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Carver Financial Services

Creating wealth management solutions based upon individual needs, goals and risk tolerance.

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scaught

The Dishes Don’t Matter When Your Pants Are on Fire

August 3, 2020 //  by scaught

How to Manage Financial Priorities During a Crisis

The Covid-19 crisis is wreaking havoc on the hearts and minds of so many of our friends and neighbors. Wild stock market fluctuations, fear of what the future holds, and the health and safety of our families are top of mind. I want to address how to manage financial priorities during a crisis, with the hope of shifting any fear and panic you might have, to calm confidence about what lies ahead.

How Important Are Those Dishes, Anyway?

Dirty dishes seem like a top priority when dinner is done. But let’s say your pants catch fire when you brush by the candle on the table. All of a sudden, the dishes are no longer your top priority. You’d extinguish your pants (hopefully, without injury) and deal with the dishes later.

Applying this metaphor to financial planning, a rapid drop in the stock market following a bad news event, or persistent negative news about a pandemic and rioting in the streets, can make short-term financial preservation feel much more pressing than long-term retirement planning.

Worry robs us of joy and peace. Certain events require immediate attention (like catching your pants on fire), and others don’t.

However, there’s a difference between quick action in an emergency and chronic worry over the unknown. If fear becomes a daily driving force, it can affect decision-making, creating long-term uncertainty with potentially disastrous results.

Keeping your eyes on the future can help you through uncertain times. I want to encourage you to keep your eyes on your long-term goals, not on the daily negative news we’re seeing during the Covid-19 crisis.

Remember Your Long-Term Plans

To enjoy today and grow assets for an uncertain tomorrow, it’s important to take care of ourselves before trying to help others. We must plan for tomorrow and at the same time, enjoy today. This balance defines the values of Carver Financial Services, and it drives our philosophy in managing your assets.

We believe in enjoying today, appreciating what we have, and cherishing our loved ones in each moment. After all, we don’t know what tomorrow might bring. Anyone could suffer a tragedy at any moment. Sacrificing today to worry is no way to live.

At the same time, planning for the future creates financial confidence, and knowing how to manage a crisis with a long-term eye on the future is key to enjoying today and achieving an independent future.

Perception vs. Reality

We must see the risks in life and deal with them rationally. Covid-19 can be dangerous; however, so is cardiac disease, which kills more than 600,000 people each year in the United States. Taking every precaution against Covid isn’t much help if a daily dose of hot dogs and cigarettes leads to a deadly heart attack.

Market fluctuations are a bit like this: volatility can cause panic, but long-term poor planning can be a death knell.

Consider inflation as an example. Losing portfolio value after a market drop can feel like a serious crisis today. Over time, though, history proves the market will come back. Conversely, failing to plan for the known eventuality of future inflation can be disastrous to your long-term financial preservation.

Do you know anyone who paid more for the last car they bought than they did for their first home? Inflation is a reality that requires careful attention and planning. It’s not a crisis today, but failing to plan for it can be a disaster tomorrow.

Confidence Through Planning

By having enough cash and fixed income on hand to meet your needs and a long-term plan to meet your future goals, you’ll be more likely to weather short-term events and create the independent future you desire.

Our Personal Vision Planning® process takes a proactive approach to rebalancing your portfolio based on your changing needs and market opportunities while working to minimizing expenses, income tax, and volatility at the same time. 

This is a dynamic process guided by your needs, objectives, and risk tolerance rather than market movement or media hype. It works in tandem with your other advisors, such as accountants and lawyers.

As the pace of change continues to accelerate and media hype scratches on your nerves, it’s more important than ever to work with a trusted financial advisor in maintaining and enhancing your lifestyle.

Let’s Talk About Your Future

I’ve been in the financial services industry for more than 30 years. I can say without hesitation that now more than ever, competent professional financial advice is a must-have. And in an increasingly impersonalized and automated world, I believe having a personal relationship with your financial advisor is key to achieving financial confidence.

If you already work with us, we are humbled to be your partner and appreciate the confidence you have in what we do. If you are not a client and would like our insight on your current financial plans, please get in touch. You can reach me directly by email here or call our office at 440-974-0808.

Category: BlogTag: Covid-19, Financial Planning, Investing

Cleveland Jewish News

July 23, 2020 //  by scaught

Click to read full article

Category: Media

Continuing to Serve You – Covid-19 Update

July 6, 2020 //  by scaught

Our Five-Part Safety Plan

As we navigate through these times of uncertainty together, we want you to know we have been working hard to safely maintain service during the COVID-19 pandemic. Our five-part safety plan puts your health and safety at the center of all we do. It is a comprehensive, multi-layered approach with guidance from public health experts and in compliance with state and federal mandates.

As our routines shift in an effort to protect those most vulnerable, we want to take a few moments to update you on changes we have implemented to reduce health risks while maintaining the same high-quality, accessible service we have provided for more than 30 years. Here are five steps we’re taking to ensure everyone’s safety:

1. Holding virtual meetings
Though we enjoy seeing clients in person, we are offering virtual appointments over the phone or through video chat for the safety of all. Zoom allows virtual meetings and screen sharing and is a great way for you to interact safely with your advisor. Rest assured, we have the technology available to serve you from any location and to conduct business as normal while keeping you and your data safe. If you need assistance, please contact our office.

2. Limiting visits to appointments only
At this time, limited client meetings will continue, though we ask that you call first to set up an appointment for the safety of all. We are limiting the number of people in the building at any given time. We respectfully ask for your careful consideration and cooperation when booking an appointment. If you feel unwell or believe you may have been exposed to the coronavirus, simply reach out, and we be happy to reschedule for a time when you’re feeling up to it. Or we will schedule a virtual meeting.

3. Increasing our cleaning efforts
We have instituted elevated cleaning and sanitation protocols within the office using CDC-recommended disinfectants and steam cleaning. Public areas are sanitized throughout the day, and each meeting room is cleaned between meetings. Also, we have UV light sterilizing the air in our HVAC system.

4. Training our team extensively
We have put extensive employee protocols in place, including requiring employees to perform daily self-assessments for COVID-19 symptoms and verify being symptom-free, and training programs on health and safety protocols.

5. Using face coverings and PPE
We are following the state mandate for face coverings. Guests are strongly encouraged to wear masks in public areas, and our team members are required to wear an approved mask while working with you. We are happy to provide you with a mask and/or gloves if you would like them.

As a reminder, you can always check on your portfolio 24/7 and view financial documents online through Client Access. Our team can help you set this up if you have any questions.

You can also visit our Coronavirus COVID-19 Resource web page to view recent videos, blog posts and for other helpful information

No matter the challenge, we are here for you. Please reach out with questions or whenever we may be of service. In good health!

Category: BlogTag: Covid-19, Health

Greed, Fear and the Benefits of Balance

June 30, 2020 //  by scaught

Greed and fear can have tremendous impacts on the market. The market goes up when more people are buying than selling. It goes down when more people are selling than buying. That seems obvious. What might not seem so obvious is the impact of the emotions behind those buying and selling decisions. Often, they can be summed up in two words: greed and fear. I’d like to make a case for the benefits of balancing greed and fear in your investment decisions.

The Risks of Greed and Fear

Greed, or what we might refer to as human desire, can help us achieve more because it can motivate us to strive for more. From a young age, we become conditioned to understand that hard work pays off in helping us achieve our goals and meet our needs.

Fear works the same way, but in reverse. Fear prevents us from running headlong into harmful situations. We learn to listen to the voice of caution in our subconscious.

But too much greed or too much fear can have a negative effect on our outcomes. Investing from a place of unbridled greed can lead to reckless buying decisions. Investing from a place of fear and panic can lead to costly selling decisions.

Investing is a bit like sports training: too much of a good thing can work against us. Overdoing it in the weight room can lead to injuries that ultimately degrade sports performance. Likewise, overreacting to greed or fear in the markets can degrade investment returns.

Of course, the goal with investing, as it is with sports, is to achieve the highest potential reward for any given level of risk. Ideally, we can control the risk. When participating in an “extreme” sport like skydiving, rock climbing or scuba diving, we control risks with the right equipment, proper training and including a competent buddy in the adventure. We double-check our equipment and document our plan for loved ones back at home.

With investing, we take similar steps to understand and mitigate risks. We create a long-range plan that accounts for known needs, goals, values, and the inevitable rainy day. We further control risk with a carefully conceived asset allocation plan to balance our investments in a way that will help us achieve investing goals.

One of the most important ways to avoid injury from an extreme sport or investing is to avoid panic.

When things go wrong —- and they sometimes do — we need to work the problem, trusting our training and resources to lead us to the best solution. One of the most valuable resources anyone can have in times of investor uncertainty is a long-term asset allocation plan that balances goals with risk tolerance.

A well-known and widely followed investor sentiment study conducted annually by the Dalbar organization consistently concludes that poor market timing leads to lower returns. Why? Emotions.

  • In the period from January 1984 through December 2002, the S&P 500 was up 12.22 percent per year, while the average mutual fund investor was up only 2.57 percent during those same years.
  • In the 10-year period ending December 31, 2015, the S&P 500 averaged a compound annual return of 7.31 percent, while the typical investor earned an average annual return of just 4.23 percent. That’s a whopping difference of 3.08 percent per year!
  • By 2019, the news for individual investors was even worse, with Dalbar concluding a gain of just 3.88 percent over 20 years. Once you account for annual inflation of 2.17 percent during the period, that figure drops to a real average annual return for individual investors of only 1.71 percent. Here’s the math:

3.88% average annual return – 2.17% average annual inflation = 1.71% return

Dalbar concludes that individual investors without a solid long-term plan for asset allocation can make poorly timed buy or sell decisions based on greed when stocks are on the rise and based on fear when they’re dropping. Ultimately, those investors bought high and sold low in their attempts to time the market. Dalbar consistently shows how disastrous that approach can be.

Good decisions require good information, not emotion. When the indicator light on the panel says an engine is on fire, is the engine on fire, or is the light faulty?

When it comes to investing, it can feel tempting to react to what the media reports. But doing that is likely to lead to the bleak returns that Dalbar reports. The irony is that by reacting in fear of things that might not necessarily be dangerous, such as a temporary drop in portfolio values, we can increase our long-term risk due to bad emotional decision-making.

The reverse is also true. Reacting in greed to the latest hype can cause us to buy when or what we shouldn’t.

The Greatest Risk in Investing

Do you know the greatest risk most investors face today? It’s outliving their money. Allowing emotional reaction to control investment planning is no way to ensure that you will have the money you need and want as you age.

So how can you plan to avoid the pitfalls of emotional investment decisions?

  1. Have an asset allocation plan that includes cash or fixed-income holdings for emergencies. In this way, you will not have to sell long-term investments at an inopportune time.
  2. Think about your risk tolerance and the amount of volatility you can handle with longer-term investments.
  3. Don’t give in to fear or hype.
  4. Work with your trusted advisors to develop, monitor, and update a comprehensive plan designed to help meet your goals and values.

I have worked in the financial services industry for more than 34 years. I’ve seen every kind of market and every kind of reaction to it, from the overhyped to the outright panicked. I’ve seen firsthand that while investments, markets, products and technology all can change, the fundamental principles that drive good decisions do not.

I encourage you to avoid the hype of greed and the panic of fear. Balance those emotions with your focus on your long-term goals. Contact me personally or anyone on our team to talk about your investments and your long-term plan for financial independence. Helping your vision become reality is our top priority.

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 the author, 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. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification. Individual investor’s results will vary. Past performance does not guarantee future results.

The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance.

Category: BlogTag: Fear, Greed, Investing, Risk

June 2020

June 25, 2020 //  by scaught

Category: Client Memo

Virtual Town Hall Meeting

June 25, 2020 //  by scaught

For our second live streaming town hall meeting, Randy is joined by advisors:  Dan McGreevy, Joe Lowe, Raj Chatterjee, and Nik Wearsch who will be discussing where we are at, what you want to consider doing and addressing your questions.

Category: VideoTag: Covid-19

The “New Normal” and What It Means for Your Financial Future

June 11, 2020 //  by scaught

We keep hearing about a “new normal” and “these uncertain times.” Does anyone really like the sound of that? There’s nothing “normal” about a global pandemic, home quarantine, closed businesses, skyrocketing unemployment, halted travel, the death of a man under the knee of a police officer streamed live on social media, protests across the United States, a stock market in mayhem and trillions in new government spending.

Yet in the midst of so much chaos, we see glimmers of hope. The first SpaceX mission launched successfully, igniting renewed energy for manned space exploration. Early projections of Covid-19 deaths were vastly out of whack, and the actual numbers are turning out to be much more in line with average seasonal flu deaths.

So let’s take a deep breath and a closer look at what “the new normal” really is…and what it means for your financial future.

Some Perspective on Changing Times

This isn’t the first time we’ve seen turmoil and uncertainty like this. Following the assassination of Martin Luther King, Jr., in 1968, our country witnessed four days of riots in 110 cities. The same year, a new strain of the Influenza A virus called the Hong Kong Flu reached the United States and killed more than 34,000 people. Meanwhile, the Vietnam War continued. On a happier note, though, that was the same year that the first crewed Apollo missions and more than 150 other space missions were launched.

There were a lot of reasons to avoid investing in 1968. In January of that year, the Dow was at 906.84. By December, it was at just 947.7 — modest growth, at best. But now the Dow exceeds 25,000. If you had invested $100,000 in 1968, it could be worth more than $2.6 million today!*

There are clear parallels between the past and what we’re experiencing today. We need to maintain hope for a healthy, safe and prosperous future.

We Will Move Forward Again

We can take comfort in knowing we’ve been here before and moved forward. We’ve suffered great hardship in the past yet prospered over time. It is sadly unfortunate that race relations now, 52 years later, have not improved, and our medical establishment has not eradicated viruses that can travel the globe. But there is hope for change.

In planning for your financial future, history is our best reminder that as much as things change, most truths remain the same.

History shows us we will move forward from the Covid-19 pandemic. We will heal from the awful death of George Floyd and the devastating riots across our nation’s cities. We are confident that the stock market will stabilize, and portfolios will rebound.

This reminds us of the importance of maintaining a long-term vision for your financial future.

Imagine a man walking up a hill with a yo-yo. If you focus only on the up-and-down motion of his yo-yo, you probably won’t notice his progress up the hill. Investing for your future is like that —- focusing on the goal and the plan makes much more sense than focusing on the yo-yo effects of day-to-day concerns.

Planning for Your Financial Future

Fulfilling a personal vision for a solid financial future takes planning, courage, and persistence. Carver Financial Services was founded with this mission in mind, helping you achieve your personal vision and financial goals.

Our team is here to help you navigate good times and bad, with a long-term outlook that supports your goals and your values.

Will we get through today’s turmoil? Yes. And our team will be here along the way, with solid research, sound decision making and top-notch professionals dedicated to serving you.

We understand you may have fears about your financial future. You are not alone. Your confidence and outcome are our top priorities. Contact us to discuss your concerns, hopes, and dreams for your future, or if there is anything that we can do to help you, your family, or your friends at 440-974-0808 or email randy.carver@raymondjames.com.

Any opinions are those of the author and not necessarily those of Raymond James. 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. There is no assurance any of the trends mentioned will continue or forecasts will occur.

*The Dow Jones Industrial Average (DJIA), commonly known as “The Dow” is an index representing 30 stock of companies maintained and reviewed by the editors of the Wall Street Journal Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor’s results will vary. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance does not guarantee future results.

Category: BlogTag: Covid-19, Finance, Health, History

Carver Financial Brand Relaunch

June 3, 2020 //  by scaught

We are excited to announce a relaunch of our firm to better meet your needs in this new era, and for generations to come. We believe that these updates will improve and strengthen our firm to help ensure your personalized plan remains strong today, tomorrow, and into the future. In an increasingly complex, and rapidly changing world, we remain committed to the mission of helping simplify your life, while achieving your personal vision. We are here for you!

Category: Video

A New Era and New Look: Three Decades Centered Around Your Vision

May 27, 2020 //  by scaught

We continue to hear about a “new normal” –yet this really is not new. Change is constant and we must evolve to be relevant both personally and as business. Thirty years ago, I founded Carver Financial Services to help people achieve the life they envisioned—whatever that might be.

Much has changed with the world, since 1990, and our firm has continued to evolve. We have expanded our team, building and services while continuing to utilize state-of-the-art technology to better serve your needs and those of our community. Despite our continued growth, our founding purpose hasn’t changed at all. In fact, it’s only grown stronger.

While there are thousands of firms that focus on investments, financial planning and money management we focus on you and your vision with our innovative Personal Vision Planning® process.

As we move into the next “new normal,” we are excited to announce a relaunch of our firm to better meet your needs in this new era, and for generations to come.

The most visible sign is an evolved look for our logo—one that better connects with our commitment to, and partnership with you. 

Our new logo is a visual symbol of our partnership with you, and our mission to make people’s lives better in everything we do. The three lines in the icon represent your vision, our team, and our global resources. Together, these parallel lines move in an upward trajectory toward a bright, positive future. 

Other visible signs of our new and improved firm are the growth of our professional team, the completion of our building expansion and the introduction of a new website at the end of June. In addition to the more observable updates, behind the scenes we’re also enhancing our processes, technology and communications. 

We are introducing a new and improved investment management process that can allow us to respond to changing market and economic conditions more efficiently. This update to our Personal Vision Planning™ process will better help meet the individualized needs of our clients.  

As part of our commitment to be an enduring firm, we continue to expand our team with multi-generations of professionals, so that we will be here for you today and for years to come.   

We continue to make smart investments in our team’s continuing education, to ensure we have the most current knowledge and information for you.    

We believe that these updates will improve and strengthen our firm to help ensure your personalized plan remains strong today, tomorrow and into the future. In an increasingly complex, and rapidly changing world, we remain committed to the mission of helping simplify your life, while achieving your personal vision.

Our commitment to personalized service and planning, based on your vision, will never change. No matter what the future brings, we are proud to share your journey and we will be here for you. As always please contact us whenever we may be of service carverfinancialservices@raymondjames.com or carverfinancialservices.com.

As of May 2020, we manage more than $1.5 billion in assets for clients around the corner and around the globe. We look forward to serving you.

Category: BlogTag: Branding, Carver Financial, New Normal, Personal Vision Planning

Healthy, Wealthy, and Wise with NBA & CAVS’ Dietitian Kylene Bogden

May 15, 2020 //  by scaught

As mentioned before Your health and well-being are our most important priority.   How we eat can directly impact how we feel and how healthy we actually are.   We are very excited to have one of the leading experts with us this evening.

Category: VideoTag: Covid-19, Fitness, Health

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