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Oneida Wealth Management becomes independent broker dealer
CLAY — Oneida Wealth Management, Inc. is in the home stretch of a nearly two-year process to reorganize the business and become its own registered broker/dealer and investment advisory firm. That means that by the end of this year, the company, which is now registered as a broker/dealer, will no longer use the services of […]
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CLAY — Oneida Wealth Management, Inc. is in the home stretch of a nearly two-year process to reorganize the business and become its own registered broker/dealer and investment advisory firm.
That means that by the end of this year, the company, which is now registered as a broker/dealer, will no longer use the services of third-party broker/dealer Cadaret, Grant & Co., Inc.
Oneida Wealth Management, based in the town of Clay, has essentially operated as a branch office of Syracuse–based Cadaret, Grant, says Eric Stickels, president and COO of Oneida Financial Corp. (NASDAQ: ONFC) and its Oneida Savings Bank unit. But going forward, Oneida Wealth Management will now act as its own independent broker/dealer and subsidiary of Oneida Financial.
That’s important, Stickels says, because it means Oneida Wealth Management can serve its clients through all stages of the wealth-management process. “We really like to have a lot of direct control and involvement in the system and processes that directly affect our clients,” he says. “We like to know if there is a failure point that we can correct it.”
Stickels has nothing but positive reviews for Cadaret, Grant but notes that using any third party puts another link in the chain that separates Oneida Wealth Management from its clients. The other disadvantage to using a third party is that it adds costs to the process, he notes. Becoming its own broker/dealer allows Oneida Wealth Management to provide the best possible service to its clients in the most cost-efficient manner, Stickels says.
Growth path
With $750 million in assets under management and another $150 million overseen by the company’s trust department, Oneida Wealth Management has achieved the critical mass necessary to become its own broker/dealer, he says. Going forward, Stickels expects those asset numbers to grow.
“We don’t have an upper limit,” he says of that growth. “We think it will easily double over the next three years.” He expects the company’s 401(k) business will gather assets the most rapidly. Oneida Wealth Management offers 401(k) services to mid-sized to large corporations throughout the company’s footprint, which encompasses all of New York state. The company is also licensed in Florida. Stickels expects that employment will grow as well as the company adds new clients. Oneida Wealth Management currently employs 40 people between its broker/dealer, pension, financial planning, and trust divisions.
To help foster that growth, Stickels says his firm is looking for licensed brokers throughout the state to add to its roster.
Currently, Oneida Wealth Management is in the process of notifying clients that it is now a broker/dealer and transitioning clients from their Cadaret, Grant accounts to new Oneida Wealth Management accounts.
Reaction from clients so far has been very positive, Stickels says. “This business is very relationship-driven,” he adds.
Oneida Financial combined its trust and investment departments to form Oneida Wealth Management on April 1, 2013, with Donald Abernethy as president. Oneida Wealth Management is headquartered at 5232 Witz Drive in the town of Clay.
Headquartered in Oneida, Oneida Financial (www.oneidafinancial.com) has assets of $785.1 million. The company’s other subsidiaries include the Oneida Savings Bank, State Bank of Chittenango, and Bailey & Haskell Associates, Inc.
Oneida Savings Bank operates 11 branches in Madison and Oneida counties.
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Community bankers group takes on regulatory burden
Like its fellow community banks, Tioga State Bank is a locally owned and operated financial institution that reinvests, within the communities it serves, the dollars
Small Business Lags Behind in Weak Economic Recovery
While GDP growth rebounded slightly in the second quarter, it is quite clear that 2014 will likely be just another sub-par year of growth and low small-business optimism. Consumer spending has been weak, spending on plant and equipment modest, and government purchases have been restrained. Payroll employment has finally recovered its peak level reached in
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While GDP growth rebounded slightly in the second quarter, it is quite clear that 2014 will likely be just another sub-par year of growth and low small-business optimism.
Consumer spending has been weak, spending on plant and equipment modest, and government purchases have been restrained.
Payroll employment has finally recovered its peak level reached in the last expansion. But overall employment, including the self-employed and agricultural employment, is still well below the level reached in January, 2008.
The 6.3 percent unemployment rate is still unacceptably high, especially because most of the decline in the rate has been accounted for by departures from the labor force, not new job creation.
The president wants to stimulate the economy by raising the minimum wage so that employees have more money to spend — naively not understanding that every dollar that a minimum-wage employee receives will come out of someone else’s pocket, mostly through higher prices. This is a negative-sum game with some employees losing their jobs and incomes entirely as a result, while consumers are taxed with higher prices in order to pay higher wages. Those who lose their jobs will not be able to spend much at all, unless they can get on the government dole.
Historically, small businesses produced half of the private GDP and employed half the private workforce. But in this recovery, the economy became bifurcated, with the large firms doing very well, benefiting from government policies and exporting, while small firms have received the brunt of a misguided set of policies like Obamacare, the EPA (Environmental Protection Agency) regulations, higher tax rates, misguided labor policies — to name a few.
In June, 10 percent of consumers felt government was doing a good job, down from 14 percent a year ago — both terrible readings. Fifty percent of consumers say the government is doing a poor job. This is what’s keeping a lid on consumer spending and on the small-business economy.
Bill Dunkelberg is the chief economist at the National Federation of Independent Business, or NFIB. This editorial is drawn and edited from a news release and video that the NFIB issued on July 29. To check out the video, visit http://vimeo.com/101299979
Buying influence: What they won’t teach you about politics
Hillary Clinton seems to get into trouble every time she talks about money. She’s a big girl and can find her own way out of the thicket that ensnares her. But she has opened a can of worms. The worms are not of her making. The worms are the issues of money in politics. Why
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Hillary Clinton seems to get into trouble every time she talks about money. She’s a big girl and can find her own way out of the thicket that ensnares her. But she has opened a can of worms. The worms are not of her making.
The worms are the issues of money in politics. Why would a company like Goldman Sachs write humungous checks to her for speaking for an hour or two? Not because it supports her causes. It seeks to buy influence with her. Or access to her — in the event she is elected.
Why do you suppose companies, unions, and wealthy guys have kicked in nearly a billion dollars to the Clinton Foundation? Because they are touched by the work it does? Come on. They are trying to buy influence and access.
Why do they dollop out the money to have breakfast with John Boehner? Why do they write checks for $35,000 to eat within lobbing distance of the president? To buy influence and access.
They also kick in money because our leaders shake them down. They or their agents make it clear. Your organization needs to support the president. Or the senator. Or the Leader of the House. Or the guy who heads this committee, which regulates your industry.
Our leaders’ agents tell these companies, unions, and rich guys: “You need to support them in order to stop regulations that will harm you.” Or, “you need to support them to get regulations written that will help you.”
The same scenario plays out in the capitals of our largest states. Albany works like Washington on fewer steroids. You pay your money; you get your favors. Or, you dodge the bullets.
Albany and Sacramento and Washington are voracious machines. They have dual purposes. They perform extortion. They perform bribery. On a massive scale.
They are so voracious that our president appears to spend about 40 percent of his time raising money, judging from his travel schedule. His fundraising is squeezing out the time he has for golf.
Seriously, do you suppose we will ever teach this to our kids? Will their textbooks ever explain that the leaders of this state and country are ever on the trail for big bucks?
We won’t. Because it is unsavory. We pretend their duties have to do with something else. We pretend our legislators devote most of their time to hammering out laws. We pretend they negotiate endlessly. Because we don’t want to admit that if they aren’t good at grubbing for money they won’t make it as politicians.
We pretend that political leadership is about ideals. We pretend that people pony up tons of bucks for the pols because they share their beliefs for a better America.
Right. Goldman cares about a better America the way the education unions care about better education for our children and grandchildren. The directors of Goldman Sachs ask the managers to justify spending millions on politicians. The trustees of unions want to know what the donations to politicians have bought. How about ideals, education, students? Those subjects never come up.
No college will offer a degree in this work. But many thousands of people labor in this industry. Some bribe politicians. Some extort money for politicians. Money is the lifeblood of politics. You might earn a dozen degrees in political science, but I bet you won’t be taught much about the extortion and bribery of our system.
Maybe that is a good thing. After all, it is pretty sickening. In the musical “Camelot,” there is a song “I wonder what the King is doing tonight.” If you change the word to President, and you guess he’s fundraising, you have a good chance of being right.
From Tom…as in Morgan.
Tom Morgan writes about political, financial, and other subjects from his home near Oneonta, in addition to his radio shows and TV show. For more information about him, visit his website at www.tomasinmorgan.com
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Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.