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

11th Year in a Row, Carver Financial Services wins Fast Track 50 Award for Lake & Geauga Counties

September 2018, Carver Financial was once again recognized as one of the The Lake-Geauga Fast Track 50 winners. The Fast Track 50 recognizes the contribution of local companies to Lake and Geauga county economies. The Fast Track 50 Committee compiles a list of the fastest-growing companies in Ohio’s Lake and Geauga counties. Companies are ranked by sales and employment growth over the previous five-year period and the top 50 are recognized. Carver Financial Services Inc. has consistently been recognized on this list for the last nine years.

The 2017 Lake-Geauga Fast Track 50 honors companies and individuals in Lake and Geauga counties who have shown growth. The Fast Track 50 Committee compiles a list of the fastest-growing companies in Ohio’s Lake and Geauga counties. Companies can nominate themselves. To be eligible for the award, companies must be located within the two-county region, be organized as a for-profit business, and must meet a minimum sales profit. Companies are ranked by sales and employment growth over the previous five-year period and the top 50 are recognized. Winners are chosen by a math formula: 80% of weight is given to sales growth and 20% of weight is given to employee growth. To more fairly compare larger and smaller companies, the Fast Track 50 is divided into Established and Emerging categories. For 2017, Established companies must report revenue of at least $2.75 million in 2012, the baseline year for all evaluations. Emerging companies are required to have 2012 sales of between $250,000 and $2.75 million. There are 25 companies on each list. Out of 100 firms nominated, 50 received the award. This ranking is not indicative of future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. Raymond James is not affiliated with The Fast Track 50 Award.

Randy Carver Named to 2018 Financial Times 400 Top Financial Advisers

March 22, 2018 – Mentor OH – Randy Carver has been named to the 2018 edition of the Financial Times 400 Top Financial Advisers. The list recognizes top financial advisers at national, independent, regional and bank broker-dealers from across the U.S.

This is the sixth annual FT 400 list, produced independently by the Financial Times in collaboration with Ignites Research, a subsidiary of the FT that provides business intelligence on investment management.

Financial advisers from across the brokerage industry applied for consideration, having met a set of minimum requirements. The applicants were then graded on six criteria: assets under management (AUM); AUM growth rate; experience; advanced industry credentials; online  ccessibility; and compliance records. There are no fees or other considerations required of advisers who apply for the FT 400.

The final FT 400 represents an impressive cohort of elite advisers, as the “average” adviser in this year’s FT 400 has 28 years’ experience and  manages $1.4 billion in assets. The FT 400 advisers hail from 38 states and Washington, D.C.

The FT 400 was developed in collaboration with Ignites Research, a subsidiary of the FT that provides specialized content on asset management. To qualify for the list, advisers had to have 10 years of experience and at least $300 million in assets under management (AUM) and no more than 60% of the AUM with institutional clients. The FT reaches out to some of the largest brokerages in the U.S. and asks them to provide a list of advisors who meet the minimum criteria outlined above. These advisors are then invited to apply for the ranking. Only advisors who submit an online application can be considered for the ranking. In 2018, roughly 880 applications were received and 400 were selected to the final list (45.5%). The 400 qualified advisers were then scored on six attributes: AUM, AUM growth rate, compliance record, years of experience, industry certifications, and online accessibility. AUM is the top factor, accounting for roughly 60-70 percent of the applicant’s score. Additionally, to provide a diversity of advisors, the FT placed a cap on the number of advisors from any one state that’s roughly correlated to the distribution of millionaires across the U.S. The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of advisor’s future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. The FT is not affiliated with Raymond James.

Barron’s again names Randy Carver to Top State By State Advisor Ranking list, Nationally and Ohio

March 12, 2018  Randy Carver was again named to Barron’s Top State By State Advisor Rankings list nationally and for Ohio. Randy  was ranked as one of the top five advisors in Ohio.   According to Reuters (February 11, 2015) there are roughly 285,000 financial advisors in the United States. Barron’s listed their top 1,200 putting Randy in top  4/10ths of 1% of all advisors.

To see full listing click here.

Raymond James is not affiliated with Barron’s. Neither Raymond James nor any of its Financial Advisors have paid a fee in exchange for this recognition.  Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved. This recognition is not indicative of future investment performance and may not be representative of individual clients’ experience. .  Rankings are based on data provided by the nation’s 4,000 most productive advisors. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance isn’t an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients’ risk tolerance than by an advisor’s investment-picking abilities.

Why am I not Beating the S&P 500?

Focus on Your Goals – Not Beating the S & P

The Standard & Poor’s 500 index, or S&P 500, is a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large-cap equities universe. The question of why someone is not beating the S&P index generally comes up when the markets have continued to move higher, which is what we experienced in 2017.

Maybe That’s the Wrong Question

There are many answers to that question, which we get into below. But is this is even the right question to ask? A better question might be, is your goal to beat the index or to maintain your lifestyle and standard of living? Is your goal to beat the index mathematically or to accumulate real wealth? Are you happy making more than the S&P when it’s going up but potentially losing more when it goes down?

We believe a broadly diversified portfolio can provide a potentially greater level of return for any given level of volatility than a single asset class like the S&P 500 can over meaningful periods of time. Historical facts support this idea. When markets do well (or poorly) over one or two years, that is not indicative of long-term performance. Also, we believe that a portfolio must be designed to meet both your near-term and long-term income and growth needs — not just to earn a given rate of return.

So how long is “long term”? James Glassman, a Kiplinger columnist, says, “When you purchase a stock, you should think of yourself as a partner in the business forever — or until you need the cash. But forever, or even 30 years, is way out on the dim horizon. A more manageable view might be 15 years. If you invest $10,000 today in a stock that returns an average of 12 percent per year (a return that is 2 percentage points higher than the historic long-term return of S&P’s 500 stock index), you’ll end up with about $55,000.”

A Diversified Portfolio Can Outperform Large-Cap Equities Alone

The S&P index has been one of the strongest-performing asset classes recently. Therefore, if someone has a diversified portfolio, they are likely making slightly less than they would if they invested only in large-cap equities. On the other hand, when the S&P has gone down in the past, the diversified portfolio has likely outperformed large-cap equities and provided continued income to maintain investors’ standards of living.

It is also important to consider what your net income is for tax purposes. A properly managed portfolio can help mitigate income tax issues, whereas simply buying an index proxy (like an S&P index fund) cannot.

Focus on Your Personal Needs, Not on Indexes

We view a portfolio as a tool for helping you maintain and enhance your standard of living. So we are looking at maintaining the income you need over time, regardless of what the broader markets, including the S&P 500, do. We are also looking at returns over longer periods, which will include negative markets. November 2017 was the 13th consecutive “up” month, the best run for the S&P 500 since it ran off 15 straight months of gains from March 1958 through May 1959. While we are optimistic about the longer-term trend of the markets, there will be corrections, and we want to make sure these don’t impact your income or lifestyle.

With our practice the allocation of your portfolio is based on your needs, risk tolerance, tax situation and long-term goals. A portfolio that is just in the S & P 500 can be more volatile than a more broadly diversified portfolio, provide less income and may have negative tax consequences.

In the 70 years from 1947 to 2016, the S&P 500 had 27 declines of at least 10 percent but less than 20 percent, or once every 2.6 years. In the same 70-year period, the S&P 500 had 11 declines of at least 20 percent, or once every 6.4 years. The last “10 percent correction” for the S&P 500 was a 13.3 percent drop over the three months that ended on February 11, 2016. The last “20 percent or more bear” for the S&P 500 was a 56.8 percent drop over the 17 months that ended on March 9, 2009 (source: Yahoo! Finance).

We believe it is not what you make that is important, but what you keep net of taxes, fees and expenses. The S&P does not take these numbers into consideration.. If you earn 10 percent and the S P earns 12 percent, you may still be beating the S&P if you are in a 25 percent tax bracket. You cannot invest directly in the S&P index; you must invest in an investment that tracks it. Index funds and other proxies may have funds and expenses not reflected in the index itself. This adds additional expense and may have negative tax consequences.

Come to the Carver team for Custom Allocation

So why would someone maintain a portfolio lagging the S&P? Most likely because it’s not designed to beat the S&P Index — nor should it be. Unlike many practices, we do not use models. Instead we custom-allocate your portfolio based on your income needs, risk tolerance, tax situation and myriad other factors. Moreover, the portfolio is just one tool that can help you achieve your personal goals and vision. When the broader markets are doing well, it’s natural to compare your returns to the best index, but it’s not the best way to judge how you are doing and how you are positioned for the future.

Please contact us, without cost or obligation, to discuss your personal vision and how we can help you achieve it: Randy.carver@raymondjames.com or (440) 974-0808

The information contained in this blog does not purport to be a complete description of the securities, markets, tax rules 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 Randy Carver 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. 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. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. The S&P 500 is an unmanaged index of 500 widely held stocks that’s generally considered representative of the U.S. stock market. The Dow Jones Industrial Average (DJIA), commonly known as “The Dow”, is an index representing 30 stocks of companies maintained and reviewed by the editors of the Wall Street Journal. Index performance does not include transaction costs or other fees, which will affect actual investment performance. You cannot invest directly in any index and past performance doesn’t guarantee future results.

FORBES recognizes Randy Carver as one of the “Top Wealth Advisors In the United States”

September 26, 2017 FORBES recognized the Top Wealth Advisors in the United States. For the second year in a row Randy Carver was recognized on this prestigious list. “This recognition is a testament to the commitment and professionalism of our entire team”, commented Carver. Randy Carver and his team manage $1.2 billion in assets for clients globally.

See the FULL STORY and LISTINGS.

The Forbes ranking of America’s Top Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative and quantitative data, rating thousands of wealth advisors with a minimum of seven years of experience. Ranking algorithm is based on quality of practice, including: telephone and in person interviews, client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criteria because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC which does not receive compensation from the advisors or their firms in exchange for placement on the ranking. Research Summary (as of September 2017): 19,872 Advisor nominations were received,
based on thresholds. 4,504 Advisors were invited to complete the online survey. 4,432 Advisors were interviewed by telephone. 923 Advisors were interviewed in-person at the Advisors’ location. Final list of the top 250 Advisors was then compiled based upon the quantitative criteria. Raymond James is not affiliated with Forbes or Shook Research, LLC. This ranking is not indicative of advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. 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. Raymond James is not responsible for the content of any web-site or the collection or use of information regarding any web-site’s users and/or members.

Case Western Reserve names Carver Financial Services, Inc. to 2017 Weatherhead 100

September, 2017 Carver Financial Services Inc. was recognized by Case Western University as a 2017 Weatherhead 100 company stating “this is a true testament to the hard work and dedication of you and your company”. The Weatherhead companies are recognized for their percent of revenue growth over the past five years.*

The rankings are based on data from the following: 12-month period of net sales from 2012 – 2016, 2012 net sales must be at least $100,000, Headquartered in Ashland, Ashtabula, Cuyahoga, Erie, Geauga, Huron, Lake, Lorain, Mahoning, Medina, Portage, Richland, Stark, Summit, Trumbull or Wayne County, not a franchise or subsidiary of another company between 2012 – 2016 and must be a for-profit organization. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. Case Western University / Weatherhead 100 is not affiliated with Raymond James.

Barron’s names Randy Carver to “Top 100 Independent Wealth Advisors” in the Country

September 18, 2017 Randy Carver, the President of Carver Financial Services, Inc., an independent practice, was once again included on the Barron’s list of the “Top 100 Independent Wealth Advisors” in the country.

“It’s a tremendous honor to be recognized as one of the top independent financial advisors in the country,” Caver said. “I’m proud to be in the company of such a distinguished group. While Barron’s has recognized me this really reflects on the quality of the team at Carver Financial Services Inc. without all of whom this would not be possible,” he commented.

Barron’s  produced the listing of top advisors after weighing factors such as client assets under management, philanthropic work, compliance record and the overall quality of their practices. Investment performance is not a criteria because client objectives and risk tolerances vary, and advisors rarely have audited performance reports.  There are more than 450,000 licensed financial advisors in the United States so being named one of the top 100 independent advisors is  a unique recognition.     Sterling Shea, the head of Advisory Programs at Barron’s commented “The advisors included in this group represent teams with extraordinary talent, expertise, and passion for helping clients to achieve better financial outcomes.”   *

“Congratulations to Randy Carver on being recognized as one of the very best independent advisors in the nation,” said Scott Curtis,  President of Raymond James Financial Services. “Being named to Barron’s list is a testament to Randy’s longstanding commitment to putting his clients’ interests first and helping them achieve their financial objectives.”

*Barron's Top 100 Independent Financial Advisors
 Source: Barron's “Top 100 Independent Financial Advisors,” September 2017. Barron's is a registered trademark of Dow Jones & Company, L.P. All rights reserved. The rankings are based on data provided by over 4,000 individual advisors and their firms and include qualitative and quantitative criteria. Data points that relate to quality of practice include professionals with a minimum of 7 years financial services experience, acceptable compliance records, client retention reports, charitable and philanthropic
 work, quality of practice, designations held, offering services beyond investments offered including estates and trusts, and more. Financial Advisors are quantitatively rated based on varying types of revenues produced and assets under management by the financial professional, with weightings associated for each. Investment performance is not an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients' risk tolerance than by an advisor's investment picking abilities. The ranking may not be representative of any one client's experience, is not an endorsement, and is not indicative of advisor's future performance. Neither Raymond James nor any of its Financial Advisors pay
 a fee in exchange for this award/rating. Barron's is not affiliated with Raymond James.

Realistic Expectations and Asset Allocation: Important Factors to Help With Long-Term Success

As the markets continue to increase, investor expectations are on the rise. This isn’t necessarily a positive trend as it is important for our long term investment results that we need to keep our expectations realistic.

In June 2017, Legg Mason released the Global Investor Survey that captured the expectations of 900 investors. The survey reveals that income investors seek an overall average rate of return of 8.64 percent. Those who are working expect 9.27 percent returns, while those who are retired are counting on a 6.22 percent. But in reality, U.S. respondents say they achieve a 7.44 percent average rate of return on their income-producing investments.[1]

This expectation is certainly better than the 14.1 percent that investors expected in 2005, reported by the Securities Industry Association. And it’s definitely closer to being realistic than expectations consumers had in 2000 of above 30 percent.

What History Has Taught Us

Having an unrealistic expectation of your return can be problematic. For one thing, an overly optimistic outlook can translate into losing sight of lessons learned during recent years. With rising interest rates and a stock market that is highly valued in historical terms, returns that are somewhat lower than the S&P 500’s historical average, which was approximately 10.4 percent for the period from 1926 through 2003, are realistic.

Since 1950, returns on a traditional U.S. portfolio of 60 percent for stocks and 40 percent for bonds generated an average annual return of 9.5 percent over rolling five-year periods.

But to earn this return, portfolio values were enhanced by exposure to bonds that were paying yields significantly higher (4–6 percent) than those now available in 2017. With the 10-year U.S. Treasury paying a paltry 1.5 percent, global bonds providing negative yields and predictions of continued slow global economic growth, it is important for investors to lower their expectations for returns from those earned historically.

As the saying goes, “If all else fails, lower your expectations!”

Focus on What You Can Control

Market fluctuations are beyond our control. So if you’re an investor, it’s important for you to focus on the two things you can control: savings and spending. As your investment consultant, in this environment of lower return expectations, we will remain disciplined by employing the appropriate risk-adjusted investment strategy to help meet your goals and objectives. And we will work with you to identify appropriate savings and spending plans.

Strive for Long-Term Performance

You also must look beyond quarterly and yearly investment results and instead establish time horizons of five years or more. This can help ensure that your portfolio meets your longer-term investment objectives. Study after study proves that some investors can make very poor decisions when trying to guess the direction of financial markets.

We provide added value by rebalancing your portfolio strategically based on our review of your needs, your investment status and our assessment of your individual level of risk tolerance.

Every investment class will fluctuate. Some investors attempt to time the markets in search of the greatest returns in a given environment. For many investors, making small adjustments according to prevailing market conditions is part of an overall investment strategy. But in our opinion,  the best course of action is usually adhering to a long-term plan in which you allocate your assets according to your individual goals, tolerance for risk and time horizon.

Diversify Your Investment Classes

Also, by creating a mix of different investment classes within a portfolio, you can better mitigate the inherent risks in all categories. When one asset class underperforms, other investment choices may remain stable or appreciate, potentially lessening overall losses. In fact, studies have shown that asset allocation can be even more significant than individual investment selection in determining portfolio performance as a whole.

The Difference Between Asset Allocation and Investment Selection

There are two important aspects of your long-term investing strategy. The difference between them can be confusing, and sometimes advisors don’t explain these concepts well.

Basically, asset allocation is the process of putting your money to work in the most suitable place, in the types of investments that make the most sense for your unique situation. Instead of moving in and out of various investment classes, which is the tendency for many investors, it is typically wiser to simply rebalance your allocation. Rotate your investment in the various classes periodically.

Asset allocation can be your strategy for long-term performance in our opinion. Asset allocation is so important that even some researchers say it is responsible for 90 percent of observed returns.

Now, investment selection is the process of identifying individual securities or investments within a certain asset class that will make up your portfolio. You will select investments that can help you achieve your overall strategy.

The turnaround in the markets and economy is currently positive, and the outlook for the future is more optimistic than in recent years. Having reasonable expectations and allocating your assets wisely should remain at the forefront of your long-term plans.

If you have any questions about your personal asset allocation or the possible outlook for the markets, please contact your financial advisor. He or she will help you create and maintain a course of action that best fits your needs, regardless of the market environment.

The information contained in this blog 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 Randy Carver 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.  There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when interest rates fall, bond prices generally rise. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. Past performance is not a guarantee of future results.  Investing involves risk and you may incur a profit or loss regardless of strategy selected.

[1]. Karen DeMasters, “Investors Expect Too Much from Their Portfolios, Study Says,” June 20, 2017, Financial Advisor magazine website, http://www.fa-mag.com/news/investors-are-expecting-to-much-from-their-portfolios-33329.html.

Pundits, Predictors and So Called Experts

The so called experts and pundits would have us believe that they can predict what is going to happen with the markets, economy, weather,  politics and just about everything else.  The reality is that there are many things that we simply cannot predict with any accuracy.  Moreover, the experts often get it wrong even when they have experience.  This is often because their predictions are based on their personal past experience and not future trends or events which cannot be accurately judged.

Consider some of these predictions or thoughts

“Stocks have reached what looks like a permanently high plateau.”
–Irving Fisher, professor of economics at Yale University, October 17, 1929

“Forget it, Louis, no Civil War picture ever made a nickel.”
–Irving Thalberg’s warning to Louis B. Mayer regarding Gone With the Wind

“We don’t like their sound. Groups of guitars are on the way out.”
–Decca Recording Company executive, turning down the Beatles, 1962

“There is no reason for any individual to have a computer in their home.”
–President of Digital Equipment Corporation, 1977

A firm called CXO Advisory Group investigated the accuracy of predictions by stock market experts. To investigate they reviewed 6,582 forecasts for the U.S. stock market offered publicly by sixty eight different experts.  These included both bulls and bears employing technical, fundamental and sentiment indicators from 2005 – 2012.   The CXO study found that the accuracy of the predictions was only 46.9%  (source  www.cxoadvisory.com/gurus/).

Clearly it is difficult to predict things such as the markets, what the economy will do or even what movie will be popular.  These things are impacted by a myriad of factors that we often do not know.  It can be hard to research these things because often we don’t know what we don’t know!

At Carver Financial Services Inc. we do not believe that anyone can consistently predict what markets or individual investments will do over the short term.  Happily we also believe that you do not need to make predictions in order to successfully invest over the long run.  We believe that successfully investing means you can maintain and enhance your lifestyle in a manner consistent with your risk tolerance.  To do so we believe you must allocate your portfolio that meets your personal needs, objectives and risk tolerance and then make adjustments based on factors that we know such as current tax laws, interest rates and your income needs.   We believe that one must take a proactive approach to rebalancing the portfolio based on changes to your situation, prevailing tax laws and the target allocation of the investments;  not based on predicting what may happen to the markets or economy.   We have developed and refined a process that takes a holistic approach to managing your financial life utilizing these principles to help you achieve your personal vision.  This involves looking at your tax planning, estate planning, asset protection and personal goals and then developing a coordinated and customized plan that is monitored and updated.

While it may be entertaining to hear the latest forecast or prediction this should have little bearing on your investment or financial planning decisions.  Frankly our process is not exciting,.  However, most of our clients are investing with us to help maintain and enhance their net worth not for excitement.   Please contact us with questions about our process, your personal planning, your portfolio or if we can otherwise be of service.  We are happy to discuss your needs, questions or concerns without cost or obligation.    We look forward to hearing from you!   Contact us at carverfinancialservices@raymondjames.com or www.carverfinancialservices.com .

This information has been obtained from sources considered to be reliable, but we do not guarantee that this material is accurate or complete. Opinions expressed are those of Randy Carver and are not necessarily those of RJFS or Raymond James. Raymond James Financial Services, Inc. and its advisors do not provide advice on tax issues, these matters should be discussed with a tax professional. Investing involves risk; investors may incur a profit or loss regardless of the strategy or strategies employed. Asset allocation and diversification do not ensure a profit or guarantee against loss. Working with a financial professional does not ensure a favorable outcome.  Opinions are as of 4/4/17 and subject to change.

 

 

Financial Times names Randy Carver to FT 400 Top Financial Advisers List

March 30, 2017 Randy Carver was recognized as one of the 400 most elite advisors at national, independent, regional and bank broker-dealers across the U.S. Each member of this prestigious group manages an average of $1.7 billion in assets. To create this list the Financial Times asked the largest U.S. broker-dealers for lists of their advisors with 10+ years of experience and $300 million or more in assets under management; the brokerages had no subjective input. The Financial Times then invited qualifying advisors – a list which totaled roughly 800 to fill out an online application and they were scored on several factors, including assets under management (AUM), AUM growth rate, compliance records, years of experience, industry certifications, and online accessibility.. Selection was independent and objective and fully at the discretion of the Financial Times.

Randy and the team at Carver Financial Services Inc., manage more than $1 billion in client assets, and focus on retirement income planning. Securities are offered through Raymond James Financial Services Inc., member FINRA/SIPC, at 7473 Center St., Mentor OH 44060.  Investment advisory services offered through Raymond James Financial Services Advisors, Inc., Carver Financial Services is not a registered broker/dealer, and is independent of Raymond James Financial Services.

To see the full listing by state, click here.