Category Archives: Business Reports

By Brian M. Johnson, MBA, CLTC

For many working-age adults, planning for the future often centers around saving for retirement, managing debt, and building wealth. Yet an often-overlooked component of a well-rounded financial strategy is life insurance—specifically, 10-pay whole life insurance, a permanent life insurance policy paid up in just 10 years.

While frequently seen as a tool for wealthier individuals or older adults, 10-pay whole life insurance plays a significant role in both estate and long-term care planning, offering unique benefits for those who begin earlier in life.

Understanding 10-pay whole life insurance

A 10-pay whole life insurance policy is a type of permanent life insurance with guaranteed death benefits, fixed premiums for 10 years, and a cash value component that grows over time.

Unlike term life insurance, which provides coverage for a set number of years, whole life covers the insured for their entire life, assuming premiums are paid.

What makes the 10-pay version distinctive is the compressed payment schedule—premiums are paid over just 10 years, after which the policy is considered “paid-up.”

This feature is attractive to individuals who want to pre-fund a long-term asset during working years while minimizing obligations in retirement.

Tax-free wealth transfer

One of the most recognized uses of whole life insurance in estate planning is its ability to transfer wealth in a tax-efficient manner.

The death benefit is typically income tax-free to beneficiaries and, when structured properly, can also be excluded from the taxable estate.

For families with significant assets—or those with modest estates and legacy intentions—this can help preserve wealth across generations.

By Deb Verni

The perfect time to put together an estate plan is before you need it.  Unfortunately, most people think about creating an estate plan when a close friend or relative must be placed in a nursing home or when a family member dies and the kids are fighting over assets because there is no Will. 

I joke with people and say if you don’t have a “Will”, you have a “Won’t”, I won’t die or become ill and go into a nursing home. My kids won’t fight over my money.  My minor children won’t be raised by my evil sister.  My children won’t blow their inheritance on fast cars and gambling.   My daughter’s husband won’t take half of my hard-earned money when they get divorced after I pass.  

A Last Will and Testament is just the beginning of an estate plan.  Although a Will is important, it is only one of the documents in your estate plan.  A comprehensive estate plan should include a Will, a Health Care Proxy Living Will, a Durable Power of Attorney and in most cases a Trust.  Does everyone need all these documents? It depends on your assets and your family dynamics.  

For those of you that never considered family dynamics, I can assure you that if your children do not get along while you are alive, they will not get along after you pass.  If you are concerned about your money going to in-laws and out-laws after your death, then you need to plan for that.  If you want to make sure money goes to your grandchildren, or you have a child or grandchild with special needs, you need to plan for that too.  

Now that your head is spinning and you are thinking a “won’t” is not such a bad idea and you are looking around every corner for greedy relatives, remember, you can establish an estate plan now and leave all your worries behind, literally.  So how do you go about setting up an estate plan? First you need to figure out who will be in charge and where you want things to go. Estate documents are easy to establish but you need to do your homework.  Let’s go through an estate plan step by step.

Provided By Meghan Murray

In the age of social media, it’s easy to find advice on just about anything — including how to manage your money. Content creators known as “finfluencers” — short for financial influencers — use platforms like TikTok, YouTube and Instagram to share their takes on investing, budgeting and building wealth. Many of them are charismatic and relatable, and they often speak from personal experience. But while their content may be engaging, taking financial advice from a finfluencer without digging deeper can come with significant risks.

While some finfluencers may have formal training or credentials, many do not. Instead, their influence stems from their popularity rather than professional experience. But popular advice may not necessarily be good advice. A 2025 study by the Swiss Finance Institute even found that unskilled finfluencers typically have larger followings than skilled ones.

Why be cautious?

For young or new investors, social media can make finance feel accessible. In fact, a 2022 FINRA study says that more than 60% of Americans younger than 35 get investing information from these platforms. But social media isn’t regulated the same way traditional financial advising is, so anyone, qualified or not, can offer financial tips.

Unlike traditional financial advisors, finfluencers don’t know your unique goals, financial situation or risk tolerance. And likely, they’re not licensed (you can check here: Check Out Your Investment Professional | Investor.gov). Even well-meaning guidance might lead you down a risky path if it’s not tailored to your needs. And unfortunately, some finfluencers have exploited the trust they build with followers to promote questionable investments or outright frauds.

by Kenneth J. Entenmann, CFA®

5/20/2025, 3:07:02 PM

For the bulk of this century, it has been said that America was exceptional. It had the world’s strongest military. It had the world’s largest and richest economy. It had the world’s reserve currency. It had the world’s largest, safest, and most liquid financial markets. Most of the world’s largest and most innovative companies were American. The United States was a juggernaut. American Exceptionalism!

Yet, somehow, in just a few months, there are rumblings of the end of American Exceptionalism. Prominent financiers speak of damage to the “American brand.” The “Magnificent Seven” tech sector received a wake-up call when the Chinese Deepseek AI model was announced, which showed that the path to AI dominance would be competitive. And finally, Moody’s became the last of the major bond rating agencies to downgrade the last U.S. Treasury bond rating from AAA to AA. 

Is this the beginning of the end of American exceptionalism? To paraphrase Mark Twain, the report of the demise of American exceptionalism is an exaggeration.

Apparently, several prominent financiers believe that the American brand has been damaged. Perhaps. They say our “Friends and Allies” can no longer trust the U.S. regarding military and trade. Certainly, the method of the Trump Administration’s demands for increased NATO military spending can be questioned. But the fact remains that many of our NATO “friends” are still significantly below the NATO minimum spending requirements, and even those who have committed to increased spending will not get there for several years. Given our fiscal challenges, the U.S. simply cannot afford to fund all of NATO. If calling for the end of our allies’ defense-free-riding ways is damaging to the U.S. brand, then so be it. Similarly, the rollout of the Trump trade program has been chaotic and has created great uncertainty. Our friends and allies are upset. That is understandable. But it is also very clear that these friends and allies are not free traders. They deploy a myriad of tariffs and non-tariff barriers to trade, such as a digital service tax on the U.S. tech sector, which are blatantly unfair. If calling this out is damaging our “brand,” then so be it. Regardless of the perception of the brand, the U.S. economy will remain the largest and richest consumer market in the world. Every country in the world still wants and needs to do business here. That is why there are so many ongoing trade negotiations. The hope is they will end with a freer and fairer trade environment with our Western allies.

By Rob Shauger

Before you can lead others effectively, you must first learn to lead yourself—starting with balance, discipline, and time to think.

In today’s performance-driven business world, leadership is often measured by team metrics, growth curves, and public visibility. But those who’ve led at the highest levels know the secret to sustained influence isn’t external at all—it’s internal. As John Maxwell, one of the most respected voices in leadership, puts it: “The toughest person to lead is always yourself.”

That idea may be uncomfortable, but it’s also incredibly empowering. Before you can inspire others, you must first cultivate self-awareness, discipline, and the emotional stability to lead from clarity—not chaos.

Self-leadership is the often invisible act of managing your energy, decisions, habits, and mindset. Unlike performance reviews or boardroom wins, self-leadership isn’t publicly rewarded—but it shapes everything others see.

Maxwell teaches that everything rises and falls on leadership—and that includes the internal leadership we practice daily. If you don’t have command of yourself, it’s only a matter of time before stress, misalignment, or burnout undermines your ability to lead others.

Self-leadership is about living your values, even when no one’s watching. It’s about showing up with consistency, setting the example, and making decisions rooted in principle. And most of all, it’s about creating the internal alignment that earns long-term trust.

By Joe Legault

As 2025 approaches, destination marketers across the Northeast — including Upstate New York — must navigate a travel landscape shaped by economic caution and international uncertainty. Recession fears are prompting more selective spending, while Canadian visitation continues to wane, influenced by unfavorable exchange rates and new tariffs. For destinations that have long depended on cross-border traffic, the challenge is clear: how to attract more local and regional visitors without compromising experience or revenue.

Fortunately, travelers aren’t simply cutting back — they’re rethinking what makes a trip meaningful. Many are now favoring slower, more intentional experiences that align with the strengths of Northeast destinations. For tourism professionals — including DMOs, lodging providers, and tour operators — these five trends present opportunities to capture emerging demand and deliver value in a shifting market.

Travelers are increasingly drawn to noctourism, or nighttime experiences that offer intimacy, affordability, and a break from daytime crowds. Whether it’s stargazing hikes in the Catskills, sunset paddles on Adirondack lakes, or full-moon yoga under the stars, these low-light adventures deliver a sense of wonder. Destinations can capitalize on this interest by packaging meteor shower viewings, lunar eclipse events, and guided night outings, while promoting lodging that highlights dark-sky settings and peaceful environments.

By Michael Brodt
Quarter 1, 2025

During a radio address on his hundredth day in office, on June 12, 1933, our 32nd President, Franklin D. Roosevelt, coined the term “First 100 Days.” Since then, the first 100 days of a presidential term are closely watched and widely talked about. We typically see a flurry of activity during these first 100 days; these first 100 days have proven to be active indeed.

The early part of President Trump’s second term has been largely dominated by talk of tariffs, resulting in a highly volatile stock market, desperate for answers on how potential trade wars might impact our U.S. economy. While the implementation of tariffs (and, in return, the retaliatory tariffs on U.S. goods) should not come as a surprise, the magnitude of the tariffs and the inconsistent message from Washington is certainly causing angst.

U.S. Federal Reserve Chair Jerome Powell recently said that tariff increases would likely result in a slowing of the U.S. economy and a delay in the progress being made toward lower inflation this year. However, he did say that the expectation would be that the tariff-related impact on the economy would be transitory and work its way through quickly.

After a series of interest rate cuts during 2024, the Fed left rates unchanged at both its 2025 Committee meetings, indicating that it is too early to tell the full impact of higher tariffs on inflation and economic growth. The Fed’s outlook for 2025 economic growth was adjusted to 1.7% from 2.1% and its outlook for inflation to 2.7% from 2.5%.

The first trading days of 2025 saw the Standard & Poor’s 500 Index (S&P 500) advance from 5,868 at the beginning of the year, to an all-time high of 6,144 on February 19. Following this apex, the S&P 500 hit correction territory, declining 10% to 5,521 on March 13. More recently, the index has shown strength, advancing just over 3% from this 2025 low.

by Kenneth J. Entenmann, CFA®
4/10/2025

It is said that the markets hate “uncertainty.” Well, we have much uncertainty. The Trump administration has created great confusion as to the end game of the tariff wars. 

Is the purpose of tariffs to raise “billions and billions” to help reset our “unsustainable” fiscal debt and deficits? If that is the case, the tariffs will need to be permanent. 

On the other hand, the administration is busy telling us that over 70 countries have approached the White House to “negotiate” new trade deals. Hopefully, that will be the case, as the world will have more free and fair trade, which is a good thing. However, it also means the tariffs and the “billions and billions” are temporary. 

Which is it? Are the tariffs a permanent income stream or a tool for negotiation? Adding to the confusion is that the answer you get depends on which administration official is speaking. 

Trade Advisor Peter Navarro and Secretary of Commerce Howard Lutnick are adamant that the tariffs are permanent. National Economic Advisor Kevin Hassett and Sec. of Treasury Scott Bessent are clearly in the negotiation camp (As am I.) And the President has demonstrated an ability to make both cases at the same time. Confused? Me too. And so are the markets!

The markets have responded harshly to the inconsistent roll-out of the Trump tariffs. The S&P 500 has been down 11.54 percent in the last five trading days, 13.65 percent in the previous month, and 15.28 percent year-to-date. The market is speaking loudly. But maintaining a long-term view is helpful. Even after the recent carnage, the S&P 500 is up 5.15 percent annually over the last three years, 14.37 percent annually over the last fiveyears, and 11.09 percent annually over the last ten years. That’s pretty good! Especially when compared to the “safe” three-year, five-year, and ten-year bond aggregate returns of .94 percent, -.61 percent and 1.35 percent! Yes, diversification still works!

By Jeffrey B. Shapiro, Esq.

New York State has enacted the Salary Transparency Law (S.9427/A.10477), now in effect since September 17, 2023. This legislation requires employers with four or more employees to disclose the compensation or range of compensation in all advertisements for job, promotion, or transfer opportunities.

Employers need to be aware of the new salary transparency requirements to avoid fines and other legal consequences. There might be small businesses, especially those without regulatory compliance support, who might not be fully aware of these new requirements.

What Needs to Be Disclosed?

New York State Pay Transparency Law mandates private employers with four or more employees to disclose a salary or pay range in all advertised job, promotion, or transfer opportunities. This applies to positions performed wholly or partly in New York State, and even to remote roles that report to a New York-based supervisor or office. The law covers advertisements across various platforms, such as newspapers, social media, or job-listing websites. The pay range should be a good faith estimate of the employer’s offering, with a defined minimum and maximum, and if it’s a fixed rate, that rate should be specified.

Drafting the Pay Range

The New York State Pay Transparency Law outlines that a pay range, reflecting the minimum and maximum annual salary or hourly rate, must be included in job advertisements. If a fixed rate like $30 an hour is to be offered, it must be listed. Pay ranges can’t be open-ended (e.g., “$20+ an hour”) and should only reflect monetary compensation, not other benefits like insurance or paid leave, though these can be disclosed separately. For commission-based pay, it must be clearly stated in the advertisement. Employers are required to make a good faith effort in determining and presenting the pay range.