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Jul 28, 2020
What Should You Expect From Your Bank?
If you are a business owner, you are likely trying to navigate this new and hopefully, temporary landscape. Many businesses have been closed since March and, for security reasons, your Bank may be only accessible by phone, online, drive thru or appointment. Regardless, most small business customers have a group of trusted advisors to guide them: their attorney, CPA and banker. Even while limited, these three advisors should play important roles in your business’ financial recovery.
Jul 28, 2020
Jun 26, 2020
COVID-19 Fraud Threats
Since January 1, people across the U.S. have made 91,808 COVID-19-related reports to the FTC*. The best way to avoid current fraud scams is to understand how these scams usually work. Here is a list of some of the most common ways that fraud perpetrators and identity thieves are targeting consumers.
Jun 26, 2020
Jun 26, 2020
Choosing the Right Insurance
Insurance can be a complicated matter; there are thousands of insurance companies and policies to choose from, and new products are entering the market all the time. Policies are often filled with disclaimers and insurance jargon that can frighten the average consumer. A variety of specialized types of coverage, discounts, and surcharges may further muddy the waters. Let's break down some of the insurance basics:
Jun 26, 2020
Jun 24, 2020
Debunking the Myths of ESG Investing
I was brought up in a family of modest means by parents who counted on Social Security and a small pension for their retirement. The stock market was a mysterious entity and my parents considered the market as legalized gambling created for, and used by, those who circumvented an honest living. They were not alone in their mistrust of the stock markets, which is a perception still exists today: 65% of respondents in a recent survey* indicated they “mistrust a lot” or “mistrust a little” the financial services industry. Only 2% of respondents said they trust the financial services industry “a lot” and nearly 83% said they believe their interests are secondary to corporate profits. Yet traditional pensions have gone by the wayside, and most of us will need to rely on our own savings to fund at least part of our retirement. If only there were a way to invest in companies that treat employees well, care about the environment and are financially prudent. If you could invest cost effectively and achieve returns that compete with some of the most successful managers. This may seem altruistic and, hence, too good to be true. Welcome to the ever-evolving world of ESG investing.
Jun 24, 2020
Jun 23, 2020
Alternative Cash Solutions for Millennials Before Getting a Second Job
According to a recent Bankrate report, more than 50% of millennials have a “side hustle.” Finding a way to earn extra cash to pay down debt or invest in your future may ultimately be a prudent strategy to help with limited cash flow. But before making that decision, it may make better sense to evaluate the foundation of your financial situation.
Jun 23, 2020
Jun 23, 2020
The Likely Paths Out of COVID-19
Recessions, defined by economists as negative GDP growth for two consecutive quarters, are a natural component of the business cycle and on average have happened every four years since 1900. Our current situation is different in that it is not solely driven by economic forces. The global pandemic created a sense of urgency to dramatically limit our ability to interact with each other, so what we are experiencing now can be best described not as a recession but rather an economic shutdown. This distinction may be obvious, but it is important for us to understand this as we make our way out of this unprecedented predicament.
Jun 23, 2020
Jun 15, 2020
Elder Abuse Awareness Day
Financial fraud is a fast-growing form of abuse of seniors. In recognition of World Elder Abuse Awareness Day, we would like to share that CNB is a partner to help recognize, report, and investigate financial abuse of the elderly. Here are a few tips to help you recognize red flags related to financial fraud targeted at the elderly.
Jun 15, 2020
Jun 10, 2020
Inflation, Interest Rates and a Day of Reckoning
In the relatively short period from the Great Recession of 2008/2009 to the pre-COVID-19 period ending February 12, 2020, when the Dow Jones Industrial Average reached an all-time high of 29,569, our national debt increased from approximately eight to twenty-three trillion dollars. In the wake of the COVID-19 crisis, many have speculated it will take tens of trillions of additional dollars (in one form or another), to prevent a more significant Depression in the U.S., and to bring our country (and the rest of the world) back to a more solid economic footing. Where will all this money come from and what will the long-term impact be on U.S. inflation and interest rates?
Jun 10, 2020
May 08, 2020
Leveraging a Roth IRA in the Midst of a Market Drawdown
As of April 26, 2020, the Dow Jones Industrial Average was down approximately 20% from its February 12th all-time high - a significant recovery, after being down more than 38% from its all-time high on March 23rd. In the midst of this market decline - the fastest in history - now may be the perfect time to fund a Roth IRA and/or take advantage of a Roth IRA conversion. Establishing or adding to this type of account could help maximize wealth and add flexibility to one’s retirement, tax, and long-term estate plan.
May 08, 2020
May 07, 2020
Lessons Learned from Banking Experts on Weathering the COVID-19 Crisis
In our 133-year history, Canandaigua National Bank & Trust Co. has weathered many humanitarian and financial crises, including world wars, the Great Depression, and the 2008 Global Financial Crisis. Our focus on serving the needs of our customers and our communities has always been at the forefront of our decision making.
May 07, 2020
Apr 08, 2020
Corrections, Recessions and Crashes
If there’s one thing the month of March 2020 has taught us, it’s that the stock market doesn’t go up in a straight line. Indeed, since its very inception, the equity market has experienced corrections, bear markets (often associated with recessions), and crashes. These events occur irregularly, but with some frequency, and, accordingly, it’s important to understand the differences between them, what causes them, how long they last, and what typically follows each unique set of circumstances.
Apr 08, 2020
Apr 03, 2020
COVID-19 Phishing Scams
According to recently published research from Barracuda Networks, phishing schemes related to the coronavirus have increased by 667% from February to March.
Apr 03, 2020
Apr 01, 2020
The CARES Act: What You Need to Know Right Now
On March 27th, the CARES (Coronavirus Aid, Relief, and Economic Security) Act of 2020 was passed by the House and signed into law by the President. This act, by far, is the largest emergency relief and stimulus package in US history, driven in response to the economic crisis caused by the COVID-19 pandemic.
Apr 01, 2020
Mar 20, 2020
CNB Wealth Management Business Continuity
We would like to provide you with an update on our commitment to maintaining all CNB Wealth Management functions during this period of uncertainty. CNB Wealth Management is committed to providing you with the exceptional service you have come to expect from us, throughout this challenging time.
Mar 20, 2020
Mar 20, 2020
The SECURE Act: What You Need to Know
Last December, the SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019 became a reality. This far-reaching legislation will have a significant impact on everyone who has a 401(k)-or-similar employer retirement plan or IRA.
Mar 20, 2020
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