Annual Report 2015
your 2015/2016 annual review year end summary
Carver Financial Services Inc.
Personal Vision Planning® since 1990
www.carverfinancialservices.com
VISION
TO MAKE PEOPLE’S LIVES BETTER EVERY DAY
– OUR CLIENTS, OUR TEAM MEMBERS AND OUR COMMUNITY.
MISSION STATEMENT
CONTENT
Welcome4
Awards & Recognition
6
Philanthropy7
2016 Events
8
A Year In Review
10
BEING COMFORTABLE TODAY BY PROVIDING THE INVESTMENT PRODUCTS AND SERVICES THAT THEY
Meet The Team
12
NEED, THE PERSONAL SERVICE THAT THEY DESERVE AND THE UNBIASED ADVICE TO ACHIEVE THEIR
2015 Team Accomplishments
16
Client Trip Experiences
18
Carver Financial - Behind the Scenes
20
What To Expect as a Client
21
Investment Process
22
Now Available in Investor Access
25
INDIVIDUAL INVESTMENTS NEED TO BE SELECTED AS PART OF AN OVERALL WEALTH MANAGEMENT
Don’t Miss the Revolution
26
PLAN THAT IS DEVELOPED FOR EACH CLIENT THROUGH A SYSTEMATIC PROCESS.
Multi-Generational Wealth Planning & Business Continuity Initiative
27
Why You Didn’t Get the S&P 500’s Return Last Year
28
The Experts Speak
29
Health, Winter, & Retirement
30
Relevancy of Information
30
Referrals & Relationship Size
31
HELP OUR CLIENTS MAINTAIN AND ENHANCE THEIR STANDARD OF LIVING IN THE FUTURE WHILE
GOALS THAT IS PROFESSIONALLY AND MORALLY REQUIRED.
PHILOSOPHY
WE BELIEVE IN A LONG-TERM APPROACH TO INVESTING, UTILIZING A DIVERSIFIED PORTFOLIO
THAT IS UNIQUE TO EACH CLIENT BASED UPON THEIR NEEDS, OBJECTIVES AND RISK TOLERANCES.
The information contained in this Annual 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. Investments mentioned may not be suitable for all investors. Past performance may not be
indicative of future results. You should discuss any tax or legal matters with the appropriate professional. 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. Be sure
to contact a qualified professional regarding your particular situation before making any investment or withdrawal
decision. Diversification does not ensure a profit or guarantee against a loss. Investing involves risk and you may
incur a profit or loss regardless of strategy selected.
NEWLY UPDATED WEBSITE
For the latest news, events and access to
your account check out our new website at
www.carverfinancialservices.com
We believe that the
best is yet to come for
those who are prepared
and disciplined taking
a longer term view and
approach.
Our Team
Assets under Management
Team Members
Relationship per Team Member
WELCOME
Thank you for the opportunity to be your partner and present to you our Annual Report.
There are a lot of firms that seek to provide financial planning advice or sell investments; we are not
one of them. We are here to help you achieve your personal goals and vision while simplifying your
life. We utilize a trademarked Personal Vision Planning® process to do this. The key is taking a holistic
approach to planning for your needs and objectives as a long term partner; not based on market trends
or media hype. As we begin another year, with the election cycle in full swing, we are being inundated
with confusing, conflicting and often incorrect information. Please contact us with questions, concerns
or if there is anything we can do to improve your experience. We are here for you.
A revolution is underway as we see incredible advances in technology. This is leading to new innovations
in everything from medicine to communications, from how we eat to how we relax. The possibilities are
almost unimaginable as things that were science fiction a few years ago become reality today. The pace
of change is growing exponentially and there are many opportunities for those who can see beyond the
challenges and problems. At the same time we do face some challenges both here in the United States
and globally. Regardless of what transpires we appreciate the opportunity to be your partner and thank for
you taking a few minutes to review your Annual Report. Our firm was founded in 1990 with the simple vision
of making peoples’ lives better – yours and our community. While much has changed with the world, economy
and investments our commitment to this important vision remains steadfast.
2015 was another transformational year for geopolitics, technology, the economy and for Carver Financial
Services. The firm received a number of awards and recognitions as our team grew. Behind the scenes new
technology was adapted in our office for monitoring and reviewing your portfolio and communicating via
online and new mobile resources. New security and business continuity measures were implemented to protect
your information and our ability to serve. We expanded our team with some very talented people while
only selectively taking on new clients. This has given us the ability to provide a higher level of personalized
service with the highest staff to client ratio we have ever had. Our philanthropic work continued to help the
community reaching new levels in 2015 with plans for some great events in 2016.
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Personal Vision Planning® Since 1990
2012
2013
2014
2015
$734 Million
$888 Million
$965 Million
$1 Billion
13
16
18
18
169
131
127
122
As we look forward to 2016, and beyond, it is clear that the economic and geopolitical landscapes continue
to evolve and that the only constant is change itself. There remains uncertainty with regard to taxes,
healthcare and regulatory policy. Whatever the specific outcome we will be facing a number of challenges
including a more complex tax and investment planning climate potentially higher interest rates, inflation
and market volatility. We address our view of these items and some opportunities for you to learn more
within this report. We also outline how we will work with you to help you achieve your personal goals in a
manner consistent with your needs and risk tolerance.
In 2015, as in past years, successful investors followed a simple, but often difficult to implement formula;
they simply blocked out the bad news. The media had headlines about interest rate hikes, Syria, terrorism,
the collapse of China, a global currency collapse, a possible government default, budget cuts, natural
disasters and NSA leaks to name just a few. The reality is that the economy continues to grow and we
have historically strong fundamentals. We believe that the best is yet to come for those who are prepared
and disciplined taking a longer term view and holistic approach to managing your life. To be successful
we do not believe that people should try to time the markets or concentrate their investments in any
single sector or asset class. Nor do we believe they should just buy and hold. We will continue to utilize a
customized investment approach rather than pre-defined models for our clients as we look at beyond just
the investments to your tax and estate planning situation, risk tolerance and long term vision.
The last few years have been challenging for many and it is easy to forget how much we truly have to
be thankful for. Our entire team is grateful for your confidence and business. We remain committed and
determined to do our best for you, no matter what the financial markets throw at us, and are thankful for the
opportunity to do so. We also appreciate your support with all of our philanthropic work. If there is anything
we can do to improve your experience or if you have ideas that would benefit others please let us know.
Best wishes for a healthy, happy and prosperous 2016
Respectfully.
Randy Carver, President Carver Financial Services Inc. /RJFS Registered Principal
www.carverfinancialservices.com
phone: 800.627.7279
5
2015
awards & recognition 2015
philanthropy
Carver Financial Services Inc. – Fast Track 50 Winner
it our mission to help our clients, our community and our team members live better lives.
November 5, 2015 Carver Financial was once again recognized as one of the The Lake-Geauga Fast Track
50 winners for 2015. 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 fiveyear period and the top 50 are recognized. Carver Financial Services Inc. has consistently been recognized
on this list for the last eight years.
Carver Financial Services named to Crains 52 list of Fastest Growing Companies
November 4, 2015 Carver Financial Services Inc. was named to the Crain’s 52 list of Fastest Growing Companies
in North East Ohio. Crain’s Cleveland Business Fast 52 recognizes Northeast Ohio’s fastest-growing companies.
Numbers audited by accounting partner Apple Growth Partners were used to identify businesses achieving the
most substantial margins of revenue growth between 2010 and 2014. Companies were required to be at least
5 years old and have accrued a minimum of $5 million in revenue at the end of 2014.
Randy Carver named one of Top 100 Independent Advisors in US by Barron’s Magazine
August 24, 2015 Barron’s Magazine named Randy Carver as one of the top 100 independent financial
advisors in the United States. Randy has been recognized by Barron’s for various awards each year since
2008. The selection is based upon a number of factors including “assets under management, the quality
of the practice revenue produced for the firm, regulatory record, 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 investmentpicking abilities. While Barron’s has recognized Randy this really reflects on the quality of the team at Carver
Financial Services Inc. without all of whom this would not be possible.
Randy Carver recognized as one of top 1% most honored professionals in US
May 2015 Randy Carver recognized as one of the top 1% of most honored professionals in the United States
by American Registry. The first award of it’s kind, the America’s Most Honored Professionals distinction
is the only cross-industry and cross-profession honor based on quantitative analysis of authenticated
public recognitions. The aware only goes to successful individuals who have been publically recognized for
professional excellence with multiple honors.
Barron’s Magazine names Randy Carver as one of the top advisors in the Nation – again
February 1st, 2015 Barron’s Magazine named Randy Carver as one of the top advisors in the Nation
and one of Ohio’s best financial advisors. Randy has been recognized by Barron’s each year since 2008.
The rankings are based on data provided by the nation’s 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.
Total Cash Donations: $19,160.00
Total Food Donated: 2,600 lbs. - 7,800 meals!
Carver Financial Services has supported local businesses and charities since its inception. We have made
In 2013, we officially organized our community service
efforts under the name “Carver Cares”. With each
event we have, a charitable organization is chosen and
invited to provide an overview of their organizations
needs and services. All donations (up to $4,000) made
to that particular charity, within 4 weeks of the event,
are matched by Carver Financial. In 2015, we invited
four great organizations to introduce themselves
at our events and thanks to the generosity of our
clients, friends and families we were able to donate
over $6,000.
n
January - Operations Breakfast
Carver Cares-The Lakeland Foundation with match $850
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March - Dan Ruminski ‘The Storyteller’
Carver Cares-The Willoughby Rotary for Autism (iPads for
Autism) received enough donations to provide 7 iPads.
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June - Kevin Elko ‘Vision For Victory’
Carver Cares-The Fisher House with match $2,310.
June - Annual Tim Groves Memorial
Charity Golf Outing
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Carver Cares - $10,000 distributed to Mentor Rotary
Bone Marrow Matching Program, Magnolia Clubhouse,
Hospice of the Western Reserve, Crossroads/New
Directions and Big Brothers Big Sisters.
n
October - Robert Friesen ‘Future of Healthcare’
TIME. No appointment is needed and there is no
cost. We only ask that you bring non-perishable
food items so that we may continue giving
donations to the Cleveland Food Bank.
Our annual Client Appreciation Event is a way to
say thank you to our clients but it has also been
a wonderful way for our clients to help others
throughout the community. This year’s event was
held on August 21st at Classic Park, home of the
Lake County Captains. About 1,200 clients, family
and friends attended the event and donated more
than 2,000 lbs. of food that will serve 1,667 meals.
The food collection was handled by Salvation Army.
Other organizations that Carver Financial
supported in 2015 included: Big Brothers Big
Sisters, Captains Charities, Crossroads, Greater
Cleveland Fisher House, Hospice of the Western
Reserve, Lake County Council on Aging Foundation,
Lakeland Foundation, Magnolia Club House,
Marine Toys for Tots Foundation, Mentor Rotary,
Mentor Rotary Foundation, Redline Club, Riverside
Swimming, Ronald McDonald House, Rotary Club of
Mentor, Shore PTSA, The Salvation Army, US Coast
Guard Foundation, Willoughby Rotary Foundation –
WRAP, Wounded Warriors
In 2016 we will continue the ‘Carver Cares’
initiative and our continued support of the
community. Here are some of the events that
we have scheduled:
Carver Cares-End 68 Hours of Hunger with match $5,000.
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January 9, 2016 - Resources Breakfast
Additionally, in 2015, Carver Cares was able to
contribute to local community organizations in
the following ways: We collected over 600 pounds
of food and $330, which equates to 1,820 meals for
the Cleveland Food Bank. This was collected from our
annual 'Shred Day’ event we hold every year in May.
Understanding that you may have documents at other
times during the year that you need shredded, we are
now offering to shred your sensitive documents at ANY
n
March 6, 2016 - Age Lab Presentation
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June 20, 2016 - Charity Golf Outing
with our recipients: Mentor Rotary Bone Marrow
Matching Program, Magnolia Clubhouse, Hospice
of the Western Reserve, Big Brothers/Sisters and
Crossroads/New Directions
n
September 8, 2016 - Andrew Friedman
with our End 68 Hours of Hunger
*Carver Cares and the charities featured are independent of Raymond James.
6
Personal Vision Planning® Since 1990
www.carverfinancialservices.com
phone: 800.627.7279
7
2016 EVENTS
We have a number of unique, informative and exciting events planned for 2016. You are
encouraged to invite family and friends. For more information, or to make reservations,
please contact our office at (440) 974-0808 or email Marjorie.phelps@raymondjames.
com. We look forward to having you join us!
01.09.2016 Annual Resources Breakfast (formerly Operations Breakfast)
04.06.2016 The Quality of Your Life
You are invited to a very special event where you and your friends will learn how to predict how rich
and satisfying your future years will be. Major Universities have been working to invent new ideas and
creatively translate technologies into practical solutions that improve people’s health and enable them
to “do things” throughout the lifespan. Equal to the need for ideas and new technologies is the belief
that innovations in how products are designed, services are delivered, or policies are implemented are of
critical importance to our quality of life tomorrow.
Time: Noon for lunch or 7:00pm for dessert
Place: LaMalfa Conference Center – Heisley Rd., Mentor OH
Join us for a fun and informative breakfast to hear what is happening in the world and how it will impact
your personal vision planning. This annual event provides a wealth of information on how we can serve
you, upcoming events, new technology and much more. You do not have to be a client of Carver in order
to attend so please invite family and friends.
06.20.2016 19th Annual Charity Golf Event - Tim Groves Memorial Classic
Time: 8:30 am Breakfast – 9:00 am Presentation
Place: LaMalfa Conference Center – Heisley Rd., Mentor OH
Time: 11 am Shotgun Start
Place: Fowlers Mill Golf Course – Chesterland, OH
01.14.2016 Annual Eaton Party
08.2016 Classic/Carver Wings & Wheels Event
This special event is for past and present employees of Eaton. You do not have to be a client of Carver in
order to attend so please invite friends and co-workers.
Join us at the scenic Fowlers Mill Golf Course located in Geauga County in Chesterland. Fowlers Mill was recently
ranked by Golf Digest (2011) as the 2nd Best Public Course in the State of Ohio and 16th Best Course Overall.
100% of net proceeds from this event benefit charity.
Our fifth annual plane and car show will be held in August. There is no admission so come and enjoy DJ Ryan and
a specialty food truck or two. Please follow Carver Financial correspondence in the near future to find out the date.
Time: 7:00 pm – 9:30 pm (Heavy Hors D ’Oeuvres)
Place: Kirtland Country Club – Kirtland Rd., Willoughby, OH
Time for participants: 8 – 11 am | Time for spectators: 11 am to 2 pm
Place: Lost Nation Airport – Willoughby, OH
01.21.2016 Annual Avery Party
08.26.2016 28th Annual Client Appreciation Event
This special event is for past and present employees of Avery. You do not have to be a client of Carver in
order to attend so please invite friends and co-workers.
Time: 7:00 pm – 9:30 pm (Heavy Hors D ’Oeuvres)
Place: Kirtland Country Club – Kirtland Rd., Willoughby, OH
02.10.2016 Annual Companies Party
This special event is for past and present employees of First Energy, Swagelok, Lincoln Electric, Parker
Hannifin, The Cleveland Clinic, Steris and Progressive Corporation. You do not need to be a client of Carver
in order to attend so please invite friends and co-workers.
Time: 7:00 pm – 9:30 pm (Heavy Hors D ’Oeuvres)
Place: Mentor Harbor Yachting Club – Coronada Dr., Mentor, OH
03.03.2016 Annual Lubrizol Party
This special event is for past and present employees of Lubrizol. You do not have to be a client of Carver in order
to attend so please invite friends and co-workers.
Time: 7:00 pm – 9:30 pm (Heavy Hors D ’Oeuvres)
Place: Mentor Harbor Yachting Club – Coronada Dr., Mentor, OH
Join us at Classic Park in Eastlake to watch the Lake County Captains take on the Lansing Lugnets. As in previous
years, we will have a food drive. This year it will benefit 68 Hours of Hunger Lake County. This is an invite only
event and we won’t be taking reservations until the invitations go out in June 2016.
Time: 5 pm for batting practice – 5:30 to 7 pm food will be served
Place: Classic Park Vine St. - Eastlake, OH
09.07.2016 & 09.08.2016 The Election, Politics & You
We are proud to host Andrew Friedman* for a special live appearance where he’ll discuss the coming election
and give a rare insiders view into Washington politics. Andy Friedman is one of the nation’s most sought-after
speakers on political and legislative developments and their likely effects on the government’s tax, fiscal, and
retirement policies. An expert on political affairs, Andy has been able to predict with accuracy the likely outcome
of Washington deliberations and to provide investors with specific strategies to consider in light of the changing
tax and legislative environment. You are encouraged to invite friends and relatives for this event.
Times: September 7th , 7:00 pm for dessert or 8:30 am on September 8th for full breakfast
Place: LaMalfa Conference Center – Heisley Rd., Mentor OH
12.2016 29th Annual Accredited CLE Event
Annual accredited continuing education for attorneys.
*Andrew Friedman is not affiliated with Raymond James Financial Services.
8
Personal Vision Planning® Since 1990
www.carverfinancialservices.com
phone: 800.627.7279
9
 Back by popular demand, Dan Ruminski, ‘The Storyteller’ spun his Cleveland-based talk about the ‘Famous
and Infamous Women of Millionaires’ Row’ to a full house at Quail Hollow Resort on March 4th. Our Carver
Cares partner was WRAP (Willoughby Rotary Autism Project).
April, May and June
 In May we had our 4th Annual Community Shred Day. Over 5,500 lbs. of paper was shredded.
This saves:
46.75 trees,
19,250 gallons of water,
11,550 kilowatt hours of energy,
9.35 cubic yards at the landfill,
1,127.5 gallons of fuel, and
165 pounds of air particulates
Our annual event has been a way to say thank you to our clients and is also a way for our clients to help
others in the community by donating food items. Non-perishable food donations and cash for the Cleveland
Food Bank’s ‘Harvest for Hunger’ campaign were accepted and we collected over 600 lbs. of food and $330
which equated to 1,820 meals.
2015
A YEAR IN REVIEW
It is important to the team at Carver Financial Services, Inc. to present the ‘Best of the Best’
speakers and seminars to enrich our client’s knowledge. Each year a lot of thought is put into
determining what events we will be presenting. 2015 was a great year and we have some
amazing events planned for 2016.
January, February and March
 The Operations Breakfast was held on January 31st and 275 people were in attendance. Nik Wearsch,
Sr. Advisor and Randy Carver presented information on portfolio reporting as well as a tour through Investor
Access. Our Carver Cares partner was Lakeland Community College.
2016’s Resources Breakfast, formerly known as the Operations Breakfast, will be held on Saturday, January 9,
2016 at LaMalfa.
 On January 22nd, we hosted the Eaton group at Kirtland Country Club, on February 12th we hosted the
Avery group at Kirtland Country Club and on February 25th, we hosted 6 companies – Swagelok, Progressive,
Cleveland Clinic, First Energy, Lincoln Electric and Parker Hannifin at Mentor Harbor Yachting Club. Although
the first quarter of the year brought us frigid temperatures we still had almost 150 attendees between all
three company parties.
In 2016, the company parties will include Eaton (1.14.16), Avery (2.4.16), Lubrizol (3.3.16) and a combination group
of First Energy, Progressive, Swagelok, Lincoln Electric, Steris, Parker Hannifin and The Cleveland Clinic (2.10.16).
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Personal Vision Planning® Since 1990
 In mid-May, we held a Travel Buddies event for clients to meet other solo travelers and get some great
travel tips. Polly Small, one of our Client Service Associates, presented travel tips and told the audience about
habits that could make or break a travel relationship. A questionnaire was collected at the end of the event
and the attendees were sent matches based on their answers. Not sure if we had any successful matches
but between the appetizers, wine and good company at Mentor Harbor Yacht Club, the event was definitely
a success!
 Our second year at the exclusive Kirtland Country Club celebrated 18 years of Carver Financials Charity
Golf Outing in June. About 80 golfers attended and over $10,000 was raised for six worthy charities including
Mentor Rotary Bone Marrow Matching Program, Magnolia Clubhouse, The Cleveland Ronald McDonald
House, Crossroads, Hospice of the Western Reserve and Big Brothers Big Sisters.
July, August and September
 On August 21st we held our 27th Annual Client Appreciation Event at Classic Park home of the Lake
County Captains. Over 1,200 clients were in attendance for a perfect night for baseball. The Salvation Army was
on hand to collect non-perishable food items from all of our clients and over 2,000 lbs. of food was collected.
 Over 180 car entries and 30 airplane entries thundered and soared into Lost Nation Airport for the
fourth annual Classic Jet Center/Carver Financial Services Wings and Wheels event. The hundreds of
spectators, including families and children of all ages, enjoyed the great weather, Fire Truck Pizza Company,
Fired Up Taco Truck, Pin Up Girl Michelle, Skipper and DJ Ryan but most of all they enjoyed the variety of
historic vehicles, hot rods and classics that were spread across the airfield. Nine different car and plane
classes were awarded trophies.
October, November, December
 On October 8th, nationally recognized speaker Robert Friesen presented ‘The Future of Healthcare’
to over 450 clients at LaMalfa Party Center. Robert wowed the audience with his informative and insightful
presentation on how leading providers view the future of healthcare for you. Our Carver Cares partner was
End 68 Hours of Hunger and with the generosity from our client donations and Carver Financial Services match
we were able to present a check for over $5,000.
 On December 10th, Carver Financial and DiCello Law Offices presented the 28th Annual Accredited
CLE Update. This event allows attorneys to earn Continued Learning Credits as required by the Supreme
Court of Ohio Commission on Continuing Legal Education. Over 150 attorneys were in attendance.
www.carverfinancialservices.com
phone: 800.627.7279
11
Mark Spoerke Sr. Financial Advisor
[email protected]
Mark is part of the leadership group within Carver Financial Services Inc. Since joining the team in 1999 as a financial
advisor, Mark works with individuals and their families on all aspects of their financial planning needs. He prides
himself in developing highly personalized, yet simple solutions to complex financial situations.
Mark graduated from Allegheny College where he majored in psychology and minored in English. After college, he
worked as a financial advisor for Wheat First Butcher in Fairlawn, Ohio, and Morgan Stanley Dean Witter in Westlake,
Ohio. Mark maintains his Series 7, 63 and 65 licenses, as well as a life, health and annuity insurance license. In the summer, you’ll find Mark
boating on Lake Erie with his wife, Joelle, and his dogs, Morgan and Jack.
Kale Schulz, CFP® Sr. Financial Advisor
[email protected]
Kale is a CERTIFIED FINANCIAL PLANNER™ professional and part of the leadership group within Carver Financial Services
Inc. Since joining the team in 2004 as a financial advisor, Kale enjoys helping individuals and their families identify their
goals and develop a detailed plan to reach them. Along with managing client relationships, Kale is a member of the
Carver Financial Services Investment Committee. Kale graduated from Miami University with a bachelor’s degree in
finance and marketing. To provide clients with the appropriate guidance and service, he stays current in the financial
planning field through rigorous continuing education required for his CFP® certification as well as his involvement in the Cleveland chapter
of the Society of Financial Service Professionals. Additionally, Kale maintains his Series 7, 24, 63 licenses, as well as a life, health and annuity
insurance license. In his free time, Kale enjoys golfing and spending time with his family on Lake Erie. He is an avid sports fan, still waiting
for that elusive Cleveland championship. Kale resides in Broadview Heights with his wife, Sarah, and their two children, Lucas and Adelyn.
MEET THE TEAM
More than 125 years’ combined experience. Our staff has cumulative experience in the financial
services profession in excess of 120 years. While it is important to bring new ideas to clients, it is
equally - if not even more - important, to have experience with all types of markets and economic
conditions. Over the last 25 years, we have formed a team of experienced professionals to help
serve our clients. We look forward to working with you to help meet your individual needs and
objectives with the investment vehicles that you need and the personal service that you deserve.
Randy Carver President, RJFS Registered Principal
[email protected]
Randy Carver was born in New York City, grew up in Baltimore, Maryland, and spent his teen years in Toronto, Canada.
As a teenager, Randy started and ran several successful businesses, including a catering firm and two home renovation
companies. He attended Oberlin College where he earned his degree in economics. Upon graduating in 1987, Randy
opened a branch office for a regional brokerage firm in Mentor, Ohio. The office became one of the company’s most
successful within three years.
In 1990, Randy founded Carver Financial Services Inc. to provide Personal Vision Planning™ by offering clients unbiased investment
information and a wide range of financial products and services through an international firm. He has offered securities through Raymond
James Financial Services since 1990. Randy is a General Securities Principal (Series 24 license), Municipal Securities Principal (Series 53
license) and holds Series 7 and Series 63 securities licenses, in addition to a life, health and annuity insurance licenses. Randy has earned the
Chartered Retirement Planning Counselors designation from the College for Financial Planning®.
Randy has taught accountancy board-approved continuing education courses for certified public accountants, as well as Supreme Court
Commission on Continuing Legal Education-approved courses for attorneys since 1989. Randy has appeared as a commentator on Fox News,
CNN and CNNfn and was featured as one of the “50 Most Interesting People in Cleveland” by Cleveland Magazine. Barron’s has named Randy
Carver one of the top 1000 advisors in the United States and one of the top 10 in Ohio each year since 2010. Factors included in the rankings:
assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work.
Randy has been featured in Forbes, The News Herald, Crains Cleveland, The New York Times and Toledo Blade. He lives in Kirtland Hills, Ohio,
with his significant other, Christine, and their three dogs, Zeus, Olympia and Athena. His daughter Cid is now living in Tel Aviv, Israel. Randy is
a licensed private pilot, flying a twin engine Cessna for both business and pleasure and pursues other eclectic hobbies ranging from gourmet
cooking to riding motorcycles.
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Personal Vision Planning® Since 1990
Nik Wearsch Sr. Financial Advisor
[email protected]
Nik is part of the leadership group within Carver Financial Services Inc. In 2009, he joined the team as a financial advisor,
relocating from Columbus, Ohio. Nik works closely with families and small businesses to develop comprehensive
solutions for their personal financial goals. Along with managing client relationships, Nik is a member of the firm’s
Investment Committee and helps oversee retirement plans for small businesses.
Nik graduated from Ohio University with a bachelor’s degree in finance and in business law. Before joining the team,
he worked as a financial advisor at Prudential Securities and Smith Barney in Columbus, Ohio. With over 13 years of experience, he continues
to build his knowledge base, currently by pursuing the CERTIFIED FINANCIAL PLANNER™ certification. Additionally, Nik maintains a Series 7
and 66 licenses, as well as a life, health and annuity insurance license.
You’ll find Nik and his wife, Megan, and their kids, Olivia and Greyson, hiking at one of the great parks in Lake County and Geauga County, or
visiting one of the many museums in Cleveland. A couple of their favorites are the Cleveland Art Museum, the Cleveland Botanical Gardens
and the Holden Arboretum.
Andrew Flack, CFP® Financial Advisor, RJFS
[email protected]
Andy is a CERTIFIED FINANCIAL PLANNER™ professional and a member of the firm’s Investment Committee. Andy
works closely with Mark, helping families and small businesses put together and maintain financial plans customized to
their goals. Andy joined the team in 2012, after working as a registered representative at a small boutique investment
firm and then as a mortgage banker at Quicken Loans. He earned his bachelor’s degree in human resources and an
MBA in finance from Western Michigan University. Additionally, Andy maintains his Series 7 and 66 licenses, as well as
a life, health and annuity insurance license. He enjoys riffing with other fellow guitarists and resides in Willoughby with his wife, Molly, and
dogs, Remus and Reuben.
Mike Kelley, CFP® Financial Advisor, RJFS
[email protected]
Mike, a lifelong resident of the Cleveland area, joined Carver Financial Services in 2014 with a passion for helping
individuals and their families to be prepared as they transition into retirement. Mike is a CERTIFIED FINANCIAL
PLANNER™ professional and has a strong background in finance after receiving his Bachelor of Business degree in
Financial Planning from The University of Akron. In order to have the best advice for clients, he is committed to
increasing his knowledge base through designations and continuing education. In addition to time spent with clients,
Mike enjoys golf and is a member of his local basketball recreation league. Giving back to the community is important to Mike as he is an
active volunteer at The Cleveland Food Bank and works closely with the Carver Cares team to help raise money and awareness for local
charities. Additionally, Mike maintains his Series 7, 24 and 63 licenses, as well as a life, health and annuity insurance license.
www.carverfinancialservices.com
phone: 800.627.7279
13
Gregory Sazdanoff, CFP® Financial Advisor, RJFS
[email protected]
After graduating from Youngstown State University with a degree in finance in 2011, Greg began his career at a
Raymond James branch in Pasadena, CA. He joined the team in 2015 as a Financial Advisor upon relocating back to
Ohio. Greg passed the CERTIFIED FINANCIAL PLANNER™ exam in March of 2015. In addition, he maintains Series 7 &
66 licenses, as well as a life, health and annuity insurance licenses.
Originally from Mansfield, Greg and his wife Kelsie currently reside in Tremont. Greg is an avid Cleveland sports fan
and enjoys golfing, cooking and spending time with family.
Bobbi J Bruner, RP® Sr. Registered Associate
[email protected]
Bobbi is a senior registered associate and part of the leadership group within Carver Financial Services, Inc. Bobbi
helps coordinate each client’s overall experience with our team by working closely with Randy, Nik and Mike. Bobbi
joined the team in 1999, but has known the Carver family since shortly after the birth of Cidney, in 1988. She holds a
Registered ParaplannerSM designation, which she uses to assist advisors when addressing a client’s overall financial
goals. Additionally, she maintains a Series 7 license, as well as a life, health and annuity insurance license. Locally born
and raised, Bobbi and her husband Brent, stepson Bobby, and their dog Bugsy, still reside in Mentor.
Nancy Williams, RP
Sr. Registered Associate
Nancy is a senior registered associate and part of the leadership group within Carver Financial Services. She helps
coordinate a client’s overall experience with our team by working closely with Mark, Kale and Andy. She holds a
Registered ParaplannerSM designation, which she uses to assist the advisors when addressing a client’s overall financial
goals. In addition, she is actively building her knowledge base by pursuing the CERTIFIED FINANCIAL PLANNER™
certification. Nancy joined the team in 1997, after working at the Federal Reserve Bank and Huntington National Bank.
She has a bachelor’s degree from Miami University in finance. Nancy maintains a Series 7 license, as well as a life, health and annuity license.
She enjoys attending her kids’ sporting events and relaxing at the beach with her husband, Steve, her kids, Jake and Sam, and their three dogs.
deJane Toki, RP® Registered Associate
[email protected]
A Cleveland native, deJane started her finance career in 2000 in Pittsburgh, Pennsylvania, at Parker/Hunter Inc. She
held various positions in both the financial and legal departments until 2007, when her husband was transferred back
to Cleveland. deJane credits her interest in numbers to her mother, who played dominoes with her at an early age.
deJane holds a Series 7 license and has a life, health and annuity insurance license. In addition, she obtained her
Registered ParaplannerSM designation from the College for Financial Planning. Her responsibilities include assisting
Mark, Kale, and Andy with client meetings, helping clients with administrative questions and concerns, and preparing the necessary reports
for client reviews. In her personal time, deJane enjoys entertaining, gourmet cooking for family and friends, and is an avid reader.
Rebecca ‘Becky’ Mullenax Registered Associate
[email protected]
Becky joined the Carver team in 2011 with a passion for helping clients. She most recently acquired her Series 7
license and is actively pursuing a life, health and annuity insurance license. Her responsibilities include preparing the
necessary reports for client reviews, opening accounts and account transfers and helping clients with administrative
questions and concerns. She currently resides in Perry with her husband and two children.
RoseAnn DiVincenzo, RP® Registered Compliance Administrator
[email protected]
RoseAnn has been working in the investment industry since 1994, holding a number of progressively more responsible
positions throughout her career. A lifelong learner, RoseAnn earned her bachelor’s degree in business administration
from Franklin University, Columbus, Ohio, in 2006. RoseAnn holds many financial industry licenses including Series 4,
7, 24, 31, 63 and 65 as well as a life, health and annuity insurance licenses. RoseAnn gives back to the community by
volunteering her sewing skills to the Little Dresses for Africa organization—she has made more than 200 dresses to
date. RoseAnn and her husband Bob, reside in Willowick, with their cat, Buddy.
Personal Vision Planning® Since 1990
[email protected]
Deanna graduated from Mentor High School in 1980 and Ohio University in 1984 with a Bachelor of Fine Arts in
graphic design. She joined Carver Financial Services team in 1997 as a client service associate. Her responsibilities
include entering all mutual fund and equity orders, processing disbursements from client accounts, and related client
service functions. Deanna is currently pursuing her Series 7 license. When out of the office, Deanna enjoys spending
time with her family, which includes her two daughters, Lauren and Hannah, as well as her grandsons, Aiden and Liam.
Amanda Brady Client Service Associate
[email protected]
Amanda graduated from Madison High School and attended Lakeland Community College, obtaining an Associate
degree in business administration. Her responsibilities include preparing the necessary reports for client reviews,
opening accounts and account transfers, and helping clients with administrative questions and concerns. She has
a daughter Alyssa and enjoys spending her free time practicing yoga, doing yard work, and watching sports and
cheering on her favorite college football team, The Ohio State Buckeyes.
Polly Small Client Service Associate
[email protected]
®
[email protected]
14
Deanna Kochensparger Client Service Associate
Polly joined the Carver team in 2014 as a Client Concierge. To broaden her financial knowledge for her position as Client
Service Associate, Polly is currently pursuing her Series 7 license. Her previous work experience includes construction
and interior design. Polly grew up in Kirtland, and spent some time in Cincinnati and Orlando before returning to Ohio.
She currently resides in Kirtland with her children, Riley and Cooper, and their two dogs, Louis and Tigger. Polly likes
traveling, skiing and cooking. She also enjoys spending time outside in Northeast Ohio’s beautiful parks.
Darlene Hanus Office Manager
[email protected]
Darlene is the Office Manager and part of the leadership group within Carver Financial Services. She began working for
Carver Financial Services in 2013 and her responsibilities include being Randy’s personal assistant, event planning, human
resource activities, and marketing duties. Her career has spanned thirty years of experience in office, customer service and
project management. In Darlene’s spare time she enjoys spending time with family and friends. Other hobbies include
decorating, golfing, gardening and she is an avid sports spectator for the Cleveland Indians, Browns and Cavaliers.
Marj Phelps Client Concierge II
[email protected]
Marj graduated from Eastlake North High School and earned her Information Systems certificate from Lakeland College
in 1994. Prior to joining Carver Financial Services in the spring of 2003, she worked as a customer service representative
at a local manufacturing company. Her responsibilities at Carver Financial Services include greeting clients, coordinating
communication with outside investment companies and related client service functions. Outside of the office, Marj enjoys
spending time with her family, especially with her grandchildren.
Theresa ‘Tracy’ Goldhardt Client Concierge I
[email protected]
Tracy joined the Carver Team in spring 2015 as a Client Concierge. Her responsibilities include greeting clients, scheduling
appointments and several other related client service functions.
Previously she worked in a busy wellness clinic as their office manager. Tracy grew up in Fairport Harbor and in 1991 she
married her high school sweetheart, Scott. Together they have a son and will soon have a daughter-in-law too. Tracy now
resides with her husband and two dogs, Bruiser and Layla in Perry Township. Outside the office Tracy loves camping, hiking,
and being active outdoors. Tracy has spent many years volunteering mentoring teens and loves being a camp counselor every summer for a week.
CFP® |CERTIFIED FINANCIAL PLANNER™|
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design)
in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
www.carverfinancialservices.com
phone: 800.627.7279
15
“Alone we do so little;
together we do so much.”
2015
TEAM ACCOMPLISHMENTS
Continuous daily improvement is a cornerstone in our philosophy here at Carver. Albert
Einstein once said, “Wisdom is not a product of schooling but a lifelong attempt to acquire
it.” Each of our team members actively try to deepen their knowledge on topics related to
financial planning through team collaboration, continuous education, attending seminars
and earning additional credentials every year. As a result, our clients enjoy well thought out,
practical, team-based solutions to their needs and objectives.
There are many licenses and designations that apply to the broad subject that is financial planning.
By becoming an expert in the material covered in these tests, we are able to better serve your
specific financial needs. One of the most respected designations in the industry is the Certified
Financial Planner™. One must first pass seven tests before even sitting to take the board exam and
spend an average 1000 hours in total study time. In 2015, three of our next generation advisors,
Andy Flack, Mike Kelley, and Greg Sazdanoff, all passed the board exam and have fulfilled the
experience requirements to use the CFP® designation.
In addition, Becky Mullenax is now one of five registered associates on our team after passing
the Series 7 exam. This helps build relationships with our clients while making changes to the
investments in clients portfolios. For example, after someone retires and rolls their employer
retirement plan into an IRA, she can proactively reach out to the client when the transfer is complete
to implement the plan. Bobbi Bruner is studying for her Series 24 Registered Principals exam- a
designation already held by Roseann DiViCenzo, Mike Kelley, Kale Schulz and Randy Carver.
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Personal Vision Planning® Since 1990
Helen Keller
Learning is more than just reading and studying and passing tests; it’s sharing ideas and
collaborating with others in a group setting. We find that by attending seminars and conferences,
we are able to plug into a group of professionals that encourage us to try new things. Randy
Carver, Kale Schulz, Nik Wearsch, Darlene Hanus, Andy Flack, and Mike Kelley all attended the
Raymond James National Conference this year to get an update on the new technology that
Raymond James is rolling out such as improved client reporting capabilities and e-Signature.
E-Signature will enable you to sign documents electronically for your convenience via the internet.
Kale also attends regular meetings through the Society of Financial Professionals to learn more
about different financial planning solutions present in today’s marketplace. Nik Wearsch and
Andy Flack presented on retirement income planning at the 2015 OEA Annual Conference at
Lakeland Community College again this year. Randy organized and presented his 28th Annual
CLE seminar – an accredited continuing education experience for local attorney’s.
Our team also remains very active in other groups outside of Raymond James, both philanthropic
and professional. Tracey Goldhardt was a camp counselor mentoring teenagers for one full week
in July and spends time throughout the year collecting gift cards and various items for the Cleveland
City Animal Shelter. We stay connected with the community through our Carver Cares program
by helping local charities get their name out and supporting their cause. Additionally, Mike Kelley
volunteers for the Cleveland Food Bank to help those in need.
The knowledge we gain from all these activities is shared with the team and incorporated in our daily
process to ultimately create a better experience for you. There is no doubt we can achieve more as
a collective than we can as individuals. Improvement is something that is accomplished a little bit
each day and that adds up over long periods. We look forward to sharing all we learn with you, to
improving the quality of your lives and to making our community a better place, one day at a time.
www.carverfinancialservices.com
phone: 800.627.7279
17
2015
We experienced the Amazon River and
Machu Pichu aboard the amazon’s
riverboat La Estrella Amazonica.
2016
We will once-again be experiencing the
six-star luxury of SeaDream yachting
as we do a seven-day trip to the
Mediterranean and visiting Monaco
during the Grand Prix.
CLIENT TRIP
EXPERIENCES
More than 20 years ago we began offering trips to
clients with three objectives:
2015 - We experienced the Amazon River and
Machu Pichu.
 Provide opportunities for unique travel experiences
that you might not otherwise be able to do on your
own
2016 - May 19th - 29th
We will once again be experiencing the six-star
luxury of SeaDream Yachting as we do a sevenday trip to the Mediterranean and visiting Monaco
during the Grand Prix. At the time of publication
this trip was sold out but feel free to check with
Libby Lane for openings due to cancellations.
 To spend time with clients and their guests
getting to know you on a personal level and to
share these great experiences
 To help clients enjoy some of their hard earned
wealth
Hundreds of clients have joined us over the years for
experiences ranging from the 2015 Amazon River
Cruise to a trip to Israel and Jordan. Our upcoming
trips promise to be fun, educational and unique
with all of the important details handled for you!
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Personal Vision Planning® Since 1990
2017 - February 4th - 12th
We will be visiting Cuba!
This trip will be limited to just forty people and
will provide an inside look at people and culture
of Cuba. For full information, or to reserve space,
please contact our travel coordinator Libby Lane
or contact Randy with questions.
RESERVATIONS
The Art of Travel, Inc. - Virtuoso Member
10150 Kinross Rd.
Roswell, GA 30076
Tel. 770-642-1066, ext. 223
Cell 770-403-1897
Fax. 770-783-5142
Email: [email protected]
Please contact Libby Lane for further information.
www.carverfinancialservices.com
phone: 800.627.7279
19
carver financial
behind the scenes
Our team has the privilege to work with over 2200 families, and each of those financial situations is
truly unique. Often we are asked, “how are you able to track my accounts with so many clients?” While
it takes a lot of hard work, we have a large and dedicated team who utilize detailed systems and proven
procedures to monitor our clients’ holdings on a regular basis. We have continued to make significant
investments in technology, professional education and expanding our team so that we can continue to
provide highly customized and personal solutions for our clients. Here are a few of the steps that are
occurring every day behind the scenes.
1. While we have the ability to purchase just about any available investment, we maintain an in-house
“grid” of funds that all advisors agree meet our established investment criteria. While we screen amongst
29 various criteria, we generally look to have funds that typically perform in the top 20% of their peer
group and achieve these results with an acceptable level of risk. Each month, our investment committee
meets to review all of the funds that make it on the grid. Any changes to the grid must be unanimously
approved by all advisors.
2. We routinely communicate with the various fund companies and managers to ensure that their
strategy remains consistent with our philosophy and their stated objectives.
3. If a fund is underperforming and/or fundamentally changes (i.e. the manager leaves), we have the ability
to pull up a list of clients that own this fund and can proactively contact you to make any recommended
change.
4. At the end of the year, we prepare a list of all clients with significant realized taxable gains. We can
then contact you with any tax planning opportunities.
WHAT TO EXPECT
AS A CLIENT
Carver Financial Services was founded in 1990 with the goal of helping people achieve their personal vision.
We believe that comprehensive financial planning is a process, not an event and is based upon your personal
goals, objectives and risk tolerance. Based on that enduring principle, our team has grown to a dedicated staff of
professionals focused on developing strategies to help
clients meet their long-term financial goals.
“Helping people achieve
As part of the financial planning process, we strongly
believe regular review meetings are a key component
their personal vision.”
to a successful long-term financial plan. Regular review
meetings allow us to discuss any changes to your objectives
Randy Carver
or risk tolerance, and we can use this opportunity to make
necessary changes to your portfolio allocation. You will
be proactively contacted by a member of the staff to
schedule an appointment for the review meeting. While most meetings are conducted at our office, we are happy
to review your accounts over the phone or electronically (email/Skype) if more convenient. Of course, if there are
changes that require immediate attention between meetings, an advisor will contact you.
An interesting aspect to our firm is that all advisors work as a team. Meaning, if you need assistance, you are not
restricted to speak to only one advisor – our entire staff is here for you. We believe this approach results in the best
client service, as you may freely speak to any team member at any time. Each advisor shares the same investment
and financial planning philosophies which provides each client consistent service.
Along with the advisors, we have a dedicated staff of professionals to assist you with the administrative functions
of your accounts. They can assist you with everything from online access for your accounts to taking distributions
from your portfolio. Please feel free to contact them with any of the non-investment related questions you may
have.
5. We receive weekly reports of any bonds or CDs that are coming due and contact you for reinvestment
opportunities.
You will receive statements directly from Raymond James at least on a quarterly basis and have secure access
to your account online 24/7 via the internet. Information is provided directly from Raymond James giving you
independent third party reporting.
While the above steps are helpful to us in monitoring the holdings within your accounts, the most critical
step in our process is the regular review appointment. These appointments are great opportunities to
rebalance the accounts, make any fund swaps, check beneficiary designations, and most importantly—
to focus on your goals.
We offer our clients a variety of educational opportunities including online information, newsletters, and seminars.
We have several educational seminars during the year on a variety of topics – these seminars are designed to assist
you with some of the common issues that investors encounter.
Product-Based vs. Goal-Based Investing
Unlike many financial firms that begin the conversation with “products,” our plans are driven by your
vision and objectives. We have found that most investors are not investing for a certain percentage return,
but rather to retire comfortably, put their children through college, or be charitably inclined. We enjoy
working with clients to see these goals become reality.
We appreciate your continued confidence and business. We wish you and your family a healthy, happy, and
prosperous 2016!
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Personal Vision Planning® Since 1990
All seminars and events are listed on our website at www.carverfinancialservices.com. The website is updated on
a regular basis and provides a wealth of additional information.
The professionals of Carver Financial Services, Inc. are committed to providing the highest level of customer service
to you. Please let us know if there is anything that we can do to assist you with your personal vision planning.
Investing involves risk and you may incur a profit or loss regardless of strategy selected. Every investor's situation is unique and you should
consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision,
please consult with your financial advisor about your individual situation.
Carver Financial Services, Inc. is an Independent Registered Investment Advisor
www.carverfinancialservices.com
phone: 800.627.7279
21
INNOVATIVE
We do not utilize model portfolios or
packaged plans, but create investment
strategies based upon your personal
objectives and risk tolerance.
125 YEARS
EXPERIENCE
INVESTMENT PROCESS
Our staff and advisors have more than
125 years of combined experience and
work as a team in serving you. This
approach ensures that there is always
someone to assist you.
Our team continues to focus on a qualitative financial plan as opposed
to a quantitative financial plan.
Our plans are derived by your specific goals. Once we establish clearly defined goals, we are then able
to design a diversified portfolio that we believe will be able to best meet those goals. We are able to
design each portfolio in a way that allocates your assets among all aspects of the market while diversifying
between hundreds of companies.
Our process of choosing the investments for your specific portfolio is quite simple. Because it is nearly
impossible to follow each and every security on a daily basis, we have established a “grid” that exclusively
consists of our in-house “recommended” investments. Prior to being added to our approved list, each
investment must meet strict qualifications that we have established. We carry on our due diligence process
by conducting an investment committee meeting each month to make sure the investments continue to
meet our standards.
If an investment shows continued under performance and/or fundamentally changes, we will proactively
contact you to recommend a change.
Again, our primary focus for your financial plan are the goals you want to achieve. The advisors at the
office are here to design your portfolio that will give you the best chance of meeting your goals while
considering outside factors of the economy and your own risk tolerance.
SPECIALIZED
Our team focuses on retirement
income planning, giving us a thorough
understanding of the challenges you
face as you plan for the future and the
array of available solutions.
We appreciate your continued confidence and business.
*Investing involves risk and you may incur a profit or loss regardless of strategy selected.
22
Personal Vision Planning® Since 1990
www.carverfinancialservices.com
phone: 800.627.7279
23
NOW AVAILABLE IN INVESTOR ACCESS
TEXT MESSAGE DEBIT CARD ALERTS
$1 BILLION
Capital Access debit card holders now have the option to add real-time text alerts about their accounts for greater
security. Learn more about this and other enhancements available now.
Text Alerts - As part of our continuing effort to provide cutting-edge security features to clients, Investor Access
now enables Capital Access debit card holders to set fraud and consumer preference alerts for their accounts.
These text message notifications will instantly notify clients when certain activities take place in their accounts.
Alert Types - Fraud alerts enable clients to receive text messages when suspicious activity takes place on their
accounts.
We manage assets in excess of $1
billion for clients globally. This broad
reach has given us the experience
and insight to provide a range of
sophisticated investment products and
services to our clients.
With consumer preference alerts, clients can choose to receive messages based on additional account
activity including:
• Authorization amounts
• Time of day
• Out of state activity
• PIN changes
• Online activity
INDEPENDENT
We are an independent firm, which
means we operate free from the
pressure to promote proprietary
products. Our recommendations are
based solely on what is most suitable
for your situation.
ACCESS
Raymond James provides us access
to a wide variety of investment
alternatives and the 4,000 associates at
the firm’s international headquarters.
Raymond James is a member of the
Fortune 1000, with total client assets of
approximately $500 billion.
24
Personal Vision Planning® Since 1990
Setting up alerts - Clients who want to take advantage of text alerts must have a mobile phone that can receive
text messages, a Capital Access account with a debit card, and an Investor Access login.
To set up fraud and consumer alerts in Investor Access, clients should visit:
Account Services > Cash Management > Debit Card Alerts.
• To enable fraud alerts, clients will select the debit card for which they want to receive the alerts, enter the phone
number where they want to receive alerts, confirm the number, and elect whether or not to also set up consumer
alerts.
• If they choose to add optional consumer preference alerts, clients will select which alerts they wish to receive and
the parameters that will trigger those alerts.
o For example, if a client would like to be alerted of account activity that takes place when he or she would usually
be asleep for the night, the client would select the "time of day" alert and then choose the appropriate beginning
and ending hours.
• Clients who have more than one Capital Access debit card have the option to apply the settings to all cards.
• To unenroll from alerts at any time, clients may select the "unenroll alert" link at the bottom of the debit card
alerts page
SET UP A REGULAR REVIEW SCHEDULE WITH YOUR ADVISOR
An hour with your advisor can be powerful, especially if he or she has the chance to share specialized
tools and the experience earned by dealing with many market cycles and many different client
situations. The way you communicate with your advisor is vital too, and that means telling him or
her not only what’s happening in your life today, but what’s likely to happen or might happen in the
future. Since advisors can’t help you manage what they don’t know about, it’s a good idea to err on
the side of over-communicating. Whether you’re anticipating a move across town, a new job, a child
heading off to college or otherwise, letting your financial advisor in on the details of your life can help
you reach your goals. We are here for you and your family!
www.carverfinancialservices.com
phone: 800.627.7279
25
DON’T MISS
THE REVOLUTION
A revolution is underway as we see incredible
advances in technology. This is leading to new
innovations in everything from medicine to
communications, from how we eat to how we
relax. The possibilities are almost unimaginable
as things that were science fiction just a few
years ago become reality today. The pace of
change is growing exponentially and there
are many opportunities for those who can
see beyond the challenges and problems of
today. At the same time there is a risk that
many will miss this incredible opportunity.
With change and advancement comes
increased complexity. Clearly the world, and
our country, is faced with some big challenges;
but we also have some huge opportunities.
For years various people have talked about
the coming collapse of the US economy
and this continues today. Sometimes this is
simply to sell their newsletter or product; a
modern version of the snake oil salesmen
150 years ago. Sometimes it is simply to
draw in readers or viewers to sell advertising.
Generally partial or totally inaccurate “facts”
are cited to support the claims that play upon
peoples fear.
The reality is that the United States remains
a global superpower of astounding strength.
Advancements in technology, and discoveries
of natural resources, are allowing us to be a
global leader in manufacturing, net exporter
of energy and safe-haven for foreign investors.
Incredible amounts of wealth are being
created for those who have the confidence,
strength and vision to take advantage while
those blinded by negativity may see their
standard of living eroded. Consider that
household net worth in the United States has
26
Personal Vision Planning® Since 1990
increased by an amazing @ 30% just since 2007
to more than $85.7 trillion dollars (Calafia Beach
Pundit 9/18/15).
The volume of information has continued
to increase while the time to act upon it has
dramatically shortened. Our Personal Vision
Planning® process focuses on you and your
needs, not specific investments or day to day
trends. We partner with you to sort out what is
relevant for you and what is not. The planning
is not based upon predicting what markets
or interests will do but rather on helping you
maintain and enhance your standard of living
while simplifying your life. We work with all
clients developing a customized plan customized
to your situation, monitoring the progress and
then helping make adjustments over time.
“The possibilities are almost unimaginable
as things that were science fiction just a
few years ago become reality today.”
We view your planning as a process that
takes place over your lifetime rather than a
specific event. For this reason, regular review
appointments are very important to ensure
that your portfolio continues to be properly
allocated as your financial situation changes.
We encourage you to visit our website—www.
carverfinancialservices.com—to view a schedule
of our upcoming educational seminars and to
learn more about us. As always please contact us
if you would like to meet or if we can otherwise
be of service. We believe that there are amazing
times ahead and we look forward to sharing the
journey with you.
MULTI-GENERATIONAL
WEALTH PLANNING & BUSINESS CONTINUITY INITIATIVE
Many families require that their financial plan be
designed to include not one generation, but rather two
and sometimes three generations. Multigenerational
wealth planning requires a level of continuity rarely
found in the financial planning industry today because
of the aging financial advisor population. While none
of the senior advisors at Carver Financial Services Inc.,
including Randy, have any plans to retire in the near
term we want to make sure that we are prepared to
serve you for generations to come and in the event
something unexpected happens to one of our team.
As we look into the future, we plan to provide that
level of continuity through our Multigenerational
Wealth Planning Initiative by adding younger, highly
skilled financial advisors to our staff. These young
professionals add immeasurable value to the service
we provide by helping you achieve your financial goals
through your retirement and to your beneficiaries as
the assets are inherited. This initiative ensures we will
be here to serve your family for generations to come.
Additionally, many young investors may not have
access to a quality financial advisor or may want to
work with someone closer to their own age. Carver
Financial is positioned to help younger investors create
a long term financial plan geared towards their goals
and objectives. In addition to working with a broad
spectrum of clients, Andy Flack, Mike Kelley and
Greg Sazdanoff are able to directly relate to the
challenges and opportunities that face younger
investors while at the same time, delivering the
level of expertise that you have come to expect
from Carver Financial Services. We encourage
any clients with children, or grandchildren, that
may need assistance with their finances to make
an appointment with us to review their financial
situation. Moreover, we are happy to do a family
meeting with multiple generations to review your
estate and wealth transfer plans.
Andy Flack, Mike Kelley and Greg Sazdanoff
have all earned the Certified Financial Planner™
(CFP®) designation. Only those who have fulfilled
the certification and renewal requirements of
the CFP Board can display the CFP® certification
trademarks which represent a high level of
competency, ethics and professionalism. And
because they are held to a fiduciary standard
of care, a CFP® professional is required to act
in your best interest. The Multigenerational
Wealth Planning Initiative demonstrates Carver
Financial Services’ ongoing commitment to
providing continuity in skilled financial planning
for generations to come.
www.carverfinancialservices.com
phone: 800.627.7279
27
WHY YOU DIDN’T GET
THE S&P 500’S RETURN LAST YEAR
It seems to have become all too distressingly
commonplace, as investors received their year-end
statements in early January, for them to wonder out
loud to their advisors why their portfolios returned less
than did the Standard & Poor’s 500-Stock Index, whose
total annual return with dividends reinvested was about
13.7% in 2014.
The answer is simple, and—as I will shortly suggest—
even noble, with respect to what superior advisors of
my acquaintance are committed to accomplishing for
their clients. Before investigating this answer in detail,
however, I would ask with regard to the precipitating
question (“Why didn’t I get etc.”) two questions of my
own, in no particular order. They are (a) who in the
world ever said that you would, and (b) what on earth
does the one-year return of any group of equities have
to do with the achievement of your financial goals? (Or
even the five-year or ten-year return, for that matter?)
After nearly half a century in the financial advisory
profession, I personally know about three thousand of
the most dedicated financial advisors in the country—
they are the subscribers to my advisor newsletter—and
am casually acquainted, I suppose, with as many more.
I don’t know a single one of them who warrants to his
or her clients that they are going to outperform (or even
equal) the return of any index or other benchmark
over any period of time. Indeed, I believe I can state
categorically that if a prospective client ever informed
one of these accomplished professionals that his
or her mission was “outperformance,” the advisor
in question would suddenly remember a pressing
appointment back on Planet Earth, and terminate the
interview.
You see, not only is a diversified portfolio’s performance
relative to one benchmark a variable which no advisor
(nor anyone else) can control. It is perfectly irrelevant
to the achievement of their clients’ financial goals.
The great advisors are financial planners, not market
prognosticators, and their objective is to help their
clients make manifest the family’s most sacred life-time
financial goals—an aim which has nothing whatever to
do with matching or outperforming an index.
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Personal Vision Planning® Since 1990
Getting (much less exceeding) the return of a particular
index is simply not a financial goal. To illustrate this, let’s
suppose you do in fact get the index return over your
investing lifetime, while I underperform it by, say, three
percentage points (that is, by nearly a third of equities’
historical return). Let us further suppose that, because
your portfolio did so much better than mine, you don’t
run out of money in retirement until you’re 84, while I
have run clean through my retirement savings by 79. I
submit that your achievement will avail you little when
we are both sitting on a park bench at 85, without two
nickels to rub together between us.
“Getting (much less exceeding) the return of a
particular index is simply not a financial goal.”
Alternatively, let us suppose that—while you are merrily
compounding the index return and I am shambling
along in your wake, three percentage points behind—a
financial crisis strikes, and the market goes down 30%. (It
has declined this much, on average, a dozen or so times
since WWII. Between October 2007 and March 2009,
it actually went down 57%). Convinced by catastrophists
in the media that “this time it’s different,” you bail out
of your equity portfolio, and don’t get back in until the
market has once again soared. I, on the other hand, fly
to my wise financial planner— I, too, bleating “this time
it’s different”—but she offers four countervailing words
of sage advice—“this too shall pass”—and convinces me
to hold on. Which of us do you suppose “outperforms”?
With that general statement off my chest, let me
proceed to the reasons that many investors, blessed
to employ the finest financial planners in this country,
may very well not have gotten the 2014 return of the
S&P 500. Permit me to suggest that it was, quite simply,
because their advisor was too wise, too humble, and
too deeply committed to achieving his or her clients’
financial goals.
Too wise, because a long-term financial planner would
never bet a client’s entire portfolio on one idea—
one sector (out of many) in the spectrum of equity
disciplines. The S&P 500 is comprised of the very
largest companies—in the jargon, “big-cap.” But there
are many other equity sectors—small and mid-cap,
emerging markets, and REITs (real estate investment
trusts), to name only four. These sectors, individually
and sometimes together, will be outperforming and
underperforming the big-cap index at any time, given
the randomness of market performance.
Thus, having created a portfolio blending and balancing
a variety of equity sectors— most or all of which ended
up lagging the S&P 500 last year—your advisor was, I
believe, demonstrating an all-too-rare quality: humility
in the face of uncertainty.
In 2014, the S&P 500 outperformed just about all
these other sectors, if not all of them. Your advisor
could not possibly have known it was going to do
that with a degree of certainty that would have
prompted him to bet your entire year’s return on
that one idea. Besides, putting it all on red, as it were,
isn’t investing at all. It’s speculating, and no advisor
worthy of the name would ever do that.
Finally, by diversifying across equity sectors (and
rebalancing once a year in order to come back to
the desired portfolio mix), your advisor was and is
reaffirming his or her deep commitment to your longterm financial success. The voice of the tortoise is
heard in the land: slow and steady wins the race.
Which implies another reason your portfolio return
may not have equaled that of the S&P 500: in addition
to being too wise for that, I submit that your advisor
had too much humility.
You see, once a decision has been made to own equities
in a goal-focused, planning-driven portfolio, the superior
advisor’s deepest commitment is to diversification,
which is simply the professional’s acknowledgment that
he or she doesn’t know which equity sectors are going
to outperform—and which underperform—next. (Your
advisor perceives no shame in this, realizing that no one
else knows it either.)
A financial planner, first and foremost, creates a
plan for you. He or she then funds that plan with
an intelligently diversified portfolio. Thereafter, the
mission simply becomes: if your goals and plans don’t
change, then don’t change the portfolio—regardless
of the fads or fears of the moment, and regardless
of which equity sector or discipline happens to be
shooting the lights out in any given year.
It takes a financial planner of significantly aboveaverage wisdom, humility and commitment to do
that, over years and decades, for a client family. I invite
you to consider the possibility that, if you received this
essay from one of my newsletter subscribers, you may
in fact already have such a rare advisor.
© March 2015 Nick Murray. All rights reserved. Reprinted by permission. 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 Nick Murray and not necessarily those of Raymond James. 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. Past performance does not guarantee future results. The above are hypothetical examples for illustration purposes only and do not
represent an actual investment. Investing involves risk and you may incur a profit or loss regardless of strategy selected.
THE EXPERTS
SPEAK
We believe your planning should be based
on your vision, needs and objectives. We
do not believe one can predict what the
markets will do in the short run nor do
we believe it matters if you have done
the proper planning. Our Personal Vision
Planning® process lets you proactively
plan so we can be prepared for whatever
comes as we work together. The experts
and media will always have an opinion
but often they will get it wrong.
"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
"With over fifty foreign cars already on sale here the Japanese
auto industry isn't likely to carve out a big share of the market for
itself." - Business Week, 1968
"There is no reason for any individual to have a computer in their
home." - President of Digital Equipment Corporation, 1977
www.carverfinancialservices.com
phone: 800.627.7279
29
health, winter & retirement
referrals & relationship size
We appreciate all of your referrals and look forward to
helping your family, friends and business associates.
We are accepting a limited number of new clients in
2016 by referral only. If you know of someone who we
could help we are always happy to meet with them
without cost or obligation. Simply ask the person
contacting us to let us know that you referred them.
If you have family members who do not meet our
regular investment minimum we are happy to meet
with, and work with, them at any time.
As many of you are aware over the last two years Randy had a stent put into his heart and also a had a
fractured femur. We had several other team members experience medical issues over the last year as well.
While minimal work was missed episodes like this are one of the reasons we have a large and highly qualified
team so that there is always someone here to serve you and one of the reasons we take a team approach to
working with you.
Today’s Randy’s health is better than ever. Doctors attributed the severe cold outside as a contributing factor
to the heart attack. In order to minimize the impact of winter Randy is splitting time during December through
March between Miami and Mentor. Typically he will spend two to three weeks in Mentor and then one to two
weeks in Miami.
While in Miami Randy meets with clients personally and also does both phone and Skype reviews. Additionally
he is available to do video meetings for anyone who would like to come into the office in Mentor via video
conference. As always our full team is here to serve you as well. Thanks to all of the great technology he can
work from the Miami office just as if he was in Mentor.
The other question that has come up is when Randy plans on retiring and the honest answer is never. While we
do have succession plans in place should something happen to any team member Randy will continue to work
the same schedule he has always worked and has no plans to slow down or retire in the foreseeable future.
“It’s been said that when you love what you do you will never work a day in
your life. That’s truly how I feel as I have the honor and privilege to help our
clients achieve their vision and dreams”, commented Randy
Please contact Randy with any questions or whenever we may be of service to you. your family or your friends.
We are here for you, and will be for generations to come!
RELEVANCY OF INFORMATION
In 2015 the volume of information we were exposed to continued to expand. Each day we are inundated with
information ranging from advertising to opinions all presented as fact. This is especially true with regard to
money, markets and investing as various media outlets compete for our attention. Exacerbating the situation
are the political ads and campaigns being run this year. Back in the 1980’s when we began in business the issue
was getting real time information regarding markets, the economy and our investments in a timely manner.
With advances in technology and communication the issue now is sorting through the deluge to figure out what
is relevant to our situation and what actions we should take. It is literally like trying to drink from a firehose.
We believe that our role is first and foremost helping you define what your personal vision is. Without knowing
what our goals and objectives are it is very hard to plan and monitor our progress. Once the vision is defined
we serve as a buffer to help filter what information is relevant to you and your goals and what is not. In this
capacity we can help separate fact from fiction and real news from hype.
Our process is based on you – not the markets or economy are doing and not based on any specific product
or investment. Periodic reviews are an integral part of this process as your needs, objectives and risk tolerance
may change over time. Having the time, expertise and experience to understand what is important to you
is one of the reasons we have continued to expand our team. As we begin 2016 please contact us with any
questions about current events in the media or questions you have personally. We are here for you.
30
Personal Vision Planning® Since 1990
Relationship Minimum
$500,000
Nine years ago we implemented a relationship minimum
for new clients, other than relatives of existing clients.
The purpose of the account minimum and referral only
practice is so that we can continue to provide our existing
clients with the highest levels of service and attention.
For 2016 our relationship minimum remains the same
as 2015 for new non-related referrals which is $500,000.
This does not affect any existing client, regardless of your
portfolio size. Moreover we will work with children and
relatives of existing clients who fall below our current
minimum.
Please contact us with any questions or if you would
like us to reach out to someone you feel we can assist.
Every Day Is Now Shred Day!
For the last four years we have held an annual Shred Day in the spring so that you could bring in personal
documents for shredding. We understand, however, that you may have documents at other times during the
year that you need shredded. As a client a new benefit we are offering is that you may bring in up to three boxes
of shredding at ANY TIME during the year and we will take care of it for you. No appointment is needed and
there is no cost. We only ask that you do not bring in trash, binder clips or 3 ring binders. Shredding sensitive
documents is one way to help protect your identity and we are here to assist in any way that we can!
www.carverfinancialservices.com
phone: 800.627.7279
31
Carver Financial Services Inc.
Personal Vision Planning® since 1990
7473 Center Street Mentor OH 44060
www.carverfinancialservices.com
Securities through
Raymond James Financial Services Inc.
Member (SIPC/FINRA)