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Recorded December 28, 2023. The foregoing content reflects the opinions of Raymond James Asset Management Services and is subject to change at any time without notice. The content provided herein is for informational purposes only. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Past performance is no guarantee of future results. Investing is subject to risk, including loss.

It is important to review the investment objectives, risk tolerance, tax objectives, time horizon, and liquidity needs before choosing an investment style or manager. All investments carry a certain degree of risk, and no one particular investment style or manager is suitable for all types of investors. Asset allocation and diversification do not ensure a profit or protect against a loss. This should not be considered forward-looking and are not guarantees of the future performance of any investment. There is no assurance that any investment strategy will be successful.

Freedom portfolios may contain exchange traded funds (ETF) and mutual funds. Before purchasing ETF shares, carefully read all of an ETF’s available information, including its prospectus. All ETFs will deliver a prospectus upon request. Mutual funds are sold by prospectus only. Investors should carefully consider the ETF and mutual fund investment objectives, risks, charges and expenses before investing. The prospectus contains this and other information and can be obtained from the ETF or mutual fund sponsor, as well as from your financial advisor. The prospectus should be read carefully before investing. Separately managed accounts (SMAs) may not be appropriate for all investors. SMA minimums are typically $200,000 and may be more appropriate for affluent investors with $300,000 or more to invest.

You should understand that the annual advisory fee charged in these programs is in addition to the management fees and operating expenses charged by mutual funds and exchange traded funds if applicable. These additional considerations, as well as the fee schedule, are listed more fully in the client agreement and the Raymond James & Associate’s Form ADV Part 2A.

Additional risks may include:

• Fixed-income securities (or “bonds”) are exposed to various risks, including but not limited to credit (risk of default or principal and interest payments), market and liquidity, interest rate, reinvestment, legislative (changes to the tax code), and call risks.
• There is an inverse relationship between interest rate movements and fixed income prices. Generally, when interest rates rise, fixed income prices fall, and when interest rates fall, fixed income prices generally rise. Short-term bonds with maturities of three years or less will generally have lower yields than long-term bonds, which are more susceptible to interest rate risk.
• International investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility.
• Investing in emerging markets can be riskier than investing in well-established foreign markets. Emerging and developing markets may be less liquid and more volatile because they tend to reflect economic structures that are generally less diverse and mature and political systems that may be less stable than those in more developed countries.
• Investing in small-cap stocks generally involves greater risks and, therefore, may not be appropriate for every investor. Stocks of smaller or newer or mid-sized companies may be more likely to realize more substantial growth as well as suffer more significant losses than larger or more established issuers. 
• These portfolios may be subject to international, small-cap and sector-focus exposures as well. Accounts may have over weighted sector and issuer positions and may result in greater volatility and risk.
• Companies in the technology industry are subject to fierce competition, and their products and services may be subject to rapid obsolescence.

Definitions:

• Small-cap: a term used to classify companies with a market capitalization between $300 million and $2 billion.
• Mid-cap: a term used to classify companies with a market capitalization between $2 billion and $10 billion.
• Consumer Price Index: a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.