Category Archives: Banking / Asset Managment

By David Kopyc

Asset management is a critical component of financial planning, particularly as individuals transition from their working years to retirement. The strategies used to manage assets during these two life stages are inherently different due to varying financial goals, risk tolerance, and income sources. Understanding the key differences in managing assets during retirement versus working years is essential for long-term financial success and peace of mind.

During the working years, the primary focus of asset management is growth. Individuals in their 20s, 30s, 40s, and even 50s are typically in the accumulation phase of their financial lives. The primary sources of income during this period are wages from employment, business ventures, and any passive income streams. The goal is to grow wealth, save for future milestones such as purchasing a home, funding education, and eventually accumulating enough savings to retire comfortably.

In the working years, individuals tend to have a higher risk tolerance. Since they are still years or even decades away from retirement, they can afford to take on more risk in their investment portfolios. This often translates into higher allocations in stocks, mutual funds, or other growth-oriented investments that carry more volatility but offer higher returns over time. Investment strategies might focus on assets that have the potential for long-term capital appreciation, such as equities, real estate, and business ventures.

During the working years, individuals contribute regularly to retirement accounts, such as 401(k)s, IRAs, or pensions. These contributions help to build the foundation for future retirement income. The strategy in this phase is to maximize contributions, particularly by taking advantage of employer matching contributions to retirement accounts. For individuals who want to maximize their retirement savings, it’s often advised to contribute the maximum allowable amounts to retirement accounts each year.

Morgan Stanley (NYSE: MS) recently announced that The Table Rock Group based in Glens Falls has been named to Forbes Magazine’s 2025 list of America’s Best-In-State Wealth Management Teams.

Forbes Best-In-State Wealth Management Teams ranking was developed by SHOOK Research and is based on in-person, virtual, and telephone due diligence meetings to measure best practices, client retention, industry experience, credentials, review of compliance records, firm nominations; and quantitative criteria, such as: assets under management and revenue generated for their firms. 

by Christine Graf

Clifton Park-based Hedley & Co., CPAs, provides tax and accounting services to individuals and  small and mid-size businesses. Founded by Kevin Hedley, a CPA with 30 years of experience, the firm also offers Internal Revenue Service and New York State Department of Taxation and Finance representation to clients.

HK Wealth Management, the financial planning arm of the business, focuses on a wholistic approach to financial planning offering investment services, retirement planning, insurance, estate planning and how this all integrates with the clients tax situation. 

“For regulatory purposes, the businesses have to be separate, but they work in tandem,” said Matthew Burnell, Financial Advisor at HK Wealth Management and tax accountant at Hedley & Co., CPAs. “For most of our investment clients, we also prepare their taxes. We’re more than just a broker doing their investments.”

According to Burnell, HK Wealth Management prepares comprehensive financial plans that are tailored to the specific needs of each individual client. 

 “We work with individual investment accounts and retirement accounts. We run some smaller 401k and retirement plans for local businesses, and we also help with estate planning as well as a small amount of life insurance.”

Depending on the size of the account, financial advisors meet quarterly, semi-annually, or annually with clients. In the interim, advisors are always available to answer questions.

Glens Falls National Bank is pleased to announce the promotion of Arleen Girard, Candice Healy and David Riihimaki to Senior Vice President.

“We are excited to recognize Arleen, Candice and Dave for their accomplishments within the Arrow Family of Companies,” said President and CEO Dave DeMarco. “Their knowledge and experience will help lead our continued growth and excellent customer experience.”

Each will continue in their management roles for Saratoga National Bank and Glens Falls National Bank and Trust Company, part of the Arrow Family of Companies.

Girard, Senior Vice President, Director of Business Services, joined the company in 2014 and oversees municipal banking and cash management services. She is responsible for developing and managing opportunities for revenue growth including deposits, merchant and payroll services and credit cards. Girard earned a bachelor’s degree in business administration from Le Moyne College.

Healy, Senior Vice President, Director of Retail Banking, joined the company in 2012 and oversees the Arrow Family of Companies branch network of 37 branches in a footprint of more than 160 miles along the eastern border of New York state. She is also responsible for leading and developing the branch teams to further expand customer relationships. Healy is a 2016 Leadership Adirondack graduate with more than 20 years of experience in retail banking. She is currently pursuing a degree in business administration from Southern New Hampshire University.

By Jason Snyder, Esq.

As the largest living generation in the U.S.—making up 22 percent of the population—and collectively having lived through several “once-in-a-lifetime” crises, the millennial generation has been forged into some of the most adaptable planners to date. 

From setting personal and professional goals, managing and interacting with their finances and investments, to purchasing their first homes and starting families, many in this group are committed to planning further into the future than ever before.

Despite this, 41 percent of individuals ages 18-34 have never discussed estate planning with anyone. While grim, this number did see some downward motion in part due to the COVID-19 pandemic, as 32 percent of adults under the age of 35 said they only engaged in estate planning due to the pandemic.

So, with these numbers, are millennials right in thinking that they do not need estate plans? What are some of the most common concerns that millennials have when looking to plan their futures? While it’s impossible to capture all aspects of an estate plan in a single article, below is a brief snapshot of why estate plans might be the logical next step for any millennial looking to secure their future.

Broadening our scope, just 33 percent of Americans have a will or living trust, despite the fact that more than 50 percent believe estate planning to be at least somewhat significant. One in three respondents, when asked why they don’t have a will, said they don’t have enough assets to leave behind. 

The notion that “I don’t have enough assets to make it worth it” is one of the most common reasons that millennials don’t want to pursue making some sort of estate plan. This notion doesn’t appear to be changing anytime soon, as the fears of ever-growing inflation still weigh heavily on the American populous—no more so than for millennials. According to a New York Times survey, nine9 out of 10 U.S. adults are concerned about inflation.

By Bill Canty

Asset location pertains to the types of investment assets that are best held in various types of accounts. Asset location is a tax minimization strategy that matches various types of investments with the type of account best suited for that type of investment holding. 

Asset location is about strategically holding investments in accounts where you are likely to achieve the highest after-tax returns. This includes taxable investment accounts, tax-deferred accounts such as a traditional IRA or 401(k), or tax-free accounts which are usually Roth accounts. 

Due to the nature of dividends, interest, or capital gains connected with certain types of investments, it might be most tax-efficient to hold them in one type of account versus another. This is the essence of asset location. 

While it is not always possible to align your entire portfolio in a perfect fashion in terms of asset location for each holding, it does make sense to pay attention to this when deciding which investment holdings fit best into your various accounts. 

The following types of holdings can be well-suited for a taxable account: 

• Municipal bonds or mutual funds holding muni bonds. The interest on these bonds is exempt from federal income taxes, and in some cases from state taxes if they are issued by an entity in the state in which you reside.

• Individual stocks that you plan to hold for a year or more. After this time period, any capital gains from the sale of the shares will be taxed at preferential long-term capital gains rates.

• Equity index ETFs. Due to the passive management of these types of equity funds, they tend to throw off fewer capital gain distributions than actively managed equity funds or ETFs.

• Tax-managed ETFs, mutual funds, and separately managed accounts. These are mutual funds, ETFs, and SMAs that are managed to specifically limit capital gains and other taxable distributions. 

Berkshire Bank, which has branches in Queensbury and Whitehall, announced that  James J. Morris IV will become the regional president for New York state. 

Berkshire’s New York state region includes the Capital Region, the Mohawk Valley, and Central New York markets.

 Under his expanded role, Morris will support Berkshire’s lines of business in the region including commercial and consumer lending, business and branch banking, and wealth management. Bank officials said his leadership will be critical to driving high customer satisfaction, serving clients, and expanding Berkshire’s brand throughout New York state. 

In addition, he will provide oversight to Berkshire’s two community advisory councils in the Capital and Central New York markets. 

“Berkshire’s commitment to the New York region has never been stronger and we will continue to look for opportunities to strengthen our service offerings and enhance our community impact and presence under Jim’s leadership. His expanded responsibilities will help us achieve synergies in the market and unlock opportunities for meaningful impact in support of our Berkshire’s Exciting Strategic Transformation (BEST) and BEST Community Comeback plans,” stated Sean Gray, president and COO of Berkshire Bank.

 Morris is a seasoned banking professional who has served as regional president for the Capital Region market since January 2020, in addition to leading the commercial real estate team throughout the state. 

By Jill Nagy

Community Bank NA has opened an office in Saratoga Springs, fillinga gap between its outposts in Latham and Whitehall and providing a more convenient location for commercial banking customers in Saratoga and Warren Counties. Jeffrey M. Levy, Community Bank president of commercial banking, who heads the new office, said that it “demonstrates our commitment to the Saratoga-Glens Falls community.”

The office is located on the second floor of The Washington building, 422 Broadway, upstairs from Northshire Bookstore and Kilwins.  At least initially, the office will serve commercial clients with lending, insurance and wealth management services. It will not accept deposits and there are no tellers’ cages. Its four employees are “just the start,” according to Levy. Two of them will concentrate on making loans and one each will provide insurance and wealth management services. 

Community Bank has 11 branches in the Capital Region, including Albany, Latham, Whitehall, and Lake Placid.  Their southernmost office is in Albany’s Corporate Woods. Their community focus places them in non-metropolitan areas, i.e., not in large cities. In addition to the Capital Region, the bank has offices in Northeast Pennsylvania, Vermont, Western Massachusetts, and every county in Upstate New York, Levy said.  

There are no immediate plans for further expansion, Levy said, but noted that Gens Falls “fits in with our whole model.”