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.
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.
New York Fashion Week (this year, 7-15 September), has evolved a lot in the 7+ decades it has been in operation. In a recent article in BizJournals, Teresa Novellino presents 7 ways it has evolved due to technology.
Anyone Can Go:
In the past it was mainly attended by buyers, celebrities and fashion editors. Now, shoppers are in attendance.
Thanks to social media channels, today people can buy the stuff they see at the Fashion Week much earlier. It used to be that event photos were only published months thereafter due to the delay of print publications. But now that is not the case and consumers can look at articles of clothing they can buy almost immediately.
Fewer private showings, since they are being traded in for private appointments with small groups of corporate buyers and editors.
Virtual Reality Shows
There is now a way to be at the Fashion show, without actually being there. Watch the show from the comfort of your own home and actually feel like you are present during Fashion Week thanks to live broadcast.
Snapchat all the way. With the launch of Vogue’s Snapchat Discover Channel, the LA Times reported on new content twice a week with a feature which included: “15 Reasons to be Excited for New York Fashion Week.”
Fashion and music go together thanks to Tidal which live-streams events, drawing additional subscribers.
Google has just started “experimenting with search carousels that are created and curated by catwalk brands.” What this means for the brands is that they will be able to manage what pops up when a designer’s name is put into the search engine. Ultimately this will help Google engage in competition with Instagram, etc. to get traffic from fans of Fashion Week.
In an effort to establish the next profitable company in New York, startups and VCs in the region are making funding deals. According to co-founder and CEO of CommonBond, David Klein said that their aim is: “to have as broad an impact as possible on the financial health of consumers in the U.S. And with our new investors and our new suite of employer-based products, we’re able to take our mission to the next level, now reaching all 40 million Americans with student debt, regardless of their financial profile.” CommonBond also received $300 million in loan purchases by an undisclosed global asset management firm.
On the subject of start-ups in New York, thanks to WE NYC – Women Entrepreneurs New York City – New York is becoming home to many more female run startups. The reason it was established is because statistics showed that the men in New York own 1.5 times more businesses than the women, while employing 3.5 times more workers. The way the organization is doing this is by connecting female entrepreneurs to people established in businesses who can help them, for example, executives in Macys and Goldman Sachs.
Furthermore, with Gov. Cuomo’s Start-Up New York program (which committed to the establishment of 4,100+ new jobs by the end of 2020 through an elimination of taxable burden for new/expanding businesses) over the last two years has created 408 jobs in New York.
Do you dream about looking perfect 24/7? That is the goal of ArcSoft’s Perfect365 app which just made its debut appearance at New York Fashion Week FW16. Working with designers Laurel Dewitt, Leanne Marshall and Dorin Negaru, the Perfect365 featured four new makeup looks at this year’s Fashion Week. Described by Wikipedia as “[one of the four] most prominent fashion weeks of the world,” makeup looks inspired by these designers were developed for the experiential enjoyment of beauty enthusiasts there. In addition, last week, in recognition of ‘Valentine’s Day Week,’ Perfect365 offered coffee to over 1,000 people outside Fashion Week venues in New York, to say ‘thank you’ to its loyal customers.
This app currently has over 80 million global users and gives style lovers “unprecedented control over their smartphone selfies.” It features over 200 Hotstyle one-tap makeovers, 20+ customizable make-up and tweaking tools, Style it! clothing and accessory tips and step-by-step guides on how to do make-up related things.
As to the success of the app, designer Leanne Marshall explained the phenomenon quite simply: “Nothing beats the power of the feel-good factor. With Leanne Marshall and Perfect365, fashion and beauty collide in the most exciting way. I love that the app allows you to find your look for every day.”
Perfect365 was also found to be offering free coffee at Moynihan Station, at the shows and backstage at 550 Washington Street, Pier 59 and 10ak, rubbing shoulders with the likes of Lady Gaga, Vanessa Hudgens, Khloe Kardashian, Alicia Keys, Milla Jovovich, Cyndi Lauper, Kelly Rowland and Nicki Minaj.
Getting a job in New York might just be becoming a little easier. According to 2015 reports, there has been a significant increase in private sector jobs in the state of New York; the US Department of Labor’s Bureau of Labor Statistics said that it actually broke records. Indeed, even though the job count increase was a mere 0.2 percent (resulting in an addition of 13,200 jobs), this was a record high for the state. It puts 7,880,000 people in jobs there. And, further this was indicative of an “upward trend.”
Of the regions in the state of New York, New York City encountered the highest growth (an addition of 2.3 percent), followed closely by Orange-Rockland-Westchester (at 2.1 percent). However, year-on-year three metro areas lost private sector jobs (Binghamton Dutchess-Putnam and Ithaca).
To elucidate this phenomenon, according to Greg David, in an article in Crain’s:
“New York City added 100,500 jobs in 2015 (using the annual average of nonfarm employment), the second consecutive year the city has generated six-figure employment gains, after 120,700 jobs were added in 2014. This is important because it is the first time that has happened since reliable statistics began being collected. Halfway through the new mayor’s term, it is time to call the expansion that began in 2010 the ‘Bloomberg-de Blasio Boom.’”
Some of these job expansions have come due to the escalating tourism industry. In 2015, a staggering 13,000 new jobs were created in New York City in response to the tourism boom.
In 1996, New York Celebrity Assistants (NYCA) was established. Since then the organization has come a long away and the assistants who are part of it get a lot of “assistance” themselves in dealing with their celebrities.
Working for a celebrity – while sounding quite glamorous – can often be extremely challenging with demanding clients and high expectations. Thus, grouping together for support and help is rather a good idea.
The assistant of course, is in addition to the agents, managers, publicists and cosmetic unit! There is so much to do and that is where the assistants come in. Their role is to plan meetings, book flights, organize parties and other such things.
With the aid of the NYCA, assistants find their jobs easier. One of the founders, Bonnie Low-Kramen explained: “It’s a win-win situation to help your colleagues with resources.” It makes the job easier, more efficient and better for the client.
It’s a lot of networking. If one assistant needs to get in with a particular florist, another assistant might be able to do them a favor. And then that assistant can call in the favor at a later date. Low-Kramen even has a book about it called Be The Ultimate Assistant, but at the end of the day it is the NYCA to which she turns, calling it her “powerful secret weapon.”
At the end of the day, if one is going to work for celebrities in New York, why not get some assistance, while assisting?
New York City is today home to four of the 50 fastest-growing female-owned companies. According to the Women Presidents’ Organization and American Express Global Corporate Payments, these firms boasted $10m+ in revenue last year. The firms are: Leslie Firtell’s Tower Legal Solutions, Rebecca Cenni’s Atrium Staffing, Elizabeth Eltin’s TransPerfect and Moira Moser’s M Moser Associates.
They all have different tips for developing, maintaining and growing a business. For example, Firtell – who managed to survive the crash – found new clients, persuaded them to pay up earlier and thus managed her cash flow issues. Cenni pointed out the importance of knowing your client so well that they will turn to you for all different types of work since one of the fastest growing parts of the economy is freelance/project work.
According to Elting, it is crucial that as a business person, one is able to move with the times and respond to change quickly, and with ease. Once a client sees you can do that they will trust you with all sorts of projects.
What might be of note is that today, many women who have risen to the top are actually helping others do the same. Historically this was not the case at all. It was believed that it was so hard for women to get to the top, helping others might just be detrimental to their success. Now they are recommending them, recruiting them and going in together to make deals. This is something that men have always done. An example of this was when Maggie Wilderotter found the best deal-makers to ensure the acquisition would transpire which resulted in the doubling of the size of Frontier Communications.
UMA Bioseed, an energy and sustainability from Cornell University was awarded top honor at the New York Business Plan Competition. The company that was developed by students from Cornell received $100,000 funding and in-kind services at this competition, the sixth of its kind.
The competition took place at SUNY Polytechnic Institute and attracted students from 37 higher educational institutes in the New York state, including: the University of Albany, Skidmore College, SUNY Polytechnic Institute, Albany Law School, Rensselaer Polytechnic Institute.
The nanotechnology and advanced technology award was received by ACV Metrology.
There may be a move away from tippers and towards raising the minimum hourly wage for tipped employees such as wait staff, hairdressers etc. in New York. A state panel has suggested it be raised to $7.50 an hour (from its current $5). Others are criticizing the move saying it’s not enough since if there wage is not at least $8.75 per hour, bosses legally need to make up the difference but if they don’t, the state of New York is currently unable to enforce it and thus these workers are not being paid fairly. Thus a minimum wage needs to be set for all.
In light of this, some eatery owners are considering eliminating tipping. Instead, menu prices will be raised by 22 percent. One such restaurant owner is Tom Colicchio who has wanted to do this for some time but now, given the recommendations of the Wage Board to raise the hourly wage tipped workers can be paid, the potential increase restaurant expenses would justify this.
Others believe that the entire industry should move over to the European model whereby a service charge is just included in the clients’ bill and thus pay for workers is higher. A few restaurants do this already in America but now more are considering the option. However, there is some kind of a crowd mentality happening with restaurateurs right now as no one wants to act alone. Only if a whole bunch of them enact this, will Colicchio consider following suit.