucet on, but that doesn’t mean you should turn it on as hard as you can and as long as you can,” Summers told National Public Radio on February 2, 2021.

Jeremy Siegel, Professor of Finance at Wharton, is also forecasting a sharp rise in inflation over the next few years. During an interview on CNBC’s Halftime Report, “Prices are going to be 20% higher three years from now, four years from now than they are today.”

The current chair of the Federal Reserve, Jerome Powell, has the Federal Reserve setting short-term interest rates at essentially zero and buying $120 billion per month in Treasury and mortgage-related securities. Moreover, the Fed is committed to keeping these policies in place for the foreseeable future.

William Dudley, the chief economist for Goldman Sachs and the president of the New York Federal Reserve Bank from 2009 to 2018, has also issued warnings, saying that he thinks the Fed is putting itself in a position where it’s going to have to eventually raise rates aggressively. If the Fed is too slow to tighten “monetary policy” says Dudley, it will have to eventually “catch up.” That caching up, according to Dudley, will not be “pleasant.”

A Market Correction Might Be Looming

Whatever is going on in the world at any given moment affects the stock market—we can all agree that there is a lot going on.

Almost daily, we see a new story featuring economists predicting a market crash due to the current bullishness of the market. That’s to be expected, market corrections are pretty common. In fact, a double-digit decline has occurred in the S&P 500, on average, every 1.87 years since 1950. While it’s important to factor these warnings into your due diligence, it’s even more pressing to note that these peaks and valleys are cyclical.

Fixed-Income Investments

As more investors grow concerned about a significant correction, they begin to consider moving non-negligible portions of their portfolios to fixed income (aka bonds) investments. We believe this is one of the worst things you can do in this environment.

In the past, people have viewed fixed income as safe and stable, so they shift assets to these types of investments when equity markets become more volatile. This worked when interest rates were decreasing, but because we are reaching a bend in the road shifting a large percentage of capital to fixed income might be a mistake due to the predicted increased inflation and interest rates on the horizon.

Consider Equity Assets Instead

The only investment that could provide real returns (returns net of inflation and tax) are equity assets. At this time some equity investments have yields that are higher than those for fixed income, while also offering growth potential

As always, we recommend a diversified asset allocation based on your needs and risk tolerance. We believe it’s important to have enough cash to cover any expenses anticipated in the next 12 months, once you have this under your belt, you can consider what to do for your other investments. For the portion of the portfolio in fixed income, look at very short-duration holdings and tax-exempt bonds if you are in a higher tax bracket.

Chart Your Own Path

Another example of driving down the road, looking in the rearview mirror when you should be watching for curves is planning based on the recent past or on your parents’ financial experiences. The average lifespan is increasing which means people will need more income later in life, that’s why it is important to stay invested for growth. When someone used to retire at 65 and die before 75, growth was not as much of an issue. Now, many people retire before 60 and live well into their 90s—which is an amazing thing, but isn’t so amazing for modest retirement plans. This is yet another reason maintaining a significant allocation in your equity assets vs. fixed income investments is important.

The key to avoiding financial hardships later in life is to actively monitor and rebalance your portfolio with a long-term view in mind. Having equities will help preserve value over time, even if there is volatility in the short run. Trying to time the market does not make sense; rebalancing a portfolio to a predetermined allocation does. This is where a trusted advisor can add significant value.

Our Recommendations

Given all of these confusing, fast-moving shifts and events, here is what we recommend for you:

• Have enough cash that you are never forced to sell in the short run.
• Actively monitor and rebalance your portfolios—do not try to time the market, try to maintain your agreed-upon allocation instead.
• Understand that we might see a rising interest rate and an inflationary environment. Fixed income will be impacted when this happens.
• Think about why you are investing. If your portfolio is generating the income you need to maintain your lifestyle, the value of your portfolio is not important. This is similar to having a rental home—the rent will be paid to you, regardless of the value of the property.

Be Prepared for Rising Tax Rates

We also expect that capital gains, estate, and income tax rates will rise in the next few years—regardless of the party in power. The challenge facing politicians is how to pass increases that will not upset voters. As such, elevated rates are likely to be seen in more arcane categories like the step-up in basis on estates or corporate taxes. Working with your advisor and CPA to manage your portfolio in the most tax-efficient manner is critical to stay ahead of these increases.

At the end of the day, the most important thing is not how much your portfolio earns, but how much you net in your pocket after fees, expenses and taxes. Having tax-exempt growth is a “free lunch” and who doesn’t love a free meal? As taxes go up, it becomes important to be as tax-efficient as possible. We take a very proactive approach to this and work with your CPA to develop a strategy that is best for your situation.

We do not believe major changes to your financial management strategies should be made in anticipation of tax-law changes. We recommend waiting to see what actually passes. The reality is that the actual rules are often less draconian than how they’re presented. That’s why we recommend you:

1. See if tax-exempt investments make sense, given your tax rate.
2. Consider converting tax-deferred retirement accounts to tax-exempt ROTH IRAs.
3. Consider tax swaps and tax-efficient investments.

Look Ahead with Your Professional Team

In summary, we believe we will see higher income tax rates, higher inflation, and more volatility in both the equity and fixed-income markets. Volatility could actually provide an opportunity for people who prepare by taking an active approach to monitoring their portfolios.

As tax laws become more complex, people live longer, and need more income, it’s important to allow your portfolio to grow and evolve with the times. However, the information on the internet can be confusing, misleading, or outright inaccurate, that’s why it’s more critical than ever to work with a trusted advisor.

Having worked in the financial services industry for more than 30 years, I see that individuals who are unprepared or tend to react to short-term events, generally losing wealth over time. These knee-jerk tendencies create a lot of emotional and financial strain. That’s why I always advise a proactive—not reactive—approach to investing.

Our Personal Vision Planning Process^® is not dependent on predictions or forecasts. We expect the unexpected and plan accordingly. It is clear that inflation will continue to increase, we believe this is one of the biggest risks that investors face today. And, even though we also expect increased volatility in the stock market, this may be one of the best places to invest.

Those who work with a trusted advisor, stick with their plan, and take a long-term view may actually benefit from periods of volatility while not only maintaining but enhancing their lifestyles. We are being met with economic, political, and market changes we have not seen in decades. The road is curving, those who look ahead—and work with a professional team—can benefit. Those who look in the rearview mirror may ultimately drive off the road.

 

Randy Carver, CRPC^®, CDFA^®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Randy has more than 32 years of experience in the financial services business. Carver Financial Services, Inc. was established in 1990 and is one of the largest independent financial services offices in the country, managing $2.1 billion in assets for clients globally, as of June 2021. Randy and his team, work with individuals who are in financial transition as a result of divorce, retirement, or the sale of a business. You may reach Randy at randy.carver@raymondjames.com.

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 information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Randy Carver and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice.

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

There is an inverse relationship between interest rate movements and fixed income prices. Generally, when interest rates rise, fixed income prices fall and when interest rates fall, fixed income prices rise. Tax-exempt investments may not be appropriate for all investors, particularly those who do not stand to benefit from the tax status of the investment. Tax-exempt investments may be subject to AMT, state, or local taxes. Please consult an income tax professional to assess the impact of holding such securities on your tax liability. All investing involves risks, including the possible loss of principal amount invested. No investment strategy, including diversification and rebalancing, can guarantee your objectives will be met.

Between 1967 and 1973, psychologist Walter Mischel, a professor at Stanford University, conducted what became his famous “marshmallow test” on delayed gratification.

In the study, children were offered a choice between one small but immediate reward (a marshmallow) or two rewards if they waited for a period of time. After explaining the study to the children, the researchers would leave the room for about 15 minutes and then return.

They found that children who were able to wait to get two marshmallows (that is, being able to delay gratification) vs. just eating the one marshmallow right away (that is, giving in to instant gratification) tended to have better life outcomes, as measured by SAT scores, educational attainment, body mass index (BMI) and other life measures.

Many people don’t realize that decades later, researchers attempted to replicate the study results, working with children from a more diverse population that was over 10 times larger than the original study. The new study revealed only half the effect of the original study in terms of delayed gratification on success in life later.

As a result, in 2020, a team of researchers that included Mischel challenged the predictive power of the marshmallow test.

Delayed Gratification Can Pay Off in Investments, Too

So, what does the marshmallow test have to do with the decision to convert a tax-deferred IRA to a tax-exempt Roth IRA? This relates to the benefits you can derive when you forgo a small financial reward today (by paying tax on an investment now) so you can get a greater reward in the future (not having to pay taxes on your investments or the growth they realize. once they’ve grown).

Compared to a traditional IRA, the main advantage of a Roth IRA is that you won’t have to pay income tax on the money you withdraw in retirement.

Here’s an example. If you defer spending $5,000 today and put it away, you can receive a tax deduction for saving that money. However, when you take those funds out in the future, you will pay tax on the $5,000, plus all earnings related to that money’s growth. Many people believe that tax rates will increase in the future. But even if we assume that tax rates stay the same, the benefit of paying the tax today and avoiding it tomorrow is compelling.

Let’s look at what could happen with a hypothetical tax rate of 20 percent. We save $1,000 today by deferring the spending of $5,000. If that $5,000 account grows to $10,000, we will then have to pay $2,000 in taxes in the future.

In contrast, if we converted that money into a Roth IRA, we would not save paying the $1,000 tax today, but we would avoid paying the $2,000 tax in the future. Moreover, any funds taken from a traditional retirement account may impact your Medicare premium and taxation of Social Security.

Future Growth on Funds in a Roth IRA Is Tax-Exempt

Even if you cannot contribute directly to a Roth IRA because your income exceeds the limits set by the IRS, you may be able to do what’s called a ‘backdoor ROTH’. You can also convert a traditional IRA into a Roth. When you convert an existing tax-deferred account to a Roth tax-exempt account, you will pay income tax on the amount you convert, but all future growth will be tax-exempt.

Although converting a traditional IRA to ROTH can impact the tax on your Social Security and your Medicare premium, paying a little tax today could save you many times that amount in the future. Keep in mind that the potential break-even time on converting will depend on your individual circumstances. That is why it’s important to speak with both your financial advisor and your CPA about the potential impact of any IRA conversion or contributing to a Roth instead of a tax-deferred account.

We believe that effective tax rates may rise in the future, in which case deferring taxes may not make sense. Even if tax rates remain the same, having tax-exempt funds can benefit you and your heirs.

Here are three compelling ways in which forgoing a reward now can lead to more rewards later, when you convert a traditional IRA to a Roth IRA:

1. With an IRA, there are mandatory distributions at age 72, while with a Roth IRA, there are not.
2. If your heirs inherit an IRA, they will need to pay income tax, whereas with a Roth account, they will not.
3. When you draw money from a traditional IRA, it is considered taxable income that can raise your Medicare premium and the tax on your Social Security income. When you draw from a Roth IRA, that money is not considered taxable income.

Sometimes, it’s better to resist one marshmallow today so you can get two in the future.

Randy Carver, CRPC^®, CDFA^®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Randy has more than 32 years of experience in the financial services business. Carver Financial Services, Inc. was established in 1990 and is one of the largest independent financial services offices in the country, managing $2 billion in assets for clients globally, as of May 2021. Randy and his team, work with individuals who are in financial transition as a result of divorce, retirement, or the sale of a business. You may reach Randy at randy.carver@raymondjames.com.

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This information 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 information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Randy Carver and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors.

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

The greatest value of a great doctor, CPA, mechanic, financial advisor or other expert is not in treating symptoms or responding to problems but in preventing them from happening in the first place. Just as it’s better to never get sick than it is to treat an illness, it’s better to avoid an IRS audit than to have to respond to one.

Likewise, the true value of trusted financial advisors often is not in the problems we solve, but in the ones we prevent altogether.

If you treat your own medical conditions, do your own taxes or try to handle your own wealth management, you won’t have to pay anyone a fee. Yet the actual cost of doing these things yourself — in terms of time, effort, cost, and inadvertent mistakes — can be extremely high.

For example, if you do your own taxes and end up in an audit with a penalty, the expense (and stress) can take a much higher toll on you than paying a CPA to do a proper return. If you visit your medical team regularly, you might be able to prevent a major medical condition from arising, or at least your team is likely to discover a condition early and treat it. If you avoid seeing your doctor, though, because you want to save money up-front, it could cost you dearly later.

Likewise, a trusted financial advisor can help you minimize taxes, reduce volatility, decrease stress and help you grow wealth consistently. Just as preventive medicine is valuable, so is preventive financial management.

It’s hard to see the value of something that “didn’t happen” — the heart attack you never had or the huge market loss you avoided — because you planned ahead. But believe me, the value is priceless!

Mistakes Can Be Costly

According to the 2020 Natixis Global Survey of Financial Professionals, some of the costliest mistakes that investors made in 2020 are as follows:

• Making financial decisions based on emotion
• Trying to time the markets
• Not understanding risk tolerance
• Failing to consider the tax implications of your financial moves

I have written about these common and costly mistakes before, as well as others. Working with our trusted team of advisors can help you avoid the fallout from mistakes like these.

Work with a Team

When selecting a doctor, a CPA or an advisor, their technical expertise should simply be a given. The most important thing, beyond that, is how comfortable you feel with them. Also, does the person you are thinking about hiring work on his or her own or as part of a comprehensive team that can provide a long-term relationship for you; and ultimately future generations, in case that specialist retires, leaves the company or dies?

Your Advisor Team Can Help You Avoid Underperforming the Markets

Individual investors consistently underperform markets. Our team of trusted advisors can help you avoid this all too common, and often extremely costly, mistake.

Dalbar’s annual Quantitative Analysis of Investor Behavior study measures the effects of investor decisions over short and long-time frames. Dalbar has been conducting the study for 27 consecutive years. Since 1984, the study found that 70 percent of average investors underperformed during 10 key periods of market crisis when they took action, such as buying or selling instead of staying the course.

Dalbar’s 27^th-annual study, released on March 31, 2021, revealed that many investors performed better during the pandemic than they typically do. However, they still underperformed the general market indices, even in 2020, largely because they panicked when things went down and chased when they were going up.

Looking at 10 periods of market drops between September 1986 and October 2008, the study found that eight of those periods would have produced better returns as soon as one year later if investors had just stayed the course, without taking any action.

A trusted advisor can help you avoid the continual issue of trying to time the market, which is futile, and resulting underperformance.

Our Personal Vision Planning^® Process Helps You Stay the Course

We have helped people build and transfer wealth for more than three decades. We have developed and refined a process focused on your personal vision. Ultimately, the true value we add is being here to listen to you, guide you, advise you and help you chart a course, especially through uncertain times. Often, the most important things we do prevent things that would have happened if you had not sought help from us.

Yes, your doctors and your trusted financial advisors will help you try to fix issues that come up, but I encourage you to visit us regularly and follow our guidance, to put you in the best position possible to avoid problems. Our team is a valuable resource to provide solutions, answer questions and, ultimately, help to make your life better.

Being proactive is always wiser than being reactive. Understanding what we can and cannot control, and planning accordingly, are the keys to success. The value a trusted team of advisors brings to you goes far beyond peace of mind. The most important thing they may do is the thing that never happens.

Randy Carver, CRPC^®, CDFA^®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Randy has more than 32 years of experience in the financial services business. Carver Financial Services, Inc. was established in 1990 and is one of the largest independent financial services offices in the country, managing $2 billion in assets for clients globally, as of April 2021. Randy and his team, work with individuals who are in financial transition as a result of divorce, retirement, or the sale of a business. You may reach Randy at randy.carver@raymondjames.com.

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This information 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 information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Randy Carver and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors.

Investing involves risk and you may incur a profit or loss regardless of the strategy selected, including diversification and asset allocation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.