Category Archives: Banking / Asset Managment

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.

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.

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.

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.

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.