Category Archives: Business Reports

By Brian M. Johnson, MBA, CLTC

For many working-age adults, planning for the future often centers around saving for retirement, managing debt, and building wealth. Yet an often-overlooked component of a well-rounded financial strategy is life insurance—specifically, 10-pay whole life insurance, a permanent life insurance policy paid up in just 10 years.

While frequently seen as a tool for wealthier individuals or older adults, 10-pay whole life insurance plays a significant role in both estate and long-term care planning, offering unique benefits for those who begin earlier in life.

Understanding 10-pay whole life insurance

A 10-pay whole life insurance policy is a type of permanent life insurance with guaranteed death benefits, fixed premiums for 10 years, and a cash value component that grows over time.

Unlike term life insurance, which provides coverage for a set number of years, whole life covers the insured for their entire life, assuming premiums are paid.

What makes the 10-pay version distinctive is the compressed payment schedule—premiums are paid over just 10 years, after which the policy is considered “paid-up.”

This feature is attractive to individuals who want to pre-fund a long-term asset during working years while minimizing obligations in retirement.

Tax-free wealth transfer

One of the most recognized uses of whole life insurance in estate planning is its ability to transfer wealth in a tax-efficient manner.

The death benefit is typically income tax-free to beneficiaries and, when structured properly, can also be excluded from the taxable estate.

For families with significant assets—or those with modest estates and legacy intentions—this can help preserve wealth across generations.

By Deb Verni

The perfect time to put together an estate plan is before you need it.  Unfortunately, most people think about creating an estate plan when a close friend or relative must be placed in a nursing home or when a family member dies and the kids are fighting over assets because there is no Will. 

I joke with people and say if you don’t have a “Will”, you have a “Won’t”, I won’t die or become ill and go into a nursing home. My kids won’t fight over my money.  My minor children won’t be raised by my evil sister.  My children won’t blow their inheritance on fast cars and gambling.   My daughter’s husband won’t take half of my hard-earned money when they get divorced after I pass.  

A Last Will and Testament is just the beginning of an estate plan.  Although a Will is important, it is only one of the documents in your estate plan.  A comprehensive estate plan should include a Will, a Health Care Proxy Living Will, a Durable Power of Attorney and in most cases a Trust.  Does everyone need all these documents? It depends on your assets and your family dynamics.  

For those of you that never considered family dynamics, I can assure you that if your children do not get along while you are alive, they will not get along after you pass.  If you are concerned about your money going to in-laws and out-laws after your death, then you need to plan for that.  If you want to make sure money goes to your grandchildren, or you have a child or grandchild with special needs, you need to plan for that too.  

Now that your head is spinning and you are thinking a “won’t” is not such a bad idea and you are looking around every corner for greedy relatives, remember, you can establish an estate plan now and leave all your worries behind, literally.  So how do you go about setting up an estate plan? First you need to figure out who will be in charge and where you want things to go. Estate documents are easy to establish but you need to do your homework.  Let’s go through an estate plan step by step.

by Kenneth J. Entenmann, CFA®

5/20/2025, 3:07:02 PM

For the bulk of this century, it has been said that America was exceptional. It had the world’s strongest military. It had the world’s largest and richest economy. It had the world’s reserve currency. It had the world’s largest, safest, and most liquid financial markets. Most of the world’s largest and most innovative companies were American. The United States was a juggernaut. American Exceptionalism!

Yet, somehow, in just a few months, there are rumblings of the end of American Exceptionalism. Prominent financiers speak of damage to the “American brand.” The “Magnificent Seven” tech sector received a wake-up call when the Chinese Deepseek AI model was announced, which showed that the path to AI dominance would be competitive. And finally, Moody’s became the last of the major bond rating agencies to downgrade the last U.S. Treasury bond rating from AAA to AA. 

Is this the beginning of the end of American exceptionalism? To paraphrase Mark Twain, the report of the demise of American exceptionalism is an exaggeration.

Apparently, several prominent financiers believe that the American brand has been damaged. Perhaps. They say our “Friends and Allies” can no longer trust the U.S. regarding military and trade. Certainly, the method of the Trump Administration’s demands for increased NATO military spending can be questioned. But the fact remains that many of our NATO “friends” are still significantly below the NATO minimum spending requirements, and even those who have committed to increased spending will not get there for several years. Given our fiscal challenges, the U.S. simply cannot afford to fund all of NATO. If calling for the end of our allies’ defense-free-riding ways is damaging to the U.S. brand, then so be it. Similarly, the rollout of the Trump trade program has been chaotic and has created great uncertainty. Our friends and allies are upset. That is understandable. But it is also very clear that these friends and allies are not free traders. They deploy a myriad of tariffs and non-tariff barriers to trade, such as a digital service tax on the U.S. tech sector, which are blatantly unfair. If calling this out is damaging our “brand,” then so be it. Regardless of the perception of the brand, the U.S. economy will remain the largest and richest consumer market in the world. Every country in the world still wants and needs to do business here. That is why there are so many ongoing trade negotiations. The hope is they will end with a freer and fairer trade environment with our Western allies.

By Joe Legault

As 2025 approaches, destination marketers across the Northeast — including Upstate New York — must navigate a travel landscape shaped by economic caution and international uncertainty. Recession fears are prompting more selective spending, while Canadian visitation continues to wane, influenced by unfavorable exchange rates and new tariffs. For destinations that have long depended on cross-border traffic, the challenge is clear: how to attract more local and regional visitors without compromising experience or revenue.

Fortunately, travelers aren’t simply cutting back — they’re rethinking what makes a trip meaningful. Many are now favoring slower, more intentional experiences that align with the strengths of Northeast destinations. For tourism professionals — including DMOs, lodging providers, and tour operators — these five trends present opportunities to capture emerging demand and deliver value in a shifting market.

Travelers are increasingly drawn to noctourism, or nighttime experiences that offer intimacy, affordability, and a break from daytime crowds. Whether it’s stargazing hikes in the Catskills, sunset paddles on Adirondack lakes, or full-moon yoga under the stars, these low-light adventures deliver a sense of wonder. Destinations can capitalize on this interest by packaging meteor shower viewings, lunar eclipse events, and guided night outings, while promoting lodging that highlights dark-sky settings and peaceful environments.

“Calmcations” — trips centered on peace, quiet, and digital disconnection — are gaining traction among travelers burned out by screen time and sensory overload. The Northeast’s wooded retreats, lakeside cottages, and cabin rentals make it a natural destination for this trend. Forest bathing in the Adirondacks or unplugged weekends in the Berkshires appeal to visitors seeking low-cost mental resets. To meet this demand, businesses should market screen-free amenities, bundle wellness offerings like yoga or spa services with overnight stays, and highlight locations where serenity is the main attraction.

By Rob Shauger

Before you can lead others effectively, you must first learn to lead yourself—starting with balance, discipline, and time to think.

In today’s performance-driven business world, leadership is often measured by team metrics, growth curves, and public visibility. But those who’ve led at the highest levels know the secret to sustained influence isn’t external at all—it’s internal. As John Maxwell, one of the most respected voices in leadership, puts it: “The toughest person to lead is always yourself.”

That idea may be uncomfortable, but it’s also incredibly empowering. Before you can inspire others, you must first cultivate self-awareness, discipline, and the emotional stability to lead from clarity—not chaos.

Self-leadership is the often invisible act of managing your energy, decisions, habits, and mindset. Unlike performance reviews or boardroom wins, self-leadership isn’t publicly rewarded—but it shapes everything others see.

Maxwell teaches that everything rises and falls on leadership—and that includes the internal leadership we practice daily. If you don’t have command of yourself, it’s only a matter of time before stress, misalignment, or burnout undermines your ability to lead others.

Self-leadership is about living your values, even when no one’s watching. It’s about showing up with consistency, setting the example, and making decisions rooted in principle. And most of all, it’s about creating the internal alignment that earns long-term trust.

One of the biggest threats to self-leadership is poor work-life balance. In our hyperconnected world, it’s become normal for leaders to respond to emails at midnight, skip vacations, and fill their schedules to the brim.

By Michael Brodt
Quarter 1, 2025

During a radio address on his hundredth day in office, on June 12, 1933, our 32nd President, Franklin D. Roosevelt, coined the term “First 100 Days.” Since then, the first 100 days of a presidential term are closely watched and widely talked about. We typically see a flurry of activity during these first 100 days; these first 100 days have proven to be active indeed.

The early part of President Trump’s second term has been largely dominated by talk of tariffs, resulting in a highly volatile stock market, desperate for answers on how potential trade wars might impact our U.S. economy. While the implementation of tariffs (and, in return, the retaliatory tariffs on U.S. goods) should not come as a surprise, the magnitude of the tariffs and the inconsistent message from Washington is certainly causing angst.

U.S. Federal Reserve Chair Jerome Powell recently said that tariff increases would likely result in a slowing of the U.S. economy and a delay in the progress being made toward lower inflation this year. However, he did say that the expectation would be that the tariff-related impact on the economy would be transitory and work its way through quickly.

After a series of interest rate cuts during 2024, the Fed left rates unchanged at both its 2025 Committee meetings, indicating that it is too early to tell the full impact of higher tariffs on inflation and economic growth. The Fed’s outlook for 2025 economic growth was adjusted to 1.7% from 2.1% and its outlook for inflation to 2.7% from 2.5%.

by Kenneth J. Entenmann, CFA®
2/12/2028

For better or worse, the first three weeks of Trump 2.0 have been fast and furious! A bit of an understatement! Overall, the financial markets have shown some volatility but have remained stable in the New Year. So far, the S&P 500 is up 4.06% this month and 3.1% year-to-date. That is a great start to the year, despite all the vitriol coming out of our nation’s capital, particularly as it relates to the potential impact of tariffs.

It is easy to fear tariffs. Economists of all stripes will tell you that tariffs are bad; they are inflationary and invite retaliation and distort world trade. They are correct! But they most often fail to include the second part of the full tariff comment…Tariffs are bad in a free and fair global market. Unfortunately, there is little evidence that there are many “free and fair” markets. Indeed, when tracking trade reciprocity, every major industrial country in the world except the U.K. and Australia is offside, meaning tariffs on U.S. goods are significantly higher than U.S. tariffs on our imports. Even our friends, the EU, Canada, and Mexico, are way offside and have significant protectionist tariffs. In some cases, entire industries are precluded from participating in a trade partner’s economy. The U.S. auto industry is priced out of Europe by tariffs that are ten times higher than U.S. tariffs on E.U. cars. Same for U.S. agriculture. U.S. banks are prohibited from doing business in Canada. Hardly “free and fair.” And then, there is China. China was permitted to join the World Trade Organization in December of 2001. The hope was China would evolve into a great global trade partner. It has certainly helped the Chinese economy become the second largest in the world. Sadly, they have been cheating global trade rules ever since. The debate over TikTok operating in the U.S. is interesting as U.S. software companies are prohibited from doing business in China. Yes, tariffs are bad, but global trade is hardly a “free and fair” market.

Yesterday, President Trump announced 25% tariffs on steel and aluminum, including on Canada and Mexico. This set everyone’s hair on fire! Mexico and Canada are our friends and our largest trading partners. How could we possibly pick this fight? True, we import large quantities of steel and aluminum from Canada and Mexico and this action has the potential to raise prices in the U.S. However, many of those commodities are made in China and shipped to the two countries to avoid direct China tariffs and exploit the friendly USMCA (U.S., Mexico and Canada Free Trade Agreement) tariff policies. Global trade gamesmanship at its worst, especially from our “friends” North and South of the border! Not exactly “free and fair!”

By Jeffrey B. Shapiro, Esq.

New York State has enacted the Salary Transparency Law (S.9427/A.10477), now in effect since September 17, 2023. This legislation requires employers with four or more employees to disclose the compensation or range of compensation in all advertisements for job, promotion, or transfer opportunities.

Employers need to be aware of the new salary transparency requirements to avoid fines and other legal consequences. There might be small businesses, especially those without regulatory compliance support, who might not be fully aware of these new requirements.

What Needs to Be Disclosed?

New York State Pay Transparency Law mandates private employers with four or more employees to disclose a salary or pay range in all advertised job, promotion, or transfer opportunities. This applies to positions performed wholly or partly in New York State, and even to remote roles that report to a New York-based supervisor or office. The law covers advertisements across various platforms, such as newspapers, social media, or job-listing websites. The pay range should be a good faith estimate of the employer’s offering, with a defined minimum and maximum, and if it’s a fixed rate, that rate should be specified.

Drafting the Pay Range

The New York State Pay Transparency Law outlines that a pay range, reflecting the minimum and maximum annual salary or hourly rate, must be included in job advertisements. If a fixed rate like $30 an hour is to be offered, it must be listed. Pay ranges can’t be open-ended (e.g., “$20+ an hour”) and should only reflect monetary compensation, not other benefits like insurance or paid leave, though these can be disclosed separately. For commission-based pay, it must be clearly stated in the advertisement. Employers are required to make a good faith effort in determining and presenting the pay range.