Our Blog

DWM is committed to learning for its team, clients and friends. In this changing world, it’s extremely important to stay current in all areas impacting your financial future.

We encourage all of team members to “drill down” on current topics important to you and contribute to our weekly blogs.  Questions from our clients and their families are often featured in our blogs.  

Financial literacy for clients and their families is very important to us.  We generally hold an annual wealth management seminar for all of our clients.  We encourage regular, at least semi-annual, meetings in person with our clients to review family updates, progress on financial goals, asset allocation and performance of investments.  We’re happy to assist younger members of the family as part of our total wealth management program.

Here’s our latest blog:

 

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Labor Day: A Holiday and a Time to Reflect on the American Dream

Written by Lester Detterbeck.

Hamdi_Ulukaya.jpgWe hope everyone had a wonderful Labor Day weekend. We certainly did. Labor Day always marks the “unofficial” end of summer. Time for school and work to begin in earnest. It’s also an excellent time to remember the contributions and achievements of American workers and to reflect on their chances of achieving the American Dream, which is “the ideal that every U.S. citizen should have an equal opportunity to achieve success and prosperity through hard work, determination and initiative.”

Last week, I read a very engaging interview in the NYT about Chobani yogurt’s founder, Mr. Hamdi Ulukaya (pictured above) and his quest of the American dream for himself and others.

Hamdi Ulukaya grew up in eastern Turkey with sheep, goats and cows. He and his family spent the spring, summer and fall in the mountains; herding animals and producing yogurt and cheese. They came back to their village in winter time. Hamdi went to a boarding school, but didn’t like it. He left school, got in trouble and then thought he should leave Turkey. A stranger suggested, “Why don’t you go to the United States?” Hamdi wasn’t sure, but decided to take the plunge in 1994, at age 22, and came to America with $3,000 in his pocket.

After several years of university study and odd jobs, in 2002 Mr. Ulukaya was encouraged by his father to start making feta cheese. Years of hard work and struggle ensued with little success. One day, Mr. Ulukaya saw an ad for a fully equipped yogurt plant for sale. Kraft was closing the operation in the dairy region of NY, near where Mr. Ulukaya lived. His attorney checked into it and reported back, “They’re looking for an idiot to unload this on. They probably have environmental issues. And, if they thought yogurt was a good business, they would not be getting out of it.” This was 2005 and at that time Greek yogurt represented about ½ of 1% of the yogurt market.

But, Mr. Ulukaya was convinced he could make it work. He pursued the deal and, on August 17, 2005, he had the “key” to the factory. Today, Greek yogurt is over 50% of the yogurt market. Chobani, which means “shepherd”, went from no sales in 2005 to over $1 billion per year by 2012. It continues to grow as the #1-best-selling Greek yogurt in America. BTW, it’s my favorite.

Chobani started with a few people and now employs thousands. They are known for offering generous wages and benefits and recently gave away equity to its employees. Mr. Ulukaya tells why: “Look, my background is a working-class background. One of my dreams was to make this company a place where everybody’s a partner, and the employees deserved a portion of what they have helped to build. If you make $7 or even $9 per hour, you can’t have a house. You can’t have good food for the kids. Forget vacations.” He continues: “Especially for rural communities, we (the employers) have to start worrying about our own employees, their families and their children’s well-being, and the school, and the firehouse and the baseball field. You have to get involved.”

Chobani needed people for its growth. Coincidentally, at this time people from different parts of the world were being settled in the Utica, NY area near the Chobani plant. Mr. Ulukaya, an immigrant himself, decided to start hiring them: “These are hardworking people-they’ve gone through a lot.” Today roughly 20% (500 to 600 people) of the Chobani workforce are immigrants from 19 different countries. In April 2016, Mr. Ulukaya gave his employees 10% of the shares of Chobani.

Labor Day is a perfect time for a holiday and perfect time to reflect on the American dream. Chobani’s Hamdi Ulukaya is a shining example that the American dream is alive and well. Mr. Ulukaya, now 45 years old, is worth $1.7 billion and is an owner, investor and philanthropist. And, as importantly, Chobani is helping keep the flame of the American Dream alive for its employees; by providing generous wages and benefits, including equity.   All 2,500 Chobani employees, some of them newcomers to the United States from other parts of the world and some whose families have been here for generations, could all celebrate in a very special way on Labor Day. The American dream is alive and well, particularly with entrepreneurs like Hamdi Ulukaya leading the way.

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Happy Labor Day: Fun Facts!

Written by Grant Maddox.

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Labor Day in the 21st century means time for beaches, BBQ, ballgames and quality time with family and friends. For many, Labor Day signifies the last days of summer. But don’t worry, the official end of summer is September 21st so you still have some time to catch some waves and rays. Although Labor Day always falls on the first Monday of every September, there is a lot more to this holiday weekend than an extra day off from work and great sales. From a survey done by WalletHub, here are 10 facts about Labor Day that you may not know:

  1. 133 million Americans will enjoy a BBQ this Labor Day

 

  1. The average Labor Day shopper will spend $58

 

  1. 25% of Americans plan to get out of town

 

  1. The top three Labor Day destinations include New York City, Chicago, and Las Vegas

 

  1. Labor Day is America’s third favorite holiday behind Christmas/Chanukah and Memorial Day

 

  1. There are approximately 89 running races held over Labor Day weekend

 

  1. The number one hardest working city in America is San Francisco with an 8 hour average work day, and the laziest city in America is Columbia, SC with an average work day of 7.3 hours

 

  1. Labor Day is the unofficial end of hot dog season in America. From Memorial Day to Labor Day there are 818 hot dogs eaten per second

 

  1. Most Americans believe Labor Day is only an American holiday when really it was started in Canada

 

  1. Last but not least, yes, you really can wear white after Labor Day!

 

From everyone here at DWM, have a great Labor Day Weekend and enjoy some time with the family!

 

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The End of Signing on the Dotted Line

Written by Grant Maddox.

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We all lead busy lives, so it’s important to save time and maximize efficiency whenever we can. The new eSignature feature from Charles Schwab allows you to review, electronically sign, and send back eligible forms to us, making a variety of processes quicker and easier than ever before.

At DWM, we always stay up to date with the latest technology and keep you informed, so we can ensure the best possible experience for our clients. As we learn more about today’s changing technology and the need to stay on top of cybersecurity, going digital allows sensitive client material to remain safely guarded, as well as providing an easier, less burdensome and more accurate onboarding process for everyone.

eSignature is accepted on many new account applications, maintenance forms, and managed account forms, such as:

  • Schwab One Personal accounts
  • Schwab One Trust Accounts
  • Company Retirement Accounts (CRA/Pension Trust)
  • Custodial/Minor IRA Applications
  • Account Closure Forms
  • Designated Beneficiary Plan Agreements
  • Investor Checking Accounts
  • IRA Distribution Forms
  • MoneyLink Applications
  • Transfer Your Account (Into or Out of Charles Schwab)

This time-saving eSignature feature is extremely efficient, and it’s easy to use, too! Simply follow the steps below and you’ll be well on your way to mastering electronic signatures.

1) When expecting a form for eSignature, keep an eye out for an email from Charles Schwab that states “Documents for Your Electronic Signature.”

2) Click “Review Documents” at the bottom of that email.

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3) Log into your Schwab account using your Schwab Alliance when prompted. If you don’t know your account information, let us know or contact Schwab Alliance at 1-800-515-2157.

4) Click “Agree/Continue” to agree to the eSignature terms and conditions.

5) Review the document and ensure that it is accurate before signing.

6) When you are ready, choose from two signing options: automatic signature or draw, in which you digitally “draw” your own signature.

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7) Click “Sign” in all places where signature or initial is needed.

8) Click “Finish” to complete the process. DWM will be notified promptly and you will then receive a confirmation email.

 

We could all use some time back in our day, so if you’d like to learn more about eSignature, reach out to us at any time or contact Schwab Alliance at 1-800-515-2157 for more information.

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