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ACM Journal - Investment Management
17 Oct

Firm News – Q3 2019 Newsletter

We are excited to announce that Steve Sheflin is our new Chief Investment Officer. Steve is a 25-year veteran in the investment management industry, previously with Federated Investors and Clover Capital Management. His most recent focus has been on quantitative research, specifically on building factor-based portfolios similar to how we invest our clients’ money. Steve also has been a trader and portfolio manager, which brings an important holistic perspective for anyone in charge of hundreds of millions of dollars. A native to the Rochester area, Steve and Mark have been acquainted for the better part of 20 years. He’s a great fit for our firm and brings some new analytical tools to the table. Stop in and meet him some time.

We’re also proud that Colby Feane was recently named as a 2019 Forty Under 40 honoree by the Rochester Business Journal. Colby’s accomplishments are many, and not just because he is younger, better looking, and stronger than the rest of us. He is a CFA charter holder, spent more than a decade on Wall Street, and worked for Manning & Napier in Rochester. Colby also devotes a considerable amount of time to not-for-profits in the area, serving on the boards of the YMCA of Greater Rochester, the MCC Foundation, and the Statesmen Athletic Association of Hobart and William Smith Colleges. We can think of no better candidate for this award.

While not technically third-quarter news, there were exciting announcements recently by both Charles Schwab and TD Ameritrade. Both firms have adopted zero trading commissions for stock and ETF trades. Trade commissions were already quite low, but we like to pinch pennies wherever we can. These moves effectively remove the custodial fees paid by clients. Mutual fund expense ratios and our management fees are the remaining layers of fees, both of which are well below industry norms.

We wrote previously about the Flourish cash management program, which allows investors to earn returns of 1.9% on cash reserves. Flourish has just expanded the program to include corporate accounts. That means that not-for-profits, S-Corps, C-Corps, LLCs, and other business entities can now enjoy the same higher yields on cash as individuals. The program has daily liquidity and FDIC protection on up to $1.5 million for corporate investors. If you’re interested, just let us know and we’ll send you an invitation to participate.

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