Amid the excitement of operating a successful business, commercial real estate owners should put one important task at the top of their list: plan for what happens if they can no longer run it. While thinking ahead about one’s death or disability may put a damper on their excitement about their continued future success, owners…
The world has changed, and so have our households. Life spans are longer – particularly for women – and many families now live off two incomes. Today, women have reached the pinnacle of success from corporate executives to business owners to entrepreneurs. Now more than ever, they are in a better position to achieve financial…
No matter how established or new your small business is, preparing for revenue ebbs and flows is key for long term profitability and growth. For some industries, new cycles are expected and can be accounted for. For many small businesses, however, social and economic uncertainty can have a significant impact, as we’ve seen over the…
As the summer vacation season winds down, many people are already envisioning what their 2024 summer vacations will look like, and where they will spend them building new memories with family and friends. Others, even with higher mortgage rates and selling prices, envision owning property at their preferred vacation destinations. If you are in the…
Inflation and rising interest rates over the past year-plus have impacted many consumers’ financial goals, making it more expensive to borrow and more difficult to save. A recent WSFS survey found that 34% of regional respondents were not confident they could afford rising costs of living, while 33% were not confident they could afford rising…
According to the Federal Trade Commission, consumers lost $330 million to text message scams in 2022, with fake bank security messages the most common type of scam. As technology continues to evolve, the tactics used by scammers becomes increasingly sophisticated. These scams are not limited to just text messages either, as fraudsters target victims through…
At the core of every great relationship, whether business or personal, is trust and understanding. Why it matters: Small business owners need to be able to know that their banker, accountant, suppliers and even customers can be trusted and counted on to understand their business’ needs. They should strive to: Get local decisioning to have…
As Sarah McDonald and Heidi Fenstermacher soaked in the 15th Anniversary Celebration for their Wayne, Pa. small business, Out There Outfitters (OTO), in late July, they reflected on the past five years as owners, too. “Everything about Out There Outfitters feels like a family affair,” says Sarah. “From the way our customers and Wayne supported…
Today commemorates the signing of the Social Security Act by President Franklin D. Roosevelt on August 14, 1935. Since then, Social Security has become America’s largest retirement plan and the financial bedrock for millions of Americans including those who are retired, disabled, widowed, and orphaned. Without question, the solvency of Social Security is at hand…
Named after its section in the Internal Revenue Service code, 401(k)’s and other employer-sponsored retirement plans, such as 403(b)’s and 457’s, have become a mainstay for building and saving toward retirement. These retirement plans offer the most comprehensive benefits, from the highest contribution limits to employer matching to unlimited creditor protection, to name a few….
It often seems that summer passes in the blink of an eye and before you know it, it’s back to school season! And while some parents may breathe a small sigh of relief to see their children head back to the classroom, the start of the new school year also brings expenses for school supplies…
For a small business owner or operator, cash flow will always be king. Why it matters: Without sufficient cash flow and capital, small businesses face an uphill climb to achieve long-term success. “There are eight primary ways a small business can improve cash flow, optimize cash reserves and revenues, and secure discounts from vendors and…
Planning for regular expenses can be difficult enough, particularly during periods of high inflation, but what if you’re faced with a financial emergency? A recent WSFS study found that building an emergency fund was a goal for 52% of regional respondents. The study also found that if faced with an emergency expense of $1,000, 52%…
If you have a mailbox, then odds are you’re no stranger to junk mail. And if you’ve also closed on a loan recently, whether a mortgage for your home or loan for your business, it is likely you’ve received quite a few solicitations in your mailbox that look as though they could be from your…
Founded in 2003, Tech Impact is a nonprofit and national leader in technology services and training with a mission to leverage tech to advance social impact. Through capacity-building services, educational resources, and workforce development programs, Tech Impact works to transform lives, organizations and the world through technology. Tech Impact has worked with a variety of…
As housing inventory continues to be tight, creating a seller’s market even with higher interest rates, many prospective homeowners are turning to newly constructed homes. Recent reports indicate that home builders are starting to build more homes for these buyers, which over time can help ease the strain on available homes. If you have been…
If you’ve visited Delaware’s beaches during the summer, chances are you’ve been to Grotto Pizza. An institution that has grown to more than 20 locations in Delaware and Maryland, Grotto Pizza was born in 1960 when Dominick Pulieri opened the first location with his sister and brother-in-law at a boardwalk storefront in Rehoboth, Del. The…
Discussing finances has long been thought of as a taboo topic for many. A recent WSFS study found 71% of regional consumers wished they had received more financial guidance and education. Having open and candid discussions with those closest to us about our finances can go a long way in helping to increase confidence in…
Cash flow is the top priority for small businesses, but it’s also the top reason that small businesses fail. Why it matters: Having solid cash flow and access to capital directly impacts small businesses in practically every way, from managing assets and operations to financing and managing supply chains. Small business owners can take initial…
For a small business owner or operator, cash flow will always be king. Without sufficient cash flow and capital, small businesses face an uphill climb to achieve long-term success, making optimization of existing cash flow and reserves a primary focus of operations, vendor management and sales strategies. Here are eight primary ways to improve your…
Thirty-six percent of all U.S. banking customers said they have experienced some kind of financial fraud in the past 12 months, according to J.D. Power, with unauthorized purchases on debit cards being among the most common occurrences. As the busy summer travel season kicks into high gear, many consumers will find themselves using ATMs and…
It seems that each day the financial press inks yet another article about an impending US recession. They’ll cite expert sources and provide a slew of economic data backing up their talking points. Investors with a long-time horizon, one that is beyond 10 years, should be content to ride out any market turbulence as a…
Deciding whether now is the right time to purchase a vacation home depends on various factors, including your personal financial situation, the real estate market conditions, and your long-term goals. It’s essential to consult with a financial advisor, or a mortgage or real estate professional, for personalized advice. Here are a few points to keep…
Working with a private banker can offer a wide range of benefits, particularly for individuals with significant financial assets or complex financial needs. Private banking provides personalized, comprehensive services that can help you effectively manage your wealth. Personalized Financial Solutions: Private bankers take the time to understand your financial situation, goals, and risk appetite. They…
Beginning the mortgage process can seem mind-boggling at first, but there are two steps to take prior to ever applying for a loan that can make obtaining your dream home easier than expected. These steps are pre-qualification and pre-approval. Although they have similar names, they are quite different, and knowing the difference between them can…
Tennessee-based real estate, development and investment firm Hutton was looking to expand its business into a new arena. When the company was investigating potential development projects for multiple car wash companies, it noticed one commonality — the industry wasn’t familiar with new development. Having previously built a name through hundreds of projects, the team at…
Many of us know how to budget, how to be prudent consumers, and we’re smart, but why don’t we invest as much as we save? A Black Rock 2016 survey discovered that 71% of women keep their assets in checking and savings accounts, or under the bed, or anywhere but an investment account.[1] A 2021…
Cash flow. It’s the top priority for most small businesses, and for good reason, because cash flow problems are the top reason small businesses fail, according to SCORE.org. Having solid cash flow and access to capital directly impacts small businesses in practically every way, from managing assets and operations to financing and managing supply chains. Key…
The weather is heating up and so is vacation season! A recent WSFS study found that 35% of regional respondents had a goal to save for a large purchase like a vacation, but following a year of increased costs for everyday items coupled with rising interest rates, saving and budgeting for a vacation can be difficult. Whether you’re…
Accessing capital can feel overwhelming for small business owners, but it doesn’t have to be. Why it matters: Having capital means having cash flow, which is critical for any small business’ success and growth. Common uses for capital include: Working capital for operations Purchasing assets Funding growth through assets, property or expansion Supply chain purchases/costs There are many options…
For the second consecutive year, WSFS has been named an honoree of The Civic 50 Greater Philadelphia by Philadelphia Foundation, in partnership with Points of Light and local partners. “WSFS’ mission, vision and strategy are closely intertwined with our efforts to support our Communities,” said Vernita Dorsey, Senior Vice President, Director of Community Strategy at WSFS…
Don’t just work to pay for your family’s home, take care of your small business’ needs too. Why it matters: Small business owners that don’t own the property where their business operates are missing out on opportunities like: The rewards of owning your business’ home far outweigh the costs. A WSFS Bank spokesperson says, “A key constant that…
It’s no secret that inflation and rising interest rates have impacted many consumers’ financial security over the past year. A survey from WSFS Bank found that 34% of regional respondents were not confident they could afford rising costs of living, leading many to change their saving and spending habits. Nearly two-thirds (61%) in the region said they are…
Budgeting and saving play a key role in your financial journey, particularly when it comes time for larger expenditures. A recent WSFS study found 35% of regional respondents had a goal to save for a large purchase such as a wedding, car or vacation, but 25% of respondents with this goal were less confident they could achieve…
The WSFS CARES Foundation, the charitable giving arm of WSFS Bank (Nasdaq: WSFS), announced it has provided grants to two 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 second quarter by the WSFS CARES Foundation board, will support…
WSFS Bank and the Philadelphia Union today announced the launch of a co-branded debit card. As the official bank and community supporter of the Philadelphia Union and Subaru Park, WSFS is offering a one-of-a-kind design that features the Philadelphia Union logo and colors to showcase fan support for their hometown team. The card is available to…
In April, Rob Coppock, Vice President, and Anna Fournaris, Fiduciary Specialist at The Bryn Mawr Trust Company of Delaware (BMTCD), a subsidiary of WSFS Bank that provides trustee services for individuals and families establishing trusts for personal tax and/or estate planning purposes, participated in a presentation, “Holding Art in Trusts,” at the University of Delaware…
Interest rates have been on the rise since early last year when the Federal Reserve began raising the federal funds rate that now sits at roughly 5.00%. Investors have been looking to take advantage of today’s interest rate environment and add additional income to their coffers. And rightfully so. Opportunities certainly exist, although they can be…
By the year 2034, the Social Security Trust fund will be depleted, and benefits will be reduced by 20% if nothing changes, according to the Social Security and Medicare Board of Trustees 2023 Annual Report. This will have a disastrous effect on the more than 66 million Americans who rely on Social Security for benefits[i]….
Borrowing and credit can play a key role in reaching many major life milestones but need to be managed properly, particularly during periods of elevated interest rates, to avoid falling into debt. A survey from WSFS Bank found that 38% in the region are focusing more on paying down debt, and 37% are avoiding borrowing or…
WSFS and the Philadelphia Union joined forces recently to volunteer at CityTeam Chester, an organization focused on restoring lives and rebuilding communities through innovative programs that provide food, shelter, clothing, training and spiritual transformation. As part of the initiative to support CityTeam Chester, WSFS also provided a $5,000 donation to the organization on behalf of its…
Avenue North is poised to be an inspirational example of what it means to live, work and play in the modern world. Once complete, the campus — nestled near both I-95 and the Delaware Green Way — will be comprised of 80 multi-use acres, including housing, office space, retail and other amenities. In addition, the…
Buying a home for the first time is likely the largest purchase people will make at that point in their lives. And for those looking to upgrade their home, the financial stakes are higher. With that comes a lot of preparation, responsibility, and even stress. A recent WSFS Mortgage survey found that 37% of prospective homebuyers…
It may be difficult to think about your parents passing, so discussing their estate plan is often avoided. However, ensuring their wishes are met can provide peace of mind. Your parents’ last will and testament is just one document that dictates the distribution from an estate, but there are others such as revocable trusts, asset…
Financial education and literacy can be key to achieving many goals in life. With school curriculums already packed and budgets stretched thin, a formal financial education is something that is often not covered in the classroom. To help bridge this gap and set students on the path toward future financial success, nearly 40 WSFS Associates took to…
For many small business owners, taking the next step with their business’ growth comes down to available cash flow. Managing cash flow and comparing it to a business’ financial projections allows owners to make important financial decisions to help sustain and grow their business, like applying for a loan. However, gaining access to the capital small…
Congratulations, you just graduated! Whether you’re celebrating a high school, college or trade school graduation, this can be one of the most exciting times of your life. With graduation comes many new responsibilities in life, one of the most important being the need to manage your finances as you enter adulthood. Here are tips for recent graduates to…
In today’s global economy, currency risk is an important concern for companies conducting business internationally and individuals planning to send or receive money from abroad. Since the early days of the pandemic, most currencies have been on a roller coaster ride with the U.S. dollar. The euro lost over 22% from May 2021 to September 2022…
