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.

In Brief: What the US Dollar is Up To

The dollar jumped against a slew of currencies that measure its broader strength earlier this month.  A four month peak was reached against the yen on the back of the numbers at the beginning of the month’s 25 basis-point rise in 10 year US government bond yields.  According to co-head of Millennium Global, Richard Benson: “The real story at the moment is the rise in U.S. real yields.  That does look like being the theme for the moment. Dollar yen is properly supported, and I don’t think there is even that much participation yet (in that trade).”

It has also been speculated that the US dollar could advance against the pound, following the Fed’s Labour Market Conditions Report, expecting to indicate an enhancement of market conditions that may spark some appreciation in the US dollar.

Other impacts on markets at the moment are central bank events, with anticipated raised interest rates imposed from the Bank of Canada and data indicates the economy in Britain looks gloomy suggesting an interest rate hike there later this year.

New York Businesses

Atena (a diversified healthcare company) is to move into New York in the near future.  Rejecting Boston in favor of the Big Apple, in 2018 the company will be making NYC’s 61 Ninth Avenue its new home, relocating 250 employees.  In addition, innovators from the area’s “deep talent pool,” will, according to Mark T. Bertolini, company Chair and CEO, provide for “an invaluable resource as we consider additional investments in the city going forward.”

This will be a fiscally beneficial move since the office of the New York Mayor has stated the company will receive tax breaks worth $24 million from the state over the next 10 years, facilitating the building of its new headquarters in the region.

Atena is not alone in large companies showing their favoritism to New York. Sportswear giant Nike also showed its adoration with its #NewYorkMade campaign, featuring a slew of community collaborations and interventions around NYC.

Education in NYC: Next Steps

In this video Manhattan Institute’s Director of Education Policy, Charles Sahm, Center for New York City Affairs Insideschools Education Policy Director Clara Hemphill, Alliance for Quality Education Advocacy Director Zakiyah Ansari, discussed with City Limits Jarrett Murphy the issues that currently require the most focus as New York City prepares for the upcoming 2017-18 academic year and the municipal elections.

The video was put together by BRIC TV, Brooklyn’s first TV channel that runs 24/7.

Increasing Diversity in New York’s Media Industry

In an effort to increase the diversity among those working in the media industry (specifically in TV – writing or directing), a bill was passed in the New York State Senate and Assembly which established a $5 million incentive program to be allocated to salaries of those who are female or come from another minority group.   This is in addition to New York state’s $420 million film and TV production tax credit.

The reasoning behind the bill was because it was found that those being hired in the industry were often passing over others just because they knew someone in the industry, leaving talented individuals without the job they deserve.  As Eastern DGA Executive Director Neil Dudich pointed out, “For years the DGA has pushed the industry to change their imbalanced hiring practices so that talent, and talent alone, is the defining factor. By encouraging studios, networks and producers to discover the talented New York TV directors and writers that are out there in abundance, this bill can be a meaningful step forward in establishing a level playing field for all.”

The way this will work in practice (if it gets Governor Cuomo’s support and becomes law) is that 30% of the salaries of female and minority writers and directors would have the opportunity to earn a tax credit, with caps of $50,000 per episode and $150,000 for a show’s entire season.