Rolling from a traditional IRA into a Roth IRA may involve additional taxation. Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount is subject to its own five-year holding period. Asset allocation does not guarantee a profit nor protect against losses. Changes in tax laws may occur at any time and could have a substantial impact upon each person's situation. Investors should consult a tax professional for tax advice specific to their situation. Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. are affiliated with Raymond James Bank, National Association (N.A.). Unless otherwise specified, products purchased from or held at Raymond James & Associates or Raymond James Financial Services are not insured by the FDIC, are not deposits or other obligations of Raymond James Bank, N.A., are not guaranteed by Raymond James Bank, N.A., and are subject to investment risks, including possible loss of the principal invested. Borrowing against an investment account may involve a high degree of risk and may not be suitable for all clients.