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Business Report: Keys To A Successful Client-Advisor Partnership

Posted onJune 6, 2024
Peter Capozzola, CFA,Vice President/Senior Investment Officer, Capital Bank.
Courtesy of Capital Bank

By Peter Capozzola, CFA

At our house, I stay away from any projects having anything to do with electricity; or anything that can result in a flooded basement or in a tree crashing through our roof.  Sure, I can look up a YouTube video for advice, but for me DIY has its limits.  I’m better off hiring someone who has the professional experience and skills in these fields and is hard wired in ways I am not.  

When it comes to investing, people can take the DIY approach and even find tutorials on YouTube (you may want to skip past the “Roaring Kitty” GameStop Meme). Beyond that, the advice offered can be like pieces of a puzzle; incomplete, and from which it is impossible to grasp the full picture. Worse, the information may simply not be applicable to your goals and circumstances, so it is not the solid foundation on which you would want and need to build a plan for your future.  

Managing investments is what an investment manager does day-in day-out, year-in year-out.  It is a profession they are committed to, and this is how they are hard wired. To us, the keys are an informed approach; executing a disciplined process; having the right people on our team; and focusing on capital preservation by striking a balance between risk and reward and seeking a margin of safety when investing.   

There are five key elements to a successful client-advisor partnership: an informed plan; an appropriate strategic asset allocation; opportunistic tactical allocation, diversification, and ongoing communication with clients.  

What informs an investment plan is not so much the markets or numbers, but what matters to you. Any discussion should include a review of your cash needs, time horizon, tolerance for risk, investment return goal, tax impacts and your unique circumstances. Each of these factors should be considered when determining an appropriate investment path for you.

That investment path begins with a “strategic allocation” that lays out the appropriate mix of cash, bonds and stocks, taking into account the historical returns and risks of the markets over the long run, which is suited to meet your particular goals. Keep in mind that as your circumstances change, your investment path and strategic allocation will likely change as well.

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NBT Bancorp Inc. Promotes Four Executives As It Implements It’s CEO Succession Plan

Posted onJune 6, 2024

NBT Bancorp Inc.  has announced that its CEO Succession Plan unanimously approved by NBT’s board of directors in January was executed with Scott A. Kingsley succeeding John H. Watt, Jr. as NBT’s 15th president and chief executive officer. Kingsley was also elected to NBT’s board of directors. Watt will continue to serve on the board and has been named vice chairman.

NBT also announced the promotion of Joseph R. Stagliano to president of NBT Bank, N.A., the company’s wholly-owned banking subsidiary, Annette L. Burns to executive vice president and chief financial officer, and Shauna M. Hyle to executive vice president, retail community banking.

NBT Board Chairman Martin A. Dietrich said, “Smooth leadership transitions are a characteristic of high-performing companies. The board enthusiastically and unanimously approved the succession plan we announced in January. We thank John for the vision and energy he has invested in NBT, and we are fortunate to have a tested and aligned executive management team with strong and experienced leaders like Scott, Joe, Annette and Shauna.”

Kingsley joined NBT in 2021 as executive vice president and chief  financial officer. He has more than 35 years of experience, including 16 years as a member of the management team at Community Bank System, Inc., where he served as chief operating officer and, prior to that, as chief financial officer. Kingsley started his career with PricewaterhouseCoopers, LLP before joining the Carlisle Companies, Inc., a publicly traded global manufacturer and distributor, where he served in financial and operational leadership roles. 

A certified public accountant, Kingsley earned his bachelor’s degree in accounting from Clarkson University. He is an active community advocate, volunteer and fund-raiser. He currently serves on the Crouse Health Foundation board of trustees and the audit and finance committee for the Catholic Diocese of Syracuse and was previously chair of the board of directors of the Food Bank of Central New York.

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Talent Triage

Posted onJune 6, 2024

By Renee Walrath, President & CEO Recruiting in the healthcare industry has continuously been a struggle, which was only magnified by the pandemic.  Hospital staff are on the front lines battling the demands for services with the lack of a skilled workforce. There have been unprecedented levels of turnover within the field. Healthcare professionals...

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Carpenters Local Union 291 Is Working To Ensure Those In The Trade Are Well Trained

Posted onJune 6, 2024
New York State Assemblywoman Carrie Warner visits a group of high school students interested in learning about a career in the carpentry trade.
Courtesy of Carpenters Local Union 291

By Susan Elise Campbell

Carpenters Local Union 291 is not rapidly growing but has the potential to, according to its president, James Margiotta. Skilled union carpenters can make a six-figure income with benefits, and no vocational school education or even a high school diploma is required, he said.  

“Membership has been at the status quo the better part of the past 20 years,” said Margiotta, who has been a member of Local 291 for 25 years and in several of its elected positions for 11 years.

There are 1,600 members currently in 14 counties encompassing the Capital Region and North Country of New York. There are surges in membership at times but Margiotta said the union is “staying afloat because of a two-fold issue.”

“One reason growth isn’t as good as it could be is the ability to find skilled people that could command the wages that we negotiate for members,” he said. 

“There has also been an issue of finding younger people interested in starting this kind of career in the carpentry trade,” said Margiotta. 

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U.S. Supreme Court Ruling Should Ease The Burden Of Impact Fees On Developers

Posted onJune 6, 2024

By Paul Post

Area builders applaud a recent federal court ruling that could save them large sums by prohibiting some types of development fees local municipalities charge them.

Towns, cities and counties quite often impose such fees for new construction projects and use the money for things such as road, infrastructure and recreation facility upgrades.

But the U.S. Supreme Court, on April 12, sided with a rural California resident whose local government required him to pay a $23,420 “traffic impact fee” in order to obtain a building permit for a small pre-fab home he wanted to put at the rear of his property for his grandson.

“How’s that going to impact traffic? It wasn’t going to impact anybody,” said attorney David Robinson, of the California law firm Holland & Knight, whose clients include numerous builders and developers.

“This decision will have a major impact because it will result in a lot of changes in the way government operates,” he said. “For so very long the fox has been running the henhouse. If a developer wants to build something on one side of town, they’ve been charged a massive fee to build a public amenity on other side of town that has nothing to do with project in question. The bottom line is, that’s going to be really hard for the government to do now.”

Moving forward, impact fees must be able to stand up to two basic considerations. One is a proximate test. The impact local government is seeking compensation for has to be in some way logically or proximately related to the development.

Second, is the fee in reasonable proportion to the impact? For example, government couldn’t require a $100,000 fee for a $10,000 impact.

“This is going to be a serious check on what governments can do,” Robinson said. “It’s not going to be business as usual any more. It’s new, it’s very powerful. It will save developers money. But it’s also going to create a lot of litigation. There’s no question about that. You’re going to see a whole lot of experts on both sides, arguing whether an impact is directly related or proximate and whether the fee charged is reasonable. There will be a lot of debate about how this new rule is applied in any given situation.”

John Munter, president of Greenfield-based Munter Enterprises Inc., said, “Municipalities in some cases make a ridiculous request like, we want you to put in a mile of sidewalk where there isn’t any. They can come up with very expensive mitigation that doesn’t fit into the economics of a project. If you have a $1.5 million project, but have to spend $300,000 to do it, obviously it doesn’t make any sense. In those cases a law like this would certainly help.”

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The Saratoga Builders Association Awards Scholarships To Students Studying The Trades

Posted onJune 6, 2024
Barry Potoker (left), executive director of the Saratoga Builders Association, stands with students displaying scholarship checks that will help them continue education in the trades.
Courtesy of Saratoga Builders Association

The Saratoga Builders Association, Inc. has announced the awarding of two student $1,000 cash scholarships. One is the annual SBA Scholarship and the second is the annual “Bob Best” Memorial Scholarship.

One recipient is Amy Grumbling of Amsterdam. She is currently attending Russell Sage College pursuing a bachelor of fine arts degree in Interior and Spatial Design. She also works for Teakwood Builders.

The other recipient is Jude Leight of Ballston Spa. He is a senior at Ballston Spa High School and will be attending Hudson Valley Community College to pursue a degree in Construction Tech and Management.

The Saratoga Builders Association makes these student scholarship awards available annually to high school seniors or college students who are planning to pursue a career in the construction industry.

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An Expert In Durable Medical Equipment Expands With Second Location In Wilton Mall

Posted onJune 6, 2024
Michael Gipson carries a complete line of home medical equipment at the two locations.
Saratoga Business Journal

By Christine Graf

PA Medical Supply of Queensbury has opened a second location in the Wilton Mall next to JC Penney. Both stores carry an extensive selection of home medical equipment and soft good orthotics, boasting the largest showrooms and most extensive product selections in the area.

Established in 1995, PA Medical Supply was purchased by Lake George native Michael Gipson in July 2022. Prior to purchasing the business from John Bisceglia, Gipson spent more than a decade working in medical equipment sales.  

“I have been in the durable medical equipment industry for about 12 years,” he said. “I startedout on the manufacturer side, selling throughout New York state. I worked for one of the largest durable medical equipment manufacturers in the world.” 

After working his way up to regional manager for the Northeast, Gipson was promoted to vice president of sales for the company’s pediatric rehab division, a job that required extensive travel. 

“I  was traveling all over the country almost weekly, and my kids were getting to the age where school and sports were starting. I wanted to be able to stay closer to home,” he said. “I always knew I wanted to own my own business one day, and it got to the point where it was time to make a change.”

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The Number Of People Becoming Physician Assistants Has Increased During Last Decade

Posted onJune 6, 2024
Physician assistant James McGork III (right), with Dr. Farrukh Ansari at OrthoNY.
Saratoga Business Journal

By Christine Graf

During the past decade, the number of board-certified physician assistants (PAs) has increased more than 75 percent, with more than 168,000 currently practicing in the field. Each year, PAs are responsible for more than 500 million patient interactions, collaborating with physicians and surgeons to diagnose and treat patients.

The U.S. Bureau of Labor Statistics projects that the PA profession will increase 28 percent from 2021 to 2031. Currently, the demand for PAs is so high that 75 percent of graduates receive multiple job offers upon graduation.

In the late 1960s, Duke University established the country’s first physician assistant program. There are now 245 accredited programs in the United States, one of them at Albany Medical College where 42 PAs graduate each year from the 28-month program. Established in 1972, Albany Med’s PA program began as a collaboration with Hudson Valley Community College.

OrthoNY physician assistant James McGork III graduated from the Albany Med/Hudson Valley program, receiving his degree in 1998. A 1990 graduate of Mount Saint Mary’s College, he worked for Marriott Management Services before transitioning to health care. 

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Emergency Service Providers Are Finding The Work Of Saving Lives Extremely Rewarding

Posted onJune 6, 2024
Scott Skinner, Malta-Stillwater EMS executive director, takes pride in serving his community.
Courtesy of Malta-Stillwater EMS

By Christine Graf

For more than 30 years, Malta-Stillwater EMS Executive Director Scott Skinner has been serving the local community, racing to the scenes of fires, accidents, and other emergencies. Skinner joined the Waterville Fire Department in 1993, and it was while there that he earned his Emergency Medical Technician (EMT) certification, later working his way up to become a paramedic. 

Appointed chief of the department in 2011, Skinner retired in 2014 after 21 years on the job. He joined the Round Lake Fire Department as a volunteer, and in 2018, he was hired as the executive director of the Malta-Stillwater EMS, a private, non-profit agency.

With stations in Malta and Stillwater, Malta-Stillwater EMS has 65 employees along with a dedicated crew of approximately 15 volunteers.  The agency’s staff is fairly evenly split between EMTs and paramedics.

“EMTs are trained at basic life support level. They do splinting, bandaging, oxygenation, CPR, and those types of things,” said Skinner. “Paramedics receive training that is heavier on cardiology and pharmacology. They also receive advanced airway and IV training.”

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Based Upon The Greek Goddess Of Eternal Youth, HEBE Med Spa Plans July Opening

Posted onJune 6, 2024
Construction is underway in Saratoga Springs on HEBE Medical Spa.
Saratoga Business Journal

By Jill Nagy

HEBE Medical Spa will offer non-surgical medical treatments for face and skin. The facility is under construction at 28 Division Street in Saratoga Springs and expected to open in early July, according to co-owner and CEO Irina Damyanidu.

HEBE  has medical spas in Fishkill and Latham. 

Hebe, the company’s namesake, is the Greek goddess of eternal youth. Its treatments give the illusion of eternal youth with laser treatments, botox, facials, skin tightening, medical weight loss programs, hair restoration, and similar treatments.

Co-owner and medical director Dr. Zainad Ashraf is an internist also certified for cosmetic care. Known as “Dr.  Z,” she administers injectables, laser treatments, and other treatments that require medical certification. 

She received her bachelor’s degree from Binghampton University and her medical degree from the Ross University School of Medicine in Dominica. She did a residency at Winthrop Hospital in Mineola, N.Y. She is an internist at Vassar Hospital in Poughkeepsie in addition to her spa work. Most of the rest of the current staff are nurses or licensed medical aestheticians. 

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