What Is Fiduciary Investment Advice and Why Does It Matter?

Is all investment advice equal? Seems like an easy question to answer, right? We assume that someone who is providing financial advice knows what they’re talking about. The problem is that isn’t always the case. In fact, there is no educational requirement for those who...

Easy Money: Online banking shift from shutdown is now ‘permanent’

Online banking has been growing for years, but local bankers say the coronavirus pandemic has turbocharged the trend. They’ve seen customers rapidly moving to a variety of digital banking applications, including online check depositing, electronic signatures for loan documents and digital wallets, which store credit and...

Part-Time CFOs: When to use them – and when to move on

Hiring a full-time, in-house CFO is an expensive proposition, especially for small or mid-sized businesses without a lot of capital to burn. Perhaps not surprisingly, accounting firms and other businesses are filling the void by offering a service that frees businesses from needing a full-time CFO. These...

Banking On It: Local deposits up 30% from 2009

Financial institutions have long competed for deposits using a variety of lures, including promotional interest rates, tote bags and toasters. Frankfort-based State Savings Bank, which entered the Traverse City market last year, even offers a free pie to anyone who switches a checking account from another...

The ‘New Normal’ in Mortgages

The numbers don’t lie: Unconventional mortgage loans are making a comeback. In 2018, unconventional mortgage lending hit its highest rate since before the subprime mortgage crisis and the ensuing Great Recession. Whether or not you’re involved in the financial industry, that statement may worry you, since...