New Job Opportunities in New York

Amazon is building its first fulfillment center in Staten Island, NYC. This warehouse will ultimately be responsible for the provision of 2,250 new jobs, where workers – together with the firm’s robots – will pack and ship orders to the tri-state area.

Given this, the company hosted a job fair on August 2, so that it can fulfill its goal to hire 50,000 new fulfillment employees over the coming months. On that one day alone, the firm received 20,000 applications for the positions which begin at $12 per hour plus benefits.

Barclays Bank is also anticipating job creation in New York.  As a reaction to Brexit, the investment bank is likely to feel the pain with lawyers joining bankers in moving away.  According to Barclays investment bank architect Bob Diamond (based in London), “People are beginning to understand Brexit is going to be far more profound and long-lasting than they thought. I’d be very surprised if support services and legal services don’t move,” which will ultimately be beneficial to New York job seekers.

New York: Funding and Investments

The New York Shipping Exchange (NYSHEX) has just received additional funding commitments from both Hapag-Lloyd and CMA CGM container lines. The NYSHEX already has $13 million in funding from GE Ventures and Goldman Sachs.

With this money, NYSHEX – which offers digital “over-the-counter” freight forwarding contracts – will expand.  It has already been extremely beneficial to the container shipping industry since as CMA CGM CEO Rodolphe Saadé pointed out with digitization, customers have a wider variety of products available to them.  From a more internal standpoint, Saadé said that the partnership set up “an additional step in the digital transformation of CMA CGM, aimed at continuously creating value for its customers.”

WeWork is also to be gaining a large investment.  Tapping into its $93 billion Vision Fund, SoftBank Group will make a $4.4 billion investment into the NY-based startup which will be used by the firm to “connect more people” in its 150,000 member international community, adding more locational offices around the world, most notably in Asia. Furthermore, the proprietary data systems it has are set to “radically transform how people work.”

New York SMEs: Making the Connection

The City of New York is attempting to assist small business owners, as well as businesses owned by minority groups.  The way they are doing this is through certification.  One example was what happened with black-owned business Dabar Development Partners back in 2009.  Being certified by the city as a “minority-owned business,” the firm’s owner, Dawanna Williams was thenceforth awarded over $100 million in city contracts. This resulted in an increase in steady revenue as well as putting her and the business more in the spotlight, leading to even more business.

Companies can be certified either as a minority or woman owned-business (M/WBE) within the city of New York.  As if that wasn’t positive enough for NYC, it just so happens that women and minority business owners are at the prime time for opening new businesses.  For the first time ever, city agencies are joining together to assist owners of local small businesses by reducing bureaucracy and streamlining the process of opening a business in the city, thanks to the Small Business First plan.

In addition, the Mayor has recognized that facilitating the building of strong, diverse businesses will ultimately support his work and that of the government in the establishment of a stronger city.

Pre-Screening Engineers

In an attempt to facilitate the hiring of engineers and ensure their staunch technical skills, Triplebyte was established in 2015.  Initially in San Francisco, the company that has built an enhanced hiring process, enabling engineers to showcase their capacities, Triplebyte is now ready to move on to its second market, in New York.  At the same time, it will be moving into an additional industry to technology – that of finance.

After two years of focus in the Bay area, last month, Triplebyte announced the launch of its services in New York. Initially concentrating on “late stage startups” including Dropbox, Palantir and Peleton, the company is interested in engineers currently working in New York or willing to relocate and has even committed to cover interview and related costs.

The way Triplebyte works is by putting all technical recruits through an automated screening test, followed by a two-hour technical interview. It then identifies their strengths and weaknesses and using that data, seeks the most appropriate work environment for them.

Resumes are not required.  The process just works with candidates face-to-face and uses that method to test their abilities. That way it is completely non-discriminatory and not based on paper. So if someone has not gone to college but has taught themselves, but are extremely proficient in what they do, they will likely be placed.

Next up for Triplebyte:  the finance industry.

Family Financial Planning on the Rise

Financial planning is on the rise, and especially for families; expenses such as mortgages, insurance, college tuition and retirement often require prior planning. Many families live paycheck to paycheck, which can lead to significant issues later on, and financial planning with the help of qualified advisers is a popular way to take control of your finances and set such a plan in motion.

Sean Flynn, a financial adviser at Essex, Connecticut-based firm Essex Financial Services, recently discussed several issues and tips that families may want to consider when beginning to plan for a future expense such as college tuition. He explained that the first step is developing a plan.

“Parents should be honest with themselves and evaluate their financial capabilities, because as with all aspects of finance, it’s important to have a budget. Being aware of how much they have and how much they spend will help families plan and know realistically how much they can save each month for college without risking the necessities.”

“One of the keys to saving is starting early and often,” he added. “By starting early, you get to see the effect of compounding interest and will start to see your assets grow over time. It is important to create a savings plan and to stick with it throughout the years. Once you set an amount to save, automatic contributions are a great way to ensure you stick to your plan.”

Financial services companies such as Essex Financial focus on each client’s needs and help them set up the best strategies for their situations, allowing them to manage their finances independently for a more secure future.

 

Job Increase in New York

Alicia Green, Deputy Mayor for Housing and Economic Development in NYC, recently announced the establishment of the VR/AR hub for business creation, education, investment, research and training.  The NYU Tandon School of Engineering has been chosen to develop and operate this – the first ever government funded hub at a 15,000 square foot space in the Brooklyn Navy Yard.

Students will be able to prepare at these hubs for careers in both these sectors (Virtual and Augmented Reality). Meanwhile the NYCEDC (New York City Economic Development Corporation) together with (MOME) the Mayor’s Office of Media and Entertainment has invested $6 million into the incubator.

It is hoped that this will result in: the support of new ventures (equipment, infrastructure and workspace) to startups; create a citywide VR/AR talent pipeline; ensure that the area has the highest quality VR/AR research center through expertise of those from NYU, Columbia, CUNY, to expand technological advance in these fields; develop the VR/AR Community and activate innovation in the field.

Trump Bump NY Tourism

At one point there was some anticipation in loss of revenue in tourism due to the Presidential election (and the resulting anti-immigrant rhetoric). That has been eliminated and replaced with what people are terming the “Trump Bump” as tourism-related revenues have increased this year compared to the same period in 2016.

Indeed, if you look at the latest report from the U.S. Travel Association’s Travel Trends Index, there was a 6.6 percent growth in international travel to America in April and 5 percent growth in May compared with the same months last year. In addition, STR (hotel tracking industry) ’s senior VP Jan Freitag said that the first five months of 2017 witnessed higher hotel occupancy “than ever before.” And there has been no deceleration in US meetings/events recorded by AMEX Meetings & Events.

New York will, no matter what, always be an icon and a place people from around the world will flock to visit.  Clearly the alleged Trump Trauma has not put a damper on that.

Wealth Management Systems

There are many avenues for securing financial advice.  For SME owners and HNWIs seeking guidance from credentialed fiscal specialists, wealth managers – and the platforms they use – are often approached.  Using these experts and their systems facilitates the process of the coordination and implementation of estate planning, investments, retail banking, legal resources, etc.

When one decides to use a service however, which one should be used?  Black Diamond® Wealth Platform has recently a very popular choice, with over 1,000 advisory firms choosing it to enhance their client experience, advance operational efficiencies, and expand with scale.  This solution has significantly assisted Essex Financial Services with their headquarters in Essex, Connecticut.  As Essex Financial CEO, Charles “Chuck” Cumello, noted:

“We can handle a broad range of client situations, from the fairly routine retirement planning and college funding aspects, all the way up to the unique needs for intergenerational wealth transfer and legacy planning of high net worth clients,” which is very useful since the company’s focus (95%) is on the Registered Investment Advisory sector.

Black Diamond® Wealth Platform has been chosen by many other firms also.  Indeed, 60% of the top 100 advisors are using it, along with 58% of the fastest growing advisory firms. Some of these include: Decker Wealth Management, Fieldpoint Private, Homerich Berg Wealth Management, Lourd Murray and Radius Wealth Management LLC.