Category Archives: Financial Planning / Investments

Adirondack Office Of The Atrium Financial Group Moves To Downtown Glens Falls

June 17, 2021

Sherry Finkel Murphy works in the new Atrium Financial Group offices.

by Andrea Harwood Palmer

Sherry Finkel Murphy, CFP, ChFC, RICP, private wealth advisor of The Atrium Financial Group, has relocated its downtown office to 11 South St. in Glens Falls.

“This endeavor has been several years in the making. It will be a huge benefit to clients and business owners,” said Finkel Murphy.

Finkel Murphy was looking for just the right space. Plans were delayed because of the COVID pandemic, but she found what she was looking for at the Empire Theatre Building. The space needed renovations for what Finkel Murphy had in mind.

“There is a dearth of office space in Glens Falls. I am very fond of the building. It is in the heart of Glens Falls, and in the heart of the new Glens Falls in the making,” said Finkel Murphy. “It’s a beautiful office space. Clients are stopping by frequently. It’s nice to give them a space locally so they don’t have to drive down to Albany,” she said.

“Establishing the Adirondack office of the Atrium Financial Group in downtown Glens Falls is a reflection on our commitment to the multiple generations of business in this community. And what an awesome community it is. It’s a great place to live, work and play simultaneously,” said Finkel Murphy.

She is the lead advisor for the company in the Adirondacks. She also leads the Women’s Practice of the Atrium Financial Group. Of the firm’s six CFP practitioners, three are women.

The Atrium Financial Group is headquartered in Albany and has 21 associates altogether.

The firm has many clients in the area. The establishment of a Glens Falls office is an opportunity to provide a superior level of service to those clients, she said.

Retirement Planning Group, Setup For Video Conferences Pre-Pandemic, Moves Its Offices

June 19, 2020June 19, 2020

By Jill Nagy
Retirement Planning Group LLC, has been on the move, both physically and technologically, this year.
In January, they moved their Saratoga County office from Saratoga Springs to a building on Route 9 in Malta. More recently, the company moved its Glens Falls offices to 238 Bay Road from a previous space on Glen Street.
Both moves resulted in larger buildings and better parking facilities, according to James Corcoran. In Malta, for example, there is space for two or three more offices.
At the same time, working with PrimeLink, the company increased the technology in the conference rooms, created an audio studio for podcasts and radio broadcasts, and installed an internet-based telephone system. The new system allowed employees to take their telephones home and work from there.
Last January, David Kopyc, president of the Retirement Planning Group LLC, wrote an article warning readers of “black swan events”—unexpected developments. “Little did I suspect that we would have one in just six weeks,” he said, referring to the coronavirus pandemic.

Business Report: Estate And Tax Planning During COVID-19

June 19, 2020June 19, 2020

Jennifer M. Boll of Bond, Schoenecke and King PLCC.

By Jennifer M. Boll, Esq.
In the last several months, we have seen the drastic impact of the COVID-19 crisis on our health, way of living and the economy. While these times may feel uncertain, there are still many factors in your control and even opportunities for those who seek them out. This is especially true as it relates to your estate and tax plan.
The current environment of low interest rates and depressed asset values presents several unique estate planning opportunities for individuals to make the most of their hard-hit assets and leverage the transfer of wealth and business interests. There are a few items to consider.
• Federal gift tax exemption and annual exclusion remain at all time highs.
In 2020, the federal gift and estate tax lifetime exemption amount is $11.58 million per individual, and the annual exclusion for gifts is $15,000 per recipient per year.

Business Report: Explaining The 2020 W-4 Form

June 19, 2020June 19, 2020

Jeannine Dubiac, FPC is a partner at Priority One Payroll in Malta.

BY JEANNINE DUBIAC, FPC
Employers be aware. The IRS has updated the 2020 Form W-4 Employee’s Withholding Certificate.
This new version of the W-4 form is required for all new hires in 2020 and for employees who want to make a change to their withholding for 2020. Employees hired prior to Jan. 1 are not required to submit a new form.
This new 2020 W-4 form will look different! There is no longer the ability to select withholding allowances to account for additional income, deductions and tax credits. The new form include lines where employees can enter those amounts directly that will be used in calculating the withholding amount.
The IRS is not requiring all employees to complete the new W-4. Only those employees that are new hires or those that would like to make changes to their withholdings will be required to use the new revised form. The IRS has designed the tax tables to work with both the new form and the prior year versions of the form.

Small Business Recovery Fund Set Up To Help Glens Falls Businesses In Danger Of Closing

June 19, 2020June 19, 2020

The Glens Falls Local Development Corp. has announced a Small Business Recovery Fund (SBRF), that provides forgivable loans of up to $7,500 to those experiencing hardship during the coronavirus pandemic.
Priority will be given to ground-floor storefront businesses open to the general public. The funds would be used to help them stay in business. Eligible businesses are those where the owner receives their primary source of income from the business.
Loans will carry a zero-interest rate, a 12-month term and be forgiven for businesses that remain open and in operation through July 1, 2021, that have complied with the program rules, according to the SBRF guidelines.
The goal of the fund is to provide emergency relief to help business owners retain their businesses and their employees as a bridge of support before additional state and federal resources become available and the mandated pause on business operations is relaxed.

Retirement Planning Group LLC Opens Satellite Office At 86 Glen St. In Glens Falls

June 13, 2019June 14, 2019

David M. Kopyc, CRPC, is president of Retirement Planning Group LLC.
Courtesy Retirement Planning Group LLC

By Jill Nagy
Retirement Planning Group LLC recently opened an office in Glens Falls in the NBT Bank building at 86 Glen St.
For now, it is a satellite office. The main office is in Saratoga Springs and there is another office in Albany. However, company president David M. Kopyc expects the Glens Falls office to grow and soon become the company’s main office.
He sees “great opportunity in Glens Falls,” he said.
Kopyc is looking for “seasoned investment professionals” to add to the firm’s staff. He expects to spend an increasing proportion of his time in Glens Falls.. His Clifton Park home is on the market and Kopyc expects to make a vacation home in Lake George his primary residence.
Company clients are located all over the country, Kopyc said, but primarily in the Capital District, with growing numbers in the North Country.

Business Report: Tools Great For Father’s Day And Investors

June 13, 2019June 14, 2019

Meghan Murray is a financial advisor with Edward Jones Financial in Queensbury.

By Meghan Murray
If you’re a dad, you may well be pleased to unwrap some tools as Father’s Day gifts. Of course, it might be a stereotype that all men are handy at repairs; women certainly can be every bit as good when it comes to building and fixing things.
In fact, the construction process is valuable for anyone to learn – and the same skills that go in to creating and mending physical objects also can be applied to financial projects – such as working toward a comfortable retirement.
Here are a few of those skills:
Diagnosing the challenge.
A good craftsperson knows that the first step toward accomplishing any outcome is to assess the challenge. So, for example, if you want to build some bookshelves right into the wall, you’ll need to locate the wall studs, determine if you have adequate space for the shelving you want and allow room for future expansion.

Business Report: The Right Health Insurance For Your Needs

June 13, 2019June 14, 2019

Stephen Kyne, CFP, partner at Sterling Manor Financial in Saratoga Springs.

By Stephen Kyne, CFP
Life insurance can be an important part of your financial plan, but do you know what kind of insurance is right for your needs? Insurance comes in many forms, and many people have the wrong type of insurance, and aren’t insuring their need in an efficient way. That means they may be needlessly overspending.
There are two basic types of life insurance: permanent and term. We’ll discuss each of these, how they may be best used, and how not to use them.
Term insurance is temporary, and is intended to cover a temporary need. You can buy a policy which covers a duration from one to forty years. These policies typically include a level premium for the duration of the policy, so they are easy to budget since the premium will not increase during the term.

Business Report: Good Financial Habits Linked To Happiness

June 13, 2018June 14, 2018

David Cumming, senior vice president and financial advisor, Morgan Stanley.

By David L. Cumming

From record-breaking stock market returns to falling unemployment, the U.S. has no shortage of positive economic indicators, and the majority of investors say they feel confident about achieving both their short- and long-term goals, according to the latest Morgan Stanley Investor Pulse Poll, which surveyed more than 1,200 investors age 25 to 75 with over $100,000 in assets.

About one in four (29 percent)—or 36 million—U.S. households fall into this category.

Businesses Should Sit Down With Advisors To Review Portfpolios And Examine Strategies

June 13, 2018June 14, 2018

Dale L. Mullin of Whittemore, Dowen & Ricciardelli LLP in Queensbury.
Courtesy Whittemore, Dowen & Ricciardelli LLP

By Jill Nagy

“More than in recent years, there is a need to take a look at the tax impact” when making investment decisions, said Dale Mullin, a certified financial planner with WDR Financial LLC, and a certified public accountant with the accounting firm of Whittemore, Dowen & Ricciardelli LLP, both located in Queensbury.

New, mostly lower, tax rates and new provisions for tax deductions and credits will have an impact on investments in a business, decisions about taking distributions from taxable retirement accounts and decisions about allocating business proceeds between salary, pass-through income and investment in equities.

Mullin said interest rates are beginning to rise and inflation is becoming a possibility. Those factors might indicate that this is a good time to make investments in equipment in order to lock in lower prices and lower interest rates.