Category Archives: Business Reports

By Stephen Kyne, CFP®- Sterling Manor Financial, LLC

A structural shift has been emerging for investors who rely on low-cost index funds within their personal and retirement accounts for an easy source of diversification. Over the past several years, driven by market interest and expectations surrounding artificial intelligence, several technology companies have drawn outsized investment. As a direct result, these companies have claimed a much larger share of indices than many investors may realize, thereby potentially reducing the true diversification historically provided by these funds.

With prominent private firms like SpaceX, OpenAI, and Anthropic preparing for potential public market debuts, a massive wave of equity could soon enter public markets. While highly anticipated, these mega-cap listings introduce specific risks for everyday passive investors, potentially altering the risk profile of traditionally diverse index funds.

Historically, companies tended to go public early in their growth cycles. When Amazon launched its IPO in 1997, it was valued at a modest $438 million. Public index investors who held the stock captured its long-term upward trajectory. Today, the environment has shifted. Venture capital and private markets now frequently sustain companies until they reach massive valuations. SpaceX is reportedly aiming for a valuation near $2 trillion, while OpenAI and Anthropic are discussed at levels approaching or exceeding $1 trillion.

Consequently, a significant portion of the exponential, early-stage growth may already be realized by private institutional backers before a public listing occurs. When these companies enter an index, passive investors are not necessarily getting in on the ground floor; instead, they may be purchasing shares at peak private valuations, potentially reducing the historical margin for error.

By Amanda Smith, Esq.

With “little to no evidence” indicating a correlation between credit history and job performance, a new law will ban employers, labor organizations or employment agencies from conducting consumer credit checks on employees or potential new hires. 

Employment Consumer Credit Checks 

In today’s job market, the majority of large employers use credit checks as part of their hiring process and in how they treat their existing employees, the bill’s text states, adding that in addition to lacking any such meaningful correlation, a Federal Trade Commission study indicates that as many as one in four consumers may have a “material error” in their credit report.

Signed into law by Gov. Kathy Hochul, the text of the bill states that because millions of Americans have errors in their credit reports, it puts them in a lower credit risk tier, whether they are aware of any errors or not. Many New Yorkers, through no fault of their own, have less than ideal credit histories that may stem from issues completely unrelated to their job performance or capabilities, making them disadvantaged because employers are using credit reports to determine if they are worthy of a job or a promotion, according to the bill.

Further, the bill states that there is “little to no evidence that shows a correlation between credit history and job performance.”

By Nate Gage

I’m not proud to admit it, but taking proper care of my teeth was not always high on my list of priorities. Over time, this inattention led to the predictable consequences, with cavities slowly developing and growing. Eventually, faced with the reality of the situation, I put aside my fear and denial and made an appointment. As much as I dreaded the actual procedure, I dreaded the conversation with my dentist even more. I knew she would ask uncomfortable questions like what led to the problems in the first place and why did I wait so long to have it corrected. 

Although I knew the question was coming, the best response that I could muster was a pathetic “I didn’t come in sooner because I was afraid of what you would tell me.” Karma is a funny thing; now all these years later I find myself on the other side of that conversation. No, I didn’t go on to become a dentist, but found myself in the financial services industry, specializing in workplace retirement plans, including serving in an advising capacity. When speaking to groups, I always strive to spend a little bit of time focusing on the big picture, encouraging everyone to do the planning needed to be ready to retire when and how they want.  I also offer to meet individually with anyone looking to take a closer look, taking advantage of a retirement income calculator that makes the process easy and presents the results in a very user-friendly format. 

The number of participants who take me up on that offer is relatively small and, often, those who meet with me have been considering doing so for many years. When I ask why they didn’t come in sooner, that’s when I hear “I was afraid of what you would tell me.” Despite that initial fear, the process is always helpful and, no matter the result, knowing is always better than not knowing. One feature of the calculator that I find particularly user-friendly is how the results are presented. Considering actual spending data for households with similar incomes, the user is presented with a calculated retirement income need in today’s dollars. 

By Christopher Conklin
Vice President, Chief Information Security Officer
Capital Bank, a division of Chemung Canal Trust Company

Cybersecurity Awareness Month is here once again.  Most organizations with an existing awareness program will likely focus on password complexity, phishing and social media concerns.  These topics continue to be the foundation of a good cyber security program.  However, the sudden influx in the popularity of artificial intelligence (AI) has changed the game for cyber security due to the evolution of AI-born cyber-attacks.  AI has gained prominence due to its ability to solve problems, reduce workloads and enhance customer experience.  Opposite those benefits, artificial intelligence has concerns related to privacy issues, misinformation and enhancing existing cybersecurity threats.  Related to existing threats, adversaries have learned to effectively weaponize AI to attack organizations.  To better understand the threats, we first need to examine the benefits of utilizing AI.  

Businesses today face a variety of challenges such as cost control, eroding customer confidence, and political and economic volatility, to name just a few.  AI can change the way businesses address those issues.  An article published last year by the Harvard Business Review indicated that more than 70 percent of U.S. businesses have already begun to utilize AI in some form.  A common benefit of using AI is streamlining repetitive or mundane tasks such as data entry or customer support, which then frees up staff for more valuable tasks.  AI can also provide analytical tools to process vast amounts of data and deliver actionable results for decision making.  AI chatbots and virtual assistants can help provide 24/7 support by answering common questions, thereby improving response times and enhancing customer satisfaction.  

Situations regarding volatility can be addressed by using AI to analyze data from various sources such news feeds, economic indicators, financial reports.  The result is an analysis that could alert the business to potential warning signs.  Forbes Magazine published an article in May further articulating the position that AI can assist leaders’ approaches to volatility.  In it, the author cites that AI has the potential, if used correctly, to stay ahead of the challenges.  While these benefits can help organizations, the use of AI comes with some concerns.

By Steven Luttman

September’s decision by the Federal Reserve to cut interest rates marked the first adjustment to the closely watched benchmark since late 2024. Today, we’ll cover why a cut was made, the impact seen so far, and what we should expect moving forward.

Why Cut

Private sector hiring has fallen off a cliff in 2025. While the official unemployment rate remains sub 4.5%, persistent negative revisions to prior monthly job reports, paired with lackluster household survey data points to a much softer economy. Following the cut, we heard it straight from the horse’s mouth: “Labor demand has softened, and the recent pace of job creation appears to be running below the ‘breakeven’ rate needed to hold the unemployment rate constant.” Not blunt enough? “While the unemployment rate remains low, it has edged up, job gains have slowed, and downside risks to employment have risen.”

Jerome Powell appears to be coming around to the idea that the risk of tariff-induced inflation should now take a backseat to what’s transpiring in today’s job market. To stimulate the economy, borrowing rates must be lowered.

Reaction

Changes to the Fed Funds Rate impact shorter-duration credit such as home equity lines and credit cards. While important, residential mortgage and business loan rates more closely track longer-term benchmarks—mainly the 10 year Treasury. Interestingly, longer-term yields actually rose in the days immediately following the decision to reduce rates by 25 basis points (0.25%), as they did after the last cut in December 2024.

Zoom out a few days, however, and you’ll see that a rate drop was already priced in leading up to the Fed meeting. Some experts pointed to dovish comments by Chairman Powell suggesting a less aggressive than anticipated rate cutting cycle as the reason for the brief rise. Fast forward to today, and long-term yields are nearly identical to where they stood before the Federal Reserve meeting. From a consumer standpoint, the national average 30 year fixed rate mortgage is as low today as it’s been for nearly the entire past twelve months.

By Kathlene Thiel

When a business owner decides to sell their company, it’s often the culmination of years—sometimes decades—of hard work, sacrifice, and strategic growth. Yet, despite the emotional and financial weight of such a decision, many entrepreneurs attempt to navigate the complex world of mergers and acquisitions (M&A) without professional guidance. That’s where an M&A advisor steps in—not just as a broker, but as a strategic partner, negotiator, and process leader who can dramatically improve outcomes.

Selling a company is a nuanced, multi-phase journey involving valuation, due diligence, legal structuring, and emotional decision-making. Most business owners are experts in their industry but not mergers & acquisitions. An advisor educates you on each step of the process, from initial preparation to final closing. They demystify terms like “quality of earnings,” “working capital peg,” and “reps and warranties,” ensuring you’re informed and confident. More importantly, they lead the process—setting timelines, managing milestones, and keeping all parties aligned. Without this leadership, deals can stall, unravel, or leave value on the table.

A well-prepared Confidential Information Memorandum (CIM) or offering document can make or break buyer interest. M&A advisors know how to present your company’s story in a compelling, credible, and strategic way. They highlight strengths, mitigate perceived risks, and position the business for maximum valuation. These documents aren’t just marketing tools—they’re the foundation for buyer diligence and negotiation. A sloppily prepared CIM can signal disorganization or lack of professionalism, while a polished one reinforces your credibility and sets the tone for serious engagement.

By Stephen Kyne, CFP®

Navigating the world of retirement planning can feel daunting. With a mix of jargon, acronyms, and seemingly contradictory advice, it’s easy to feel overwhelmed. However, much like any successful long-term strategy, the foundation of a secure retirement rests on a few core principles: starting early, being consistent, and having a clear plan. This Q&A breaks down the essential first steps to help you get on the right track.

Q: This all seems so complicated. When should I actually start saving for retirement?

A: The simple, unwavering answer is: now. The single most powerful tool in your financial arsenal is compound interest, which is the interest you earn on your initial investment and on the accumulated interest from previous periods.

Think of it this way: if you invest $10,000 and it earns an average of 7% per year, after one year you’ll have $10,700. The next year, you earn 7% on the full $10,700, not just the original $10,000. Over decades, this effect snowballs, allowing your money to do much of the heavy lifting for you. The person who starts saving in their 20s has a monumental advantage over someone who waits until their 40s, even if the late-starter contributes more money annually.

Q: How much do I actually need to save? Is there a magic number?

A: While there’s no universal “magic number,” there are excellent rules-of-thumb to guide you. Many financial advisors suggest aiming to save 15% of your pre-tax income each year for retirement. This includes any contributions your employer might make on your behalf.

To figure out your ultimate goal, a common guideline is the “4% Rule.” This principle suggests that you can safely withdraw 4% of your retirement savings in your first year of retirement, and then adjust that amount for inflation each subsequent year, with a high probability of your money lasting for at least 30 years. To use this, you can work backward: estimate your desired annual income in retirement and multiply it by 25. If you think you’ll need $60,000 a year, your target nest egg would be $1.5 million ($60,000 \times 25).

By Sara Mannix

Artificial Intelligence can make your business more efficient, smarter, and more productive, giving greater value to your customers. At Mannix, we started small and progressed through clear, manageable stages..

Stage 1: Search Engine AI | Ask, Learn, Act

Skip Google and use AI. ChatGPT, Claude and Google’s Gemini have become our go-to tools for quick answers and deeper research. Instead of searching, we now ask AI-specific, actionable questions like:

“Act as a marketing expert and research the fitness app industry. Identify five leading companies, analyze their products, and summarize the unique selling propositions, pricing structures, and provide web links.”

“We currently use [X product] for analytics, but we’re looking for a tool that can also do [Z feature]. What are five alternatives, and what makes them superior to our current tool?”

“We’re considering a patent for [X]. What are the steps we need to take, and what should we be aware of in the process?”

Instead of spending 15 minutes reading through websites, we get the answer in 15 seconds. This is search engine AI. It’s the easiest entry point and results in time savings.  

If you haven’t used AI yet… start with this: Replace some of your Google searches this week with an AI prompt. If you don’t get the right answer immediately, provide more detail, as if you were talking to an assistant.

Stage 2: Content Helper | From Manual to AI‑Assisted

As our team embraced AI for quick answers, the next challenge was leveraging AI to help speed up content creation. 

We manage LakeGeorge.com and Saratoga.com. Creating high-quality, accurate articles takes a lot of time. We needed a better system, but couldn’t risk publishing incorrect information or losing our human voice.