Who, What and How Much are we paying?

March 21st, 2013|

The 2012 calendar year brought sweeping changes to the retirement plan industry. 401(k) practitioners and recordkeepers devoted most of the year to developing, implementing and distributing fee disclosures pursuant to Department of Labor Regulations 408(b)(2) and 404(a)(5). Lots of paper was generated, but just how effective were these new disclosures at familiarizing plan participants with who, what and how much they are paying to maintain their retirement accounts? Burke Group’s [...]


There’s more to relationships than networking

February 11th, 2013|

“The man who creates personal interest, is the man who gets ahead. Be liked and you will never want.” — Willy Loman in Arthur Miller’s “Death of a Salesman.” Willy Loman never did understand that there was more to success than being liked. A couple of years ago I was asked to give a talk on networking. I asked the organizer, why me? I believe networking as taught by many [...]


What is Rochester’s advantage? It’s our people

January 28th, 2013|

I was talking to Tony DiBarnaba the other day about the company he founded 20 years ago.  Benefit Resource employs 100 in a new, 30,000-square-foot corporate headquarters in Henrietta. Benefit Resource pioneered, and is a leading provider of, company-sponsored tax advantage commuter and health plans using debit cards. In addition to the corporate headquarters, it has offices in New York, Boston, Chicago and San Francisco. DiBarnaba told me that more than 75 [...]


Casinos Are Unlikely Growth Strategy For State

January 21st, 2013|

Gov. Andrew Cuomo laid out his economic priorities in his recent State of the State address. Apparently, he has determined that the next gold mine for upstate New York are casinos, which have proven to be the most significant voluntary tax available to state governments. The governor rightly points out that the state has been in the gambling game for some time, so now it's time to do it right [...]


Possible B+L sale isn’t good news for Rochester

January 14th, 2013|

It started with a simple handshake in 1853 between John Jacob Bausch and his friend Henry Lomb. Lomb loaned Bausch $60 to start an optics company with the promise that if it grew they would become full partners. This handshake gave birth to Bausch + Lomb, a great American business success story until the early 1990s, when the company was derailed by reckless ambition. Warren Buffett once said that if [...]


An Outside View of Business World From Inside

December 31st, 2012|

“I knew if I stayed around long enough, something like this would happen.” — Epitaph on George Bernard Shaw’s tombstone Not that I can write like Shaw, but believe it or not, after hanging around for three years, the Democrat and Chronicle has asked me to write a regular column about life in our business community. Talk about taking a chance. Ever since my stint on the editorial board, I [...]

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