Times are uncertain. Citrus Wealth is monitoring the current global situation closely, providing clients with relevant, concise information regarding the financial impacts of COVID-19.
Coronavirus
Commentary
Citrus Wealth
Portfolio Updates
May, 2020
We would like to begin by extending our gratitude to those who have referred their friends or coworkers to Citrus Wealth. We have received a flood of new assets during these turbulent times. New clients have noted their reluctance to navigate this market alone or have advisors that have been complacent. We are truly grateful for the extension of your confidence in us.
As we expected, this earnings season has been one for the record books. Economists and industry professionals are warning of a significant recession. The quicker the economy picks back up (and stays up), the quicker the potential recession will end. Unfortunately, there is an inherent risk in a speedy reopening of business. A second wave of the virus may require additional, and potentially more stringent shutdowns, elongating an already devastating time.
The stock market has somewhat stabilized after recovering some of the March losses. Currently, the majority of company fundamentals do not align with the relatively elevated price of the market. This does not necessarily mean the market will start trending down; these two items can remain detached for considerable (and unpredictable) lengths of time. The bond market has received unprecedented support from the Federal Reserve. Interest rates (also unpredictable) are expected to remain flat or slightly trend down. FED support is also the main argument for current valuations in the stock market.
Considering the current economic climate, we plan on holding steady with our current allocations for the time being. These circumstances are of course fluid; we are ready to adjust the portfolios in either direction. Please do not hesitate to reach out if you have any questions.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation.
The information contained in this letter does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the advisor, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. 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. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. This is not a replacement for the official customer account statements or trade confirmations from Raymond James or other custodians. Investors are reminded to compare the findings in this report to their official customer account statements.
Investing involves risk, and investors may incur a profit or a loss. All expressions of opinion reflect the judgment of the Research Department of Raymond James & Associates, Inc., and are subject to change. Past performance is not an indication of future results and there is no assurance that any of the forecasts mentioned will occur. Economic and market conditions are subject to change. The Dow Jones Industrial Average is an unmanaged index of 30 widely held stocks. The NASDAQ Composite Index is an unmanaged index of all common stocks listed on the NASDAQ National Stock Market. The S&P 500 is an unmanaged index of 500 widely held stocks. The MSCI EAFE (Europe, Australia, Far East) index is an unmanaged index that is generally considered representative of the international stock market. The Russell 2000 is an unmanaged index of small cap securities. The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. An investment cannot be made in these indexes. International investing involves additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. These risks are greater in emerging markets. Small and mid-cap securities generally involve greater risks. Companies engaged in business related to a specific sector are subject to fierce competition and their products and services may be subject to rapid obsolescence. There are additional risks associated with investing in an individual sector, including limited diversification. The performance noted does not include fees or charges, which would reduce an investor's returns. Asset allocation and diversification do not guarantee a profit nor protect against a loss. Debt securities are subject to credit risk. A downgrade in an issuer’s credit rating or other adverse news about an issuer can reduce the market value of that issuer’s securities. When interest rates rise, the market value of these bonds will decline, and vice versa. Interest on municipal bonds is generally exempt from federal income tax; it may be subject to the federal alternative minimum tax, state or local taxes. U.S. Treasury securities are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. Chris Bailey is with Raymond James Euro Equities, an affiliate of Raymond James & Associates, and Raymond James Financial Services. Material prepared by Raymond James for use by its advisors. Not approved for rollover solicitations.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. © 2019 Raymond James Financial Services, Inc., member FINRA/SIPC. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc. Citrus Wealth Management is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc.
Raymond James Financial Services does not accept orders and/or instructions regarding your account by email, voicemail, fax or any alternate method. Transactional details do not supersede normal trade confirmations or statements. Email sent through the Internet is not secure or confidential. Raymond James Financial Services reserves the right to monitor all email. Any information provided in this email has been prepared from sources believed to be reliable, but is not guaranteed by Raymond James Financial Services and is not a complete summary or statement of all available data necessary for making an investment decision. Any information provided is for informational purposes only and does not constitute a recommendation. Raymond James Financial Services and its employees may own options, rights or warrants to purchase any of the securities mentioned in this email. This email is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this message in error, please contact the sender immediately and delete the material from your computer.
Highlights of Recent Government Stimulus
(CARES ACT)
April, 2020
Last week, the US Government passed the largest economic stimulus in world history. This complex legislation is over 880 pages and is very specific regarding individual situations. We've provided a summary of pertinent information from the Act below.
If any of our clients or family of clients need assistance or have any questions with any items mentioned, please let us know. We are a full-service wealth management firm; this is a great example of what full-service means.
If you are not a client or family member of a client, we are here to help. However, please understand we will be prioritizing the requests of existing clients. Additionally, if you are not a client and are concerned about your investments, we are able to review your portfolio and gauge its alignment with your objectives and risk tolerance.
The information below is Citrus Wealth’s general summary of the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Direct Payments
-
Individuals earning up to $75,000 in adjusted gross income will receive a one-time payment of $1,200. Married couples filing joint returns will each receive $1,200 (totaling $2,400), assuming their adjusted gross income is below $150,000.
-
The IRS will use your most recent tax return on file (2018 or 2019) to determine eligibility. (Side note: the 2019 tax filing deadline has been delayed to July 15th, 2020.)
-
Recipients must have a work-eligible Social Security number and don't need to show income on their previous tax return.
-
Make sure you still have access to the bank account the IRS used for your 2018 or 2019 tax refund (if applicable). The IRS is working on a solution if you no longer have this account.
-
There are phase-outs and other specifics that can affect your payments; please reach out to us directly if you have any questions regarding your situation.
COVID-19 Related Distributions
-
Up to $100,000 can be taken from IRAs, 401ks or other qualified plans by individuals who have been impacted by COVID-19.
-
You can qualify for this if: you, a spouse or a dependent have been diagnosed with COVID-19, you have experienced adverse financial consequences because of COVID-19, you are unable to work because of childcare constraints due to COVID-19, you own a business that has closed or reduced hours due to COVID-19, or any other reason that the IRS deems acceptable. (It seems their intention is to make qualifications as broad as possible.)
-
-
Individuals under 59.5 are exempt from the regular 10% penalty. However, regular income taxes are still due. By default, taxes generated from funds taken out will be spread over 2020, 2021 and 2022. You can (and should if possible) return these funds to avoid taxation, but you will need to amend your taxes to claim a refund for any taxes paid.
RMDs (Required Minimum Distributions)
-
Required Minimum Distributions for 2020 are no longer mandatory. If you have recently taken all or part of your 2020 RMD, you can return it if desired (which will save on taxes).
-
Please contact us if you have any questions about your unique situation.
Student Loans
-
Payments to federally serviced student loans can be deferred until September 30th, 2020 and interest will not be charged. If you defer, you can still (and should if possible) make principal payments.
-
Technically, you can just not make your April payment. This should automatically enroll you in the COVID-19 forbearance program. However, it is wise to complete the COVID-19 forbearance process online through your loan servicer before skipping any payments.
Unemployment Compensation
-
The federal government will add $600 to state unemployment benefits. This benefit period is extended by 13 weeks.
Small Business Benefits
-
Certain small businesses qualify for small business loans to help cover the cost of payroll, rent, utilities, mortgage interest, group insurance premiums, etc.
-
These loans are eligible for full or partial forgiveness if the funds are spent in the 8 weeks after receiving them and the business retains all employees.
-
Businesses that do not receive a loan are eligible for a payroll tax credit.
Again, please let us know if you have any questions or need any assistance; we're here to help.
(FYI, 2 Trillion is $2,000,000,000,000….)
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation.
The information contained in this letter does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the advisor, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. 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. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. This is not a replacement for the official customer account statements or trade confirmations from Raymond James or other custodians. Investors are reminded to compare the findings in this report to their official customer account statements.
Investing involves risk, and investors may incur a profit or a loss. All expressions of opinion reflect the judgment of the Research Department of Raymond James & Associates, Inc., and are subject to change. Past performance is not an indication of future results and there is no assurance that any of the forecasts mentioned will occur. Economic and market conditions are subject to change. The Dow Jones Industrial Average is an unmanaged index of 30 widely held stocks. The NASDAQ Composite Index is an unmanaged index of all common stocks listed on the NASDAQ National Stock Market. The S&P 500 is an unmanaged index of 500 widely held stocks. The MSCI EAFE (Europe, Australia, Far East) index is an unmanaged index that is generally considered representative of the international stock market. The Russell 2000 is an unmanaged index of small cap securities. The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. An investment cannot be made in these indexes. International investing involves additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. These risks are greater in emerging markets. Small and mid-cap securities generally involve greater risks. Companies engaged in business related to a specific sector are subject to fierce competition and their products and services may be subject to rapid obsolescence. There are additional risks associated with investing in an individual sector, including limited diversification. The performance noted does not include fees or charges, which would reduce an investor's returns. Asset allocation and diversification do not guarantee a profit nor protect against a loss. Debt securities are subject to credit risk. A downgrade in an issuer’s credit rating or other adverse news about an issuer can reduce the market value of that issuer’s securities. When interest rates rise, the market value of these bonds will decline, and vice versa. Interest on municipal bonds is generally exempt from federal income tax; it may be subject to the federal alternative minimum tax, state or local taxes. U.S. Treasury securities are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. Chris Bailey is with Raymond James Euro Equities, an affiliate of Raymond James & Associates, and Raymond James Financial Services. Material prepared by Raymond James for use by its advisors. Not approved for rollover solicitations.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. © 2019 Raymond James Financial Services, Inc., member FINRA/SIPC. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc. Citrus Wealth Management is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc.
Raymond James Financial Services does not accept orders and/or instructions regarding your account by email, voicemail, fax or any alternate method. Transactional details do not supersede normal trade confirmations or statements. Email sent through the Internet is not secure or confidential. Raymond James Financial Services reserves the right to monitor all email. Any information provided in this email has been prepared from sources believed to be reliable, but is not guaranteed by Raymond James Financial Services and is not a complete summary or statement of all available data necessary for making an investment decision. Any information provided is for informational purposes only and does not constitute a recommendation. Raymond James Financial Services and its employees may own options, rights or warrants to purchase any of the securities mentioned in this email. This email is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this message in error, please contact the sender immediately and delete the material from your computer.
COVID-19 Update:
The Months Ahead
March, 2020
Investors don't need to see the future, they need to see the present with clarity.
Our Present Circumstances
The current economic and social environment is indeed unprecedented. Governments, hospitals and private industries around the world are doing their best to stop the spread of COVID-19, treat infected patients, and develop life-saving vaccines. Their collective actions directly affect our global economy. The true and total impact of these actions is uncertain, yet anticipated ramifications are on display in stock markets around the world. An important distinction to point out at this moment in time is the difference between the stock market and the economy.
We use a simple analogy to explain the relationship between the economy and the stock market: Imagine a lady walking down the sidewalk with her 3-month-old puppy. The lady maintains a steady stroll. The puppy is another story. He sometimes races forward, only to be yanked back by his owner’s leash. At times he runs backward, only to be reminded that his owner is moving ahead and he must follow. The puppy barks at things that don't exist, and poops where it shouldn’t. The puppy is the stock market, and his owner is the economy. The stock market tends to surge in one direction or another, sometimes without reason. It makes big deals out of everything, often blowing trivial matters out of proportion. The market can seem to have amnesia from one day to the next, kind of like a puppy.
Every investor should be focused on the lady (economy), knowing that the puppy (stock market) is tethered to her. Try to ignore the puppy.
Our Future Situation
The general consensus is that we are headed towards a recession, meaning the economy (lady) will begin to walk backward instead of forwards. This is historically normal. On average we have a recession every 4 to 6 years, and it has been more than 10 years since the last. Recessions tend to last around 10 months. The world will eventually recover from COVID-19, global economies should rebound, and American industries (and investors) will participate.
Our Plan
Due to the constantly changing nature of global events, the majority of our day is spent listening to, reading and discussing diversified economic opinions and potential outcomes in the months and years to come. We review information from top research institutions, industry veterans, and respected economic forecasters.
Eventually, the rate of new cases in the United States will slow, then decline. This should have a positive effect on the markets. There will be a day with no additional cases (as in China). While that should be a good day for the markets, our economy will still need months to recover. When timing is right, we will begin to deploy the cash we raised over the past few months. April will be a closely monitored month, as the majority of publicly traded companies will announce their first-quarter earnings from January to the end of March. The US Government releases Quarter 1 GDP figures on April 29th, now expected to be 1% (declining from an earlier estimate of 3%). If GDP turns out to be a negative percent, that will be the lady taking her first step backward. Two successive quarters of GDP decline is the technical definition of a recession.
We will continue to push out communication as much as possible, without recycling daily news. Content will include actions most people can take given the current financial situation.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation.
The information contained in this letter does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the advisor, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. 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. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. This is not a replacement for the official customer account statements or trade confirmations from Raymond James or other custodians. Investors are reminded to compare the findings in this report to their official customer account statements.
Investing involves risk, and investors may incur a profit or a loss. All expressions of opinion reflect the judgment of the Research Department of Raymond James & Associates, Inc., and are subject to change. Past performance is not an indication of future results and there is no assurance that any of the forecasts mentioned will occur. Economic and market conditions are subject to change. The Dow Jones Industrial Average is an unmanaged index of 30 widely held stocks. The NASDAQ Composite Index is an unmanaged index of all common stocks listed on the NASDAQ National Stock Market. The S&P 500 is an unmanaged index of 500 widely held stocks. The MSCI EAFE (Europe, Australia, Far East) index is an unmanaged index that is generally considered representative of the international stock market. The Russell 2000 is an unmanaged index of small cap securities. The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. An investment cannot be made in these indexes. International investing involves additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. These risks are greater in emerging markets. Small and mid-cap securities generally involve greater risks. Companies engaged in business related to a specific sector are subject to fierce competition and their products and services may be subject to rapid obsolescence. There are additional risks associated with investing in an individual sector, including limited diversification. The performance noted does not include fees or charges, which would reduce an investor's returns. Asset allocation and diversification do not guarantee a profit nor protect against a loss. Debt securities are subject to credit risk. A downgrade in an issuer’s credit rating or other adverse news about an issuer can reduce the market value of that issuer’s securities. When interest rates rise, the market value of these bonds will decline, and vice versa. Interest on municipal bonds is generally exempt from federal income tax; it may be subject to the federal alternative minimum tax, state or local taxes. U.S. Treasury securities are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. Chris Bailey is with Raymond James Euro Equities, an affiliate of Raymond James & Associates, and Raymond James Financial Services. Material prepared by Raymond James for use by its advisors. Not approved for rollover solicitations.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. © 2019 Raymond James Financial Services, Inc., member FINRA/SIPC. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc. Citrus Wealth Management is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc.
Raymond James Financial Services does not accept orders and/or instructions regarding your account by email, voicemail, fax or any alternate method. Transactional details do not supersede normal trade confirmations or statements. Email sent through the Internet is not secure or confidential. Raymond James Financial Services reserves the right to monitor all email. Any information provided in this email has been prepared from sources believed to be reliable, but is not guaranteed by Raymond James Financial Services and is not a complete summary or statement of all available data necessary for making an investment decision. Any information provided is for informational purposes only and does not constitute a recommendation. Raymond James Financial Services and its employees may own options, rights or warrants to purchase any of the securities mentioned in this email. This email is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this message in error, please contact the sender immediately and delete the material from your computer.
Citrus Wealth
Portfolio Updates
March, 2020
This week saw continued volatility in both equity and bond markets due to COVID-19 and oil market price swings. Attempts were made by central banks to stimulate the markets and mitigate further downturn. However, these attempts had little impact, and in turn, made investors even more nervous. In hopes to calm the markets, we expect to see additional stimulus packages passed through Congress next week.
There is good news coming out of China. Four months after the outbreak began, the country is seeing a drastic reduction in new cases of the virus. Assuming a similar timeline in the US, containment should take hold by the end of May. If this is the case, it is likely economic activity will be affected for two consecutive quarters. This could be enough to trigger a recession.
A fitting metaphor, an economic recession is quite similar to getting the flu. The healthier the economy or person, the better chance of a quick recovery. At the beginning of 2020, our economy was in fact very healthy, alluding to a good chance of a quick recovery. However, some strains of the flu are stronger than others. Only time will tell how long our economy will be impacted.
For now, we will be looking for indications that the volatility has slowed, and for opportunities to deploy the cash and bond positions accumulated last week. We are also looking toward the April earnings reports where corporations will announce their quarter one profit results.
As always, please do not hesitate to call if you have any questions!
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation.
The information contained in this letter does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the advisor, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. 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. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. This is not a replacement for the official customer account statements or trade confirmations from Raymond James or other custodians. Investors are reminded to compare the findings in this report to their official customer account statements.
Investing involves risk, and investors may incur a profit or a loss. All expressions of opinion reflect the judgment of the Research Department of Raymond James & Associates, Inc., and are subject to change. Past performance is not an indication of future results and there is no assurance that any of the forecasts mentioned will occur. Economic and market conditions are subject to change. The Dow Jones Industrial Average is an unmanaged index of 30 widely held stocks. The NASDAQ Composite Index is an unmanaged index of all common stocks listed on the NASDAQ National Stock Market. The S&P 500 is an unmanaged index of 500 widely held stocks. The MSCI EAFE (Europe, Australia, Far East) index is an unmanaged index that is generally considered representative of the international stock market. The Russell 2000 is an unmanaged index of small cap securities. The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. An investment cannot be made in these indexes. International investing involves additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. These risks are greater in emerging markets. Small and mid-cap securities generally involve greater risks. Companies engaged in business related to a specific sector are subject to fierce competition and their products and services may be subject to rapid obsolescence. There are additional risks associated with investing in an individual sector, including limited diversification. The performance noted does not include fees or charges, which would reduce an investor's returns. Asset allocation and diversification do not guarantee a profit nor protect against a loss. Debt securities are subject to credit risk. A downgrade in an issuer’s credit rating or other adverse news about an issuer can reduce the market value of that issuer’s securities. When interest rates rise, the market value of these bonds will decline, and vice versa. Interest on municipal bonds is generally exempt from federal income tax; it may be subject to the federal alternative minimum tax, state or local taxes. U.S. Treasury securities are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. Chris Bailey is with Raymond James Euro Equities, an affiliate of Raymond James & Associates, and Raymond James Financial Services. Material prepared by Raymond James for use by its advisors. Not approved for rollover solicitations.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. © 2019 Raymond James Financial Services, Inc., member FINRA/SIPC. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc. Citrus Wealth Management is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc.
Raymond James Financial Services does not accept orders and/or instructions regarding your account by email, voicemail, fax or any alternate method. Transactional details do not supersede normal trade confirmations or statements. Email sent through the Internet is not secure or confidential. Raymond James Financial Services reserves the right to monitor all email. Any information provided in this email has been prepared from sources believed to be reliable, but is not guaranteed by Raymond James Financial Services and is not a complete summary or statement of all available data necessary for making an investment decision. Any information provided is for informational purposes only and does not constitute a recommendation. Raymond James Financial Services and its employees may own options, rights or warrants to purchase any of the securities mentioned in this email. This email is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this message in error, please contact the sender immediately and delete the material from your computer.