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Category Archives: Banking / Asset Managment

Business Report: Roth IRA And Traditional IRA

Posted onMarch 6, 2019March 8, 2019
Kevin M. Hedley is a partner with Hedley & Co. PLLC.

By Kevin M. Hedley
2018 was a year that most people who watch the financial markets are likely going to want to forget. There were few positive numbers across the different asset classes and sectors. At the broadest level the U.S. bond market was the only market to see a positive return—all of one basis point.
It was an unusual year with few places to find a positive return. In fact of the eight major asset classes none of them provided a return above 2 percent – the first time since 1972. Even in 2008, at least one asset class saw a return around 5 percent
And another point on how extraordinary the end of the year was, December’s 9.2 percent drop was second worst December on record after 1931.

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Despite Stock Market Fluctuation, Assets Can Be Managed; Economy Is Holding Steady

Posted onMarch 9, 2018March 9, 2018
Bob Schermerhorn of Saratoga Financial Services in Saratoga Springs.
©2018 Saratoga Photographer.com

By Jill Nagy

“The fundamentals of the economy are still very good and very strong,” said Saratoga Springs financial advisor Stephen Kyne, a partner in Sterling Manor Financial in Saratoga Springs.

Recent “corrections” in the prices of stocks are not cause for worry, he said. However, “there are more moving parts” than there used to be and it is important to work closely with an advisor.

Bob Schermerhorn, of Saratoga Financial Services in Saratoga Springs, advised putting recent stock market declines into perspective. A 10 percent decline—such as the early February decline in the Standard & Poor 500 stock index—is actually quite normal, as 19 years of the last 38 have had a 10 percent correction. In fact, the average intra-year correction since 1980 is 13.7 percent.”

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Social Media Study: Banking Convenience, Security, Customer Service Are Highly Valued

Posted onMarch 9, 2018March 9, 2018

A report by consumer insights provider Crimson Hexagon, drawing on a repository of more than 1 trillion social media posts and online consumer conversations, found that consumers are angered by a perceived lack of transparency in fees, miscommunications and long wait times on the phone within the financial industry. Convenience, security and good customer service are most highly valued.

The report, “Consumer Trends Report: Financial Services Industry,” analyze commentary, preferences and opinions, according to Crimson Hexagon.

Questions the study sought to answer included “What fintech trends do consumers care about?” and “How do customers feel about banks and financial institutions?”

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NBT Bank’s Insurance Division Transition Completed As ‘NBT Insurance Agency LLC’

Posted onMarch 9, 2018March 9, 2018

NBT Bank’s insurance division now conducts business as NBT Insurance Agency LLC. This change completes a multi-year transition plan developed following NBT Bancorp’s acquisition of Mang Insurance Agency LLC in 2008.

“Mang and later NBT-Mang forged a strong reputation for offering insurance expertise and excellent service across the Southern Tier of New York where both the agency and NBT Bank are headquartered,” said Timothy L. Brenner, NBT Bancorp Inc. executive vice president and president of wealth management. “NBT Bank’s footprint has grown over the years to include over 150 banking locations in six states, representing an important opportunity to expand the availability of the insurance services we offer.”

NBT Insurance Agency President Tucker H. Lounsbury Lounsbury said the change “creates clarity in the insurance marketplace, and the strong alignment between the insurance agency and bank brands will help customers across NBT’s established and new markets to understand the connection between our business units and the comprehensive array of financial solutions we deliver to assist them in achieving their goals.”

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Local Banks See Large Growth In Commercial And Small Business Administration Loans

Posted onMarch 3, 2017
This office of Saratoga National Bank in Troy is one of the newer branches of the company that has been expnding into areas outside Saratoga County
Courtesy Saratoga National Bank

By Maureen Werther

Local and regional banks are reporting record growth and increased attention being paid to expansion—physically and technologically—as they continue to court the growing number of businesses that are expanding throughout upstate New York.

While some local banks, like Adirondack Trust Co. are building upon their already strong relationships with customers in the immediate area, other banks, like Ballston Spa National Bank and Saratoga National, have seen significant growth as a result of expanding into other regional markets.

Still other banks, like NBT, which has branch offices throughout the state, are continuing to be viable competitors by offering high-caliber of services to meet the needs of a diverse customer base.

Stephan Von Schenk, president of Adirondack Trust, said last year saw record growth across all three of their lending portfolios, with residential and consumer lending up by 15 percent.

“Anything over 10 percent is very fast and is not sustainable without expansion and increasing infrastructure,” he said.

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Bank: Precautions Should Be Taken During Tax Season To Prevent Exposure To Fraud, Scams

Posted onMarch 3, 2017

As the 2017 tax season gets underway, the Adirondack Trust Co. is urging all customers to take extra precaution when filing their returns to prevent exposure to tax fraud.

“Fraudsters are using very clever tactics to get a hold of your personal information and submit false tax notes,” said Charles V. Wait, Jr., bank  executive vice president. “Consumers must be suspicious of any communication from the IRS through email, text or social media that requests personal information, and should keep a watchful eye out for missing W-2s and mail containing sensitive financial information.”

Tax identity fraud takes place when a criminal files a false tax return using a stolen Social Security number in order to fraudulently claim the refund. Identity thieves generally file false claims early in the year and victims are unaware until they file a return and learn one has already been filed in their name.

To help consumers prevent tax ID fraud, the Adirondack Trust Co. offered the following tips:

• File early. File your tax return as soon as you’re able, giving criminals less time to use your information to file a false return.

• File on a protected Wi-Fi network. If you’re using an online service to file your return, be sure you’re connected to a password-protected personal network. Avoid using public networks like a Wi-Fi hotspot at a coffee shop.

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CAP COM Opens Malta Branch On Route 9, Its 10th, To Add More Customer Convenience

Posted onMarch 4, 2016November 8, 2017

CAP COM in Malta Hc.jpg

 

The newest CAP COM branch office is at 2439 Route 9 in Malta.Courtesy CAP COM

CAP COM has opened its 10th branch office at 2439 Route 9 in Malta.

“Our members have been asking for a branch that is more convenient to northern Saratoga County and we delivered,” said President/CEO Paula Stopera. “Even while we continue to expand the mobile technology we offer, we know that many of our members still want the kind of in-person, one-on-one service that CAP COM is known for.”

Stopera said with more than $1 billion in assets, the credit union last year joined the CO-OP Shared Branch Network, expanding its footprint by offering transactional services in 5,000 locations throughout the nation. Through CAP COM’s mortgage subsidiary, Homeowners Advantage, its mortgage business has tripled over the past four years.

CAP COM partnered with BBL Construction and Woodward, Connor, Gillies & Seleman Architects to build the branch, similar to the credit union’s CAP COM Financial Center in Albany.

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Using The Latest Technology Is Key Today For Those Managing Assets, Wealth For Others

Posted onMarch 4, 2016November 8, 2017

Asset Overview - Steve Bouchey c.jpg

Steve Bouchey of Bouchey Financial Group in Saratoga Spring.Courtesy Bouchey Financial Group

BY JILL NAGY

Up to date technology, combined with a personal touch, keeps clients informed about their assets and the events and trends that affect them.

Both are critical in a modern asset management practice, according to those in the field.

“Technology is a beautiful thing as long as you embrace it,” said Steve Bouchey of Bouchey Financial Group in Saratoga Spring. His company recently made a seven-figure investment in software to keep clients informed and to enable the professional managers to do their work more efficiently.

Clients can log on any time to see where their money is and to access some 20 reports. Meanwhile, he can rebalance several hundred accounts in a matter of minutes and issue tax reports to clients and, if the client wishes, to their tax preparers, also in a matter of minutes. The system, he said, “is up to date and spectacular. It’s amazing what clients can see and do.”

Plenty of information and the ability to check on their investments 24/7 can go a long way toward restoring investor confidence after scandals that rocked the financial world in recent years, Bouchey said.

“When they can check regularly to make sure their money is there, it puts clients’ minds at ease,” he noted.

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First New York Federal Credit Union To Start Scholarship Program For High School Seniors

Posted onMarch 4, 2016November 8, 2017

First New York Federal Credit Union, which has a branch office in Saratoga Springs, will issue three $1,000 college scholarships this spring.

Applications for the scholarship must be submitted by March 7.

Applicants must: be a member in good standing with First New York Federal Credit Union, be a graduating high school senior, plan to attend an accredited two- or four-year college and be active or volunteer within their community.

“We take great pride is helping students reach their educational, career and financial goals. As a teachers’ credit union, we will continue to do all we can to help them now and throughout their lives,” said Lucy Halstead, president/CEO for First New York Federal Credit Union.

The local branch is at 424 Maple Ave., and the credit union also shares an ATM kiosk at Saratoga’s Community Federal Credit union, 23 Division St., Saratoga Springs.

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Business Report: Tips For A Better Tax Return

Posted onMarch 4, 2016November 8, 2017

John Conroe c.jpg

John Conroe, financial planner and investment officer, Adirondack Trust Co.Courtesy Adirondack Trust Co.

By JOHN CONROE, CFP, AFIM

If you’re like most working Americans, you’ve already seen the signs–your W2 has come in the mail, you’re seeing pop-up accounting shops, and advertisements for DIY tax software is ubiquitous. There’s no denying it: It’s tax season.

Whether you love it or hate it, taxes, for many people, translate to a refund. But before you go spending your hard-earned and returned cash, consider having a plan that can help you in the long run, and even increase its value over time.

Here are a few ideas on how to better use your tax refund, straight from our Adirondack Trust Investments experts:

• Double your tax benefit with a Roth IRA. If you qualify for a Roth IRA, tax season is an excellent time to take advantage. By funneling your tax return into a Roth IRA, you will enjoy doubled tax benefits with tax-free growth and tax-free withdrawal. Win-win.

• Triple your tax efficiency with an HSA. In our last issue of e-Insight, we discussed the basics of a health savings account. If your healthcare plan allows you to contribute to an HSA, you can really get more bang for your buck if you use your tax refund to help fund this account. Not only are your contributions to your HSA tax deductible, but they grow and can be withdrawn tax-free. That’s what we call win-win-win.

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