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M&T Bank to pay quarterly dividend of $1 a share on Sept. 30
M&T Bank Corp. (NYSE: MTB) recently announced that it has declared a quarterly cash dividend of $1 per share on its common stock. The dividend
How Millennials Are Changing The Investment Game
Millennials are on the verge of becoming big players in the investment field. Baby boomers, according to Forbes, are about to pass an estimated $30 trillion in assets down to millennials within the next few years. This generational transfer of wealth gives millennials many options on investing — starting with the investment firms they choose.
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Millennials are on the verge of becoming big players in the investment field.
Baby boomers, according to Forbes, are about to pass an estimated $30 trillion in assets down to millennials within the next few years. This generational transfer of wealth gives millennials many options on investing — starting with the investment firms they choose.
Understanding millennials’ mindset on investing and, just as importantly, learning their personality traits, preferences and dislikes, are crucial to any investment firm seeking to help them allocate their assets. For starters, millennials’ approach to investing is distinct to previous generations, and they handle money and choose the people who they entrust with that money differently, too.
Those factors will have several ramifications for how assets are allocated in the next three, five, 10, 20, and 30 years. That’s why discovering how to connect with millennials so that they feel confident enough to trust you with their funds is critical.
How do millennials differ from previous generations, including their investment approach? Here are some revealing distinctions:
They’re more entrepreneurial. Whereas their parents, baby boomers, valued job stability and scaling the corporate ladder, millennials are more inclined to build their own businesses and take greater financial risks. They’re confident that even if they lose some money, they can earn it back — facts firms should consider as they approach this generation and brainstorm investment solutions.
They’re wary of Wall Street. After the Great Recession, many millennials were forced to take on student loans because their parents couldn’t afford college tuitions. So if they’re not entirely warm to the idea of Wall Street, who or what do millennials trust? Where do they see themselves putting the $30 trillion they will one day inherit? Millennial investors favor commodities and options and they’re also more likely to put money in exchange-traded funds than their baby-boomer parents.
They’re impassioned about helping the world. Millennials want to serve a greater purpose to humanity. This common trait has given rise to the concept of “impact investing” — intentionally putting money in companies or organizations that offer a financial return but also contribute funds toward creating a positive social or environmental impact.
They often don’t trust advisors. According to an Accenture Consulting study, called “Millennials & Money,” 57 percent of millennials don’t trust advisors, believing they’re in it more for self-serving purposes than for their clients’ best interests. What they want is someone who wants to build a relationship with them and works toward gaining their trust.
So knowing how millennials and their investment thoughts are unique, how should investment firms navigate this young crowd of investors and best position themselves to reap the business of this generation, both today and in the coming years?
Create trust and be transparent. Investment firms can build a foundation to better serve the millennial generation by fostering relationships, customizing your advice, and being clear about fees. For example, millennials, unlike baby boomers, prefer flat fees over commission-based pay models; that’s what they’re most familiar with through the advents of Uber and Netflix.
Explore technology. Millennials like technology but they also like simplicity and convenience. Look for ways to leverage technology to make experiences simpler, more self-serving, and more convenient for millennial users. Robo-advisors and digital investment content platforms and tools are just the start of the options available to explore. If they find it inconvenient or complicated to do business with you, they’ll do it with someone else.
Be a great communicator. While technology and self-service drive them, millennials also appreciate a human touch in the investment space, meaning a hybrid of tech and human would be the ideal mix for them. Find out how your millennial client likes to communicate — by text, email, messaging via a digital investment-content platform, or on the phone. And when you are communicating, remember to be an advisor, not a dictator. Millennials appreciate insight, but they still like to be the one controlling decisions that impact them.
Use data to customize recommendations. Track clients’ online activity to gather data about them and use this in conjunction with their personal preferences to send them customized investment ideas, alerts, and recommended products.
It comes down to this: Millennials and baby boomers are as different as rotary phones and text messages, and newspapers and podcasts. And they’re just as varied in their viewpoints of success and allocation of material wealth.
Therefore, if advisors truly want to stay relevant in the investment game, they’ll have to work hard to build rapport with this generation and show good will to retain them as clients — both currently and into the future.
Gui Costin (www.guicostin.com), author of “Millennials Are Not Aliens,” is an entrepreneur, and founder of Dakota, a company that sells and markets institutional investment strategies.
Direct-Care Professionals Need Our Support
Direct-care professionals provide their communities with an invaluable service, and their tireless dedication and commitment to the well-being of the disability community continues to improve the quality of life for those who have difficulty caring for themselves. The recent Direct Support Professional Recognition Week, which took place from Sept. 8-14, recognized and supported those who do
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Direct-care professionals provide their communities with an invaluable service, and their tireless dedication and commitment to the well-being of the disability community continues to improve the quality of life for those who have difficulty caring for themselves. The recent Direct Support Professional Recognition Week, which took place from Sept. 8-14, recognized and supported those who do this truly incredible work.
It has long been the case that New York’s direct-care workers have been underpaid and the programs funding them have been woefully neglected. Year after year, caregivers come to Albany and rally for living wages and the same type of assistance and attention the governor has provided fast-food workers.
The Assembly Minority Conference has fought hard to restore funding cuts aimed at the direct-care industry, and has advocated for a much-needed living-wage increase. But, our direct-care professionals need more than just a raise. Take a moment to reflect on the challenges the direct-care community faces every day and consider offering a “thank you” to those underpaid, and often overworked, professionals who care for New York’s most vulnerable population.
The Assembly Minority Conference has worked closely with advocates of the #bFair2DirectCare initiative in order to help match legislative action with the needs of direct-care professionals. A concerted effort from experts, lawmakers, the medical community, and those performing direct care is critical.
As such, in an effort to improve the effectiveness of New York’s direct-care programming, the New York State Assembly Minority Task Force on Protecting the Rights of People with Developmental Disabilities conducted a series of 11 informational forums and published a report highlighting the challenges and needs of those who care for the disability community.
The report, “Championing Aid, Rights, Equality and Services (C.A.R.E.S.) Plan,” focused on ways to ensure each member of the disability community is cared for adequately, and in-line with their specific needs. We have also fought to protect funding for the Consumer Directed Personal Assistance Program, which allows those in need of care the flexibility to choose their own providers, and has been the target of past budget cuts.
Let’s remember all that New York’s magnificent direct-care workers do and reflect on what they need to perform their duties.
Brian M. Kolb (R,I,C–Canandaigua), a former small-business owner, is the New York Assembly Minority Leader and represents the 131st Assembly District, which encompasses all of Ontario County and parts of Seneca County. Contact him at kolbb@nyassembly.gov
For years, advocates who self-define as environmentalists have argued that New Yorkers must lessen their reliance on fossil fuels. Their first targets were any facilities that generated electricity by burning coal — and, now, as a result of their advocacy, New York has either closed or converted its coal plants to natural gas. Next on
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For years, advocates who self-define as environmentalists have argued that New Yorkers must lessen their reliance on fossil fuels. Their first targets were any facilities that generated electricity by burning coal — and, now, as a result of their advocacy, New York has either closed or converted its coal plants to natural gas.
Next on their target list was banning horizontal hydro-fracking. Horizontal hydro-fracking is a drilling technology that allows access to massive natural-gas reserves that would otherwise be inaccessible by more traditional drilling means. Although similar techniques have been employed relatively safely for more than 60 years, the Cuomo administration, caving to the demands of these so-called environmentalists, banned the horizontal hydro-fracking in 2015.
Not satisfied that simply banning hydro-fracking was sufficient enough to lower New York’s use of fossil fuels, advocacy groups recently have been active in opposing any upgrades to New York’s natural-gas infrastructure, which would permit the importation of natural gas into the state.
This spring, the advocacy groups won a major victory when the state denied a required permit for building a natural-gas pipeline that would have connected natural-gas fields in Pennsylvania to New York. The nearly $1 billion pipeline was being proposed in effort to satisfy the growing need for natural-gas service to the New York City and Long Island customers. Part of the growth in demand for natural gas is the state-encouraged replacement of oil-heating systems to natural-gas systems. The state and, ironically, many of the same environmental activists that are opposed to hydro-fracking and the development of new natural-gas pipelines have been advocating for the conversion from heating oil to natural gas because natural gas burns cleaner than fuel oil and therefore is better for the environment. Not surprisingly, due to the activists’ “war on fossil fuels” there is a shortage of natural gas in the downstate area that has led to utilities having to institute moratoriums on new natural-gas hookups for both residential and commercial customers.
Interestingly, some downstate politicians claim the moratoriums are purely self-generated by the utilities in an effort to force the state to allow additional pipelines. Of course, these politicians are the same ones who claim we shouldn’t be using natural gas. If that’s the case, shouldn’t they be supportive of the moratoriums? I guess they are only supportive of banning fossil fuels when it doesn’t economically impact their constituents. So much for being an environmentalist.
Another irony of this war on fossil fuels and specifically natural gas is the actual effect that the growing use of natural gas has had on our environment. According to the June 2018 BP Statistical Review of Global Energy, the United State’s carbon dioxide (CO2) emissions from energy use are the lowest since 1992. Indeed, since 2005, the U.S. annual CO2 emissions have had the largest decline compared to any other country during that same period. Granted, this nation’s CO2 emissions are high compared to the rest of the world save China, but the point is our emissions — unlike China and other parts of the world — are declining and at a rate much higher than elsewhere. This decline — and this is the irony — is attributed to our growing use of natural gas — the very fossil fuel that some advocates are trying to ban.
The challenge of all policy makers is differentiating fact from fiction (which often comes in the form of political rhetoric). Today, nowhere is the political rhetoric louder than that coming from those who call themselves environmentalists. If one accepts the fact that we need electricity to maintain our standard of living, one must also accept the fact that natural gas needs to be a part of the energy picture. Without it, we risk increasing CO2 emissions and eliminating a reliable energy source — all to favor more costly and less efficient alternatives, all in the name of the environment.
William (Will) A. Barclay is the Republican representative of the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact him at barclaw@assembly.state.ny.us or (315) 598-5185.

ALEX J. NITKA, a CPA, was promoted to tax partner at Dannible & McKee, LLP. He started with the firm in 2008 and has experience in all areas of income taxation. Nitka works with a variety of clients and specializes in the architecture and engineering industries, where he provides business valuation and ownership-transition consulting services.
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ALEX J. NITKA, a CPA, was promoted to tax partner at Dannible & McKee, LLP. He started with the firm in 2008 and has experience in all areas of income taxation. Nitka works with a variety of clients and specializes in the architecture and engineering industries, where he provides business valuation and ownership-transition consulting services. In addition to his advancement into partnership, he has also been named to principal at Dannible/McKee and Associates, Ltd., an affiliated entity based in Syracuse that provides valuation, ownership transition, and financial consulting services to architecture and engineering firms. Nitka earned his master’s degree in accounting and finance from Syracuse University and a bachelor’s degree in economics from Union College.

Mower recently promoted several employees in its Syracuse office. BRUCE WODKA was promoted to director of IT. He has been with Mower for more than 16 years. MATTHEW PARRY was elevated to management supervisor, public relations. He joined the agency in 2003, serving as a public relations account executive, and has led a variety of
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Mower recently promoted several employees in its Syracuse office.
BRUCE WODKA was promoted to director of IT. He has been with Mower for more than 16 years.
MATTHEW PARRY was elevated to management supervisor, public relations. He joined the agency in 2003, serving as a public relations account executive, and has led a variety of business-to-business and business-to-consumer client relationships. Parry earned his master’s degree in public relations from the S.I. Newhouse School of Public Communications at Syracuse University and bachelor’s degree in broadcast journalism from Brigham Young University.
STEVEN WHEELER was promoted to creative supervisor. He joined Mower in 2014 and is known for several skills. Wheeler is a graduate of SUNY Oswego.
KELLY GLATH was promoted to project manager. A Le Moyne College alumna, she joined Mower in 2018 after serving as a marketing specialist with Meridian IT Inc.

MITCHELL A. GROHAL has joined Beardsley Architects + Engineers as mechanical engineer. He has four years of experience in mechanical engineering for advanced technology facilities. Grohal previously worked as a mechanical engineer at M+W Group and Exyte, according to his LinkedIn profile. He earned his bachelor’s degree in mechanical engineering from Penn State University. At
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MITCHELL A. GROHAL has joined Beardsley Architects + Engineers as mechanical engineer. He has four years of experience in mechanical engineering for advanced technology facilities. Grohal previously worked as a mechanical engineer at M+W Group and Exyte, according to his LinkedIn profile. He earned his bachelor’s degree in mechanical engineering from Penn State University. At Beardsley, Grohal will be working on projects for industrial, commercial, and municipal clients.

THOMAS BREED has joined Community Bank N.A. as VP and senior commercial banking officer in DeWitt. He has more than 30 years of experience in the financial industry. Throughout his career, Breed has worked with several banks in the Central New York area, including Citizen’s Bank and JPMorgan Chase Bank. He most recently served as
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THOMAS BREED has joined Community Bank N.A. as VP and senior commercial banking officer in DeWitt. He has more than 30 years of experience in the financial industry. Throughout his career, Breed has worked with several banks in the Central New York area, including Citizen’s Bank and JPMorgan Chase Bank. He most recently served as senior VP and business banking sales leader at KeyBank, where he worked for 12 years. In his new role, Breed manages existing commercial-banking clients, as well as develop and grow new commercial client relationships in the region. He will be responsible for training, guiding, and assisting branch lenders in the commercial-lending field. Breed earned his bachelor’s degree from Syracuse University.

AmeriCU has promoted JIN GWAK to chief information officer and hired F. MICHAEL SISK as chief lending officer. Gwak has been with Rome–based AmeriCU for six years and most recently served as the assistant VP for member technology solutions. As chief information officer, he will manage “all aspects” of the credit union’s technology initiatives. Sisk
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AmeriCU has promoted JIN GWAK to chief information officer and hired F. MICHAEL SISK as chief lending officer.
Gwak has been with Rome–based AmeriCU for six years and most recently served as the assistant VP for member technology solutions. As chief information officer, he will manage “all aspects” of the credit union’s technology initiatives.
Sisk comes to AmeriCU with 30 years of credit-union leadership and lending experience. As chief lending officer, he will carry out growth strategies and development for all of the credit union’s lending operations, including residential mortgages, secondary marketing, and commercial and consumer-loan portfolios.

JESSICA HARGARTHER has joined Cayuga Strategic Solutions as its new office manager. Cayuga Strategic Solutions is the joint venture of the Cayuga County Chamber of Commerce and the Cayuga Economic Development Agency. Hargarther has an associate degree in business administration from Finger Lakes Community College and is nearing completion of a bachelor’s degree in human
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JESSICA HARGARTHER has joined Cayuga Strategic Solutions as its new office manager. Cayuga Strategic Solutions is the joint venture of the Cayuga County Chamber of Commerce and the Cayuga Economic Development Agency. Hargarther has an associate degree in business administration from Finger Lakes Community College and is nearing completion of a bachelor’s degree in human resources management. She has worked in a number of executive administrative roles and brings vast experience and expertise in administrative and financial activities to the position. Hargarther will be responsible for bookkeeping and financial management, board coordination, scheduling, communications, record keeping, and payroll, among other administrative and management duties.
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