From zero to 1: How quantum computing is harnessing the power in-between binary

The power of quantum computing lies in its capacity – and its potential is not just a game-changer, but a world-changer.

In the decades since the introduction of the supercomputer, researchers have had one goal: to beat it. And that grand innovative tradition of one breakthrough begetting more has pushed us closer to the arrival of the next technological revolution, the quantum computer.

In 2023, a quantum computer – still an imperfect, “noisy” model according to its own architects – beat a conventional supercomputer in a test to calculate the behavior of an ever-increasing number of particles. In December of 2024, a new quantum chip performed a benchmark calculation in five minutes that would take a supercomputer 10 septillion years. For comparison, the universe is estimated to be around 14 billion years old.

The potential for quantum computing is not just a game-changer, but a world-changer.

“From a macro perspective, it’s going to drastically change a lot,” says John Chan, a director of technology at Raymond James. “Harnessing this level of computational power will have exponential implications for virtually any industry that requires a lot of data processing.”

But what is quantum computing?

If the supercomputer is the chess master, the quantum computer is playing in 4-D.

“Currently, we’re bound by zero and one, the binary system that forms the basis for all computing,” Chan says. “The goal of quantum computing is to operate in the vast space between zero and one.”

In traditional computers, transistors drive processing with small units of digital information called bits – binary digits. Each bit operates as a one or a zero, essentially, the “on” or “off” states of a current. While the same bit can serve as either number, it can only act as one number – or be in one state – at a time.

Quantum computing uses the principles of quantum physics, leveraging the power of fundamental particles like photons and electrons, to open the door to an entirely new kind of processing. Instead of being in one state or the other, quantum bits (qubits) have the ability to be in superposition, occupying a continuum of states between zero and one at once. This supercharges the speed with which data can be processed.

Currently, many quantum systems are operating in terms of hundreds of qubits. The aforementioned 2023 quantum computer, for example, is a 127-qubit machine. As the number of qubits increases, so does the power and the probability of outperforming legacy systems. One company in the space said it sees 100,000-qubit capacity as the technology’s “inflection point,” and as quantum systems are networked, that point might not be too far off.

What are the practical applications?

Because of the energy requirements – quantum computers must be kept near absolute zero, or -459.67 degrees Fahrenheit, for optimal function – quantum computation isn’t a fit for the simpler, day-to-day tasks performed by systems that can operate at higher temperatures, like our desktop computers, laptops and smart devices.

The potential for quantum computing exists in its capacity. Its ability to process enormous volumes of data positions it as an accelerator technology for other systems.

Chan foresees artificial intelligence being quantum’s largest “consumer,” with the potential to enhance AI’s efficacy across industries.

“The applicability in AI will be broad. For example, in cancer research, AI is used to do lots of trial and error – probably millions of trials and errors in seconds – but it’s still not enough, because the data set for cancer is too large and too complex. That’s an area where more processing power is going to be a game-changer.”

From a market perspective, investors should be watching industries where data is the driver – technology, healthcare, finance, manufacturing – and looking for early adopters that are able to begin applying the technology quickly. However, safety and energy consumption concerns should be factored into the equation.

“The hope is that quantum computers will actually be able to solve their own safety and resource issues, but those are definitely things investors should be paying attention to,” Chan says.

What is the timeline?

Some experts believe we’re 15 to 20 years out from large-scale implementation, but there are also companies signing contracts to offer quantum computing services right now.

“How far off is debatable,” Chan says. “We still have significant technology challenges to get through. The most important thing when it comes to quantum computing is to make it stable, and as of today, there’s a lot of instability.”

But with multiple tech giants all approaching the quantum equation from different angles, stability could come rapidly.

“Think about the first prototypes of the steam engine. The early models didn’t work or failed quickly. But that just shows you where the improvements are needed.”

Sources: New Scientist, Forbes, MIT

This material is being provided for informational purposes only and is not a complete description, nor is it a recommendation. There is no assurance any investment strategy will be successful. Investing involves risk and investors may incur a profit or a loss. Companies engaged in business related to the technology sector are subject to fierce competition and their products and services may be subject to rapid obsolescence. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.

Links 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 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. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

AI and cybersecurity: Fighting fire with fire

Artificial intelligence is creating new, more complex cybersecurity challenges. It may also hold the solutions.

The uses for artificial intelligence (AI) are seemingly endless. AI can anticipate the next song we’d like to hear, break down advanced concepts into easy-to-understand terms and help companies operate more efficiently with automated processes.

But it can also be used to support unethical behavior or illegal practices, like cheating in school or committing outright fraud – especially generative AI, which can create new content like text and images through deep learning to gain access to money or sensitive data. The ubiquity of generative AI may account for a projected rise in cybercrime to $10.5 trillion in 2025, from less than $3 trillion in 2020¹.

“Hackers are using AI in increasingly inventive ways,” Raymond James Vice President of Technology Jeff Griffith said while discussing the threats and opportunities AI creates for cybersecurity specialists. “But so are we.”

Risks posed by generative AI

AI is making familiar scams more elaborate and easier than ever to launch. For example, phishing emails used to be relatively easy to spot for the spelling and grammatical errors typical of humans posing as someone they’re not. Today, in any language, cybercriminals can prompt AI to write an email that sounds relatable and natural. They can also use AI to hyper-personalize a scam to make it more relevant to each recipient.

Another concern is the emergence of “deepfakes.” Hackers can easily clone voices and make them say virtually anything. “It’s turnkey and easy to do,” Griffith said, “and not expensive. I cloned a well-known voice for a demo. I didn’t even have to say who it was. I just played it, and everyone knew right away.”

The same technology can be used for video. Right now, you may be able to recognize a deepfake by finding errors in the details, like people with extra fingers or misplaced limbs, but the technology is developing rapidly.

“Compared to where it was two years ago, you can expect not to be able to tell two years from now,” Griffith said.

How AI bolsters cybersecurity efforts

Fortunately, this same technology can also be used to mitigate these threats. Many companies – Raymond James included – are already using sophisticated AI cybersecurity tools to defend their systems and protect their data.

For example, AI can quickly analyze communications and scan vast records that would be impossible for a human to read with the same speed or accuracy. Businesses can also use AI to come up with different attack scenarios cybercriminals might use so they can understand how to defend against them.

“It’s a never-ending race between the good guys and the bad guys,” said Griffith. “You build a castle and fortify it, and criminals look for a way in. That’s why it’s important to use AI – because the bad guys do.”

Some organizations use generative AI tools to help them write stronger code and do it faster. Cybercriminals use those tools, too – to build malware with the speed of a hundred engineers working simultaneously.

“We are using AI to help our developers write better code faster, identify vulnerabilities before they happen and protect our systems in real time,” Griffith said. “It amplifies our experts’ abilities to secure the environment and deliver great functionality – keeping us at the forefront of innovation and safety.”

Source: ¹Cybersecurity Ventures

Links 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 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. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

New SECURE 2.0 ‘Super Catch-Up’ contribution for ages 60-63

Here’s what you need to know about the higher catch- up contributions limits

The SECURE 2.0 Act has significantly changed retirement savings rules in recent years. Those changes include, but aren’t limited to, a new RMD age and increased access to 401(k) plans for part-time workers.

And there’s more. Starting in 2025, SECURE 2.0 enhances catch-up contributions for certain older adults. If you’re 60, 61, 62, or 63 in 2025, you may be able to leverage this provision to increase your savings for retirement.

These contributions could also lower your taxable income and potentially reduce your overall tax liability.

Here’s what you need to know about how the new higher catch-up contribution limits will work in most employer-sponsored plans.

Age 50+ catch-up contribution limits 2025

Before we dive into higher catch-up limits for ages 60-63 it helps to review standard Age 50+ Catch-ups. Age 50+ Catch-up contributions are additional retirement savings allowances for individuals 50 and older, designed to help boost their retirement savings.

These provisions allow eligible savers to contribute beyond the standard annual limits in various retirement accounts like 401(k)s and IRAs.

This could help make up for years of inadequate savings or maximize your tax-advantaged retirement funds. However, note that Age 50+ Catch-ups are optional for eligible employees if the employer-sponsored plan permits them.

• For 2025, the standard annual deferral limit is $23,500, and the catch-up contribution limit for those age 50 and older is $7,500.
• That means an active participant 50 or older can contribute up to $31,000 this year.

SECURE 2.0 higher age 50+ catch-up contribution limits for 60-63

Under SECURE 2.0, beginning in 2025, individuals ages 60 to 63 by December 31 will be eligible for increased catch-up contributions in their retirement plans.

These higher catch-up limits apply to 401(k), 403(b), and governmental 457(b) plans that currently offer Age 50+ Catch-up contributions. It’s also important to note that this change is optional for employers. So, each plan sponsor will decide whether to implement this feature in their retirement plans.

This higher age 50+ catch-up contribution limit for ages 60-63 is $10,000 or 150% of the standard age 50+ catch-up contribution limit, whichever is greater.

For example, the IRS has just announced that for 2025, the catch-up limit for those age 50+ is $7,500 and the higher catch-up contribution limit for those age 60-63 is $11,250.

To qualify for the higher catch-up contributions, participants must meet specific criteria:

• Be 60, 61, 62, or 63 on December 31 of the calendar year
• Generally, already contributed the maximum deferral amount

Note: Once participants turn 64, they revert to the standard age 50+ catch-up contribution limit.

Roth catch-up rule for high earners

SECURE 2.0 also includes new provisions regarding Roth contributions for high earners. As Kiplinger has reported, IRS rules for this provision have been delayed until 2026.

However, when that provision kicks in, if a participant’s wages with the employer sponsoring the retirement plan exceed $145,000 in the previous year (subject to cost-of-living adjustments), any Age 50+ Catch-up contributions must be made on a Roth basis.

Making Age 50+ Catch-up contributions on an after-tax Roth basis means paying taxes on your retirement savings during years when you sometimes earn more.

2025 Age 50+ Catch-up limits: Bottom line

Introducing higher age 50+ catch-up contribution limits for ages 60-63 under SECURE 2.0 is part of a broader effort to encourage more workers to save for retirement.

With that in mind, allowing increased savings during key pre-retirement years could help some who haven’t been able to save as much earlier in their careers.

However, how this works will depend on employers’ ability and willingness to adapt their plans and systems to accommodate these new catch-up contribution limits as of Jan. 1.

This article was written by Kelley R. Taylor from Kiplinger  and was legally licensed through the DiveMarketplace  by Industry Dive. Please direct all licensing questions to legal@industrydive.com

This material is provided by Voya for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. Please consult an independent tax, legal or financial professional for specific advice about your individual situation.

Links 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 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. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

From the Desk of Dale Crossley and Evan Shear | Q2 2025

Planning for the Future: Why Estate Planning Matters More Than You Think

We hope this edition of The Journey finds you and your loved ones well. We’re all feeling the current market volatility. The roller coaster is uncomfortable, to say the least, but our investment plans are built to help manage the inevitable ups and downs. With so much turmoil in the markets, we decided not to write an article trying to predict the outcome of this recent instability. History tells us that instability eventually passes. Instead, we’ve decided to use this article to focus on where we have a bit more control right now – encouraging you to ensure you have an estate plan in place. And if you do have an estate plan, updating it regularly is vital.

As financial planners with over 25 years of experience guiding clients through every stage of their financial journeys, we’ve come to appreciate that estate planning is one of the most misunderstood—and yet most essential—components of a comprehensive financial strategy. Over the years, we’ve witnessed firsthand the confidence a well-structured plan can bring, as well as the challenges families face when those plans are absent or incomplete. Estate planning isn't just about distributing assets after death. It's about ensuring your wishes are respected, your loved ones are cared for, and your legacy lives on as you intend.

A well-constructed estate plan outlines everything you want accomplished during hardships. Like a will, legacy planning summarizes your intentions for, well, everything. The plan establishes what happens to assets and what you want for your family and business should you find yourself unable to make these decisions. It stipulates medical interventions that simplify decisions that may mentally cripple loved ones. Unlike a will (a part of the estate plan), making arrangements for an estate is a more comprehensive set of documents and strategies that solidify the distribution of assets and plans for you, family members, business associates, etc. Its scope is broader than a will and addresses lifetime and post-death situations.

Having an estate plan in place helps reduce or even eliminate potential conflicts that could arise in the event of incapacitation. Therefore, regularly reviewing your estate plan helps make any necessary updates to keep it current.

Key Elements That Impact Estate Planning

Legacy planning ensures your assets are managed per your wishes when necessary. Like a will, it outlines distribution and responsibility across any party or entity that you choose. The document delegates decision-making, provides for loved ones, details medical and financial matters, and alleviates the stress for those left behind. It sidesteps complexities associated with regional estate laws like probate and can minimize tax enforcement and other burdens.
However, making arrangements for the estate is not set in stone. People and situations change and, in turn, could significantly impact what happens to your estate. This includes:

● Marriage and remarriages
● Divorce
● Children
● Deaths
● Business purchases or sales
● Relocation
● Health changes
● Changes in relationships
● New tax laws
● Income or family growth

Estate plans must account for life changes. If not, the plan can attempt to execute no longer relevant actions. You want to include new spouses and adopted children. The document may need altering because an ex-wife/husband is out of the picture or you have specific instructions for a revamped board membership. You may want to change the power of attorney. New conditions may influence health directives, guardianship of minor offspring, or require valid documentation for the state where you've bought the property. The passing of a fiduciary could create unnecessary complexity if they're left in the estate plan.

Not updating plans can lead to conflict, completely negating the document's intent.

Reviewing Your Estate Plan: The Steps

At CrossleyShear, we highly recommend revisiting your plan at regular intervals. At the least, we suggest every three to five years, even if life has seen no major upheavals. A situation can arise that you may not even know makes a change necessary. You might want to include funding for a grandchild’s education, adjust for your children reaching adulthood, or create a trust to support a loved one with special needs.
Periodically reviewing your estate plans ensures your legacy is preserved and passed on according to your wishes. Without periodic assessments, the chances of missing a detail are significantly increased. That's a detriment to everyone and your intent, creating the very legal quagmire you hope to avoid.

CrossleyShear helps ensure that your affairs are compliant for:

● Fiduciary roles
● Asset titling
● Beneficiary designations
● Liability protection
● Adult children's estate plans
● Estate tax mitigation steps
● Pre-planning for medical and funeral arrangements
● Compilation and security of records

Tailored Estate Planning at CrossleyShear

CrossleyShear enhances well-being and confidence by setting up sound financial planning. And we understand that the strategies behind estate planning need personalization. We do not apply one-size-fits-all methodologies for managing the future. Whether you're creating an estate plan or simply making sure yours is up to date, CrossleyShear can help guide you through the process with coordinating with your estate attorney and CPA, working together as a unified team.

Any opinions are those of CrossleyShear Wealth Management and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Links 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 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.

There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. All opinions are as of this date and are subject to change without notice. Past performance is not a guarantee of future results.

Links 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 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. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.