Category Archives: Financial Planning / Investments

Study Links Good Financial Habits To Achieveing Happiness, Financial Advisor Says

June 8, 2018June 11, 2018

David Cumming, senior vice president and financial advisor, Morgan Stanley.

By David L. Cumming

From record-breaking stock market returns to falling unemployment, the U.S. has no shortage of positive economic indicators, and the majority of investors say they feel confident about achieving both their short- and long-term goals, according to the latest Morgan Stanley Investor Pulse Poll, which surveyed more than 1,200 investors age 25 to 75 with over $100,000 in assets.

About one in four (29 percent)—or 36 million—U.S. households fall into this category.

Mostly sunny, with some clouds

Market Volatility Is Normal; Small Businesses Should Remain Calm As Things Play Out

June 8, 2018June 11, 2018

Kevin M. Hedley, partner with Hedley & Co. PLLC, Saratoga Springs.

By Jill Nagy

Investment strategies in today’s complex economic environment can cause small business people and individuals to pause.

“Every business owner has different issues to deal with and there is no one answer for everybody,” said Kevin Hedley, a principal in Hedley & Co. PLLC, Certified Public Accountants in Clifton Park.

In looking at investment strategies, near the top of his list this year is reviewing the structure of the business in view of recent changes in the tax code, he said.

To Keep Investments Working Consistently, Let Them ‘Go On A Vacation’ This Summer

June 8, 2018June 11, 2018

Rob Snell, financial advisor, Edward Jones Financial in Saratoga Springs.

By Rob Snell

Summer is here – and so is vacation season. Americans spend a lot on their summer getaways—more than $100 billion in 2017 alone, as reported in Travel and Leisure magazine.

When you hit the road, you will enjoy getting away from your regular tasks, but there’s one part of your life that should never take a break—your investments.

To keep your investments working consistently and efficiently for you, consider these suggestions:

Savings Plan Options

November 1, 2017November 2, 2017

Kevin M. Hedley is a partner with Hedley & Co. PLLC. Courtesy Hedley & Co. PPLC

As Congress and the White House debate tax plans, there have been much discussed changes to the traditional 401(k) plan. The proposed plan to adjust the maximum limit for contributions has been tabled but we still have a long way to go before we have a tax plan in place.

That does lead to the questions—What are the limits for various retirement plans and what are some options for a small business owner to save for retirement?

Depending on your immediate and long term goals there are plenty of options. There are defined benefit plans, Defined contribution plans and other retirement savings plans such as SEPS, SIMPLES and IRAs to name a few. All of these plans allow a deduction from current income if a contribution is made according the respective plan terms. The differences between them include the amount of contribution and the costs of administering each plan

Benefits are paid from these plans in most cases at retirement, death, disability, or separation from service. Distributions from plans that do not fall into one of the allowed categories are also subject to penalty ranging from 10 percent to 25 percent.

Under a defined benefit plan, an employer makes annual contributions to the plan to provide each participant with a set benefit at retirement. Contributions to the plan are actuarially determined, and the plan can be integrated with social security. An integrated plan reduces the contribution for the lowest-paid employees and still allows for a significant contribution on behalf of the owner and key executives. Benefits under the plan are fixed using a definite formula. Typically, the formula expresses the benefits in one of the following ways:

With Uncertainty In Congress About Tax Plans, There Are Ways For Businesses To Plan For 2018

November 1, 2017November 2, 2017

Steve Ellwanger, a CPA in Saratoga Springs, offers a range of accounting services.

By Maureen Werther

Between now and the end of the year, financial planners, advisors and CPAs will be busy working with clients to ensure their future financial security and minimize their tax liabilities for the coming year.

However, this year is fraught with more uncertainty than any other time in recent memory, some advisors say.

With tax reform still being negotiated in Washington, D.C., financial professionals will be waiting to see what the coming months will mean for the year ahead.

According to global financial giant, Wolters-Kluwer, year-end strategies will become clearer as the legislation moves forward. For the time being, they advise flexibility and preparedness. In other words, an accountant should be ready to adjust to whatever changes are brought about and they should be ready to execute effective strategies for clients as late as December.

For larger, well-established companies or high-wealth individuals, their team has already been planning for several different scenarios. For smaller and younger companies, there are also basic strategies they can employ to ensure them from unnecessary vulnerability.

Stephanie Mumford, CPA and partner at Teal, Becker and Chiaramonte, said that on some level everyone can benefit from financial and tax planning.

Financial Advisors Has Predicament Of Getting Younger People Interested In Becoming CFPs

June 9, 2017June 9, 2017

Anthony J. Capobianco, president, CEO of Capobianco Financial Advisers of Clifton Park.
Courtesy Capobianco Financial Advisers

By Susan E. Campbell

The aging population may signal a predicament for the investment advisory industry.

On one hand, more and more people are requiring expert management of retirement assets. On the other hand is a question of attrition: Who will replace retiring financial planners?

“Our industry is getting older,” said Anthony J. Capobianco, president and CEO of Capobianco Financial Advisers of Clifton Park. “I have seen studies that less than 5 percent of financial professionals today are age 30 or younger.”

These professionals include registered brokers, financial advisors and certified financial planners, all designations that indicate that certain levels of education and proficiency have been achieved.

When this issue was posed to Steven Bouchey, CFP, he recalled that it was not that many years ago that anyone could hang out a shingle and call themselves a financial planner. Today the regulators demand higher standards and the public demands more experience.

Bouchey, who is president and CEO of Bouchey Financial Group based in Saratoga Springs and downtown Troy, said that with today’s technology, anyone can go online and write their will. But with a do-it-yourself financial plan and no experience backing it, the plan won’t stand the test of time.

Having Enough Money For Retirement Is A Concern, But Strategies Exist To Help People

December 9, 2016December 13, 2016

Michael Brown of Madison Wealth Managers urges people to think about retirement early. Courtesy Madison Wealth Managers — Michael Brown of Madison Wealth Managers urges people to think about retirement early.
Courtesy Madison Wealth Managers

By R.J. DeLuke

A survey conducted by the American Institute of Certified Public Accountants says running out of money is a top concern among their clients when they are look ahead to retirement.

The elderly are living longer, said AICPA, and Baby Boomers, who hold the largest amount of retirement assets, are supporting both their parents and their children. This has amplified the fear.

Neil Edmonds of the Ascent Wealth Partners office in Saratoga Springs, who handles retirement matters for the company, agreed it is a big concern for people.

“There are not as many defined plans for retirement, like pensions,” he said, and in some cases people have nothing more than Social Security to fall back on.

Business Report: Healthcare Costs Are A Retirement Concern

December 9, 2016December 13, 2016

Ruth Mahoney is president of KeyBank’s Capital Region. Courtesy KeyBank — Ruth Mahoney is president of KeyBank’s Capital Region.
Courtesy KeyBank

By Ruth Mahoney

For most of the American population, retirement is a paradox. We look forward to it, because we want to stop working. We fear it, because we cannot afford to.

People struggle to retire for several reasons. For starters, many of us aren’t saving enough. Even if we are, unexpected expenses such as a child’s college education, divorce, or care for an aging parent can delete resources from the retirement nest egg. However, according to a survey from Bankrate, the number one worry baby boomers have about living a secure retirement is the cost of healthcare.

Business Report: Retirement Is Part Of Annual Checklist

December 8, 2016December 12, 2016

David L. Cumming, CFP, RICP, CRPS, senior vice president with Morgan Stanley. Courtesy Morgan Stanley — David L. Cumming, CFP, RICP, CRPS, senior vice president with Morgan Stanley.
Courtesy Morgan Stanley

By David L. Cumming

Preparing for an annual financial review may be easier than you think. With a checklist in hand and your financial advisor by your side, review key considerations and together discuss any potential corrective actions to ensure you are on track to meeting your goals.

Do I need to rebalance my asset allocation? Depending on the performance of your investments, you may want to examine whether your mix of stocks, bonds, cash, and other assets is close to your target.

If you have not reviewed your portfolio lately, you may be surprised at what you find. It’s possible that your current asset allocation has changed quite a bit since the last time you checked, due to the different performance of the various investments in your portfolio.

Forensic Accounting & Consulting Firm Offers Litigation Support And Investigation Services

June 8, 2016November 8, 2017

Pamela D. Wickes has created Wickes Forensic Accounting & Consulting.

Courtesy Pamela D. Wickes

Local forensic accountant Pamela D. Wickes has branched off to found Wickes Forensic Accounting & Consulting LLC.

The niche accounting services firm focuses on forensic accounting, litigation support, consulting, and collaborative divorce financial services.

The forensic accounting services include a wide variety of investigations and economic damages calculations to assist with the resolution of the financial aspects of business and personal disputes, including those related to employee embezzlement, shareholder disputes, divorce, bankruptcy, certain insurance claims, and construction and post-acquisition disputes.