BRIST L COUNTY BUSINESS NEWS The Official Publication of the Bristol County Chamber of Commerce, Inc.
February 2018 Edition
The Outrageously High Cost for Energy in Massachusetts is an Issue that Matters than the national average for residents, 58% higher for commercial users, and 108% higher for industry. In late December, 2017, “Bloomberg News” announced that the “spot-market price for natural gas hit $35.35 in New England.” The cost is now 13 times more expensive than at the central US price-setting location. To white wash these cost inequalities is insulting to the people paying their utility bills.
(former Brayton Point Power Plant, Somerset, MA)
The outrageously high cost of energy in Massachusetts is reaching a tipping point for many businesses and residents. Contrary to arguments put forward by advocates with an unmistakable agenda these legitimate concerns have little to do with mid-winter price spikes. The simple fact is that cheap electricity is available throughout much of the United States, but it has not been the case in Massachusetts. Massachusetts has the distinction of historically having the highest costs for energy in the continental United States. It is one of the factors identified by “Forbes Magazine” that distinguishes Massachusetts as the most expensive state in the United States to conduct business. In 2014, the cost of electricity in Massachusetts spiked to more than double the cost during the past decade. In 2016 the Energy Information Administration reported that electricity costs in Massachusetts were 63% higher
The Voice of Business Since 1911
Why are costs for energy so high in Massachusetts? The straight forward answer is that Massachusetts does not have sufficient infrastructure to meet increasing consumer demand. Massachusetts electricity usage comprises more than 46 percent of New England’s overall demand. The problem became acute due to the decommissioning with no immediate replacement of approximately 10,000 megawatts of energy production. The shift away from coal, oil and nuclear energy production during the past decade has been significant. Electricity produced from oil has dropped from 22 percent of the total generation ten years ago to a less than 1 percent level today. Coal production of electricity was formally at 18 percent and is now below 5 percent. Meanwhile, the percentage of power produced by natural gas has nearly tripled. Brayton Point Station, a now closed coal fired power plant in Somerset, Massachusetts, is a good illustration of policy without concern for the immediate conse-
Welcome New Chamber Members
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quences. While the cessation of Brayton Point has been heralded as a great victory for environmentalists, the 1,530-megawatt power plant was the primary producer of electricity in southeastern Massachusetts. There is no replacement for the energy production gap created by loss of Brayton Point station, or the previously closed Montaup power plant in Somerset. These two power plants equated to a 2000 megawatts net loss of electricity production in southeastern Massachusetts. The policy advocates have moved on to other priorities, but residents and businesses in southeastern Massachusetts must now import their electricity from somewhere else at a far higher cost. The people of Somerset must also reconcile two empty power plants that no longer generate tax dollars. The situation in Somerset is a mess. After years of advocacy from chambers and business associations, lawmakers in 2015 approved legislation to build new (continued on page 3)
Bristol County Business News PUBLISHER Robert A. Mellion, Esq., President & CEO MANAGING EDITOR Jennifer Lourenco, Communications Manager ADVERTISING MANAGER Kimberly Coroa Moniz, Vice President The “Bristol County Business News” is produced monthly by the Bristol County Chamber of Commerce, Inc. The opinions featured in this publication do not necessarily reflect the views of the Chamber staff, nor of the members of the Chamber Board of Directors. This newspaper is printed at Mallard Printing. All letters to the editorial page must be signed and include a phone number. All submissions are welcome and should be sent via email to: email@example.com
MISSION STATEMENT The mission of the Bristol County Chamber of Commerce, Inc. is to be the primary business and community information source for its members and the public to provide networking opportunities for its members; and serve as an advocate, on behalf of its members, at the local, state and federal government levels.
Bristol County Chamber of Commerce, Inc. 200 Pocasset Street, Fall River, MA 02721 Phone: (508) 676.8226 Fax: (508) 675.5932 www.bristolcountychamber.org 2
2018 OFFICERS & EXECUTIVE COMMITTEE: Chair of the Board: Brian LeComte, Gold Medal Bakery Immediate Past Chair: Carl Garcia, Carl’s Collision Center Chair Elect: Bill Perkins, People, Incorporated First Vice Chair: Eileen M. Danahey, Saint Anne’s Credit Union Second Vice Chair: Nick Christ, BayCoast Bank Treasurer: Matthew Schondek, Fall River Municipal Credit Union Clerk: Curtis Nelson, Nelson Insurance & Financial Services President and CEO & General Counsel: Robert A. Mellion, Esq. BOARD OF DIRECTORS: Term Ending 2018 Carmen Aguilar, Bristol Community College Monte Ferris, Venus de Milo Anthony Medeiros, Mechanics Cooperative Bank Marty Monteleon, Individual Arthur Pacheco, New York Life Jason Rua, RDA Insurance Dawn Rusin, Re/Max Right Choice Term Ending 2019 Mike Bushell, St. Anne’s Hospital Bill Burns, SouthCoast Health Systems Catherine Dillon, BankFive Charlie Fellows, LaFrance Hospitality Melody Lavoie, Medeiros, Lavoie & Wilson, Inc. Doug Rodrigues, D.E. Rodrigues & Company, Inc Matt Zenni, Liberty Utilities Term Ending in 2020 Linda Baker, Baker Signs Works LoriAnn Taylor Branco, Center for Sight Roger A. Cabral, Bristol County Savings Bank Michael Lund, Borden Light Marina Scott O’Brien, O’Brien’s Plumbing & Heating, Inc. Carl Sawejko, Sawejko Communications Tobias Stapleton, UMass - Center for Innovation and Entrepreneurship EX-OFFICIO MEMBERS: Frank Marchione, President, FROED Kenneth Fiola Jr., Esq., Executive Vice President, FROED CHAMBER STAFF: Robert A. Mellion, Esq., President, CEO & General Counsel Kimberly Coroa Moniz, Vice President Brianna Rebelo, Manager of Operations & Finance Larry Benaruz, Manager of Membership Development Jennifer Lourenco, Communications Manager
The Massachusetts Small Business Center (MSBDC) Network provides on-to-one free comprehensive and confidential services focusing on, business growth and strategies, financing and loan assistance as well as strategic, marketing and operational analysis. In addition, low cost educational training programs are offered across the state targeted to the needs of small business. Massachusetts Small Business Development Center Network 200 Pocasset Street, Fall River, MA 02721 Phone: (508) 673-9783 Fax: (508) 674-1929 www.msbdc.org
Melinda Ailes Senior Business Advisor Clifford Robbins, Senior Business Advisor Daniel Lilly Government Sales Advisor Anne Fenton Client Services Coordinator Alison Moriarty Administrative Assistant Jill Beresford Senior Business Advisor Nancy Lowd Senior Business Advisor
(continued from cover) infrastructure. Business groups and many ratepayers had hoped for a pragmatic solution that reduced or stabilized costs, while also looking ahead to sustainability. Sustainability ended up superseding cost concerns as the new law required utilities to contract for both hydroelectricity and offshore wind. Meanwhile, a sensible effort to simultaneously expand natural gas pipeline infrastructure was thwarted. Trending away from â€œdirtyâ€? fossil fuels is essential, but the cost of conversion to alternative options must be a factor. Keep in mind that the introduction of alternative power generation as a primary source of energy production in Massachusetts is still many years away. Importation of hydroelectricity from Canada and power from off-shore windfarms will require the securing of significant tracts of land and water, must overcome permitting obstacles and have upfront infrastructure investment costs to be paid by consumers. This is why natural gas, as a gap bridging cost stabilizer should no longer be put aside for political convenience. Leveraging gas in combination with the expansion of green alternatives is a reasonable strategy that can help contain the high cost of energy while also meeting environmental aspirations. There is no reason why Massachusetts cannot be practical and forward thinking simultaneously. Not addressing the cost of energy is already impacting the Massachusetts economy. Now is the time for action. Respectfully, Robert A. Mellion, Esq. President & CEO Bristol County Chamber of Commerce
FEBRUARY 2018 CALENDAR All meetings are held at the Chamber unless otherwise noted
2/9 FRI...................................................................Education Committee Meeting 11:30 a.m.
2/16 FRI.....................................................................Government Affairs Meeting 8:00 a.m.
2/21 WED...............................................................................Business After Hours TBA
2/26 MON...............................................................Executive Committee Meeting 12 p.m.
2/28 WED..............................................................................108th Annual Meeting Registration & Lunch 11:30 a.m. Program begins at 12 p.m. Venus de Milo Swansea, MA
IN THIS EDITION Corner Office............................................
Page(s) Cover & 3
Page(s) 4, 7, 9, 12, 13, 14, 15, 17
Chamber in the Community...................
Page(s) 10 & 11
Page(s) 18 & 19
Interise Receives “STWMBA” Scholarship from BankFive for South Coast Business Owner ing number of students and classes offered.” CEO of BankFive. "We are thrilled to sponsor a business owner to go through the Interise program, who will receive the tools and training to develop their business for future success.”
The South Coast Interise, Streetwise ‘MBA’™ program and Bank5 have partnered to sponsor Jocelyn Maniglia, owner of Equestrian Element, for the 2017-18 program. The “BankFive Foundation Fund” provides financial support to the local community through grants that enrich schools and other organizations that serve low- and moderate-income households. The Foundation focuses on projects that support local educational programs, financial youth programs, and health and human service organizations that benefit the elderly, veterans and the homeless of our communities. “As a community bank it is part of our mission to support small business owners to grow, create jobs and revitalize our local economy," said William R. Eccles, JR., President and 4
“My Name is Jocelyn Maniglia and I have been a licensed equestrian instructor, horse trainer and barn manager with over 20 years experience . I own and operate Equestrian Element and it’s my life’s passion. I am truly loving my chosen profession and my goal is to grow my business to not only be more profitable, but to also provide increasingly improved client services and facility expansion. Currently, Equestrian Element is based out of East Over Farm in Rochester. I’ve recently began a new business plan; I am hoping to update and complete it with the knowledge and education I receive from Interise. Continuing my education in business is important to me. I am a hard worker with an imagination. I strive to stay current on the needs of my community and adding programs that will enrich people’s lives. Soon, we will need funding to complete projects to better handle the grow-
Interise provides the tools, resources and networks for small business owners to grow. With meetings twice a month during the program, entrepreneurs create a customized 3 year strategic growth action plan with realistic steps on how to grow. Interise graduates learn how improve leadership skills, hire the right staff, cut cost, do business with other graduates, get approved for loans and much more. All graduates also receive a certificate from Interise and Boston University for completing the program and they join a network of over 6000 small business owners nationwide. The program meets once a year in the fall for 13 sessions. About Interise: Since 2006, Interise (www.interise.org) has been the go-to partner for economic development with a proven model for accelerating economic and small business growth to revitalize lower income communities. Its StreetWise 'MBA'™ capacity building program has provided 4,000+ small business owners with the business knowledge, management know-how, and (network) relationships they need to scale using a peer-based learning method. As alumni scale their businesses, they contribute to economic development, job creation, and resilience within their local community. These businesses historica ly create jobs at 5x the rate of the private sector.
Mallard Printing is proud to partner with the Bristol County Chamber of Commerce for the printing of this newsletter. 657 quarry street fall river, ma 02723 p 508.675.5733 mallardprinting.com
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BayCoast Bank’s “Get on the Bus” Campaign takes 7th grade Fall River students to UMass-Dartmouth “BayCoast Bank is proud to anchor this outstanding project,” said Nicholas Christ, President and CEO of BayCoast Bank, noting that feedback from students participating in the “Get on the Bus” program has been positive. “It’s important that these young students recognize that college is not out of reach for anyone – we’re delighted to help deliver this message!”
SWANSEA and DARTMOUTH, MA – Earlier this academic year, all 7th grade students in the Fall River Public School system visited the University of Massachusetts – Dartmouth to enjoy a sense of what college is about, as part of BayCoast Bank’s “Get on the Bus” campaign. Organized and funded through a collaboration between BayCoast Bank, the University of Massachusetts, Fall River Public Schools and the EdUp Committee of the Bristol County Chamber of Commerce, the “Get on the Bus” program is designed to provide 7th graders a chance to experience a sense of college and to receive the message that college can be anyone’s reality. College students served as hosts 6
during the program, providing tours of the campus and dormitories. During the final tour, UMass-Dartmouth Chancellor Dr. Robert E. Johnson and Matt Malone, Superintendent of Fall River Public Schools, addressed students in the campus auditorium, underscoring the significance of a college education and the avenues students can travel to achieve their goals. Rob Mellion, President of the Bristol County Chamber of Commerce, was also in attendance. The project was greatly assisted by Amaral Bus Company, which offered significantly reduced rates to transport the students to and from the university.
About BayCoast Bank BayCoast Bank is mutually-owned, serving the needs of consumers, businesses, non-profits and municipalities through 18 branches and three loan offices throughout southeastern MA and RI. Additional services are offered through the Bank’s affiliates: BayCoast Financial Services, Plimoth Investment Advisors, Partners Insurance Group, LLC, BayCoast Mortgage Company, LLC, and Priority Funding LLC. Nicholas Christ is the Bank’s President and Chief Executive Officer. Visit www. BayCoastBank.com or call 508-6787641 or 888-806-2872. Photo: Fall River Superintendent of Schools Matt Malone (kneeling) with BayCoast Bank President and CEO Nicholas Christ (ninth from left) and students and members of the school department staff.
Southcoast Health Named Among Top 5 Percent of Hospitals in the Nation for Clinical Outcomes achieve the very best results for patients, and I am pleased that this award from Healthgrades has further highlighted their tremendous efforts.”
NEW BEDFORD, Mass. — Southcoast Health recently announced that it has received the 2018 Distinguished Hospital Award for Clinical Excellence from Healthgrades, the leading online resource for comprehensive information about physicians and hospitals. The distinction places Southcoast Health in the top 5 percent for clinical excellence among nearly 4,500 hospitals nationwide. This is the third consecutive year that Southcoast Health has received this recognition. “When you spend time in a Southcoast Health facility, whether as a patient or a visitor, it is clear that the mission of our employees is to deliver both clinical excellence and personalized care that is unmatched,” said Keith A. Hovan, President & CEO of Southcoast Health. “Southcoast Health physicians, nurses and staff work tirelessly to
The 250 recipients of the Distinguished Hospital Award for Clinical Excellence stand out among the rest for overall clinical excellence across a broad spectrum of care. During the 2018 study period (2014-2016), these hospitals showed superior performance in clinical outcomes for patients in the Medicare population across at least 21 of 32 of the most common inpatient conditions and procedures —as measured by objective clinical outcomes performance data (risk-adjusted mortality and in-hospital complications).
ing decisions about where to receive care.” In October, Southcoast Health was honored with 19 additional awards and recognitions from Healthgrades, including being named one of America’s 100 Best Hospitals for Cardiac Care for the seventh year in a row (2012-18). In all, it was recognized for superior cardiovascular services with 11 awards, including the Healthgrades Cardiac Care Excellence Award for the 12th year in a row (2007-18). Southcoast Health also placed in the Top 5% in the Nation for Overall Pulmonary Services (2014-2018). To learn more about how Healthgrades determines Distinguished Hospital Award for Clinical Excellence recipients, please visit www.healthgrades. com/quality.
“We commend hospitals that have achieved Healthgrades 2018 Distinguished Hospital Award for Clinical Excellence, demonstrating a steadfast commitment to high quality care for their patients,” said Brad Bowman, M.D., Chief Medical Officer, Healthgrades. “Hospitals that meet these 195 Broadway, Fall River, MA high-quality stan508-675-7433 dards will continOpen Wednesday evenings until 8:00 pm ue to distinguish Hours: Mon. - Fri. 8:00 am - 4:30 pm, Wed. until 8:00 pm, Sat. 8:00 am - 3:00 pm themselves with www.bathsplashshowroom.com consumers makLocations: Fall River, MA • Plainville, MA • Hyannis, MA • Cranston, RI HVAC Locations: Woburn, MA • Avon, MA • East Hartford, CT
Spring is just a few weeks away. Get inspired at the 2018 Bristol County Home & Garden Show
BRIST L COUNTY
Saturday, March 10, 2018
HOME & GARDEN SHOW
9:00 a.m. - 4:00 p.m.
Saturday, March 10th at Diman Regional Voc-Tech
Diman Regional Vocational Technical High School 251 Stonehaven Road Fall River, MA 02721
For additional information or to secure booth space please contact Kimberly Coroa-Moniz at (508) 676.8226
Dave’s Tire & Auto Service (508) 679-6482
Guaranteed Service & Repairs for Domestic & Foreign Cars, Light Trucks & SUV's • Computerized Wheel Alignment • Brakes/Front End • Shocks & Struts • Tune-ups/ Oil Change • Air Conditioning • Mufflers/Exhaust www.davestireandauto.com 352 Bedford Street Fall River Open Monday - Saturday at 7:30 a.m. Mention this ad for a 10% discount on parts with repairs 8
Human Resource Insight How Accurate Is Data in Online Background Checks?
Every organization sets out to provide a safe and secure environment for their employees and customers. Conducting a background check gives an employer confidence they are hiring an applicant suitable for the job. Background checks, however, require careful compliance with applicable federal, state and local laws to avoid claims from rejected applicants. Employers may think DIY screening can save them time and money, but keeping up with all compliance rules can be tricky.
Data from background checks come from government data that regular search engines cannot access. Throughout an applicant's life, government agencies at the county, state, and federal level collect information about everyone living in their jurisdiction. For example, a county will have information about a person’s birth certificate and a courthouse contains criminal records. Online background check websites collect this data into easy-to-read reports compliant with FCRA regulations.
Are Online Background Checks Free?
What Kind of Data Is in Background Checks?
No. It costs money to source data and organize it into reports that are compliant with the Fair Credit Reporting Act – that is part of the service TalentValue International offers. The FCRA requires the applicants’ consent to conduct the background check which is a much more thorough and complete search than a website that provides instant results. The request must also fit the requirements of the job.
Different background check services offer different kinds of data; however, they commonly offer data about legal names and known aliases, birth dates, current and past addresses, arrest and conviction records, traffic records, DUI arrests. You can access even more detailed or specific information like bankruptcies, liens, properties owned, weapon permits, judgments, Social Media information, online activity and credit scores.
Where Does Background Check Data Come From?
Data in online background checks is highly accurate, though there is no guarantee that 100% of the data will be accurate on all reports all the time. There may occasionally be errors that exclude information about a person, or include inaccurate information. Each jurisdiction has different laws about public records, and data is highly influenced by where your applicant lives. Another reason to use TalentValue International; we understand the laws and will assist you in responding to applicants’ request for reports when there is a potential adverse action issue . Are People Notified When You Pull Their Background Check Report? No, all background searches are confidential. When you pull a person’s report, they won’t know that you’re looking at their public records. How Much Do Online Background Check Reports Cost? We are a low-cost provider, and our process is simple to use. It always helps to have a professional like TalentValue International providing you with customized solutions that fit your needs within your budget. For immediate assistance call Ken Graves 401.463.0200 ext:403 https://talentvalue.com/request-a-quotation
Chamber in the Community
State Senator Michael Rodrigues, State Representative Alan Silvia, Joan Medeiros, Chair of the Bristol Community College Board of Trustees, Dr. Robert E. Johnson, Chancellor UMD. 18th Annual Martin Luther King, Jr. Community Breakfast at BCC. (January 15th, 2018)
18th Annual Martin Luther King, Jr. Community Breakfast at BCC. (January 15th, 2018)
Members of Atlantis Charter School Board and Atlantis Educational Foundation, along with School Administration welcome Mayor Jasiel Correia II for a tour of the new Atlantis Charter School Campus (January 16th, 2018)
State Representative Carole Fiola tours Saint Anneâ€™s Hospitalâ€™s new Behavioral Health Suite (January 22nd, 2018)
Chamber Ambassadorâ€™s Meeting/Luncheon 110 Grill, Fall River, MA (January 24th, 2018)
Fall River Inauguration Ceremony, Durfee High School (January 2nd, 2018)
Chamber in the Community
Business After Hours Bristol County Chamber of Commerce (January 24th, 2018)
BayCoast Bank Donates $80,000 to Support Construction of a New Atlantis Charter School Waterfront Campus (January 16th, 2018)
BCC Signs Agreement with Bay State Wind education.
Bristol Community College announced today that Bay State Wind has committed $1 million to fund the college’s first endowed faculty position as part of a signed memorandum of agreement, which was submitted as part of a bid proposal to the Massachusetts Department of Public Utilities for Long-Term Contracts for Offshore Wind Energy Projects. The agreement celebrates a long-term shared commitment by both organizations to develop the workforce requirements and effective training models needed to create a vibrant and sustainable offshore wind industry. It also explores a collaboration with BCC and other industry stakeholders to develop an offshore wind training center in New Bedford. BCC currently has a concentration and certificate program in relation to the offshore wind power industry. This agreement enhances the programs offered and supports outreach initiatives in the STEM fields as well as other educational opportunities at BCC. 12
“We are extremely grateful to Bay State Wind for recognizing the important role that BCC plays in the future of wind energy education. This partnership solidifies BCC’s commitment to offshore wind training and the creation of jobs. It also ensures that we will be able to support the offshore wind industry in New Bedford with highly-skilled faculty and programs, well into the future,” said Laura Douglas, Ph.D., President, Bristol Community College. On December 20, 2017, Bay State Wind intends to submit a bid in response to the Request for Proposals for Long-Term Contracts for Offshore Wind Energy Projects. In the event that Bay State Wind receives final, non-appealable approval by the Massachusetts Department of Public Utilities of one or more power purchase agreements pursuant to the 83C RFP, the organization will make a financial contribution of $1 million to BCC to create the college’s first endowed faculty position in support of offshore wind energy
“Today marks the beginning of an important partnership that will help ensure Massachusetts’ position as the national leader in offshore wind,” Thomas Brostrøm, President, Ørsted North America. “Bristol Community College will be an integral part in the training and educating of the workforce that will be part of this new industry. Bay State Wind and its parent companies, Ørsted and Eversource, are pleased to support BCC in establishing the curriculum and support services that will create hundreds of new jobs for the entire South Coast region.” “We are so pleased to be part of this effort to bring clean, safe and affordable energy to Massachusetts,” said Mike Auseré, Vice President of Business Development, Eversource. “Eversource has served Greater New Bedford for more than 100 years, and we have always been committed to supporting the economic well-being of the community, its residents and businesses. We applaud BCC for the great work they do in educating tomorrow’s workforce and are excited about our future role in that effort. "Bay State Wind's seed investment in industry training based at BCC’s New Bedford campus will help to advance our goal of becoming the East Coast hub of the offshore wind industry in the years ahead, and it underscores the (continued on page 13)
(continued from page 12) confidence that Ørsted and Eversource have in our workforce," said New Bedford Mayor Jon Mitchell. In addition to the $1 million endowed faculty position, the memorandum of agreement also includes that Bay State Wind will: • Explore a collaboration with BCC and other industry stakeholders to develop an offshore wind training center in New Bedford, Massachusetts. • Participate in the BCC "Women in STEM" series. • Provide a representative to serve on the BCC STEM Advisory Board. • Participate in BCC's K-12 initiative to train middle school and high school science teachers how to deliver a unit of instruction specifically about wind energy. • Sponsor a one-day workshop at BCC for K-12 science teachers. • Support BCC's "lending library" of teaching kits that includes a 20-inch turbine and tower. • Host, or cause its affiliates to host, BCC student interns. • Collaborate with BCC to assist BCC in accessing funding from the Massachusetts Clean Energy Center to financially support student interns.
• Provide a company representative as a guest lecturer in BCC's offshore wind power courses. Bristol Community College is currently offering an Engineering Technology/ Offshore Wind Power Technology concentration of its Associate in Science in Engineering Technology (Offshore Wind Power Technology), as well as a Certificate of Recognition in Offshore Wind Power Technician. Both programs prepare students to work as technicians for the offshore wind power industry. Students learn aspects of engineering technology such as electrical machinery, fluid systems, materials science and strength of materials, and gain handson experience with assembly, installation, operation and maintenance of wind power systems.
offerings that lead to an associate degree, a career-ready certificate, or the ability to seamlessly transfer to baccalaureate colleges throughout the state and country. The College’s Center for Workforce and Community Education provides customized training for businesses and the community including healthcare, workforce and sustainable initiatives, corporate services, and Kids College. The BCC Foundation, a non-profit organization utilizing community donations and partnerships, supports the College’s mission to meet the lifelong educational needs of the community. ‘For more information, visit http:// www.bristolcc.edu/aboutbcc/.
About Bristol Community College Bristol Community College is a leading resource for education and workforce development in Southeastern Massachusetts. BCC has locations in Fall River, Attleboro, New Bedford, and Taunton, along with flexible online
Financial Advice: Know Yourself When You Begin Investing A 2016 Gallup poll showed the number of Americans who owned stock matching the all-time low previously hit in 2013. After peaking at 65% in 2007, the percentage of us who said we were invested in stocks was down to only a little more than half (52%) last year. For those younger than 35, the figure dropped to less than 40% (down from more than 50%). There’s probably a number of reasons for this decline, including fear of the markets following the Great Recession. While it’s true that the stock market has experienced volatility, it’s also been a helpful tool for building wealth over the long term. Of course, past performance is no guarantee of future results.
However, you may not have the time or confidence in your ability to choose the right investments, which are likely to include other investments besides stocks. If that’s the case, you may want to turn to a professional advisor. The first thing you should expect is for him or her to get to know you and understand your long-term goals, such as enjoying a financially secure retirement or helping your children or grandchildren afford higher education. Beginning with that information, your advisor should work with you create an investment plan designed to help you achieve those goals. At the heart of that plan will be a recommended asset allocation, which is nothing more than how your portfolio should be divided up among different types of investments, typically stocks, bonds, and cash alternatives. Determine your style.
Gallup.com, “Just Over Half of Americans Own Stocks, Matching Record Low,” April 20, 2016.
If you’re among those who’ve turned your back on stocks, you may be thinking it’s time to get back into the market – or invest for the first time. If so, a good place to begin is by determining what type of investor you are. Go solo or get help from a pro? If you’re a do-it-yourself (DIY) investor or have little money to start with, you may want to consider online investing. It makes trading relatively easy and inexpensive. 14
There’s more than one way to work with an advisor, and you need to decide which one you’re more comfortable with. If you want to be the ultimate decision-maker, you may choose to collaborate with your advisor. In this case, he or she will contact you with recommendations, and it will be up to you to decide whether to follow them. With this type of relationship, you’ll likely pay commissions on your transactions. On the other hand, you may prefer to take a hands-off approach and simply delegate the management of your investments. If you choose this, you will: • Not be consulted prior to transactions
being executed in your account • Probably be charged a fee based on a percentage of your account’s value rather than paying commissions Choose your advisor wisely. Finding the right advisor is an important decision. You may want to start by talking with friends and relatives whose opionions you respect. If they are working with someone they like, do your own research on them. After all, just because someone is a good fit for your mom or Uncle Charlie doesn’t necessarily mean they’re right for you. After you have names of three or four prospective advisors, see what you can find out about them online. That may help narrow your choices. Then talk with them on the phone and schedule appointments to meet with the two who seem most promising. In the end, you may have to “go with your gut” to decide which one to go with. This may seem like quite a bit of work, but when your ability to reach your financial goals is at stake, it’s likely to be worth it. This article was written by/for Wells Fargo Advisors and provided courtesy of Nelson Dias, Financial Advisor in Providence, RI at 401-459-6872. www.wfadvisors.com/nelson.dias Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and nonbank affiliate of Wells Fargo & Company. © 2018 Wells Fargo Clearing Services, LLC. All rights reserved.
Bristol County Savings Bank and Ricciardi Financial Group Announce Joint Venture to form Bristol Wealth Group
Pat Murray & Lou Ricciardi
TAUNTON, MA — Bristol County Savings Bank and Ricciardi Financial Group, both of Taunton, Massachusetts, have entered into a joint venture to merge the Bank’s Financial Advisory Services (FAS) division, located in Attleboro, Massachusetts, and Ricciardi Financial Group to become Bristol Wealth Group with combined assets of approximately $700 million effective January 31, 2018. The joint venture also includes an affiliation agreement with Raymond James Financial Services (Raymond James), one of the leading brokerage firms in North America, which will provide Bristol Wealth Group and its clients with a wide range of investment solutions and a state-of-the-art investment platform. Bristol Wealth Group will be owned equally by the Bank and the Ricciardi Financial Group and managed by CEO Lou Ricciardi, Owner and President of Ricciardi Financial Group, who has also served on the Bank’s Board of Directors for more than 25 years. Bristol Wealth Group will be located on the 2nd Floor of the Bank’s Main Office at 35 Broadway in Taunton. The merger has received approval by federal regulators and the Massachusetts Commissioner of Banks. “After many months of planning and due diligence, we are confident that our joint
venture with Ricciardi Financial Group will provide all our clients the exceptional products and services required to satisfy all of their investment needs from a locally-owned and controlled independent wealth management advisor,” said Patrick J. Murray, Jr., President and CEO of Bristol County Savings Bank. “We look forward to a seamless transition as FAS clients will continue to be served by a financial advisory group with which they are familiar but now with the added value of Bristol Wealth Group’s advisor’s affiliation with Raymond James, one of the most highly regarded and well capitalized, independent broker-dealers in North America.” Ricciardi Financial Group, which traces its roots back to 1981 when Ricciardi was first licensed, provides wealth management and investment advisory services to over 600 clients and has grown to become one of the largest independent practices in the country today with assets under management of more than $400 million. The company has enjoyed a successful affiliation with Raymond James on behalf of its clients since 2009. Established in 2007, Bristol County Savings Bank’s Financial Advisory Services division provides wealth management, investment and trust administration services to over 400 clients with assets under management of more than $290 million. “The personalized approach to wealth management, which has been the hallmark of both entities since their founding, will continue to be our guiding principal,” said Ricciardi. “With similar cultures focused on the customer and a shared history of working together on behalf of the communities we serve, our new joint venture is focused on further strengthening our customer relationships and maximizing the
strategies and tools available in pursuit of meeting our clients’ financial goals.” Ricciardi added that with the combined assets of his company and FAS, Bristol Wealth Group will be able to enhance and expand its investment services offerings, from comprehensive financial planning, to broader access to municipal bond investing for individual investors and municipal financing for cities and towns, to expanded customized portfolio investments and models for individual and company retirement plans. “Our financial strength, in combination with the leading edge investment and technology platforms of Raymond James, will firmly position Bristol Wealth Group as a service leader from the start,” continued Ricciardi. “Raymond James’ Financial Institutions Division continues to grow with the addition of exceptional programs like Bristol Wealth Group,” said Tim Killgoar, Senior Vice President and Head of Raymond James’ Financial Institutions Division. “I am pleased that Bristol County Savings Bank and Lou Ricciardi discovered the benefits that partnering with FID have for both their advisors and their clients, and we look forward to providing the support they need in their joint venture and as they grow their program.” Founded in 1962, the client-focused approach of Raymond James has now extended to serve 3 million client accounts through 7,300 financial advisors in the United States, Canada and overseas. The company has expanded through the years to serve corporations, institutions and municipalities through significant capital markets, banking and asset management (continued on page 17) 15
108th Annual Meeting
With Guest Speaker:
John E. Taylor, Jr. Executive Chairman, Twin River Worldwide Holdings
Wednesday, February 28th 2018 Venus de Milo Swansea, MA Registration & Lunch 11:30 a.m. Program to begin at 12 p.m. Chamber Members $40 per person â€˘ Non Chamber Members $50 $400 for a table of ten $500 for a corporate table of ten For additional information please contact (508) 676.8226
(continued from page 15) services. The company established Raymond James Financial Services more than a quarter century ago with the mission to help clients achieve their financial goals and dreams. Raymond James Financial Services is the firm’s independent broker/ dealer, and the Financial Institutions Division provides a full spectrum of securities brokerage and investment advisory services to help the investment programs of community banks and credit unions across the country do more for their clients. Bristol County Savings Bank has undergone a strategic review of its approach to financial advisory services for several years and concluded that a locally controlled wealth management/investment advisory model would provide its clients with the best experience in a changing world. The announcement of this joint venture
agreement coincides with the planned and pending retirements of Financial Advisory Services’ Paul Lenahan, Executive Vice President, and Jean Ronn, Vice President and Senior Trust Officer. Ricciardi Financial Group will have no staffing changes as a result of the merger.
and expansion, and mission to support the communities it serves by making them a better place to live and work, has resulted in more than $2 billion in assets and over 400 employees in southeastern Massachusetts and Rhode Island.
The Bank entered into the financial services industry in 1995 with its acquisition of Anawon Trust N.A. Since that time the Bank has continued to diversify the assets it manages. Today, trust assets represent a relatively small portion of its Financial Advisory Services division’s total assets under management. Founded in 1846, Bristol County Savings Bank is a full-service financial institution also offering commercial lending, personal and business banking and mortgage services, as well as quality property and casualty insurance options through its majority-owned insurance partner, FBinsure. The Bank’s steady growth
Would you like to see YOUR business advertised here? For additional information about advertising in this monthly publication please contact the Bristol County Chamber of Commerce at: (508) 676.8226
Your business success is our personal commitment.
Our Fall River commercial lending team is ready to help your business grow. As the #1 small business lender in Bristol County* and an SBA Preferred Lender, we're known for great personal service, prompt, local decision-making and custom banking solutions. To discuss your financing needs, call 508-993-3472 or visit one of our branch locations. L-R: Roger Cabral, VP Commercial Lending; Joan Medeiros, VP Commercial Lending; Pete Selley, SVP Commercial Lending; Len Sullivan, First EVP & Sr. Loan Officer; Rich Farmer, VP Commercial Lending; & Michael Patacao, VP Commercial Lending.
Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF).
*Based on total loan originations as reported in the 2015 aggregate small business loan data to the Federal Reserve under the Community Reinvestment Act.
MEMBER TO MEMBER DISCOUNTS MAKE SHOPPING LOCALLY EASY! 3RD EYE PHOTOGRAPHY 10% Off & Free Initial Consultation (508) 212.9052 ACCURATE SERVICE, INC 10% Off Storage (508) 674.5773 APPLEBEE’S FALL RIVER 10% Off, Food Only (508) 675.1110 AT YOUR SERVICE 10% Off (508) 677.6700 BAKER SIGN WORKS 10 % Off, $500+ (508) 674.6600 BARRETT’S ALEHOUSE One 1/2 price app with any purchase (up to $5 value) (508) 674.3600 BATTLESHIP COVE 20% Off (508) 678.1100 BK’S TAVERN 15% Off, Food Only (508) 675.5044 BLOUNT CLAM SHACK & COMPANY STORE 10% Off (774) 888.0050 BOYS & GIRLS CLUB 15% Off Senior Membership (508) 672.6340 CAMARA’S HEATING & AIR CONDITIONING 10% Off (508) 636.8325
CENTER FOR SIGHT $50 OFF Pair of Eyeglasses $500.00 OFF Lasik (508) 730.2020 CHILDREN’S MUSEUM OF GREATER FALL RIVER 10% Off Admission (508) 672.0033 COMFORT INN & SUITES 10% Off Room Rates (508) 672.0011 CORPORATE IMAGE APPAREL INC. 10% Off (508) 676.3099 DAVE’S TIRE PRO’S 10% Off Parts with Repairs 10% Off Tires (508) 679.6482
FINANCIAL PLANNING ALTERNATIVES Complimentary 1 hr initial consultation & $250 Off Comprehensive Financial Plan (508) 636.6521 1125 State Road Westport, MA GASPAR’S LANDSCAPING 10% Off (508) 677.3502 GENERAL FITNESS 20% Off All Memberships (508) 677.4933 GOT SUN GO SOLAR $500 Off (774) 229.2986 INDOFF/DARTMOUTH 10% Off (508) 971.4141
D.E. RODRIGUES & CO. Free Initial Consultation (508) 679.6079
INTERACTIVE PALETTE 5% Off Website Packages (781) 930.3199
DELKEN DRY CLEANING 10% Off (508) 679.0999
JERRY REMY’S BAR & GRILL 10% Off, Food Only (774) 365.6905
DOTTIE LEBEAU FOOD SAFETY CONSULTANT 10% Off First Inspection (401) 385.9040
JEWELS DAY SPA MEDICAL AESTHETICS 10% OFF (508) 672.1316
E2SOL LLC 10% Off (401) 489.2273
LAZER GATE 10% Off (508) 730.1230
EMPIRE HYUNDAI, INC. 10% Off Parts & Labor 15% Off All Accessories Purchased at Parts Counter/Service Desk (508) 673.7646
MALLARD PRINTING 10% Discount (508) 675.5733 MEGANET COMMUNICATIONS 10% Off, One Month Free (508) 646.0030
SHOPPING LOCALLY REALLY DOES MAKE A DIFFERENCE! MF DEVINE AND SONS SEPTIC SERVICE 10% Off (508) 904.7847 devineseptic.com NETWORK CLEANING SERVICE, INC. 10% Off (401) 439.1383 NEXT MONITORING, INC. 1 Month Free (508) 379.6315 O’BRIEN PLUMBING & HEATING, CO. 10% Off (508) 679.3368 PATTI’S PIEROGIES 10% Off, International Platter (508) 679.4001 PAWTUCKET RED SOX Buy 25 Flex Tickets & Save $25.00 (401) 724.7300
SALON ELEGANCE & SPA 10% Off any Spa Service/$20 Off First Facial (508) 642-9178
THINKTECH COMPUTER Free 27- Point Network Audit (508) 992.2541
SECURED STAFFING We Will Beat Competitor’s Pricing (508) 567.5083
TIPSY TOBOGGAN 10% Discount (508) 944.3728
SENIOR FUNDING GROUP $500 Off Reverse Mortgage Closing Costs (508) 646.4351 Contact: Mike Kennedy
TRANSANALYSIS, INC. First Month Free (508) 646.1000
SMOKIEZ, INC 10% Off (excludes cigarettes) (508) 672.1111 103 Swansea Mall Drive SOMERSET CHRYSLER DODGE JEEP 10% Off Parts and Labor (508) 675.1106 SOMERSET DECORATING 10% Off (508) 674.8596
PAYROLL EXPRESS We Will Beat Competitor Pricing (508) 679.1858
STRIVE GYMNASTICS & FITNESS, LLC 10% Off (508) 567.3830
PERFORMANCE AUTO CENTER 10% Off (508) 675.4777
SULLIVAN TIRE & AUTO Full Service Regular Oil Change $19.95 (508) 674.4068
PURE HEADSPA 20% Off First-Time Client (774) 526.7293
SPINDLE CITY AUTO GLASS 10% Off Any Service (May not be combined with other offers) (508) 677.3063
RADIO VOZ DO EMIGRANTE 15% Off (508) 678.9727 REMAX, DAWN RUSIN $500 Off Closing Costs or a Complimentary Moving Van (508) 677.3629
TOWN CAR TRAVEL LIMOUSINE 10% Off (508) 379.9088
UPLAND ARCHITECTS 10% Off Services (774) 430.3390 FUN 107/ WBSM 25% Off Advertising for New Clients Townsquare Media (508) 999.6690 WICKED KICKIN CHEESECAKES 10 % Off (774) 309.3133 WSAR 1480 AM 25% Off Advertising for New Clients Only (508) 678.9727
Would you like to see YOUR business listed here? For additional information on Chamber membership, or to include your business in the Chamber’s Member-to-Member Discount Program, please contact: (508) 676-8226
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