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.”

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?”

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.”