September/October 2016 biz.idahostatejournal.com
how to handle workplace stress n Fall’s Favorite Flavor Pumpkin Spice is big business n Southeast Idaho business leader: STeve muse n who’s quarterbacking your financial team?
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Ida ho St ate B us i ness J o urna l
INSIDE THIS ISSUE Pumpkin Spice is big business. Page 4
how to handle workplace stress. Page 6
A
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s p i w w e
o e
t Southeast Idaho p h business leader: o t
STeve muse. Page 10
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o l What’s New i for Fall at the sU Pocatello Co-op. $ s Page 11 m m
who’s quarterbacking your financial teaM? Page 12
Trade critical to revenue growth and job creation in Gem State. Page 14
Culture clash on casual Friday: How to dress down for success. Page 14
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Idaho St ate B u s in e ss J ournal
let ter from the editor
A moment of Zen
Y
ance costs. Lack of ou should see my desk. sleep costs U.S. comIt’s a disaspanies a staggering ter. $63 billion in lost proI’m pretty ductivity, according sure that if I stuck a to a September 2011 piece of dynamite to study from the Jourit, the explosion of nal of Sleep. CompaSARAH white paper particles nies such as Google, GLENN would rival a SouthZappos and Cisco east Idaho snowstorm. (among others) have That might be a slight bit even installed ”nap pods” of hyperbole, but do you to calm the workday rush ever feel the same way? and boost productivity. Ah, It’s a little stressful, all doesn’t a nap pod sound these things we put on our glorious?! Right here at plates — the avalanche of home, Idaho Central Credit home, family, work, church Union offers staff a ping or even school responsibili- pong table, an outdoor ties. walking path, an on-site The struggle is real, folks gym and a massage chair — stress is no joke. in the break room. Wow. The American Institute Although my letter might of Stress (yes, stress is so sound like I’m about ready legitimate it gets its own to pull my hair out, that’s institute) says that job not the case at all. Each of stress is estimated to cost us have busy days and notU.S. industry more than so-busy days. But how we $300 billion a year in abhandle workplace decisions senteeism, turnover, diwhen the pressure is on minished productivity, and can make a big difference. medical, legal and insurThat’s why the Idaho State
University Stress and Biofeedback Center was so intriguing. The center claims that through science, we can train our bodies and minds to react more calmly under stress. Interested? Take a peek on Page 6. The article takes you even deeper as we share how workplaces locally manage the crazy days. To tackle all the things we need to do at work, we all need a source of energy, right? For millions of people across America, the almighty latte is both a boost and a fall comfort food. We delve into the popularity (and profitability) of all things pumpkin spice on Page 4. So grab a hot drink, kick up your feet and enjoy the latest edition of the Idaho State Business Journal. What better way to relax than sitting back with a pumpkin spice latte and reading about someone else’s stress, right?
The Idaho State Business Journal is published by the Idaho State Journal. Our mailing address is: 305 S. Arthur Pocatello, ID 83204 Main number: 208.232.4161 | Subscriber Services: 208.232.6150 Copyright © 2016 Pioneer News Group, All rights reserved. Idaho State Journal Publisher: Andy Pennington | APennington@journalnet.com Idaho State Business Journal Editor: Sarah Glenn | SGlenn@journalnet. com Contributors: n Janna Graham/Pocatello Co-op | outreach@pocatellocoop.com n Jennifer Landon/Journey Financial Services | www.journeyretirement.com n Randy Shumay/Cicero Group & Zions Bank | www.cicerogroup.com n Debbie Beaumont/Deborah Beaumont LLC, Fashion Design House Idaho State Business Journal Designer: Danae Lenz | dlenz@journalnet.com
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Ida ho St ate B us i ness J o urna l
Fall’s Favorite Flavor Pumpkin Spice is big business By Sarah Glenn For the Journal
POCATELLO — There’s a crisp chill in the air as bursts of red and orange appear on Pocatello’s hills. Fall is here and with it comes the pumpkin spice invasion. Store manager Abby Keifner chuckles a bit amid the afternoon hum at 5th Street Bagelry. “Oh yes, it’s popular,” she says about her pumpkin spice flavored products. “It’s around this time of year that we start really highlighting it and the demand kicks in.” The bagel and coffee shop tinges a few of their lattes and mochas with pumpkin spice flavor along with cookies and baked goods. “It might bring a couple people in,” Keifner said of the spice’s effect on their business. “But we are mostly known for our bagels.” Mocha Madness on South Fifth Avenue keeps the pumpkin spice flavor on their menu all year round. However, manager Samuel Vineyard notices an uptick in sales as fall begins to settle in. “Those hints of cold air make all things pumpkin spice sound appealing,” Vineyard said. “It’s not a huge percentage of our sales, but we also don’t give it a lot of hype.” Starbucks, however, cashes in on the flavor craze annually. Forbes estimated annual sales of pumpkin spice lattes at Starbucks alone will hover at approximately $100 million. The smell of fresh-ground coffee and pumpkin spice fills the air at the Starbucks on the corner of Yellowstone Avenue and Alameda Road. Customers have been asking for the fall flavor since latte July, says manager Tyler Shropshire. They had to start offering the seasonal favorite early because of heavy demand, rolling out all things pumpkin spice on Sept. 1. “It’s one of our top five seasonal beverages ever,” Shropshire said. “Year after year pumpkin spice has been people’s favorite.” According to Shropshire, about 54 per-
cent of the store’s business revolves around espresso drinks. However, when fall comes along, pumpkin spice items take about a quarter of those espresso sales. “It’s a big part of what people want,” Shropshire said. People who buy the lattes also spend more. The average check for pumpkin spice latte purchasers rang in at $7.81 versus $6.67 for non-buyers, according to data from The NPD Group. However, much like fall foliage, the glory is fleeting. While the flavor has mass appeal to consumers, it’s rare to find someone indulging all season. Most people (72 percent) buy just one pumpkin spice latte. Just 8 percent of pumpkin spice latte customers buy the drink three or more times during the season, according to the NPD data. Across America, other products have caught on to the pumpkin craze as well. Some of the strangest include Sprout’s Pumpkin Spice Kale Chips, a pumpkin pie flavored vodka from Pinnacle and even a ReadyPack salad complete with dates and a pumpkin vinaigrette. Come fall, that pumpkin flavor can be found in everything from cereal to ice cream and even oral care. According to Nielsen data, the pumpkin flavor trend continues to grow and has become an integral part of our fall diets. In 2014, 37 percent of U.S. consumers purchased a pumpkin-flavored product, according to the Nielsen study. And this means big dollars: Pumpkin products accounted for $361 million in sales in in 2014, having grown 79 percent since 2011. Pumpkin pie filling still dominates the market, with $135 million of sales in the last year. However, several other products also contribute to the significant sales. The top five pumpkin-flavored products by sales, according to the Nielsen report, are pie fillings, cream, coffee, baking mixes and baked breads. However, No. 6 six on the list (outperforming ice cream and fresh deserts) is dog food. More pumpkin I Page 6
By Sarah Glenn/For The Journal
Samuel Vineyard, manager of Mocha Madness on South Fifth Avenue, keeps pumpkin spice flavors on the menu all year round. However, he says their popularity increases during fall.
Pumpkin spice: by the numbers • The Pumpkin Spice craze accounted for $361 million in sales in 2014, growing 79 percent since 2011. • People who buy a Pumpkin Spice Latte spend, on average, $1.14 more per purchase. • Pumpkin dog food outsells pumpkin spice ice cream and fresh deserts, netting more than $12 million per year.
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Pumpkin/ from Page 4 “Later in the fall, we do get pumpkin spice flavored dog treats in,” said Mike Fuller, store manager at Pocatello’s PetCo. In August, the retailer put out its first batch of pumpkinflavored rawhide chews. “Those are probably going to be really popular,” Fuller said. The flavor of dog food and treats netted $12.8 million in sales in 2014 for retailers nationwide, and that figure is expected to rise. However, another big seller at the Pocatello PetCo is a pumpkin spice scented spray, used in the store’s salon. “The grooming stuff becomes really popular,” Fuller said of the scented spray. “It’s something new and different that people seem to like.” In addition, oral hygiene and gum products not only exist but are selling well. Pumpkinflavored oral hygiene products netted just more than $1 million in sales in 2014 and pumpkin gum made $970,460, according to the Nielsen research. In an ironic twist, fresh pumpkin is not benefiting from the same acceptance. Sales of fresh pumpkins have been declining, with unit sale losses in 2011, 2013 and 2014 accounting for 8.6 million fewer pumpkins sold.
Ida ho St ate B us i ness J o urna l
how to handle workplace stress
By Sarah Glenn | For the Journal
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Idaho St ate B u s in e ss J ournal
T
he deadline is nearing. Your heart is racing. Bills are looming. Emails are piling up. Colleagues are griping. You probably know firsthand that being a working adult can be stressful. What you might not know is all that stress has a major effect on business productivity as well as America’s financial bottom line. Americans are working longer and harder than ever. In March, The American Psychological Association released a staggering study. They said that Americans average stress levels rose since 2014 from 4.9 to 5.1 on a 10-point stress scale. There was a particular increase among adults reporting “extreme stress,” with 24 percent saying they were highly stressed in 2015 compared with 18 percent a year earlier. Since the survey started in 2007, money (67 percent) and work (65 percent) have always been the American worker’s two greatest stressors. Our phones have become such a constant appendage that the Society for Human Resource Management has released several cautionary bulletins, warning that encouraging your employees respond to work emails during off hours could mean a costly lawsuit. Stress also has a price tag. The American Institute of Stress says that job stress is estimated to cost U.S. industry more than $300 billion a year in absenteeism, turnover, diminished productivity and medical, legal and insurance costs. Let’s look locally If we delve into a little data, the good news is that people in Idaho (generally) aren’t very stressed out folks. WalletHub, a lifestyle and finances information company, released a study this summer
Scan this code to download the free MindSpace app, which offers guided meditations — a great stress reliever. that looked at America’s Most and Least Stressed Cities. Out of all the 150 metro areas they looked at, Pocatello didn’t even make the list. Boise ranked 136th, with excellent scores for work-related stress. The WalletHub folks measured average weekly work hours, job security, a commuter stress index, the unemployment rate and the area’s average commute time. When considering those factors, Boise made the top 10 for “least stressed workers.” However, a few readers might scoff at that survey as they consider their own workplace stress. While averages are interesting, the stress story changes when we look at individual careers. CareerCast recently looked into America’s most stressful jobs. They were: • Military personnel • Firefighters • Airline pilots • Police officers • Event coordinators • Pubic relations executives
• Senior corporate executives • Broadcasters • Newspaper reporters • Taxi drivers Amid a storm of police shootings, backlash against officers and public outcry, a police officer’s job comes prepackaged with plenty of stress. “There are two or three things we do to manage that stress,” said Bannock County Sheriff Lorin Nielsen. “No 1, we just use our sense of humor. We tease each other a lot — in a good way.” In addition to fostering a friendly environment, Nielsen also requires mandatory counseling for everyone he oversees — that includes 139 people ranging from patrol deputies to marshals. “We know that life is stressful and being in law enforcement is stressful,” Nielsen
said. “When you can feel safe talking about it, sometimes joking about it, that helps. We always encourage them to talk about (workplace stressors). I make (counseling) mandatory for everyone so that they know they don’t have to step up. I can be the bad guy that forces you to go so there is no stigma there.” Nielsen added that stress is sometimes a necessary evil in the work of a deputy, but knowing how to handle it is crucial. “In (law enforcement) you are on hypervigillence,” Nielsen said. “You always need to be ready … so you have to get that stress under control and be able to switch gears really fast when something happens.” After responding to a difficult call that might involve violence or death, Nielsen also makes sessions with professional counsellors available to spouses as well. In Pocatello, police officers are often asked to manage stress on the run. “There’s not a lot of down time for them,” said Pocatello Police Chief Scott Marchand. “Our guys go pretty hard.” However, Marchand has also noticed that being able to talk and joke in a difficult situation helps officers manage their stress. “There’s always strange little funny things that happen that help lighten the load,” Marchand said. “Some days are more stressful that others, but I’d say they manage pretty well.” Other businesses in Idaho with traditionally lower average stress levels approach workplace wellness with recreation opportunities. For the past four years, Idaho Central Credit Union has been ranked as the “Best Place to Work in Idaho” for businesses with more than 100 employees. The distinction comes from national marketing research firm POPULOUS after they surveyed employees across Idaho. More Stress
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“We allow time for our team members to manage stress levels at work,” said Ben Davidson, vice president of human resources and training at ICCU. “We do training on stress management and healthy living as well as teach our team members ways to manage their money, because financial pressures can be one of the biggest contributors to stress.” At ICCU’s main offices in Chubbuck, they offer employees an outdoor walking path, onsite gym, ping pong tables and comfortable sitting areas. There is a nice break room with natural light, a massage chair, air hockey table, Wii, televisions and vending machines. “It’s because we encourage a culture of fun that makes you want to come to work every day,” David Wedler, a card services specialist, told the Journal in April, speaking about the “Best Places to Work” designation. “When you’re not here, you wonder what you’ve missed out on.” Local experts on stress Few know the effects of stress and how to manage it better than Kristin Stewart Yates and her colleagues at the Idaho State University Stress Management and Biofeedback Center. The center takes some of the most stressed among us — college students — and through biofeedback analysis helps them manage their pounding hearts and sweaty palms. “We are a free service for students who are feeling the symptoms of stress: anxiety, depression, can’t focus well, rapid heart rate, etc.,” Stewart Yates said. Students who need the service are referred by the university’s counseling center. After setting an appointment, the student is led into a room filled with computers where they are hooked up to an electroencephalogram (EEG), sweat response monitors, temperature sensors or other stress-monitoring apparatus. “We gather information about what’s happening in their body and then see how long it takes for them to relax,” Stewart Yates said. All that biofeedback information is then used specifically to help the student with coping mechanisms; none of the data collected is being used in academic studies. The program is in its infancy — it was started last fall. However, in that short amount of time those running the center have learned a lot about stress and how to effectively manage it. “What has been most interesting for me to learn is that we actually have quite a bit of control over how our body responds in stressful situations,” Stewart Yates said. “My body doesn’t have to respond in the way I think it will. It is empowering to realize that I am in control of my body no matter what happens.” Because of funding and grant constraints, the service is currently only available to students. While faculty and staff can come into the center and take a tour, they can only do so to pass on information to students who they think might benefit.
By Sarah Glenn/For The Journal
Cameron Staley, a psychologist at the ISU Counseling and Testing Center, shows one of the sensors that the biofeedback center uses to measure students stress levels. “It would be really interesting to implement this on a community scale,” Stewart Yates said. Your brain on stress When we are stressed out, our bodies react in a few predictable ways, according to the biofeedback experts at Idaho State University. “When we experience stress our sympathetic nervous system is activated,” said Cameron Staley, a psychologist at ISU’s Counseling and Testing Center. Often called the “fight or flight” system, the sympathetic nervous system makes us sweat and increases our heart rate. Someone experiencing heart failure often feels the sympathetic nervous system shift into overdrive, increasing the force of the heart’s contractions and the amount of blood it’s pumping. A Yale study from 2012 found stress can shrink the brain in the areas that control emotions and metabolism. The researchers believe prolonged stress is actually more effective at causing this shrinking than specific traumatic events. They believe prolonged stress can decrease a person’s ability to avoid things such as substance abuse and risky behavior. When stress becomes a chronic problem, it can literally drive you crazy. Researchers at the University of California, Berkley found that stress damages the hipocampus — an area of the brain associated with both mood disorders and serious psychological illnesses. When stressed, our bodies dump hormones such as cortisol. The Berkley
researchers found that this and other biological reactions created by stress essentially disrupt the balance of how much white and grey matter the brain is creating, which affects how the brain operates. Staley went on to further explain how our bodies naturally combat stress through the parasympathetic nervous system. This involuntary response system is in charge of “rest and digest” functions — it kicks in when we are at rest or feeling calm. “In our go, go, go society, we are very sympathetic dominant,” Staley said. “The trick is getting those two to balance. It takes a lot of practice.” Take a breath: Ways to cope with workplace stress When stress gets the better of us, it’s a good thing to remember how to breathe. “That’s most of what we teach around here,” Staley said, adding that there is good medical research to back up breathing exercises for stress management. In entry-level exercise science classes, students usually learn that the lungs and heart work together. When our heart rates go up (when exercising for example) we breathe faster. Conversely, when the heart rate slows, so does the breath, Staley said. “We teach a lot of diaphragmatic breathing,” Stewart Yates said. “These are long, slow, steady breaths from the body.”
Stressed students start out with a daily dose of five to 10 minutes of diaphragmatic breathing. “What we’ve seen is that over two to five sessions there can be dramatic results,” Stewart Yates said. “There comes a point where you get it and then you can practice whenever you want.” While breathing is the most effective mechanism the ISU center has found for eliminating the symptoms of stress, researchers at the American Institute of Stress say that real results require digging deeper. “Some sources of stress are inescapable but there are others you can do something about,” the institute said in an emailed fact sheet. “Most of us never bother to distinguish between the two. Make a list of things that you find stressful in your life and divide them into these two categories so that you can concentrate your efforts in areas where they are most likely to achieve results. Don’t waste your time and energy in a frustrating attempt to influence things you can’t possibly change.” According to the institute’s website, chronic stress can only be permanently solved by “identifying the sources of stress in your life and finding ways to avoid them or reduce their impact.” “Just as stress is different for each of us, there is no stress reduction strategy that is a panacea,” according to the institute’s website. “Jogging and other aerobic exercises, different types of meditation, prayer, yoga and tai chi are great for many people but when arbitrarily imposed on others, prove dull, boring and stressful.”
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Id a ho St ate B us i ness J o urna l
Southeast Idaho business leader:
STeve muse A fter 20 years with Idaho Power, Steve Muse has plenty of accomplishments to his name. In July, Muse’s charisma and accomplishments earned him the distinction of southeast Idaho’s Professional of the Year. In 1996, Steve was inducted into the Boise State University Hall of Fame. Locally, he is a past president of the Gate City Rotary Club, the I Love ISU co-chairman and was the second vice president for the Idaho Commission for National and Community Service in 2004. The Boise-educated, Idaho native has spent a career as a leader in both the community and the workplace. Today, Steve Muse is Idaho Power’s manager for regional customer relations, South-East Region, Pocatello. We caught up with Steve to see what makes one of Southeast Idaho’s outstanding businesspeople tick. What do you do for that extra shot of energy on an especially busy workday? I do an exercise program at work called Move Safe. Performing a set of these move-
ments gets the stale out of my tail and relieves the drain from my brain. After I get moving, I feel more attentive and focused.
— that way I improve through the highs and lows because both situations lead to progress.
If you could spend an afternoon picking the brain of a business leader, who would it be and why? I would spend the afternoon with Lego CEO Jørgen Vig Knudstorp. I am amazed at how well Lego is doing. It seems like they continue to make molded colored plastic relevant in a high-tech, digital, computer game-based world. When I was a child, one of my favorite toys was Lego. I would build for hours and my imagination would soar in the process. An afternoon with Vig Knudstrop would certainly be worthwhile and maybe he would share some of the latest Lego products for … the kids in my neighborhood.
What’s so exciting/ interesting about working for a utility? Working for a utility is very exciting because each day has new challenges. Nothing is humdrum. I was taught that if you “Fail to Plan you Plan to Fail.” Consequently, I stay current on customer needs and how to adapt my approach toward meeting or exceeding them. There is a great deal of change in the energy industry right now. It is so important be adept at continuing to offer sustainable benefit in order to continue to be an electric provider of choice.
As a little kid, what did you want to be when you grew up? I wanted to be a nuclear physicist. I believed that I could create new forms of energy and resolve the energy crises for mankind. This was during the energy crisis when Jimmy Carter was president. Twenty years is a fairly long time with one company. What’s kept you there through both the highs and the lows? I have been very fortunate throughout my career with having great managers and coworkers who have helped to develop me professionally and provided input on how to be successful. One key person for me was the now retired community education rep. She took the time to inspire me and encouraged me to not be fearful of change when I was new in that job. I strive to listen to advice and emulate patterns of success
Folks who know you say you are a big fan of Rotary. What’s the most inspirational Rotary meeting you’ve been to and why? A rotary presentation given recently by Patricia Wheatley highlighted a medical group going to Peru this summer. They aimed to increase the survivability of Peruvian mothers during birth. The group provided workable solutions to a problem and educated the local midwives on how perform lifesaving procedures. I was blown away by how much good was done in such a short period of time. Their efforts were impactful and sustainable toward the survival of these women and as a result they kept families intact. One day I would like to go on a similar trip. What’s No. 1 on your bucket list? No. 1 on my bucket list is to watch my daughter graduate from Idaho State University in the spring of 2017.
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What’s New for Fall at the Pocatello Co-op
T
he Pocatello Co-op Taking advantage of one of has seen numerous the hottest trends in health changes in the last food, the Café will also offer few months — a move, a “Buddha Bowls” bursting new restaurant and several with roasted veggies, whole new employees and shopgrains and hearty proteins. pers. Summer is a time of Deeper flavors based on plenty for a natural foods caramelized onions, curries Janna co-op; fresh local produce and satisfying toppers such Graham is varied and abundant, and as Thai coconut hummus many people are looking for and creamy, nut-based healthier fare to complement their dressings will appeal to a variety active warm-weather lifestyles. Even of palates. Café hours will change as the seasons change, however, a this fall, so diners can enjoy these commitment to eating as locally substantial and nourishing menu and seasonally as possible remains options for both lunch and dinner. the same, which means that it is The Co-op’s grab-and-go section time to consider what fall will bring offers pre-packaged versions of to the Co-op’s Farm Table Café and many Café menu items, a quick grocery aisles. takeaway option for those who The Farm Table Café is just don’t want to wait for a meal to be finishing its first summer season prepared. The most popular grabserving up “slow food” based on lo- and-go snack is red lentil hummus cal and sustainably grown products. in flavors from Thai coconut curry to spicy roasted red pepper. The The community’s reception to the Co-op’s grocery section is now Café has been overwhelmingly also stocking specialty condiments positive, and the number of happy made in the Café, including sea salt customers is steadily growing as blends such as organic Mumbai diners seek out the healthful and curry, Herbs de Provence and delicious menu items the Café has Rosemary Lavender. Customquickly become known for. Now, ers can also find rich compound as the summer season draws to a butters in flavors such as maple close, the Café will undertake its pecan, roasted garlic and rosemary, next challenge: adapting the menu lemon chive and sage honey to to reflect the flavors of fall. enhance everything from steamed During the upcoming months, vegetables to fresh bread to eggs customers can expect menu items and roasted meats. Because of the featuring local, late-season produce popularity of the grab-and-go items such as onions, garlic, squash, and house-made condiments, the potatoes and beets. The Café will Co-op is planning to expand these focus on comfort foods that are offerings in the fall. Look for these warm and filling to satisfy cravings (and new) treats on the shelves, and for heartier, spicier dishes as the if you have a suggestion for a new weather turns cooler. Salads and product or flavor, make sure to let smoothies will continue to have Co-op staff know. a prominent place on the menu The grocery side of the Co-op (though with different ingrediwill increasingly focus on stocking ents and flavors), and Café staff items from small-scale producplan to offer both specialty and ers committed to quality and build-your-own pizzas to cater to sustainability rather than items customers’ individual preferences.
“During the upcoming months, customers can expect menu items featuring local, lateseason produce such as onions, garlic, squash, potatoes, and beets. The Café will focus on comfort foods that are warm and filling to satisfy cravings for heartier, spicier dishes as the weather turns cooler. Salads and smoothies will continue to have a prominent place on the menu (though with different ingredients and flavors), and Café staff plan to offer both specialty and build-your-own pizzas to cater to customers’ individual preferences.” that are mass-produced. Local and regional goods will continue to be the mainstay, but the store is also seeking specialty products grown or made by companies and manufacturing co-ops outside of our region who are committed to local economies and responsible business practices. As always, the emphasis will be on grocery items that are healthful, free of industrial chemicals and produced sustainably by craftspeople who priori-
tize local ingredients and labor. However, as marketing channels become more global, such producers are finding a wider customer base for their top-quality, specialty products, allowing more people to support their businesses. According to Co-op General Manager Jen Alderson, this means that the traditional image of the natural foods co-op will be getting a makeover for the modern age. “We’re hoping that the Co-op will
Since 1889...
become a local hub for these sorts of products and that we can do our part to ensure that the market for these products grows and remains strong,” Alderson said. With a new location, the Farm Table Café and a busy summer to be proud of, this fall promises to be an exciting season at the Co-op. Janna Graham is the outreach coordinator for the Pocatello Co-op. She can be reached at outreach@ Pocatellocoop.com. Alsco’s high quality standards and professionalism in table linens, uniforms, and washroom services have improved employee moral, enhanced image, and assured the cleanliness of businesses in Idaho, the U.S. and ten foreign countries.
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who’s quarterbacking your financial team? plan and walk away, expecting the rest of the team to drive the ball down field. Sure, a truly great quarterback wins with his arm, but more and more, as the game of football becomes a more complex chess match, we see quarterbacks win by strategically putting players in the right place and making the right call at just the right time. This past Super Bowl was a prime example. Peyton Manning had lost some steam, but he knew when and how to make the right call to help lead the Broncos to victory. Similarly, a financial quarterback will orchestrate your financial strategy every step of the way without ever taking his or her eye off the end zone. This holistic, longterm approach to serving clients is unique among financial professionals. While some families may nominate a family member to take on this role, in many cases, it makes more sense to employ a professional. The broad financial expertise required of the quarterback makes it a challenging role for most nonprofessionals. A family who chooses one of its own as its quarterback must also consider whether that person would be able to remain objective. If a dispute were to arise, would he or she be able to stay impartial and make decisions
in a way that would best serve the goals of the family? For this reason, it is important that whomever you choose fully understands the goals and objectives of the family’s immediate needs as well as future plans for income, taxation, charitable giving and legacy planning. Without a quarterback to help lead the team, each professional on the family’s team, will most likely establish their own game plan for scoring the next point. Your tax professional may be so focused on getting you the most deductions for this year, they may overlook opportunities to re-characterize some of your investment accounts to eliminate future taxation issues. When choosing your quarterback, pay special attention to communication skills. The combination of financial and people skills required to do well in the quarterback role — in addition to the ability to remain impartial and compliant — makes choosing a professional the safer option for any family wanting all of their financial and estate planning goals moving forward in a harmonious relationship. This fall, as you dust off your favorite team jersey, consider how your family will benefit from hiring a financial
quarterback. Their expertise could be the winning ingredient you need as you plan your financial future. Jennifer Landon, founder and president of Journey Financial Services, is an accomplished advisor, educator and presenter on financial topics. Landon has spent the last decade advising Idaho Falls residents on the wealth and retirement planning strategies needed to help them achieve peace of mind on their retirement journey. She is an Investment Advisor Representative and a licensed life and health insurance professional in the state of Idaho. Landon is a member of Ed Slott’s Master Elite IRA Advisor Group, the National Ethics Association (NEA) and the Better Business Bureau. For more information about Jennifer Landon and Journey Financial Services, call 208-552-9169 or visit www. JourneyRetirement.com.
“Just like a star quarterback in the NFL, a financial quarterback doesn’t just set up a plan and walk away, expecting the rest of the team to drive the ball down field. … as the game of football becomes a more complex chess match, we see quarterbacks win by strategically putting players in the right place and making the right call at just the right time. “
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s the sweltering heat of the summer begins to fade, you may find your attention turning to all Jennifer things fall: the landon kids returning to school, the leaves beginning to change and America’s game: football. But even if you’re not a diehard, tailgating, face-painting fan, you still need a quarterback on your team — your financial team, that is. The concept of a financial “quarterback,” a point person whose responsibility it is to coordinate all the other members of a client’s financial team, has really gained traction in recent years. In fact, since the 2007-08 financial crisis, the concept of appointing a leader to your team has become very popular, particularly among high-net-worth families. According to a 2012 Morgan Stanley/Campden Research report, 42 percent of ultra-highnet-worth families rely on a quarterback to marshal the various financial professionals who serve them and ensure that they’re all working toward the client’s stated goals. These professionals include, but are not limited to, accountants, attorneys, financial planners, trust officers, insurance agents, money managers and personal bankers. The report concludes that these families are “developing a better understanding of what their various advisers can and cannot do for them and are taking more responsibility for understanding their wealth plans.” And it’s helping them understand their plan that is one of the quarterback’s most valuable functions. Without such a point person, clients face risks such as overlapping investments, incompatible tax strategies, lopsided allocations and higher costs. The quarterback removes some of the burden of managing large, complex estates and can provide consolidated “big picture” financial reports, which make it easier for clients to know where they stand. Just like a star quarterback in the NFL, a financial quarterback doesn’t just set up a
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Culture clash on casual Friday: Trade critical to How to dress down for success revenue growth and job creation in Gem State
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very year, international trade boosts Idaho’s economy by providing jobs, sustaining businesses and increasing foreign direct investment. While children in Idaho wear clothes that Randy were made in Guatemala, play Shumway with toys made in China and eat candy made in Germany, people around the world are using products that were made in Idaho — and I’m not just talking about potatoes. The state’s top export industry, computer and electronic products, exported $1.9 billion in goods in 2015, followed by processed foods at $569 million and chemicals at $352 million. The diversity of Idaho’s exports enhances the state’s long-term economic stability. During times of recession, foreign consumers help make up for the lag in domestic consumption of Idaho’s goods. Canada is Idaho’s largest market, receiving $979 million in exports in 2015 and making up 22.8 percent of total Idaho exports that year. The next largest export markets include China ($561 million), Taiwan ($529 million), Singapore ($414 million) and Japan ($290 million). Beyond providing revenue, international trade creates and sustains jobs. In 2013 alone, trade supported nearly 195,000 jobs in Idaho — approximately 22 percent of total jobs in the state. In fact, 18 percent of all manufacturing workers depend on exports for their jobs.
Idaho home prices up 7 percent from year ago Home prices are another bright spot in Idaho. The Gem State’s home prices increased 0.5 percent from April to May and have risen 7.0 percent since May 2015. Home prices are forecasted to increase 0.9 percent in August and 6.2 percent in the next year. In the Treasure Valley, all housing price brackets under $700,000 have fewer than six months’ worth of inventory, cementing the area as a seller’s market. Although income and wage growth are relatively low in Idaho, the state benefits from strong employment numbers and a significant influx of out-of-state buyers. Nonfarm job growth third in nation Idaho’s unemployment rate remained unchanged at 3.7 percent in May. Idaho’s nonfarm job growth currently ranks third-highest in the nation. Employment gains occurred in the
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construction, information, financial activities and other services sectors; however, these were offset by weaker-than-expected performance in manufacturing, wholesale trade, health care and social services, leisure and hospitality, and professional and business services. Although health care employment growth underperformed compared to expectations for this month, health care jobs account for more than 20 percent of Idaho’s “hard-to-fill” jobs, or positions that are continuously posted for 90 days or more. Consumers expect business conditions, income to improve The U.S. Consumer Confidence Index increased 5.6 points to 98.0 in June, representing higher confidence in the current situation as well as higher confidence in future economic conditions. While consumers were less negative about labor market conditions, they were also only slightly more positive, indicating that the economy is holding strong but not strengthening or declining. The Present Situation Index increased 5.1 points to 118.3 in June. Consumers stating that business conditions are good increased marginally to 26.9 percent. At the same time, those who believe business conditions are bad decreased to 17.7 percent. Opinions about the labor market were mixed. Consumers claiming jobs are plentiful declined slightly to 23.4 percent, but those claiming jobs are hard to get also declined to 23.3 percent. Expectations for the next six months increased by a healthy margin — up from 78.5 in May to 84.5 in June.
ne of the things that attract Christie Ressel, founder of Personal people from big cities to PoPower Image. catello is our laid back casual 1. If you’re going to wear denim, way of life and the many outremember no rips and no wild door activities in our area. washes. However, the laid back 2. Putting a blazer over casual culture can cause, at times, items such as a T-shirt or jeans some to dress a bit too casual instantly makes you look more and inappropriate for certain professional. situations. 3. No sandals. If you’re looking In the U.S. in the 1950s, for comfort on Friday, opt for Hewlett-Packard introduced flats or loafers. Debbie Casual Fridays because 4. No miniskirts or short Beaumont Fridays were when everyone shorts. They are not appropriate. in the company pitched in at 5. If you’re going to wear a the warehouse, packaging goods for see-through or sheer shirt, make sure shipment. Casual Friday, along with a camisole or T-shirt is underneath. dressing casually during the week, 6. No gym clothes at work. Ever. became very prevalent during the Dot- This includes yoga pants, ladies. Com bubble of the late 1990s and early 7. For women, your neckline should 2000s rooted in a relaxed Californianever be lower than the top of your based business culture. cleavage. Many businesses across America, 8. No sweatpants. and the West, have embraced Casual The key is to remember that when Friday, but many have yet to enforce you enter the office, no matter what a dress code for it. This nonchalant field you’re in, you represent yourself manner has created a follow-the-leadand the company you work for. How er type of mentality. If one person can you dress says something about who get away with it, then they can, too. you are. While some companies say they have Reflecting your personal style while a dress code, they’re often vague and still being appropriate at work will not almost never enforced. only make you feel good, but it will So what is appropriate attire for impress your employers, too. Debbie Beaumont is a Fashion Casual Friday? The answer varies Designer and owner of Deborah Beaudepending on your employment. mont LLC, Fashion Design House. Here are a few guidelines from
Uncertainty over Brexit, interest rate hikes Several factors are affecting the U.S. economic outlook. Brexit is causing short-term market uncertainty and volatility, which is likely to remain until the United Kingdom and European Union develop a clear path ahead. Consumer spending is holding steady, although economists had projected a higher rate in correlation with lower gasoline prices. Americans are buying cars at solid rates, and home sales reached a nine-year high in May. Real disposable income and overall household wealth have both increased. The Federal Reserve may raise interest rates again this year but is awaiting confirmation of steady economic growth, sufficient job gains, and movement toward 2 percent inflation. Randy Shumway is CEO of the Cicero Group, the exclusive data analytics and economic consulting firm to Zions Bank.
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