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Category Archives: Banking / Asset Managment

Business Report: Do Millennials Need An Estate Plan?

Posted onMarch 21, 2023
Jason Snyder is a senior associate with Tully Rinckey PLLC.
Courtesy Tully Rinckey PLLC

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.

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Business Report: Asset Location: Should I Be Using It?

Posted onMarch 21, 2023
Bill Canty, CPA, CFP, founder, CFM Tax and Investment Advisors.

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. 

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Upstate CEOs: Inflation Is Having A Negative Impact, But Most Will Invest In Fixed Assets

Posted onMarch 21, 2023

Fifty-four percent of Upstate New York CEOs say business conditions have worsened over the last year and only 19 percent, down from 36 percent a year ago, expect improvement in the coming year according to the 16th annual Upstate New York Business Leader Survey from Siena College Research Institute (SCRI), sponsored by the Business Council of New York State, Inc and released March 10. 

Only 23 percent of CEOs say the economy has improved this year and 54 percent up from 41 percent last year see worsening conditions in the next year, according to the survey. Thirty-eight percent, (down from 47 percent last year), predict increasing revenues in 2023 while 26 percent, (down from 34 percent), anticipate growing profits in the year ahead. 

Still, unchanged from last year, over half, 55 percent, intend to invest in fixed assets in 2023. Eighty-five percent say inflation is having a negative impact on profitability.

One-third of CEOs, down from 44 percent last year, plan to increase the size of their workforce this year, but 82 percent say that there is not an ample supply of appropriately trained local workers. Seventy-five percent are having difficulty recruiting for their open positions despite 72 percent offering increased wages and 53 percent being flexible with work hours. 

By 61-5 percent CEOs believe increasing the minimum wage to $15 an hour Upstate would have a negative rather than positive impact on the economy and they oppose the increase by 59-31 percent.

“It’s impossible to sugarcoat the findings of this survey. CEO confidence is down dramatically from a year ago once again reaching the low point we saw in 2020 and greater now only than during the Great Recession of 2008,” said Siena College Research Institute Director Don Levy. “Only about 1 in 5 CEOs now say conditions have been and will continue to improve while about half say the opposite—conditions have and will continue to worsen.”

“Our index of business leader sentiment, a measure that considers both the current and future views of CEOs is down to 68.8 from 94.4 last year and about equal to 68.7 recorded in 2020 during the raging pandemic,” said Levy. “Two disturbing insights from these numbers. First, a score of 100 indicates equal levels of optimism and pessimism, we’ve got a long way to go, and secondly, in 2020, the current component was the problem as CEOs then predicted a better future, now both the current and future measures are over 30 points below 100.”

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James Morris IV Becomes New Berkshire Bank Regional President For New York State

Posted onMarch 21, 2022
James J. Morris IV will be regional president for Berkshire Bank in New York state.
Courtesy Berkshire Bank

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. 

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Official: Community Bank NA Branch Shows ‘Commitment To Saratoga-Glens Falls’

Posted onMarch 21, 2022
Paul T. Wersten is the vice president, commercial banking officer, at Community Bank NA branch in Saratoga Springs. The office will serve commercial customers in Saratoga and Warren counties.
©2022 Saratoga Photographer.com

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.”

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Dealing With Payroll Protection Plan Issues Occupying Time And Effort At Local Banks

Posted onMarch 17, 2021
Marc Monahan, vice president, regional executive of NBT Bank in Glens Falls.
Courtesy NBT Bank

By Jill Nagy

Area banks have been upgrading their online and digital services but the big push in 2020 appears to be administering Payroll Protection Plan (PPP) small business loans.

“It was an all-hands-on-deck situation; we recruited everyone to help out,” recalled Charles Wait Jr., president and CEO of Adirondack Trust Co. The bank processed $100 million worth of loans in the first round and he expects another $50 million during the second round. “It’s been an interesting 12 months,” he reflected.

Similarly, Marc Monahan, Glens Falls and Saratoga regional executive for NBT Bank, welcomed the PPP program as a way to stay in connection with existing customers as well as a way to bring in new ones.

“They need an account with us but they can open an account and apply for a loan on the same day,” he said. NBT has a dedicated website for PPP loans and, according to Monahan, they processed more than 3,000 applications last spring. 

“The past year has altered how we communicate with our customers,” Monahan said.

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Business Report: What Can Investors Learn From 2020

Posted onMarch 17, 2021
Meghan Murray is a financial advisor with
Edward Jones Financial in Queensbury.
Courtesy Edward Jones Financial

BY Meghan Murray

Now that we’re a few weeks removed from 2020, it’s a good time to reflect on such a momentous year. We can think about developments in the social and political spheres, but we also learned—or perhaps re-learned—some valuable lessons about investing.

Here are four of them:

• A long-term perspective is essential.

Volatility in the financial markets is nothing new, but, even so, 2020 was one for the books. Of course, the COVID-19 outbreak was the driving force behind most of the wild price swings. Soon after the pandemic’s effects were first felt, the S&P 500, a common index of U.S. large-cap stocks, fell 34 percent but gained 67 percent by the end of the year.

Consequently, investors who stuck with their investment portfolios and kept their eyes on their long-term goals, rather than on shocking headlines, ended up doing well. And while 2020 was obviously an unusual year, the long-term approach will always be valuable to investors.

• Investment opportunities are always available.

The pandemic drove down the prices of many stocks, but it didn’t necessarily harm the long-term fundamentals of these companies. In other words, they may still have had strong management, still produced desirable products and services, and still had good prospects for growth. In short, they may still have been good investment opportunities and when their prices were depressed, they may also have been “bargains” for smart investors. And this is the case with virtually any market downturn – some high-quality stocks will be available at favorable prices.

• Diversification pays off.

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Advisors Insurance Brokers in Clifton Park Acquired By Large Life, Health Distributor

Posted onMarch 17, 2021
From left, Brian Johnson, director of business development; Bob Vandy, president; Kevin Johnson, CEO; and Pete Kelly, COO, all of Advisors Insurance Brokers in Clifton Park.

Advisors Insurance Brokers in Clifton Park has been acquired by Integrity Marketing Group, LLC, a large national independent distributor of life and health insurance products.

As part of the transaction, Kevin Johnson, CEO of AIB, will become a managing partner in Integrity. Financial terms of the acquisition were not disclosed.

“Integrity is committed to innovating insurance by bringing together skill sets that complement our growing roster of platform partners,” said Bryan W. Adams, co-founder and CEO of Integrity. “As we’ve gone through this global pandemic, Americans realize the importance of life, health and long-term care insurance coverage now more than ever. By adding Advisors Insurance Brokers to the Integrity platform, we are able to serve more Americans and help them with these planning needs.”

AIB began in 1992 with a focus on long-term care insurance and planning in the New England region. The company has evolved to offer life insurance, fixed indexed annuities and a wide range of insurance products.

“At our core, we are built on a foundation of unmatched customer service that we were not willing to compromise for any partnership opportunity,” said Johnson. “Integrity values that legacy and offered a vision for our next phase of growth. We will retain the boutique-like feel our customers have always appreciated, while providing them with cutting-edge resources and technology we never could have provided on our own. We’re excited to become part of such a legendary team.”

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Financial Advisors Urge People Not To Panic As Coronavirus Causes A Stock Market Stir

Posted onMarch 13, 2020March 16, 2020
Ryan Bouchey, CFP and vice president at Bouchey Financial Group.
Courtesy Bouchey Financial Group

By Jill Nagy
Some investors may be panicking, but at least two local brokers are keeping their cool, advising a wait-and-see approach to managing assets.
“Focus on the big picture and don’t react to every headline that comes up,” said Ryan Bouchey, CFP and a vice president at Bouchey Financial Group, on the first day of the market decline in response to news of the coronavirus, which has caused the stock market to plunge.
“It’s still a strong economy and most clients are fairly optimistic,” said Steve Kyne CFP and partner at Sterling Manor Financial. His independent financial planning company has been around since 2006. There have been ups and downs, he said, “We’ve weathered our share.”
Bouchey urged people “not to be too greedy” and to try to protect against unexpected risks.

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NBT Bank Implements Several Digital Initiatives Across Multiple Business Lines

Posted onMarch 13, 2020March 16, 2020

NBT Bancorp Inc. has executed on digital initiatives based on a technology road map with the objective of delivering features and functionality customers want and need, company officials said.
This road map includes the 2020 implementation of several digital initiatives across multiple business lines that will continue to transform the experience NBT delivers to its customers and employees.
“All of our customers expect ever-increasing flexibility, accessibility and speed to manage their finances,” said NBT President and CEO John H. Watt Jr. “Strong adoption of our mobile and online banking services and recognitions like our high ranking on the Forbes 2019 World’s Best Banks list and the 2019 Greenwich Awards in Small Business Banking and Middle Market Banking indicate our customer-first approach to NBT’s digital evolution is being well received.

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