GROWING YOUR BUSINESS — Beating the big guys: As hard as it seems, it can be done

Growing your businessby Dan Beaulieu
Business consultant

So far, we have talked about service businesses where the company goes to the customer’s home to provide their services from landscaping, to plumbing, to home repairs, to cleaning services. However, these are not the only types of small businesses there are. So, for the next few weeks we are going to switch it up a bit and talk about small on-site businesses such as restaurants, independent hardware stores, clothing stores, fashion salons. The kind of businesses where the customers come to your establishment to do business.

Over the past several decades to successfully own and operate one of these businesses has been more then challenging, to some it has been devastating to say the least. How can you can you compete against the big guys? How can you be open the same hours as Walmart? How can you keep the same inventory as Lowe’s and The Home Depot? How can you provide the same prices as Staples or how can you stay open as many hours as Ruby Tuesday’s and seven days a week to boot? The answer is pretty simple, you can’t. You cannot beat these companies at their own game.

That being said what is the alternative? What are you going to do to become so outstanding that you will not only survive in a marketplace dominated by the huge and intimidating nationals? Look, it’s not easy, but it can be done. It will take hard work, perseverance, dedication, super customer service, and most of all creativity, but it can be done.

For the next few weeks we are going to dedicate this column to small businesses, focusing on strategies and tactics that each of them can undertake to be successful. Next week we’ll talk about small restaurants, then retail stores, the week after that hardware stores. Please note dear reader if you have a specific business that is not covered in these columns but would like some advice on how you can not only survive but thrive in this marketplace, please drop me an email and the address below and I’ll be more than happy to accommodate your needs.

To set us up for this series let’s begin by focusing on some of the things that the big guys can’t do. Being big is not always so beautiful. And to exemplify that here are some of the things the big guys cannot do:

  • They cannot get personal.
  • They cannot treat their customers as individuals.
  • They don’t have to help every customer individually.
  • They can’t sell like a small retail business can. Example: buy a suit at Kohl’s versus buying a suit at your local tailor, who will give you the best service and the better fitting suit?
  • They cannot be flexible. All company policies come from headquarters thousands of miles away which handcuffs the local affiliate when he tries to be flexible with the local clientale.
  • They can’t take part in community activities, everything has to be approved at headquarters which is thousands of miles away. Ever try to get a donation for your church’s silent auction from one of the giants? Good luck with that.
  • And one more, they don’t have a heart. They are not flesh and blood, they are a bureaucratic institution.

Gee I’m almost starting to feel bad for these giants. Not! But you get the idea, although it feels like they might have all the advantages, it’s not necessarily true, is it? Think about it, being small can be beautiful.

Check in next time when we talk about growing your restaurant business.

I’M JUST CURIOUS: Wandering Nanas on the river

by Debbie Walker

The weekend of September 8 and 9 was a busy one for the Wandering Nanas; the eighth was Nana Dee’s 80th birthday! In my way of thinking the 80th should be celebrated, I call it a significant number.

Nana Dee has a Bucket List of activities to enjoy. One of those things was to have an air boat ride. Even though she grew up in Florida she was never in the right place at the right time to have one. Well, Saturday she was in just the right spot.

Saturday afternoon we arrived at River Safaris, in Homosassa, for a Gulf Airboat Ride and Dolphin Quest. The cruise is a 90-minute ride. The river on the Central West Coast of Florida, puts us about one hour south of Gainesville and about one hour north of Tampa.

Captain “Irish” Dave was our guide. He has been running the river for 10 years and definitely knew his way around. He zoomed us through backwaters, estuaries and passed some historic Indian islands. We zoomed through saltwater marshes leading to clear, shallow waters. We saw fish, corals and sponges, birds and ducks.

This cruise was also a Dolphin Quest and it did not fail us! We were able to watch a pod of six dolphins frolic alongside and around us. I even managed to get a few pictures of them as they broke the water’s surface. Did I mention how shallow the gulf is off our coast?

I didn’t think so. The way I have always heard it told is this part of the gulf is not the best for deep sea fishing. The story is that we get deeper by about a foot a mile. So, you would have to go out about 30 miles to get the right depth. What’s always been funny to me is you can go out on a boat, get to a point where you see no land on any horizon. The funny part is you can get off the boat and very possibly walk on the bottom! I have been out a few times scalloping, and the first time was a real shock to me when I got off the boat and stood up. I loved it. I figured if we had boat trouble we could always walk to the shore, except…… I really didn’t want to walk with a shark swimming along side of me! (No sharks sighted this trip.)

We continued to celebrate Dee’s birthday by going out to a sea food dinner that night, five of us ladies. If I told you we were quiet and dignified I would be lying. But we did have fun!

The next day we talked Dee into giving up her afternoon of NASCAR racing on TV, something she rarely misses. We made up some story about needing this or that and we stole her away. While we were gone, family arrived to put together her surprise birthday party. We were all surprised she hadn’t figured anything out, but she truly had not even thought of a party for her. She thought her birthday was over on the eighth. You just never know what is up with this group of family and friends.

I’m just curious if you have ever swam with dolphins. That’s on my bucket list!

Contact me at dwdaffy@yahoo.com with any comments or questions. Have a great week!

REVIEW POTPOURRI: Glenn Gould

Glenn Gould

Peter Catesby Peter Cates

Glenn Gould

(1932-1982)

Glenn Gould would have been 87 this past September 25 if he had not died of a stroke October 4, 1982, at the age of 50. A world-fa­mous pianist at a rarely achieved level of success as was Vladimir Horowitz, Artur Rubinstein and Sviatoslav Richter, and still Yuga Wang, Martha Argerich and Murray Peraiha, he was also a man of other gifts – writer, TV personality, documentary film maker, and a character in the truest sense of the word.

My knowledge of him began nearly 60 years ago through a sampler of recently released classical records. It contained Brahms’s very tender 2nd Intermezzo from his Opus 118 set. I have heard other fine performances of this piece but Gould played it with extraordinary dynamics of softness, a sense of structure and of sheer beauty. And it can be heard on youtube.

Gould recorded Bach’s Goldberg Variations for Columbia Masterworks in 1956 and it has sold several million copies, becoming one of the 10 or 20 greatest classical recordings of the 20th century; it has similar qualities to the Brahms Intermezzo mentioned earlier in its brilliance. Other favorites of mine would include his recordings of the Beethoven five Piano Concertos and the broadcast from 1962 of the Brahms First Piano Concerto.

Glenn Gould’s interests were very intriguing, both in their limitations and broad-mindedness. When it came to composers, he recorded his favorite Mozart Piano Sonatas but felt that the composer died much too late at 35. He wavered between love and hate of certain works and rejected many of the 19th century composers, especially Chopin.

Barbra Streisand

He disliked most pop music yet loved singers Petula Clark and Barbra Streisand. During the 1960s, he wrote an essay about listening to Petula Clark on pop radio while driving through the Canadian countryside .

As for Streisand, Gould reviewed her LP, Classical Barbara, for the now-extinct High Fidelity magazine in 1976. Streisand also recorded for Columbia and was known to watch his recording sessions through a window.

The pianist’s OCD eccentricities were the stuff of legend:

When rehearsing with conductor George Szell, Gould took so long adjusting his piano seat that the Maestro remarked, “Perhaps if I were to slice 1/16th of an inch off your derriere, Mr. Gould, we could then begin!” Later, Szell commented, “That nut’s a genius!”

He also wore a thick winter coat, scarf, gloves and hat during heat waves in July and August!

 

 

Charter Communications to drop Disney Family Movies

Charter Communications (“Charter”), locally known as Spectrum, is making its customers aware that on or around October 31, 2019, Disney Family Movies On Demand will cease transmission in the channel lineup serving your community

To view a current Spectrum channel lineup visit www.spectrum.com/channels.

If you have questions about this change, please feel free to contact them.

INside the OUTside: Maine Ski Hall of Fame to induct eight new members

Induction ceremony to be held at Sugarloaf Mountain on October 19

Dan Cassidyby Dan Cassidy

Dave Irons, columnist for the Sun Journal, and chairman of the Maine Ski Hall of Fame, has released the names of eight inductees to the class of 2019, who have made the sport of skiing grow. According to Irons, the Hall of Fame was formed to recognize Maine skiers who have gained significant contributions to skiing in Maine. “Since its inaugural banquet in 2003, more than 130 skiers have been inducted, representing every aspect of the sport, competitors, coaches, instructors, founders and pioneers,” he said.

“This year’s induction brings the total to 144 members,” said Theresa Shanahan, executive director of the Ski Museum of Maine. “The Ski Museum is located at 256 Main Street, in downtown Kingfield, and will be open on Saturday, October 19, and Sunday, October 20 from 10 a.m. to 2 p.m. Tours of the Museum will be given,” she said.

Tickets to the reception and banquet can be purchased by contacting the Ski Museum of Maine at (207) 265-2023.

The eight Inductees include Seth Wescott, Lindsay Ball, Henry Anderson, Leigh Breidenbach, Don Fowler, Billy Chenard, Paul Schipper, and Robert Zinck.

Seth Wescott was a dominant competitor in Snowboard Cross. He was introduced in the 2006 winter games in Torino, Italy. Wescott won that first event and four years later, he was successful in defending his title at the Vancouver Olympics. He will be honored as one of more than 130 skiers into Maine’s Ski Hall of Fame. He also won two silvers in the World Championships along with three silvers and a bronze in the X-Games.

Lindsay Ball is a visually impaired skier who started skiing at age six with Maine Adaptive Sports. In 2011, she competed for Lawrence High School, in Fairfield. She also went on to compete in the 2014 Winter Olympics in the giant slalom. Lindsay mounted numerous podiums in World Cup and NorAm competition. She has won gold medals in both downhill and giant slalom. She graduated from UMF and is serving as vice president of the Maine Organization of Blind and Athletic Leadership Education.

Henry Anderson carried on the start of Maine tradition of skiing. He was born in New Sweden in 1894, and grew up where skis were used for transportation and later on racing. He made his own skis from 1926 to the early 1930s. He also made XC racing skis for members of the New Sweden Athletic Club and the Caribou and Fort Fairfield ski teams.

Leigh Breidenbach worked her way through the University of Maine at Farmington where she taught skiing at Sunday River. After graduation, she joined the school’s Ski Industry Program under Doc DesRoches and Tom Reynolds where she became part of the program. She is a fully certified Level III PSIA instructor. She has served the Ski Museum of Maine Board.

Don Fowler has demonstrated the love of skiing by being on the mountain every day that he can. He is one of the founders of the Ski Museum of Maine and has donated countless hours as the organization’s clerk and attorney.

He has compiled the complete history of Sugarloaf and helps as an ambassador for the sport.

Billy Chenard carried on a long tradition of highly competitive Nordic skiers coming out of the Chisholm Ski Club. He competitively skied for Rumford High School and was always either at the top of near it. He won the National Junior Nordic Combined title in 1972. He developed the cross country trails at Sugarloaf and the Balsams that were recognized by racers as being the best layouts in the East.

Paul Schipper a legendary skier at Sugarloaf Mountain is well known throughout the country and the world. It all began during the 1981 ski season when he realized that he had not missed a day on the slopes. That was the beginning of “the streak.”

From age 57 in 1981 until 2005, Shipper skied every day that Sugarloaf was open. As a retired airline pilot he was a keen weather observer and reported to Chip Carey in the marketing department. He used the streak to get as much publicity for the resort.

Robert Zinck got his start with the Chisholm Ski Club and developed into an all around athlete. His specialty was ski jumping. He jumped wherever he could at places like Black Mountain, in Rumford, the Swan’s Corner Gould Jumps, in Bethel, the Big Nansen,in Berlin, and all over New England.

Zinck had victories including 1972 Class A High School title, 1973 Maine and New England Class A Jumping crowns, 1974 Junior Nationals and many other championships. This led to his being named to the U.S. National team in 1976-1977.

According to Shanahan, this year’s special guest is Bill Green of Bill Green’s Maine. He is scheduled to honor some of the inductees.

Waterville receives $370,415 to assist area fire departments

Photo: Waterville Fire & Rescue Facebook page

The Federal Emergency Management Agency (FEMA) announced today $83.27 million in direct assistance grants to 364 fire departments nationwide through the agency’s Fiscal Year (FY) 2018 Assistance to Firefighters Grant (AFG) program. Additional phases will soon be announced.

The Waterville Fire Department will receive $370,415 from FEMA for an Assistance to Firefighters Grant (AFG). This is a regional grant to purchase nine cardiac monitors to be used by the fire departments in Albion, Clinton, Fairfield, Waterville and Winslow.

This grant is funded through FEMA’s Assistance to Firefighters Grant (AFG) program. Eligible applicants include local fire departments, fire districts, nonaffiliated EMS organizations, tribal fire departments and State Fire Training Academies. The grant applications are submitted from each agency directly to FEMA, where the applications are reviewed and scored by fire service personnel from throughout the nation.

FEMA obligates funding for this project directly to the recipient agencies. It is the recipient agency’s responsibility to manage their grant award within federal guidelines with technical assistance and monitoring provided by FEMA Fire Program Specialists.

Additional information about FEMA’s Assistance to Firefighters grant program(s) may be found at https://www.fema.gov/firegrants.

ROTARY CLUB NEWS: Much more work to be done in Southeast Asia

Chelsea’s Gary Kennedy at the Knight of Rizal Biennial Assembly in Manila, Philippines, in 2018.

by Gary Kennedy

For most of our readers this article will have very little meaning, but for me and the many Filipinos that live here in Maine it will have a lot of meaning. The Filipino population here in Maine and maybe the entire country has been the largest minority population. If you check out our military as well as our VA system you will find many Asian appearing people holding positions there. They are a wonderful people with good educations, especially in the medical field. They have blessed us with their presence, especially with their eagerness to work and show appreciation for the opportunity given them. Also it would be good to mention that they applied for entry into the USA and tested and paid all expected fees for the privilege to live and work here.

I have been writing for this paper for many years now and have tried very hard to supply diversity and keep our readers up to date in regards to current events and general items of interest regarding my travels as well as many other subjects.

As most of you know I try to champion educational conditions both domestic and foreign. For years now I have traveled S.E. Asia trying to help the disadvantaged, especially the young who are struggling to receive an education with most everything stacked against them.

This past year I was unable to visit other countries as I have been struggling with spinal stenosis and other medical issues, which have left me without my legs. I am struggling with physical therapy and would like to thank the Veterans Adminis­tration, as well as the doctors, who have stood by me through my heart breaking times. What would a disabled veteran do without the medical support given by this great and wonderful organization? Most of the veterans know me as an advocate and I try my best to stand by them in their hour of need.

Recently, I received information from Northern Luzon, Philippines that one of the areas that I, with all your help, service regarding health and education. You will see that I occasionally ask for help with different projects in this area of the world. An area in particular is known as “Peñablanca” which is located in the far Northern Regions of Luzon Philippines. This place is mostly known by the near city of Tuguegarao. The area I have been working with is the mountainous area of Peñablanca. To go there you need to cross the Tawi Bridge which transcends the waters of the Tawi River. During flood season this bridge is either destroyed or under water. This area is the typhoon capital of the Philippine Islands. It gets extremely hot and wet in this area and many people have died trying to cross this bridge.

Dr. Jose Rizal

Because of my military connected back condition I was unable to deliver the supplies that I have always been able to do in the past. This year, howeve,r I will attempt the journey once again. I started writing articles for The Town Line many years ago because of my Rotary affiliation. Now I am also writing for veterans and have a veteran’s blog. In 2003 I was asked to join an organization which I have grown to love and to be very proud of, “The Knights of Rizal.” This organization, through the Martyrdom of Dr. Jose Rizal, physician, patriot and a man of letters inspired the Philippines Nationalist Movement.

Dr. Jose Rizal was born in 1861 in Calamba Laguna Philippines and died December 30, 1896 by a Spanish firing squad. He could have avoided his death but chose to be remembered by the people for what he believed. He was an Optometrist, a brilliant young surgeon who spoke many languages and loved his country and its people. He just sought God given rights and freedom for the people with a right to grow, and become equals with the people of the world; especially the Spanish. You can research his life on your own computer and it will give you some very interesting reading. I mention Dr. Jose Rizal as I find him, as well as Paul Harris, common denominators in the quest for freedom, education and a chance to grow within the purview of one’s abilities. Like Rotary, the Knights of Rizal have now spread throughout the world. However, the Knights of Rizal are the only government legislated group of its kind. So now when I do projects in Asia the assistance of both, Rotary and The Knights of Rizal are mentioned.

This all came to mind because of information that I recently received. The afore mentioned Tawi Bridge has recently gone under construction through the efforts of Governor Manuel Mamba, 3rd District of Cagayan. The money originated for this long overdue project from the caring oversight of President Rodrigo R. Duterte (KGCR) for those of you who don’t know, President Rodrigo is a high ranking member of the Knights. Both organizations are believers in “Service to Mankind”.

Remember it’s not what you take with you but what you leave behind. Remember also the foot print we leave in this world is how others will view us. Always be willing to give a hand if you can.

GARDEN WORKS: Get it done in the garden while it’s still nice outside

Emily Catesby Emily Cates

Here comes autumn! It’s all around us — from the crisp, aromatic smells of wood smoke to the sight of falling leaves in the chilly air. There’s no denying that the cold is on its way. But isn’t this a most pleasant time of year to be outside? Aside from yellow jackets inebriated from the fallen apples, there is not a buzzing bug in sight to be concerned with. (But watch out for ticks!) And the chill in the air is refreshing when working vigorously outside. Let’s use this opportunity to get things done in the garden.

One of the most important tasks at hand is garden clean-up. Removing the remnants of plants such as frosted tomatoes, squash, and others will help reduce the incidence of pests and diseases in the garden. It’s also a good idea to do a thorough weeding: grubbing out all those pesky quack grass rhizomes and deep-rooted weeds such as burdock and dandelion. One helpful trick that makes getting rid of weeds easier is to till or hand-dig the area, let it rest for a few days or so until the new crop of weeds germinates, and then dig again. Got chickens? Corral them in this area and they will be happy to scratch it up for you. And they’ll add their own “contributions”. Another hint that helps with the weeds is to generously mulch the garden patch with shredded leaves, un-colored newspaper, straw, rotted hay, old sawdust, cardboard, bark mulch, or anything that does not contain weed seeds. Some folks even lay down old rugs and boards so that next spring when they’re pulled up, no weeds- and a soil that’s easy to work with. Oh, and let’s not forget to add nutrition at this time. If you have access to hay bedding from a goat pen, it will serve dual duty of being a decent mulch, with fertilizer “pellets” included. Garlic loves this!

Just because there was a frost doesn’t mean it’s over in the garden. Actually, it’s the prime time to plant garlic and cold-weather vegetables such as kale, and parsnips. With row covers, cold frames, hot beds, and hoop houses, the possibilities include greens, beets, radishes, kohlrabi, Brussels sprouts, cabbage, turnips, leeks, and carrots. Some veggies, such as carrots, Brussels sprouts, and parsnips, are much sweeter when harvested after a freeze- even in the snow! Give it a try if you get a chance.

Would you like to save some seeds of the harvest right now? Here are a few helpful tips to get started: Small amounts of seeds adequate for an average household can be harvested by hand. Try to save the healthiest, most productive, true-to type seeds from the “cream of the crop”. Unless you want a surprise, always save seeds from open-pollinated (non-hybrid) varieties that were not crossed with other varieties.

Generally, most seeds are ready to be saved after the mother plant has reached full maturity. Cucurbit family members (cucumbers, melons, squash, etc.) will be quite overripe and at the inedible stage. Fertile seeds of this type, when freshly harvested, will sink to the bottom of a cup of water. Save these ones and discard the floaters. Tomato seeds appreciate being fermented for a couple of days to dissipate a germination inhibitor- simply squeeze the tomato pulp into a cup, and wait until a layer of mold appears on the surface of the pulp.

This may take a day or two- but don’t wait too long or the seeds will sprout. When the gel capsules surrounding the seeds have broken down, pour fresh water into the cup. The good seeds will sink to the bottom of the cup, and the bad seeds and gunk will float. Pour off the impurities, repeat until clear, and rinse the seeds through a strainer.

Dry the cleaned seeds on a labeled paper plate, and voilà! Seeds from pod-bearing plants will be ready when the pod is completely dry. Try saving these types of seeds when the weather is arid, or pull the whole plant and hang under cover in a barn, outbuilding, or attic until the plant has dried. Seeds such as from beans, peas, corn, and squash are ready to store when they cannot be dented when applied pressure from a fingernail. These seeds and others can be stored dry in glass jars in the freezer for long term storage. (Just make sure to warm the jar at room temperature before opening so as to prevent condensation.) Bulbs, tubers, and rhizomes are the seed, such as with garlic, potatoes, and hops, respectively; oftentimes they keep best for planting when they have been thoroughly cured and stored away from light in a dry, cool (but not freezing) area. Really, a good rule of thumb for all seeds is to keep them dry and away from heat and light.

Hope you enjoy being productive in the garden!

Here comes autumn! It’s all around us — from the crisp, aromatic smells of wood smoke to the sight of falling leaves in the chilly air. There’s no denying that the cold is on its way. But isn’t this a most pleasant time of year to be outside? Aside from yellow jackets inebriated from the fallen apples, there is not a buzzing bug in sight to be concerned with. (But watch out for ticks!) And the chill in the air is refreshing when working vigorously outside. Let’s use this opportunity to get things done in the garden.

One of the most important tasks at hand is garden clean-up. Removing the remnants of plants such as frosted tomatoes, squash, and others will help reduce the incidence of pests and diseases in the garden. It’s also a good idea to do a thorough weeding: grubbing out all those pesky quack grass rhizomes and deep-rooted weeds such as burdock and dandelion. One helpful trick that makes getting rid of weeds easier is to till or hand-dig the area, let it rest for a few days or so until the new crop of weeds germinates, and then dig again. Got chickens? Corral them in this area and they will be happy to scratch it up for you. And they’ll add their own “contributions”. Another hint that helps with the weeds is to generously mulch the garden patch with shredded leaves, un-colored newspaper, straw, rotted hay, old sawdust, cardboard, bark mulch, or anything that does not contain weed seeds. Some folks even lay down old rugs and boards so that next spring when they’re pulled up, no weeds- and a soil that’s easy to work with. Oh, and let’s not forget to add nutrition at this time. If you have access to hay bedding from a goat pen, it will serve dual duty of being a decent mulch, with fertilizer “pellets” included. Garlic loves this!

Just because there was a frost doesn’t mean it’s over in the garden. Actually, it’s the prime time to plant garlic and cold-weather vegetables such as kale, and parsnips. With row covers, cold frames, hot beds, and hoop houses, the possibilities include greens, beets, radishes, kohlrabi, Brussels sprouts, cabbage, turnips, leeks, and carrots. Some veggies, such as carrots, Brussels sprouts, and parsnips, are much sweeter when harvested after a freeze- even in the snow! Give it a try if you get a chance.

Would you like to save some seeds of the harvest right now? Here are a few helpful tips to get started: Small amounts of seeds adequate for an average household can be harvested by hand. Try to save the healthiest, most productive, true-to type seeds from the “cream of the crop”. Unless you want a surprise, always save seeds from open-pollinated (non-hybrid) varieties that were not crossed with other varieties.

Generally, most seeds are ready to be saved after the mother plant has reached full maturity. Cucurbit family members (cucumbers, melons, squash, etc.) will be quite overripe and at the inedible stage. Fertile seeds of this type, when freshly harvested, will sink to the bottom of a cup of water. Save these ones and discard the floaters. Tomato seeds appreciate being fermented for a couple of days to dissipate a germination inhibitor- simply squeeze the tomato pulp into a cup, and wait until a layer of mold appears on the surface of the pulp.

This may take a day or two- but don’t wait too long or the seeds will sprout. When the gel capsules surrounding the seeds have broken down, pour fresh water into the cup. The good seeds will sink to the bottom of the cup, and the bad seeds and gunk will float. Pour off the impurities, repeat until clear, and rinse the seeds through a strainer.

Dry the cleaned seeds on a labeled paper plate, and voilà! Seeds from pod-bearing plants will be ready when the pod is completely dry. Try saving these types of seeds when the weather is arid, or pull the whole plant and hang under cover in a barn, outbuilding, or attic until the plant has dried. Seeds such as from beans, peas, corn, and squash are ready to store when they cannot be dented when applied pressure from a fingernail. These seeds and others can be stored dry in glass jars in the freezer for long term storage. (Just make sure to warm the jar at room temperature before opening so as to prevent condensation.) Bulbs, tubers, and rhizomes are the seed, such as with garlic, potatoes, and hops, respectively; oftentimes they keep best for planting when they have been thoroughly cured and stored away from light in a dry, cool (but not freezing) area. Really, a good rule of thumb for all seeds is to keep them dry and away from heat and light.

Hope you enjoy being productive in the garden!

Dakota Bragg named a Presidential Scholar at Clarkson University

Dakota Rae Bragg, of Skowhegan, majoring in civil engineering / environmental engineering, was named a Presidential Scholar for the spring 2019 semester at Clarkson University, in Potsdam, New York.

THE MONEY MINUTE: Attention retirees: How much are you paying for investment advice?

by Jac M. Arbour CFP®, ChFC®, President
J.M. Arbour Wealth Management

For the most part, people know what they pay per month for their mortgage, their car, property tax, etc. However, the same does not seem to hold true for their investments. We always ask the attendees at our monthly educational workshops (and our clients in personal meetings) if they are aware of their exact costs. It is extremely rare that someone does.

There are clearly reasons why 99 percent of the people we ask don’t know, and I believe the main reason is quite simple. Investment costs, management fees, expense ratios, loads on mutual fund, and other internal costs are not always the easiest to identify, nevermind understand.

If you own mutual funds or are considering purchasing some, be sure you know the “load” on each. The load is essentially a commission you are going to pay. Some mutual funds don’t have a load, and others have load fees averaging almost 6 percent. In addition, mutual funds come with what is called an “expense ratio.” This is an internal fee that helps pay the money managers and their teams to manage the fund.

Exchange traded funds (ETFs) and index funds tend to have lower costs than mutual funds; many people seek out such types of investment for this reason alone. With ETFs, which are passively managed, you do not have the active oversight given by fund managers, so it makes sense that the costs are lower.

Most people are coming to the conclusion that it is kind of important to understand what they pay for investment advice, and they want to know. I would encourage you to ask your advisor how much you are paying (or have already paid).

The fee-only investment advisory model is currently gaining major traction. It has been around for a long time, but after the Department of Labor made some noise a couple years ago about investment costs, advocating that advisors should have a fiduciary responsibility to their clients, many more people are now paying attention.

In the fee-only model, you simply pay one, flat, easy-to-understand annual fee that is equal to a percentage of your assets being managed. There are no hidden fees or expenses with this model, and it also ensures that you advisor is incentivized to grow your money, and to protect it when the markets cycle the other way.

Here is what I promise: When you have all the information, you will be able to make better decisions.

See you all next month.

Jac Arbour CFP®, ChFC®

Jac Arbour is the President of J.M. Arbour Wealth Management and can be reached at 207-248-6767.

Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.