The United States Economy: The Good, The Bad and The Ugly

Erwin E. Kantor

Lumi Subasic

Michael Gordon

Jude Scinta

Lucas Rivera

Eric Daniels

Sean Rome

Erwin Kantor

Joe Innace

Regina Johnson

Bill Millar

Harold Gonzales

CEO & Publisher

Managing Partner

Managing Editor

Editor-in-Chief

Writer-at-Large

Billing

Creative Director

Creative Editor

Senior Writer

Feature Feature Writer

Feature Writer

Business Reporter

CONTRIBUTORS & GUESTS

Ty Young, Merilee Kern MBA, BPT, Mark Shields, Rick Grimaldi

QUESTIONS

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By Ty Young

4 INVESTING MISTAKES FOR INVESTORS TO AVOID

If you’re a new investor, it can be helpful to know some common mistakes and how to avoid them — without having to learn the hard way. With that in mind, here are four common investing mistakes (and what you should do instead).

1. Making Short-Term Decisions

Some people start investing and immediately expect profits. Of course, some stocks suddenly shoot up in value, and you’ll often hear about it in the news — but it’s only newsworthy because it’s rare for a stock to experience a meteoric rise. The truth is that most stocks see slow growth. If all you’re doing is chasing down quick profits, you’ll miss out on potentially lucrative long-term investment strategies.

You might think that once you’ve been investing for a few years, you’ll be able to reliably make good short-term decisions. But this isn’t a matter of experience; even professionals can’t consistently time the market! No matter who you are, your best bet is to adopt a long-term outlook.

2. Reacting to News

Following market news isn’t a bad thing. In many cases, the news can give insight into potential investment choices that can serve you well. However,

some investors make the mistake of instantly reacting to the news without thinking through their strategy.

For example, in a falling market, it can be tempting to buy in an attempt to catch the bottom. In a perfect world, this would be a smart strategy, but the truth is that timing the market like this rarely works. It’s like trying to catch a falling knife. Sometimes you catch it; sometimes you get hurt. Similarly, if you see a given stock’s value increase so much that it makes the news (think GameStop in 2021), it can be tempting to invest. But trends like this are notoriously unpredictable. It’s entirely possible to invest in a rising stock one day and see its value crash the next.

The takeaway is that your emotions can get in the way of a smart investment strategy. So do your best to keep emotions out of it, and follow the strategy you’ve set.

3. Only Investing for Growth

Investing for growth primarily focuses on expanding your portfolio. There’s nothing wrong with that, but both income and protection are critical parts of a strong portfolio.

The best way to achieve balance and protect your portfolio in the event of a crash is to diversify.

Growth-focused investments often include real estate, stocks, and bonds. On the other hand, income-focused investments can provide consistent, reliable payouts. They include dividendpaying stocks and mutual funds. A well-protected portfolio will include a balance of both.

An experienced financial advisor can help you learn how to diversify your investments for maximum returns and security. They also will be able to give you advice on how to best protect your portfolio in

the event of a market crash.

4. Not Knowing Offense vs. Defense

These are two common investment strategies. An offensive strategy’s primary focus is to maximize your returns. Defensive investing focuses on protecting your assets first and (moderate) growth second.

As you may have guessed, an offensive strategy involves taking on much greater risk, although the potential for significant returns is similarly much greater.

Defensive investing is considered very low-risk, though its return on investment is generally less. Which strategy is right for you depends on your situation. For instance, if you’re retired with very limited income, a defensive strategy may be the right choice. If you can afford to lose the money you’ve invested and are ready to take a risk, an offensive strategy is ideal.

Invest with Confidence

Hopefully, this list will help you

avoid common investing mistakes. Of course, some mistakes are inevitable, especially for the new investor. But through making mistakes, you’ll learn how to develop a winning investment strategy that works for you.

At Ty J. Young Wealth Management, we help our clients protect their hard-earned retirement dollars, grow their money, and it’s simple. Learn more through our 3 Secrets to Financial Security eBook. Visit start.tyjyoung. com to download your free copy.

Everest Consulting is a management and growth strategy consulting company that focuses on advising consumer branded lifestyle companies, from Fortune 500 companies to mid-sized organizations. With over 25 years of operating and management expertise, Everest Consulting provides the industry expertise along with the strategic and operational know how to help your brand achieve its fullest potential.

Everest Consulting is a management and growth strategy consulting company that focuses on advising consumer branded lifestyle companies, from Fortune 500 companies to mid-sized organizations. With over 25 years of operating and management expertise, Everest Consulting provides the industry expertise along with the strategic and operational know how to help your brand achieve its fullest potential.

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LITTLE MARKETING, NO SEMINARS, NO COLD CALLS: NO PROBLEM

Pure-play

THE MARKETS HAVE STARTED TO RALLY IN 2023. BUT THERE IS STILL THE RISK OF RECESSION AND THE CHALLENGES OF LIVING IN AN INFLATIONARY ENVIRONMENT.

And, knowing that a satisfied client base leads to referrals, at Miami-based UBC Wealth Management LLC the emphasis is on wealth retention—especially in economically troubled times.

“We really believe that it’s more important to not lose money than to make money,” Oscar Vega, RICP®, founder and CEO at UBC Wealth Management told Advisors Magazine in a recent interview. “One thing I realized a long time ago was that the satisfaction a client got from making money never, never equaled the dissatisfaction that a client got from losing money,” he said.

Nonetheless, UBC Wealth Management has indeed been successful at making its clients money with little or no market risk, while eliminating any sequence of return risk.

And a key strategy is to always be prepared for the down times and structure portfolios accordingly. As such, client investments do not take a big hit, nor does the firm’s business.

“If anything, the business actually grows,” he noted. “Maybe not in terms of total assets under management, but it grows in terms of clients. We end up getting more referrals—more people come through because of the success that we’ve had in down markets.”

Much of that success is rooted in Vega’s dedication to lifetime learning. He attained his Retirement Income Certified Professional (RICP®) designation in 2019 after 25 years in business. Just recently, he completed the curriculum for the Certified Private Wealth Advisor (CPWA®)

designation from Yale School of Management. With the industry constantly changing, Vega feels that such education is the way to stay on top of things.

Vega describes his practice as a boutique independent investment advisory firm. It does not represent any particular product or service.

“Therefore, I can advise clients on everything and anything and be what I call a full fiduciary, which you can’t be unless you have access to pretty much to all products and services,” he said.

The approach allows UBC Wealth Management to put clients’ interests first and the structure of the company leads to providing optimum service. “We have to provide great service because it’s the only way for me to stay in business; I only take referrals—I don’t make any calls; I don’t do any marketing pretty much.”

Vega also, unlike many others in the industry, doesn’t do seminars. “For a lot of the independent industry, it’s geared around seminars and I’ve made it very clear to the wholesalers that I don’t do seminars, I just rely on phone calls from referrals and a strong website presence.”

For an advisor, such an approach can be risky. “If you are waiting for referrals, you can end up in a tough situation for growing your business,” Vega said. He added: “That has not been my case. Every time I think, ‘Okay, is this going to run out? Will I keep getting calls?’ I continue to get business.”

Vega says he looks forward to, and embraces a call, when a client has a concern or a specific issue.

“I really make a big thing about it,” he explained. “That way the client can have a really, really good experience with our whole process.”

And that paves the way for Vega to ask for a referral. “I do ask clients: ‘Is there anybody else that I can help the same way that I’m helping you? So, I grow my business by taking advantage of strong customer service.”

In late 1994 Vega started out in the health insurance business, seeing it as a good

opportunity to start an independent business. One of the investment firms/carriers he worked with early on urged him to consider offering other financial services such as life insurance, mutual funds, retirement planning for businesses and individuals and more.

The company gave Vega a business development allowance of $2,300 per month. This amount, combined with his health insurance income, afforded him time to establish himself in a business where the survival rate at the time was less than 2% in the first five years.

By 1997, Vega had a lot of success while the industry was changing. Interestingly, Vega says that in the years 1997-2008, a good part of his client base was made up of professional baseball players.

But when the economic crisis hit in 2008-09, he decided there was more of an opportunity by starting his own independent firm that would expand into the retirement income planning market.

“Since then, the practice has focused more on clients in situations where they needed to retire either immediately or they were maybe five to 10 years from retirement,” Vega said.

What’s more, the practice—thanks to Vega’s strong referrals and emphasis on customer service—has been thriving.

In 2022, he earned the honor of ‘Top of the Table’ qualifier with the Million Dollar Round Table (MRDT). “I’m proud of that because less than 4% of enrolled financial advisors achieved ‘Top of the Table status,” he said.

MDRT is a global independent association of the world’s leading life insurance and financial services professionals from more than 500 companies in 70 nations and territories. MDRT members are said to demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service.

For more information, visit: www.UBCwealthmanagement.com

“WE REALLY BELIEVE THAT IT'S MORE IMPORTANT TO NOT LOSE MONEY THAN TO MAKE MONEY.”

Why “Follow-Up” Should Be Banned From Every Financial Advisor’s Vocabulary

By Ari Galper, the world’s #1 authority on trust-based selling

When a potential client ends your initial conversation with: “I’ll think about it”, you probably feel a sense of disappointment that they didn’t commit.

You tell yourself: “At least they didn’t say no, there’s still hope”, and then you add them to your “follow-up” list. A week of anticipation goes by, then you call them and say: “Hi, hope you’re well, I’m just giving you a call to follow-up on our initial conversation…”.

But what you hear next, sends an ice cold shiver down your spine: “We haven’t made a decision, but will let you know when we do”. That’s the last thing you want to hear.

It’s tempting to keep clinging to hope, but deep down, you probably knew it was over before you called them. What’s going on here?

Why can’t they just tell you the truth up front, why string you along giving you hope they might work with you? What’s going on here?

Why can’t they just tell you the truth up front, why string

you along giving you hope they might work with you?

Why is this such a familiar pattern for Financial Advisors. To fully explain this scenario, I would need to share a lot with you about mindset shifting, reengineering your sales process, trust-building, and so on.

But for this short article, I’ll give you one powerful and easy solution so that on your next “follow-up” call, you get to the truth, rather than the typical “shut down” response.

First, never use the phrase “follow-up” in your conversations or your emails ever again. It’s a stereotypical “sales” phrase that only sales people use.

When you say: “Hi, I’m just ‘following-up’…”, it sends the message that you care about making the sale, more than solving their problem.

Say this instead: “Hi, I’m just giving you a call to see if you have any ‘feedback’ on our initial conversation, as I’d like to hear about what’s still on your mind about your financial concerns and if they are still a priority for you to solve once

Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after sales conversion expert for Financial Advisors. His newest book, “Unlock The Sales Game”, has become an instant best-seller among Financial Advisers worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary client growth consultation with Ari or one of his trust-based consultants. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Australian Financial Review. He is considered a contrarian in the Financial Services industry and in his book, everything you learned about selling will be turned upside down.

Order your FREE book at www.UnockTheGame.com/FreeBook

and for all.”

That makes it all about THEM, and not about your goal of acquiring them as a new paying client.

Also, the word “feedback” elicits the truth of what they are thinking, and it avoids triggering the “wall of silence” from them. When they feel comfortable sharing what’s really on their mind, you can address their concerns and create trust.

Once you’ve done this, then say: “Would you be open to scheduling another conversation, so we can get more clarity of how to get control of your retirement planning?”.

If you deliver this with authenticity and sincerity, without a hidden agenda to “make the sale”, don’t be surprised if they ask you to move things forward, on their own.

by joe innace

THE UNITED STATES ECONOMY

THE GOOD, THE BAD AND THE UGLY

The good news is people are working and unemployment is low. Also, consumers have continued to spend—more recently on services, but the buying of goods, in particular durable goods like big-ticket items including appliances and cars, could slow down. That would be a positive because it would help drive slower inflation.

The bad news is many risks remain. Food prices, for instance, remain high and could fuel faster inflation. China’s resumption of economic activity post-COVID could mean a spike in energy prices and also accelerate inflation. The weakening of the U.S. dollar is also a concern.

The ugly situation revolves around the debate about the national debt and debt ceiling. Should a resolution be elusive, it could have a profound negative impact on the prospects for a robust recovery and result in negative economic growth.

Breaking it all down

The present situation, according to The Conference Board isn’t terrible in the eyes of consumers— the main driver—but their expectations are shaky. And

these worsening expectations are dragging down the more favorable view of the current situation.

Specifically, The Conference Board Consumer Confidence Index® decreased in February for the second consecutive month. The Index now stands at 102.9 (1985=100), down from 106.0 in January (a downward revision). The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—increased to 152.8 (1985=100) from 151.1 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—fell further to 69.7 (1985=100) from a downwardly revised 76.0 in January.

Notably, the Expectations Index has now fallen well below 80— the level which often signals a recession within the next year. It has been below this level for 11 of the last 12 months.

“Consumer confidence declined again in February. The decrease reflected large drops in confidence for households aged 35 to 54 and for households earning $35,000 or more,” said Ataman Ozyildirim, Senior Director, Economics at The Conference Board.

“While consumers’ view of

It’s a mixed bag when it comes to calling a recession for the U.S. economy sometime this year. Most economists still see a recession as the U.S. Federal Reserve sends signals of more interest rate hikes to decelerate inflation.

Dana Peterson is the Chief Economist & Center Leader of Economy, Strategy & Finance at The Conference Board.

current business conditions worsened in February, the Present Situation Index still ticked up slightly based on a more favorable view of the availability of jobs,” Ozyildirim added. “In fact, the proportion of consumers saying jobs are ‘plentiful’ climbed to 52.0%—back to levels seen in the spring of last year. However, the outlook appears considerably more pessimistic when looking ahead. Expectations for where jobs, incomes, and business conditions are headed over the next six months all fell sharply in February.”

Also, at the end of February, The Conference Board acknowledged that 12-month inflation expectations improved—falling to 6.3% from 6.7% last month. It said consumers may be showing early signs of pulling back spending in the face of high prices and rising interest rates.

“Fewer consumers are planning to purchase homes or autos and they also appear to be scaling back plans to buy major appliances. Vacation intentions also declined in February,” Ozyildirim cautioned.

Specifically, as far as the present situation, 17.8% of consumers said business conditions were “good,” down from 19.9%, while 17.7% said business conditions were “bad,” down from 19.0%.

Consumers’ appraisal of the labor market was consistently more favorable: 52.0% of consumers said jobs were “plentiful,” up from 48.1%, and 10.5% of consumers said

jobs were “hard to get,” down from 11.1%.

But when assessing business conditions six months ahead, consumers at the end of February were more pessimistic about the short-term outlook. Just 14.2% of consumers expect business conditions to improve, down from 18.4%. And 21.9% expect business conditions to worsen, down from 22.6%.

In looking ahead, consumers were also less upbeat about the short-term labor market outlook. Only 14.5% of consumers expect more jobs to be available, down from 17.7%. Yet, 20.3% anticipate fewer jobs, down from 21.4%.

Consumers’ short-term income prospects also were considerably less upbeat in February: 13.4% of consumers expect their incomes to increase, down from 17.4% last month, and 11.6% expect their incomes will decrease, down from 13.4% last month.

The monthly Consumer Confidence Survey® is based on an online sample, and is

conducted for The Conference Board by Toluna, a technology company that delivers real-time consumer insights and market research through its innovative technology, expertise, and panel of more than 36 million consumers.

Different than other recessions

In a media briefing preceding the release of its latest Consumer Confidence Survey®, Conference Board economists pointed to the indicators that are still flashing signs of a recession. So, is the U.S. in a recession or not?

“That’s the question of the day,” said Dana Peterson, chief economist at The Conference Board. “And if we are, what might it look like?” She said a recession this time is different from others, primarily because the labor market is robust. Other key questions revolve around how the Fed will manage monetary policy this year and next, and what are the other main risks.

“Our own leading economic indicators suggest that if we are going to have a recession it’s

Sources: Bureau of Labor Statistics and The Conference Board

probably starting right about now – February, March or even later at the beginning of the second quarter,” Peterson said.

In pointing to the chart on page 20, Peterson emphasized that the leading economic indicators on a year over year basis show that when the change drops below 5%, it pretty much matches up with when the recession will start.

Fact is, the recession warning signal has been flashing red since March of last year.

“When we look at our LEI in different ways it tends to signal when there’s going to be a recession,” Peterson explained. “The light blue line is essentially the 6-month change in the LEI and whenever it falls below 4% it sends out a warning signal that maybe there’s a recession coming— and it fell below 4% in March of last year and it’s been below 4% ever since.”

But The Conference Board has also been getting a red recession signal from its diffusion index—a reflection of how many of the indicators of are above or below zero.

“Whenever this diffusion index falls below 50, and also you have a -4% growth rate on the 6 month change in the LEI that’s the red recession signal and essentially it’s been signaling a recession at some point for a year now,” Peterson added.

The good news, according to Peterson, if there is a recession it will probably be short.

“It’s likely to be shallow, maybe will start in the first quarter and perhaps more pronounced in the second quarter—but we are not anticipating major declines in GDP growth; instead we’re defining this more as domestic demand growth turning negative.”

And even though The Conference Board is expecting a short and shallow recession in the U.S., The Conference Board does not see material deterioration in the labor market.

“You could see the unemployment rate rise to as high as 4.5% (it was 3.4% in January), and then just kind of hang there, which is really right around the neutral rate,” Peterson said. “So, we would still experience a very tight labor market even with a 4.5% unemployment rate, which is roughly equivalent to about 900,000 jobs.” Labor shortages will continue to squeeze the labor market overall, according to The Conference Board.

Peterson noted that Baby Boomers are retiring, a trend that is shrinking the overall working-age population. What’s more, the lingering effects of the pandemic are suppressing

Sources: Bureau of Labor Statistics and The Conference Board

labor force participation.

Debt Ceiling Debate

In terms of Washington policy, the debt ceiling debate this year is looming as critical.

“The reason why the debt ceiling debate is so important this year is because of the vulnerability of the U.S. economy and the global economy as far as a recovery,” said Dr. Lori Esposito Murray, president of the Committee for Economic Development at the public policy center of The Conference Board.

Dealing with inflation, hoping to avert a recession and spark economic growth are all critical, but Esposito Murray emphasized that the debt ceiling debate is the “most front and center issue that can actually disrupt the entire apple cart.”

“On the one hand, it’s similar

to where we were in 2011 when a number of lessons were learned,” she explained. “One of the most important was even the debate itself, as it gets close to the cliff, is disrupted.”

Esposito Murray recalled that in 2011 the downgrading of the U.S. credit rating came not because we went off the cliff, but because the debate itself sparked fear that would happen, which then has ripple effects throughout the economy.

“It’s very easy, basically, to have the crisis and hit the cliff, but it’s much harder to recover from it,” she said, noting that if the crisis is extended for three or four months it could have serious impact on gross domestic product (GDP).

Other lessons from 2011 include the fact that Republicans in the House had a stronger majority and a

mandate. “So, looking at this debate and where it goes and how it gets resolved is more complicated with today’s more divided Congress,” Esposito Murray noted.

She said given the fragility of the Republican caucus in the current Congress, it’s a tough situation, even though Speaker Kevin McCarthy has stated he does not want to do into default.

“So then the question becomes what can he (McCarthy) deliver that will meet the spending decreases they want to see happen, which will keep enough of his caucus together,” Esposito Murray noted.

Some observers have pushed the idea of a trilliondollar coin to help avert the debt ceiling crisis. Simply put, there’s an obscure law that would presumably let the U.S.

Sources: Bureau of Labor Statistics and The Conference Board

Treasury mint a special coin for depositing in the Federal Reserve that would prevent the nation from defaulting on its debt.

But Esposito Murray sees that as a form of just kicking the can down road. What happens with the next crisis? Just keep minting coins?

“The trillion-dollar coin idea doesn’t solve the real problem,” she said. “We need to get our fiscal house in order.”

An inflation tug-of-war

Any recession will be driven by the Fed’s tightening policy in an effort to bring down inflation, according to The Conference Board. But Peterson pointed out that two or three more 25 basis-point interest rate hikes are likely and that the Fed will probably keep the terminal rate fixed for the rest of this year. “Considering any interest rate cut is unlikely until early 2024,” she said.

The good news is inflation has peaked. The Conference Board expects prices to decelerate the rest of this year and into 2024, but the Fed’s 2% inflation target will probably not be achieved until the end of 2024.

The primary drivers of stilllofty inflation are housing costs and strong consumer demand for post-pandemic services, according to The Conference Board. In short, people want to get out and do things, which drives prices higher.

Helping to push inflation lower: home price valuations have peaked and are slowing, and new rents are lower than during the pandemic.

“This bodes well for consumer inflation gauges ahead,”

Peterson said. Nonetheless, there are several inflationary risks and uncertainties. For instance, will food prices remain sticky? The war in Ukraine, flooding and droughts, avian flus and other events have stoked higher food prices. China’s post-pandemic reopening could increase consumption of services and energy—and any spike in China’s demand for oil could raise prices and add to global inflation.

If U.S. consumers continue to spend, however, inflation could linger and even accelerate. The Conference Board noted that consumer spending slowed in November and December, but that warmer-than-expected weather may have meant strong consumption in January.

made for you

In a world of fast food and one-size-fits-all sensibilities, how often does something feel made especially for you? The "Made for You" section celebrates those items that are created with such high quality of hand workmanship and degree of customization that they become individual to you. In each issue, our editors will endeavor to bring you special things from anywhere on the globe, choosing them solely on the basis of outstanding quality. Our goal is to give you guidance on the best of everything.

A fragrance for the man who defies convention. A provocative blend of citrus and woody notes that liberates the senses. Fresh, clean and profoundly sensual. BLEU DE CHANEL unites the invigorating zest of grapefruit and the power of an aromatic accord with the whisper of dry cedar. A meeting of strength and elegance. BLEU DE CHANEL

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Montblanc is a distinguished brand when it comes to preserving the art and culture of writing. Since 1924, the Meisterstück pen has stood the test of time to become an iconic model known for its sleek, functional and ergonomic design. This German-made ballpoint version, expertly crafted from black resin, is fitted with platinumplated trims, the label’s white star emblem and an easy to use twist mechanism. Montblanc Ballpoint Pen

Davidoff Cigars – one of the most luxurious brands in the world. Zino Davidoff founded the brand and carried out the production of cigars in Cuba until 1990. Still, you’re probably wondering whether Davidoff cigars are any good or worth it. Without a doubt, these high-quality cigars are worth the hype. Davidoff Royal Release R

Verge Motorcycles announced it will start sales in select US states during 2023. By making a preliminary reservation, US fans can indicate their interest to be contacted when sales of the long-awaited electric motorcycles begin in the US. This groundbreaking technology enables a larger battery, longer range and stunning performance. In addition, the center of gravity is lower, which provides a better riding experience compared to traditional electric motorcycles.  Verge Motorcycles

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2 IIRISH WHISKEY — REDBREAST 21 SINGLE POT

3 MONTBLANC MEISTERSTÜCK BALLPOINT PEN

4 BEST PICK UP TRUCK — 2023 FORD 150 RAPTOR

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Do

At Trupiano & Associates, we are dedicated to people first - you as a Family-owned business and your employees. Our priority is to help your Family Business thrive! That means that as an Independent Fiduciary Firm, we must by law do what is in our clients' best interest. We bring our exclusive approach, expertise, and experience to help your business and your employees work in a thriving and abundant environment.

BOOK REVIEW

By REgIna jOhnsOn

The market rewards organizations that are responsive to change, connected to their communities, and embrace learning.

We are looking at the Great Resignation all wrong. The Great Resignation is about change and migrating towards new opportunities. It is not a time of people quitting their jobs because they are lazy or feel entitled, and it’s not because nobody wants to work.

FLEX: A Leader’s Guide to Staying Nimble and Mastering Transformative Change in the American Workplace, written by Rick Grimaldi, is a reminder that the Great Resignation should be seen as a gift, for employees and businesses, according to Grimaldi.

“I think it’s less of a great resignation and more of a great migration, a great reset, and a great reshuffle,” Grimaldi told Advisors Magazine. “People aren’t resigning much as looking around and seeing that there are other opportunities.”

Grimaldi, a Philadelphia-based attorney, and partner at Fisher Phillips LLP can write passionately about labor and the workplace because he has spent 30 years as a labor lawyer. His time working with employees and employers has given him a perspective

on what changes should be made and how to go about them. Grimaldi was also chief counsel for the Pennsylvania Department of Labor and Industry.

“I started to see changes at my law firm, especially with people younger than me, and I thought, I must evolve, or I’m going to become irrelevant. And that’s what prompted me to think through these issues and say, you know what, that’s true on a bigger scale,” said

Grimaldi.

According to Grimaldi, there’s a willingness to move around that was spurred on by the COVID-19 pandemic. People began to think it might be time to start that business or try a new career. Some began to think this company no longer fits the value proposition they hoped it would, but this company over here does. However, this willingness to change has created challenges for employers, and they must

overcome those challenges if they are going to recruit and retain talent.

The 228-page book is part a history lesson on how society and businesses met the labor challenges of the past, and part guidance on what needs to be done to meet today’s labor challenges. Grimaldi excels at reminding us that we have been here before as he discusses how the Great Depression ushered in the Works Progress Administration and the Civilian Conservation Corps aimed to get people back to work, while the Social Security Act, the Fair Labor Standards Act, and the National Labor Relations Act made sure workers were treated fairly and established minimum wages.

Yet, Grimaldi points out in his book that while we are also experiencing labor and wage issues, they are different from previous years. Today’s challenges include remote vs. full-time or hybrid environments. While face-to-face interaction will always be required, employees

want to be able to meet family or personal obligations at the same time.

We’re grappling with how to rework education to focus on skill and not just academic history. Grimaldi suggests the United States change its educational system to help people acquire skills so that jobs don’t go unfilled. One way is through an apprenticeship and partnerships between businesses and community colleges.

According to Grimaldi, employers would be wise to create a work culture where everyone belongs.

“Companies need to ramp up ways to meet the needs of boomers even as they redesign the workplace to accommodate the preferences of millennials, Gen X, and eventually Gen Z,” he wrote.

For instance, the book reminds the reader that an estimated two million women left the workforce during COVID, which was due, in part, to childcare and healthcare issues. Unfortunately, many of those women haven’t returned

to work. Part of this is driven by our inability culturally to recognize that we need to improve childcare and family leave. If companies want those women back, they must consider changes to their healthcare and wellness programs.

The pandemic has taught us one important lesson, according to Grimaldi. You must be flexible and willing to change, which requires looking forward and thinking about what’s next as businesses will continually face new challenges. There is a business case for not ignoring climate change, social justice issues, or changes needed in education.

“The market rewards organizations that are responsive to change, connected to their communities, and embrace learning,” Grimaldi writes. The key is to be flexible and to remain flexible. We must have the ability to evolve and change in business and personal our lives.”

Grimaldi seems to throw down a challenge to companies to be a disrupter and not to be brought down by the disruptions.

by chris hobart

3 Questions to help find a financial advisor you can trust

When it comes to financial planning, most Americans take a do-it-yourself approach.

In fact, various surveys and studies over the years have shown that anywhere from 60 to 70 percent or more don’t have a financial advisor.

But does that mean the

remaining minority who do hire someone are more confident about what the future holds for them financially?

Maybe. But maybe not. Most of those people say they don’t completely trust that their advisor is always acting in their best interests, according to a poll by the American

Association of Individual Investors.

That distrust could even be part of the reason some people decide to forgo using an advisor at all.

“People see headlines about shady practices that exist in the financial word, and as a result they become leery of working with any financial advisor because they no longer know who to trust,” says financial Chris Hobart, a financial professional and

financial commentator.

It was the shady practices of one such advisor that put Hobart on the path to a career in financial services. His grandmother placed her trust in an advisor who “advised her right out of her life savings,” he says.

“I think it’s important for those of us in the industry to demand more of ourselves, because investors deserve more from us,” he says. “We must call out questionable

practices when we see them.”

But what can the average person do to improve the odds that they are working with an advisor they can trust? Hobart suggests a few questions to ask yourself about the person you rely on to handle your finances:

Is your advisor honest when discussing how they are paid? Financial professionals are paid in a number of ways, but the financial industry hasn’t always been forthcoming about compensation, Hobart says. Some are paid on commission. Some charge fees. Some work based on a combination of commissions and fees. It’s important to know just what you are paying for the services. “Clients often are hesitant to ask how their advisors make money,” he says. “Don’t be. A trustworthy advisor will have an honest, open conversation with you about this.”

Does your advisor encourage questions? “Any good relationship is built on open, two-way communication,” Hobart says. “It’s your money.

You deserve to know exactly how it’s being invested and why.” But a good advisor will do more than answer your questions, he says. They will also proactively provide information to your about your accounts, whether you ask or not.

Does your advisor know you? Everyone is different, with their own goals and dreams about the future. “The right financial plan for you isn’t the right plan for anyone else,” Hobart says. “Your advisor should offer personalized financial planning that fits your life, not cookie cutter advice that’s the same for everyone.”

“Now, more than ever, investors are demanding honesty from not only individual advisors but also larger financial institutions,” Hobart says. “There is no longer space within the industry for financial professionals who are motivated only by their own financial gains.”

Chris Hobart (www.hobartfinancialgroup.com) is CEO and founder of Hobart Financial Group. A graduate of the University of North Carolina, where he earned a bachelor’s degree in business administration, Hobart is a nationally-recognized financial commentator, an Investment Advisor Representative (IAR), and a licensed insurance agent. Senior Market Advisor Magazine named Hobart one of the nation’s top independent financial advisors. He’s been a featured guest on CNBC and Fox Business and a regular guest on WCNC’s “Charlotte Today.” Hobart has also appeared in The Wall Street Journal, Reuters, The Associated Press, MSN Money, The Charlotte Observer, Men’s Health, Kiplinger, Market Watch, The Street, The New York Times, USA Today and Forbes.

About Chris Hobart

Give Your Employees Financial Education, And They’ll Give You More Productivity

Recent studies all point to one conclusion that impacts employers across the U.S.: The majority of employees worry more about their finances, now more than ever. That stress makes them less productive today, and every day. In fact, 15.3 hours of productivity and engagement are lost by each financially-stressed employee each week. And that affects the bottom line.

The Harmonize™ Retirement Planning Program partners with Vanguard® to customize retirement plans to fit the needs of each individual at every level. To find out more, contact Pat Harmon at harmonizefinancial.com.

The sooner you start, the sooner your workforce gets more productive.