Clients frequently ask their financial advisors to assist them with their liquidity needs. Whether they want to purchase a vacation home, have a tax payment due or a new business venture, they want to know: what are the best options to make these moves? A private banker can help clients figure out the best mix…
Recent bank failures have sent shockwaves through the country, and the fallout has put a spotlight on financial services as an industry. Some business leaders are questioning whether they’ve done enough to ensure their money is secure. While it’s challenging to say whether these events were inevitable, one undeniable truth is that a strong relationship…
Small businesses are the backbone of many communities. As a community bank, WSFS has been serving the Greater Philadelphia and Delaware region for nearly 200 years, providing vital support to local businesses. The U.S. Small Business Administration (SBA) recently released their regional fiscal year rankings for 2023, with WSFS ranking first in Delaware for dollars…
Many of us first learned to care for others when we were small, at home, or at the knee of a parent or grandparent. Others give out of compassion for those who are less fortunate. The National Institutes of Health has discovered in brain MRIs that we experience a “helper’s high,” good feelings that drive…
The WSFS CARES Foundation, the charitable giving arm of WSFS Bank, announced it has provided a $10,000 grant to Minds Matter of Philadelphia, Inc. as part of its continuing series of philanthropic activities by WSFS and the Foundation. Minds Matter of Philadelphia, Inc. is a national nonprofit dedicated to promoting higher education, with 14 chapters…
Founded in 1893, Sunday Breakfast Mission works to serve those experiencing homelessness, addiction and poverty through programs that meet their spiritual, social, and physical needs. For over a century, people in need have received care through Sunday Breakfast Mission’s ministries, including nightly community meals, overnight shelter, monthly food boxes and more. WSFS, another storied organization…
It’s hard to believe we’re already approaching the end of 2023. Over the past year, many consumers saw their wallets stretched thinner as elevated interest rates and inflation continued to take a toll. A recent WSFS Bank Money Trends study found that 38% in the region are spending more money now compared to last year,…
With two local businesses under his belt at age 22, Ethan Seeley, knew he would need a banking partner that believed in the third venture vision – an existing business purchase. Having started his first business with a shovel and a lawnmower, Ethan had quickly grown a reputation in the Malvern, Pa., area as a…
When searching for your first or next house, it is vital to ensure you’re putting your best foot forward so you can land your dream home. Here are some key dos and don’ts for the mortgage process and purchasing a home. Do: Build Your Homebuying Team and Maintain Consistent Communication One of the first steps…
Charitable giving is a uniquely American phenomenon, driven by both social and tax considerations. In 2022, Americans gave $499.33 billion to charitable causes, according to the annual Giving USA dataset. Just under two-thirds of that came directly from individuals (not corporations, foundations, or bequests). Along with that groundswell of giving, nearly one in three American…
Fraudsters never sleep. Among one of their many tactics: bank account takeover fraud. How it Works Scammers will text a large number of consumers impersonating various banks and financial institutions to ask if you initiated a transfer or ask if you were making a purchase. It is a trick. Don’t respond. If you respond “NO,”…
In today’s ever-evolving real estate landscape, choosing who to trust with your homebuying process is key to a successful process. Purchasing a home is a significant milestone in one’s life, often representing years of savings and financial planning. While independent mortgage brokers and online lenders remain popular options, engaging a private banker brings a distinct…
Diversity, equity and inclusion continues to be at the forefront of the business landscape, and business owners and leadership must continue to consider the many ways a diverse team can impact their culture and business. There are many ways to view diversity, and evaluating the strengths that different team members bring to the table can…
It’s no secret that a college education typically comes with a hefty price tag. Following years of payment pauses for Federal student loans as a result of the pandemic, interest began accruing again in September 2023, with the first payments due in October 2023. Coupled with rising costs and inflation, which 72% of regional residents…
Every small business has expenses. They are a part of doing business that are impossible to avoid. Some expenses may seem avoidable, but doing so can stunt your business’ growth and success—or sink it altogether. Why it matters: Reinvesting into the business plays a critical role in long-term success, providing stability and growth opportunities, and…
Retirement—the end of perhaps a thirty-to-forty-year career. You have worked, saved aggressively, paid off your mortgage, met with your financial advisor and now it’s time to pack it in. Whether it’s moving south to Florida or heading west to Arizona, year-round warm weather may be what you have in mind for retirement. However, what happens…
Many small business expenses are unavoidable and even critical to operating and growing the business. These expenses include payroll, healthcare, supplies, costs of goods to resell, and everyday operations expenses, like utilities. On the other hand, there are expenses that are critical to a small business’ success that are investments that should not be ignored….
Every relationship, no matter where you find it, is unique. And relationships are at the core of every enterprise, whether that’s a business, a friend, or a banking partner. TSG Plumbing is comprised of three business entities — Simon’s Hardware & Bath, Hardware Designs Inc., and Central Plumbing — with focuses on wholesale plumbing and…
The hustle and bustle of the holidays typically brings with it increased purchases and the hunt for the best bargains. But sometimes a deal can be too good to be true, which is why it is vital to take steps to protect yourself from scams. According the Federal Trade Commission, consumers lost nearly $8.8 billion…
Interest rates continue to rise, and inflation is still relatively high, while the cost of supplies and services aren’t steady. All this amounts to higher costs for not only consumers, but also business owners. While the economic landscape might seem uncertain, now is not the time for business owners to take a ‘wait and see’…
Today, the term ESG (Environmental, Social, and Governance) has become a catch-all for different types of investing, and it has become a lightning rod for criticism. Proponents say it is a way to drive environmental and social initiatives forward. Detractors argue that ESG investing is a breach of fiduciary duty to pursue the highest returns…
In a high interest rate environment, it’s critical for small businesses to optimize cash flow, operations, sales and profits. Sometimes, balancing cash needs with investing in the business can be a challenge, but there are ways for small businesses to do both simultaneously with a money market account. Easy Access to Your Cash Money markets…
With interest rates rising to levels not seen in years, now is the time to ensure you have a firm grasp on your debts and manage your credit and borrowing responsibly. A recent WSFS Bank Money Trends study found that rising costs and inflation topped the list of why regional consumers are spending more (72%),…
If you have a cellphone, tablet, laptop or PC, odds are you’ve received at least a few messages through the years with suspicious links – that you hopefully did not click. Phishing is the fraudulent practice of sending emails or other messages purporting to be from reputable companies in order to trick you into sharing…
The holiday season is already almost here! Which often brings with it a season of cheer, quality time with friends and loved ones, and of course, some added expenses. A recent WSFS Bank Money Trends study found that nearly four in 10 regional residents (38%) are spending more money now compared to last year, and…
Social Security’s 2023 Cost of Living Adjustment (COLA) was one for the record books at 8.7% marking the biggest adjustment in more than 40 years. It provided many retirees with a much-needed reprieve from the impact of decades of high inflation. Social Security’s COLA will not be as generous for 2024 at 3.2%. While this…
With interest rates reaching levels not seen in years, many consumers are taking a close look at their spending and borrowing needs to evaluate their options. One borrowing option that can be particularly valuable to homeowners is a Home Equity Line of Credit (HELOC). An optional feature to consider with most HELOCs that can be…
As interest rates continue to rise, many consumers are homing in on their borrowing habits to avoid overextending themselves. Borrowing can play an important role in achieving your financial goals, so while it is important to manage your credit carefully – particularly while interest rates are elevated – finding the right lending option for your…
Fraud remains at all-time highs, particularly in the business world. According to the Association of Finance Professionals’ (AFP) 2023 Payments Fraud and Control Survey, 65% of businesses said they’ve been victims of fraud attacks or attempts in 2022. Of those that were payments fraud victims, more than one-quarter (27%) were able to successfully recover at…
2023 has presented many challenges for small businesses, with inflation and rising costs impacting many owners’ bottom lines. Why it matters: Difficult economic conditions are expected to continue well into 2024, so small business owners should be looking at their 2023 results to guide 2024 planning. Your planning checklist: Optimize your cash flow. Consider financing…
In a world driven by empathy and social media’s ability to persuade even the best of us, the innate desire to help others financially is a noble sentiment that speaks to the core of human nature. From supporting family members during challenging times to contributing to charitable causes, the act of extending financial assistance reflects…
WSFS Bank announced the launch of its annual Food Drive to combat food insecurity across the Greater Philadelphia and Delaware region. WSFS banking offices in Delaware, New Jersey and Pennsylvania will serve as deposit centers for nonperishable donations from WSFS Associates, Customers and Community members through December 31. WSFS officially kicked off the Food Drive…
The past few years have presented challenging – and rapidly evolving – financial situations for many consumers. The economic climate has resulted in many regional consumers making changes to their spending behaviors to combat increased prices and rates, according to a recent WSFS Bank Money Trends study. The survey found that 38% in the Greater…
WSFS Bank hosted a Learn & Explore Workshop at its Wilmington headquarters for more than 30 students from Chester Charter Scholars Academy in collaboration with the Philadelphia Union Foundation’s iAM Project (Inspiration, Aspiration, Mentorship). The students got an inside look at the banking industry and bank office operation. During the half-day workshop, WSFS Associates from…
Homebuyers are currently facing numerous challenges in the market, the two main challenges being home inventory and high interest rates. The lack of inventory is creating a competitive market for sellers, with many homes being sold over asking price. In fact, since 2020, the median home price has increased 26%. Inflated home prices combined with…
Each October since 2004 has marked Cybersecurity Awareness Month, a collaboration between government and the private sector to educate consumers on ways to stay safe online. According to the Federal Trade Commission, consumers lost nearly $8.8 billion to scams in 2022, including $1.2 billion lost to scammers contacting victims via social media. Scammers continue to…
Franchising is a rewarding endeavor for many small business owners and entrepreneurs, but it is also a long and winding road, from meeting franchisor requirements to securing necessary financing to get the business started. Why it matters: Every step in establishing and growing a franchise small business should be planned and executed by taking these…
One might see references to a trust in publications or on television. This begs the question “What is a trust?” Merriam-Webster defines a trust as “property interest held by one person for the benefit of another.”[1] That definition just scratches the surface. A trust will have three parties to it: The grantor or settlor who…
When George Swayngim started Georgeo’s Water Ice Inc. in 1980 in Marcus Hook, Pa., he started with his own line of the summer (and all year round for some!) favorite, Italian Ice. As his Italian Ice brand grew, the company grew along with it, becoming a large regional direct store distributor of water ice, leading…
Most people are not subject to Federal Estate and Gift Tax because its exemption is currently set at $12,920,000[1], the amount one can give during a lifetime or at death to anyone, free of estate and gift tax. Once assets get above that figure, one’s estate at death could be subject to an estate tax…
Wiring money can be a quick and convenient way to transfer funds, but before sending money to anyone it is important to take steps to protect yourself from fraud. According to the Federal Trade Commission, consumers lost nearly $8.8 billion to scams in 2022, including more than $311 million to wire transfer scams. It’s important…
It’s no secret that inflation and rising interest rates over the past year-plus have impacted many consumers’ financial stability. A recent WSFS Bank Money Trends study found that nearly four in 10 regional residents (38%) are spending more money now compared to last year, while only 21% in the region are saving more. The study…
The continuity of any small business depends heavily on managing expenses, but it takes more than just looking at the books and bottom line. Why it matters: Every dollar spent by a small business contributes to cash flow and long-term profitability. “Efficient expense management requires a keen eye on accounts payables, having proper budgeting and…
The WSFS CARES Foundation, the charitable giving arm of WSFS Bank, announced grants to four organizations located in Delaware and Pennsylvania as part of its continuing series of philanthropic activities by WSFS and the Foundation. The grants, approved in the third quarter by the WSFS CARES Foundation board, will support the following organizations. American Red…
Nearly four in 10 regional residents (38%) are spending more money now compared to last year, while only 21% in the region are saving more, a WSFS Bank Money Trends study found. Continued Economic Headwinds Rising costs and inflation topped the list of why consumers are spending more (72%), followed by paying for emergency expenses…
When it comes to managing expenses for a small business owner or operator, every dollar spent contributes to cash flow and long-term profitability. Efficient expense management requires a keen eye on accounts payables, having proper budgeting and auditing processes in place, and understanding the risks associated when expenses become overwhelming—and how to prevent that from…
Revisiting your budget and financial situation regularly plays an important role in achieving your goals, particularly when facing economic headwinds like inflation and rising interest rates. A recent WSFS study found that 77% in the region were confident they would be able to meet their personal financial goals, despite 34% who were not confident they…
When Arush Pandya and his wife started their entrepreneurial journey in 2019, they expected twists and turns to open a small business. Like many small business owners, the pandemic added even more challenges to overcome. “We ultimately decided to become a Mighty Quinn’s BBQ franchisee in February 2020,” says Arush. “We connected with WSFS Bank…
