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By Jonathan Meaney, CFP ®

By Brandon D. Ratzlaff, CFP ®


nfortunately there is a high probability that you or someone you care about has faced a job loss in the last few years. Jonathan Meaney, CFP® Psychologically, job losses are trying, and the financial burden only adds to the pain. An assessment of one’s income and expenses is the first step to realigning your financial focus. Ask your employer about severance packages that may be available. In some instances, the employer might offer the severance as a continuation of salary rather than a lump sum. The continuation of salary method may allow you to retain your employee benefits, including health care. Review your current expenditures. While this is an obvious statement, the primary focus of the newly unemployed should be to cut as many unnecessary expenses as possible. Cash flow and budgetary issues will be the foundation of your success or failure. Some obvious expense items to review are upgraded cable TV packages, credit cards with annual fees, eating out, and planned vacations. For Texas residents, review your most recent electricity bill to determine the price per kilowatt hour and the number of kilowatt hours you used. Compare your rate with current rates offered by multiple other carriers. A great website to use is where you can make a side-by-side comparison

of carriers and their rates. Moving from 0.10 per kilowatt hour to 0.09 per kilowatt hour might sound insignificant, but can make a real difference on your bill. Also, investigate any state sponsored Energy Efficiency Programs in your area. You can find out more about these programs by reviewing your electricity delivery company’s website. For Dallas-Fort Worth residents, Oncor has established On this site, you can find providers who will come to your home and provide a Home Energy Efficiency review free of charge. The benefit does not end there. Depending on the level of insulation in your home, you may qualify for free additional insulation. They also look into the proper sealing of your air conditioning ducts and the weather-stripping of your home. Discussions with your creditors can also be fruitful if you have good credit. Credit card companies may be willing to lower your interest rate and mortgage companies may be able to refinance or extend your repayment period. Be honest about the job loss, and these strategies can work. Update your profile on LinkedIn is an online resource for business networking and job hunting in the world of social media. It is free to set up a profile and allows you to build an online resume of your experience and qualifications. Many companies are using LinkedIn to find candidates for employment, so don’t overlook this valuable website.

ith the level of consumer debt skyrocketing and the cost of housing, education and health care Brandon D. Ratzlaff, CFP® increasing at double-digit rates, younger generations are facing unprecedented challenges to achieving economic stability and financial independence. Helping our youth learn effective money management skills and adopt good financial habits and attitudes is more important than ever. So what can you do if you are worried about the financial future of your children, grandchildren, and nieces and nephews? First, consider the positive influence you can have in shaping their financial well-being. Choose specific ways you can be a proactive money mentor in their lives. Here are a few suggestions and resources to get you started:

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Set an Example First and foremost, examine your money beliefs and behaviors and then take action to get your own financial life in order. An excellent handbook for reaching this goal is You and Your Money by Lois A. Vitt and Karen L. Murrell. Nothing is more effective in guiding the younger generation than providing a powerful role model.

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ere they come, the Boomers. The generation of seventy-seven million who were born between 1946 and 1964. Bill E. Carter, I am in the lead CFP ®, ChFC, CLU class of 1946 of a generation that has changed, and continues to change, history every decade since the 1940’s. Healthcare, entitlements, retirement, and Facebook, yes, that is right Facebook, will all undergo monumental changes over the next twenty years, as well as just about everything else. Boomers have been changing society from day one, so welcome the graying and retiring era of the Boomers. In 1969, as the first Boomers were graduating from college, articles were already being written about the effect of this large group. Even in the early ‘70’s’ much was being written about this group’s effect on Social Security. In the late 1970s, I began giving speeches about financial planning. At the heart of my speech was one basic premise, “You need a financial plan so you can guide your own financial independence because Social Security may not exist, but even if it does, it will not allow anyone to retire with the level of living standard that one deserves.” My premise was unabashedly self-serving, since I was moving along in this new profession called financial planning but, as selfserving as that speech may have been, I genuinely believed everyone needed to have a financial plan, and I believed in the benefits that a plan would provide long-term. My belief was genuine and so was my passion. I could not have endured the difficult early years of this ®

profession, when no one had heard of financial planning and when my income at the time made the poverty level look good, without my strong belief in the benefit of financial planning. A lot has happened over the past thirty-eight years, but in my life, nothing more dramatic has happened than financial planning finally emerging as a true profession. The acceptance of financial planning as a profession from merely being thought of as a vocation is an interesting journey and one that I have had the pleasure of being part of for many years. It has been something to observe.

Boomers have been changing society from day one, so welcome the graying and retiring era of the Boomers. The first major step toward becoming a recognized profession was financial planning’s acceptance as a field of academic study. My good friend, Dr. Tom Potts, who started the financial planning program at Baylor University, played a significant role in this evolution. Dr. Jerry Mason and Dr. Bill Gustafson at Texas Tech also made tremendous contributions. The next major step was the establishment of the International Board of Standards and Practices for Certified Financial Planners later shortened to the CFP Board of Standards. The CFP had been a designation, much like a degree. You could only receive it from the College of Financial Planning, and once you had it no one could take it away from you. The establishment of the IBCFP was a result of a lawsuit between Delphi University and the College of Financial Planning. Also because of the lawsuit, other universities, besides the College of Financial Planning in

Denver, were allowed to provide education for the CFP, and the CFP became a service mark. In addition, several rights were given to the CFP Board of Standards. They had the responsibility of testing for the CFP, setting the educational requirements, establishing the code of ethics, and providing the overall governance of this new mark. The CFP was no longer an educational designation which meant it could be taken away if someone did not keep up continuing education or in some way violated the code of ethics. This establishment of the CFP Board was a significant event in the long-term acceptance of the CFP mark and financial planning as a profession. Lastly, and most importantly, was the acceptance by the general public, both here and abroad. Today there are more than 60,000 CFPs in the United States and more than 126,000 individuals overseas hold the CFP mark. Financial Planning is truly embraced worldwide. I had the good fortune to serve on several board positions, “go through the chairs,” of the International Association of Financial Planners which later merged with the Institute of Certified Financial Planners to become the Financial Planners Organization. I had promoted the merger from the time I was president of the IAFP. I then had the opportunity to go through the chairs of the CFP Board of Standards. While serving on this board, I helped write the code of ethics for the CFP Board. It was an experience I will never forget, and one I do not want to experience again. Later, I had the opportunity to go though the chairs of the Foundation for Financial Planning. The Foundation’s mission is “To help people take control of their financial lives by connecting the financial planning community with people in need. We achieve this by supporting pro bono advice and outreach activities.” To date, the foundation has

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provided four million dollars of grants to seventy-five organizations to promote their mission. I also had the opportunity to serve as chair of the CFP International Board. This gave me a first-hand opportunity to observe the growth of the CFP mark around the world. We have celebrated our thirty-fifth year of Carter Financial Management and as I prepare to celebrate my thirty-eighth year in the profession, I am thrilled to see how the profession has matured from the 1970s to today. While I believed a financial plan was a useful tool for people back in the “70s”, I believe that even more strongly today. I am absolutely convinced people who have a financial plan do better with their personal finances and wealth accumulation long-term than people who do not. In addition, if something happens, such as premature death or disability, the family is in a much better position to handle the situation. Finally, if they achieve financial independence, not only will they enjoy a fulfilling retirement, they will have the opportunity to leave money to their children, a charitable interest, or both. It has been quite a journey. Thanks to all of you, not just my clients, but all the clients of the firm who have been with us during much of that journey.

Remarks on the Economy: Shifting gears, what about the economy and the markets? I realize that is generally the primary subject of this President’s letter. Well, they are actually in pretty good shape. The economy is coming out of a recession and has moved into a recovery stage. Simply said, we are getting back to normal. The market is looking six to eight months in the future and envisioning a better economy. That is why the market continues to improve. Economic growth trumps the Japan Tsunami, Middle East turmoil and the European currency crisis. There are a lot of negative things on the horizon but perhaps the two biggest that people should be focused on for the next several years are the enormous U.S. debt and deficit. Every day I am asked, “What are your greatest concerns regarding the markets and the economy?” Well, my number one concern has been and continues to be a policy mistake coming out of Washington. It would be easy for a mistake there to create economic havoc. I continue to be worried about the debt problem, not only in the United States, but all over the world and that has potential to balloon into an even greater problem than what exists today. Congress is stalled on whether or not to approve an increased debt ceiling. When you

add that uncertainty to the current negative economic news it is not surprising to have a pull back in the market. Finally, as I have said for several years, it is essential the housing market solidify. I personally think the housing market is doing that, but it appears it will take a long time to clear out the existing inventory of homes for sale. The fact that housing prices have dropped, once again to the 2006 levels is not terribly surprising. I maintain one of the key things for recovery is housing market rehabilitation. Most experts project that will not happen until 2012. In recent weeks, we had bad news regarding housing and unemployment. This put tremendous downward pressure on the stock market resulting in the question, “Has the economy stalled and will we fall back into recession?” There are a couple of things about what happened. First, it was projected by most economists for many months that once the economy recovered, unemployment would go up before it went down. This is simply a result of more people starting to look for jobs. I was a little surprised the news was received so negatively because it was something that should have been anticipated. Secondly, I expect the recovery to continue through the summer but continued on page 4

FINANCIAL TRENDS. . . . . . . . . . . . . . . . . 6/30/10 . . . . 9/30/10 . . . 12/31/10 . . . . 3/31/11. . . . . 6/30/11 Dow Jones Industrial . . . . . . . . . . . . . . . . . . . . 9,774.02 . . . . . 10,788.05 . . . . . 11,577.51 . . . . . 12,319.73 . . . . . 12,414.34 NASDAQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,109.24 . . . . . . 2,368.62 . . . . . . 2,673.02 . . . . . . 2,783.98 . . . . . . 2,773.52 NAREIT Composite . . . . . . . . . . . . . . . . . . . . . . 112.58 . . . . . . . . 125.03 . . . . . . . . 133.03 . . . . . . . . 142.07 . . . . . . . . 143.42 Russell 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 609.48 . . . . . . . . 676.14 . . . . . . . . 793.22 . . . . . . . . 843.73 . . . . . . . . 827.43 MSCI-EAFE . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,348.13 . . . . . . 1,561.01 . . . . . . 1,658.30 . . . . . . 1,702.55 . . . . . . 1,708.08 Prime Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.25% . . . . . . . . 3.25% . . . . . . . . 3.25% . . . . . . . . 3.25% . . . . . . . . 3.25% Gold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,245.50 . . . . . $1,307.80 . . . . . $1,421.10 . . . . . $1,438.90 . . . . . $1,500.18 10-Year U.S. Treasury. . . . . . . . . . . . . . . . . . . . . . 2.95% . . . . . . . . 2.53% . . . . . . . . 3.30% . . . . . . . . 3.47% . . . . . . . . 3.18% 30-Year U.S. Treasury. . . . . . . . . . . . . . . . . . . . . . 3.91% . . . . . . . . 3.69% . . . . . . . . 4.34% . . . . . . . . 4.51% . . . . . . . . 4.38% 1-Year Certificate of Deposit . . . . . . . . . . . . . . . 0.55%*. . . . . . . . 0.30%* . . . . . . . . 0.30%*. . . . . . . . 0.25%* . . . . . . . . 0.25%* Past performance may not be indicative of future results. Source of Information: Issues of the Investment Book and The Wall Street Journal. *Bank of Texas rate

page 4 “President’s Letter” continued from page 3 would not be surprised at a pull back in the markets. The reasons are QE2 will be ending and the natural market cycle. We have had a very good run in the market up to this point. However, we will have to wait and see how that plays out. Even with an expected and normal correction, when we get to the Fall the market should continue back upward on its normal projectory. High oil prices could end the recovery. However, as I write this letter, oil prices may be adjusting downward. This is not surprising because the increase in prices we experienced did not have as much to do with supply and demand as with what investors were doing in the markets. One thing about future oil prices, the trend will be upward, as not only the United States but the world comes out of recession. Economic growth will put more and more pressure on future oil prices. Since we do not seem to be pushing very hard to start off-shore drilling or taking other steps to increase our

To restate what I said earlier, I think we are moving back to normal, and normal feels good. As always there are a whole host of things that can knock this economy off track … but let us hope things continue to move along the current path. own supply, we will remain vulnerable. Again, this is something I will continue to monitor and comment on in nearly every letter for the next several years. I am not ready to say this recession is over or this bull market is over. That is something that we will play out over the next several months, but I do think that we will have a much clearer picture by the time you receive our next newsletter. To restate what I said earlier, I think we are moving back to normal, and normal feels good. As always there are

a whole host of things that can knock this economy off track: sovereign debt, Greece, Italy, and Spain being at the top of that list, but let us hope things continue to move along the current path. It has been a bumpy ride over the last thirty-eight years. However, as I reflect back, I would not trade my experience in financial planning and wealth management for anything in the world and I especially would not trade the clients of our firm who have proved to be the best of the best.

Bill E. Carter, CFP ®, ChFC, CLU® President

The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. 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 Bill Carter’s and not necessarily those of RJFS or Raymond James. Past performance may not be indicative of future results. Investing in oil involves special risks, including the potential adverse effects of state and federal regulation and may not be suitable for all investors.



athy Muldoon was awarded The Altruism Award by Registered Rep Magazine in May 2011. Altruism is, by definition, “the practice of unselfish concern or devotion to the welfare of others”. It is because of Kathy’s passion and volunteer efforts for several Dallas not-for-profit organizations, but particularly for her work on behalf of Parkland Health & Hospital System that she was selected for recognition from more than 2,538 advisors nationally. As a member of the Parkland Foundation and Chair of its Planned Giving Council, she is committed to supporting the hospital’s mission in our community.

Kathy was also profiled in the Wall Street Journal on May 2, 2011 titled “How to Help Grandkids”. In this article, Kathy provided very practical information to grandparents who have the desire to provide financial assistance for the grandchildren’s college expenses. It covered topics ranging from correct titling of accounts to the most efficient saving vehicles. The article illustrates some of the complexities of providing for grandkids. Congratulations Kathy! We are proud of you! ■ If you would like to read the entire article, please visit our website at under the News & Commentary/Articles of Interest tab.

Altruism is, by definition, “the practice of unselfish concern or devotion to the welfare of others.”

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n Tuesday, May 24, 2011, Carter Financial Management celebrated its 35th Anniversary at the Museum of Biblical Arts in Dallas. This elegant evening featured a beautifully decorated room, delicious food, cocktails, and an ice sculpture. The guests were surrounded by exquisite pieces of art and the sounds of a classical piano playing in the background. The guest list comprised of a mixture of clients, colleagues, family, and friends. The clients wore name badges accented by a ribbon displaying the number of years they had been with CFM. Many in attendance had been loyal to CFM since the very beginning and many others had been with CFM for twenty years, ten years, and five years. The level of support we received was overwhelming. It was definitely an evening to remember. CFM thanks everyone for helping us celebrate such a huge milestone. We could not have done it without you. We look forward to many more years of success. ■

5right to left — Judy Gallagher, Brandon Ratzlaff and Lisa Ellrich

5right to left — Clary Tarpley, Tara Scottino, Pat Avant and Tyler Russell 3right to left — Neal Adams, Bill Carter and Mike Baggett

CFM thanks everyone for helping us celebrate such a huge milestone. “Gig’em Aggies!”

page 6 “Kids Need Money Mentors” continued from page 1 Be Aware Stay alert for teachable moments to share your financial expertise and wisdom. Few topics affect us on a day-to-day basis more than money, so there are endless opportunities to provide financial lessons via word and example. A wonderful resource for parents and other caring adults is The Financially Intelligent Parent: 8 Steps to Raising Successful, Generous, Responsible Children by Jon and Eileen Gallo.

The idea is for families to get together on a regular basis to talk about how money is earned, saved and spent. Put It on the Calendar In addition to impromptu conversations about money, William Anthes, past president of the National Endowment for Financial Education (NEFE), recommends establishing a new tradition—family finance nights. He writes: “The idea is for families to get together on a regular basis to talk about how money is earned, saved and spent. The financial topic du jour

is up to you, but the goal is always the same: to give your children the invaluable gift of a financial education.” For tips on establishing a regular family finance night, visit and download the article “Money Night with Kids Instills Smart Financial Habits.”

We must ensure we don’t ignore the importance of teaching our youth about financial responsibility.

Use Tools There are a number of great resources available to help make financial education fun and interesting for children. One example is the Moonjar, “a tool for children and families to incorporate strong financial values and practices into their daily lives,” according to its creator, Eulalie M. Scandiuzzi. The Moonjar kit,, consists of three colorful moneyboxes or spending, saving and sharing a special Moonjar elastic band to hold the assembled boxes together, a passbook for deposits and withdrawals, and a family guidebook. Lastly, Three Cups is a delightful children’s book that combines a charming story with beautiful illustrations to teach invaluable lessons about money. A “Parent’s Guide” is included in Three Cups that offers several tips about how to be an effective money mentor for the children you love. We’ve learned and continue to learn so much from the successes and failures of preceding generations. Influencing and teaching our children, grandchildren and nieces and nephews our rites of passage – We must ensure we don’t ignore the importance of teaching our youth about financial responsibility.

Below is a continued list of resources not mentioned above. WEBSITES • • • • BOOKS For Parents • Silver Spoon Kids, by Eileen Gallo and Jon Gallo • Raising Financially Fit Kids, by Joline Godfrey • Children of Paradise, by Lee Hausner • The Ultimate Gift, by Jim Stovall For Children (to be read by parents first) • Kid’s Money Book, by Jamie Kyle McGilliam, Ian Phillips (Illustrated) • The Kid’s Guide to Money: Earning It, Saving It, Spending It, Growing It, Sharing It, by Steve Otfinoski, Kelly Kennedy • $$Cha-Ching!$$: A Girl’s Guide to Spending and Saving, by Laura Weeldreyer • Smart Money Moves for Kids, by Judith Briles ■ Brandon Ratzlaff is a CFP ® and Financial Planner with Carter Financial Management. Email: Links and book referrals 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, authors or their respective sponsors. Raymond James is not responsible for the content of any website/book or the collection or use of information regarding any website's users and/or members.

CALENDAR • September 5th – Labor Day – Office Closed • September 17th – Carter Investment Conference/Cityplace • November 24th – Thanksgiving Day – Office Closed • December 26th – Observance of Christmas Day – Office Closed ■

page 7 “Ideas for the Recently Unemployed” continued from page 1 Tapping other sources of income may become a necessity if unemployment persists for too long. It is highly recommended that you visit with your financial planner when determining which assets to access first. Be cautious when contemplating a loan from your life insurance cash values. Such distributions can cause the policy to lapse or can decrease the death benefit below an amount required in your estate plan. Retirement account withdrawals

often have income tax consequences and could carry a ten percent penalty depending on your age. Home equity lines of credit (HELOC) and reverse mortgages can be considered but be cautious because you are putting your house up as collateral. Renting your home and moving to a smaller rental could work if the income received could offset the expense of your rental. The initial shock of a job loss can be traumatic. The key is to take a deep breath and assess your situation. Review your expenditures, be active in cost cutting, and stay positive. While challenging, many job losses eventually

lead to better opportunities. ■ Jonathan Meaney is a CFP ® and Financial Planner with Carter Financial Management. Email: 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 Jonathan Meaney and not necessarily those of RJFS or Raymond James. You should discuss any tax or legal matters with the appropriate professional. Links are being provided for information purposed 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.

HIGHLIGHTS • Bill Carter, Bob Berg, Kathy Muldoon, Patty Hammond and Brian Fralin attended the Raymond James National Conference in Las Vegas, NV from May 2-5. • Bill Carter, Bob Berg and Kathy Muldoon attended the Raymond James Alternative Investments Conference in Las Vegas from March 30 to April 1. • Bill Carter attended the Morningstar Conference in Chicago from June 7-10. • Bill Carter attended the Raymond James Chairman’s Council Retreat in Chicago from May 31 to June 2. • Jonathan Meaney and his wife Autumn are expecting a baby girl in September.



he 32nd annual Carter Investment Conference will be held on Saturday, September 17, 2011, at the Cityplace Conference Center in Dallas. Our CIC committee is in full swing to plan the high quality conference that you have come to expect. The theme this year will be “Global Recovery: Is it Different This Time?”. This program will be filled with up-to-date information about the current financial climate

• Leona Martin welcomed a new baby boy named Lincoln to her family in June. • Tara Scottino was married on June 4, 2011. • Brandon Ratzlaff took the CFA level II exam. • Kathy Muldoon was awarded the Altruism Award 2011 by Registered Rep Magazine. • Kathy Muldoon’s article “How to Help Grandkids” was published in The Wall Street Journal on May 2, 2011. • Joel Berg began his CFP coursework in April. • Bill Carter joined the Board of Directors for the Girl Scouts of Northeast Texas. • Brian Fralin and his wife, Amanda, are expecting a baby boy in September. ■

at home and abroad and will be presented by informative yet entertaining key note speakers. The schedule will also include smaller break out sessions on investment related topics as well as life enriching topics. At Carter Financial Management, client education is paramount and one of our three business pillars: professional competency, client service and client education. You may have already received a “Save the Date” announcement as well as an invitation. You can also find information on our website under the Company/Special Events tab. We are excited about this year’s event and would love to have you and a guest join us. You can register by calling our office at 214-363-4200 or by clicking the link at the bottom of the information on our website. ■

Don’t Miss Out – Mark Your Calendars!


12222 Merit Drive, Suite 1800 Dallas, Texas 75251

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CARTER FINANCIAL MANAGEMENT/CARTER ADVISORY SERVICES TEAM Bill Carter, CFP ®, CLU ®, ChFC, President • Robert H. Berg, CFP ®, Senior Vice President • Kathy A. Muldoon, CFP ®, Senior Vice President • • Tara Scottino, CFP ®, Senior Vice President • Sue Spellman, CFP ®, Senior Vice President • Carol Croy, CFP ® • JoAnne B. Galbraith, CFP ® • Patty Hammond, CFP ® • Stephen H. McDonald, CFP ® • Jonathan Meaney, CFP ® • Brandon Ratzlaff, CFP ® • Tyler Russell, CFP ® • Lori Peters, RP ® • Pat Avant • Joel Berg • Adrian DeLeon • Bonnie Hunt • Marnie Nebeker • Brian Fralin, CFP ®, Midland Branch • Sheldon Zeiger, CFP ®, JD, Chicago Branch

CFM MISSION & CONTACT Our mission is to become our client’s trusted advisor by providing superior financial planning services that enable our clients to define and achieve their financial and life goals. You can reach us at: Phone 214-363-4200 . Fax 214-363-4369 .

EMAIL UPDATES: Help us keep our records up-to-date by sending your name and email to As always, Carter Financial Management and Carter Advisory Services will not distribute your contact information to anyone. All information is kept strictly private.

RJFS DEADLINES Cutoffs: Trades/Mutual Funds.......................................3:00 CST No Load Mutual Funds – Buys: ....................1:00 CST No Load Mutual Funds – Sells:.....................2:30 CST Government Bonds ...........................................4:00 CST Wires-From Customer Accts. ..........................12:30 CST

REMINDER: If you are making out a check for your Raymond James account, please note we can only accept checks payable to Raymond James or Raymond James & Associates. We cannot accept checks payable to Carter Financial Management or Raymond James Financial Services. Thank you for your cooperation.

SECURITIES AND INVESTMENT ADVISORY SERVICES OFFERED THROUGH RAYMOND JAMES FINANCIAL SERVICES, INC. MEMBER FINRA/SIPC. ADVISORY SERVICES OFFERED THROUGH CARTER ADVISORY SERVICES. BUSINESS & FINANCIAL SUPPORT SERVICES OFFERED THROUGH CARTER FINANCIAL MANAGEMENT. Carter Financial Management is an independent firm. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Carter Financial Management and not necessarily those of RJFS or Raymond James. Investments mentioned may not be suitable for all investors. Expressions of opinion are as of this date and are subject to change without notice. Past performance may not be indicative of future results.

Summer 2011 newsletter  
Summer 2011 newsletter