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What Phase 3 of reopening means for Broward County

By: Beatrice Silva

2 min read October 2020 — Gov. Ron DeSantis’ decision to move Florida into Phase 3 has led to a scramble among local government officials to make sense of which public health regulations remained in place. In the aftermath of the announcement, confusion has quickly swept across Broward County to the point where Fort Lauderdale Mayor Dean Trantalis issued a New Declaration of Emergency Regulations that clarifies the rules and regulations for businesses and individuals during this phase of economic reopening.

DeSantis announced his plans on Sept. 25, just three weeks after Broward and Miami-Dade County entered Phase 2 of reopening. Phase 3 is outlined within the Safe. Smart. Step-by-Step plan. It has minimum recommended health protocols and lifts the majority of restrictions on restaurants, bars and other businesses. Moving forward, such establishments will be allowed to operate at full capacity with limited social distancing protocols. Local governments were given the permission to limit some bars to 50% of capacity. However, the new bill prevents cities and counties from ordering them to close or penalizing them for not following the rules. “I think we need to get away from trying to penalize people for not social distancing and work with people constructively,” DeSantis said in a statement.

Fort Lauderdale’s Trantailis responded to the Phase 3 reopening plan in a letter to the public. His message highlighted the importance of opening business but under regulated guidelines. “As I have long said, we have needed to begin reopening our businesses and amenities but that we also must do so in a way that continues to protect public health. Given the broad nature of the governor’s order, I am attempting to maintain a measure of protection that an urban area like ours needs since the virus can easily spread. For the month of September, the daily infection rate in our area has remained consistently under 5 percent. We want to continue to keep it there and avoid another spike in COVID-19 infections…My new order conforms with the governor’s expansion, but still maintains our old local rules of six feet of separation between tables and between people who are standing or waiting in line. Employees must wear masks as must customers except when they are eating,” said Tranalis.

Gyms, fitness centers, state parks, public beaches and other large venues were also permitted to open at full capacity with limited social disconnecting protocols. The Safe. Smart. Step-by-Step plan is promoted to help get small businesses up and working again. During the height of the pandemic, Broward County’s unemployment rate leaped to 14.5% in March.

“The re-opening of our economy has not been easy, but it is being done right in most states. Of course, things change, but as we gather more knowledge on this virus, I believe we can combat it and not have to close our economy. Florida Gov. Ron DeSantis’ approach of Safe. Smart. Step by Step is proving to be the right way to re-open the economy,” Alex Sanchez, president and CEO of Florida Bankers Association wrote in an opinion piece.

Just two days after Florida entered Phase 3 of reopening, Florida’s COVID-19 Data and Surveillance Dashboard reported 1,868 new cases. Some public officials are questioning if Gov. DeSantis overstepped his power while others are adamant about reopening to full capacity.

Why Palm Beach’s legal sector could emerge from pandemic a winner

By: Felipe Rivas

2 min read July 2020 — Individuals and companies alike need reliable legal counsel during a time of need, and much like the people and businesses they serve, legal professionals quickly adjusted their operations as a result of the disruption caused by the COVID-19 pandemic. While the coronavirus may linger and continue accelerating change throughout different industries, Palm Beach legal professionals believe the county is suited to withstand the uncertainty and will continue to adapt to future changes.

Florida’s favorable tax landscape, talented legal workforce, and diversifying economy are among the factors driving the population growth in the Sunshine State, which in turn drives the legal needs of businesses and residents. “The biggest factor is need, with South Florida growing in terms of population and as a regional business powerhouse,” West Palm Beach injury lawyer Gary Lesser told Invest: Palm Beach. “This means more lawyers have been needed to meet the legal needs caused by that growth.” Lesser, managing partner for Lesser, Lesser, Landy & Smith PLLC, one of the state’s oldest law firms, said Florida law schools’ emphasis on business, community involvement, and technical knowledge produce well-rounded graduates. “We are producing law graduates who are much more adept than they were years ago. Many lawyers are now graduating from law school and joining firms or setting up their own practices in South Florida,” Lesser said.

“Florida has terrific law schools,” Fox Rothschild West Palm Beach Office Managing Partner Robert Sacco told Invest: Palm Beach. “They prepare students to be good theoretical lawyers and also provide critical insights on the practical aspects of being a lawyer. The clinical programs the law schools offer are particularly important in this regard as they give students a real sense of what it is like to practice in the real world,” he said.

While Florida’s legal sector can count on well-rounded talent, COVID-19-related change was inevitable for legal professionals. “COVID-19 has really accelerated trends in the legal and business worlds. One example is the movement toward paperless systems, which is now much more common. The technology was always there but we have now developed greater efficiencies, which clients appreciate,” Lesser said. Video conferences have made client meetings, hearings and mediations possible during the pandemic and help meet the demand for legal services. “I think a lot of these changes will stay with us going forward, making law firms and businesses in general more efficient for clients and customers. I think there will be sectors of the economy that will scale down, but the legal and business worlds will continue to stay very busy,” Lesser said.

While technology undoubtedly is helping the legal industry meet client demand, it can also increase opportunities for legal professionals. “Technology is a growth area for Palm Beach County,” Sacco said. “Technology companies are finding that South Florida offers business expansion opportunities that increasingly are becoming similar to those of Silicon Valley. West Palm Beach in particular is a developing hotspot for the tech industry – a sizable economic shift from the early 2000s when the area was more focused on tourists and retirement communities.”

Although the future remains uncertain, Palm Beach County’s business and legal environment is likely to remain resilient in the midst of the coronavirus-related challenges. “Florida is too vibrant to be held down regardless of the outcomes. I think some job creation is needed since we lost so many jobs, but I think the prognosis for Palm Beach County is very good. I have seen some activity picking up in the last few weeks and the businesses that are adept and flexible will see the rewards going forward,” Lesser said.

Sacco echoes Lesser’s sentiments when thinking about the medium- to long-term future of the region’s economy. “Going into the second half of 2020, the many business growth decisions that were delayed will be unleashed. I believe we will likely see a surge in economic activity as we go forward into 2021,” he said. “While it will take some time to reinvigorate some economic pipelines, I believe the outlook for 2021 is positive and we will ultimately see a strong economic rebound in 2021.”

For more information, visit:

https://www.lesserlawfirm.com/our-lawyers/gary-lesser/

https://www.foxrothschild.com/robert-j-sacco/

A deeper look into how Philadelphia’s economy is recovering

By: Beatrice Silva

2 min read – Philadelphia is the seventh-largest metropolitan area in the United States. Its diverse population, affordable rents and urban atmosphere make it an ideal location for entrepreneurs to open up shop. So much so, that small businesses make up 99.7% of its economy, according to the U.S. Small Business Administration Office of Advocacy. The city was on a strong growth course before COVID-19. However, that all came tumbling down when all non-essential businesses were ordered to shut down in Pennsylvania on March 19.

In an effort to limit the damage to the national economy, the federal government rolled out the Coronavirus Aid and Economic Security (CARES) Act on March 27. Part of the act, a loan called the Paycheck Protection Program, has played a particularly important role in Philadelphia’s recovery. The program set aside $349 billion for small business loans intended to help them stay afloat and keep their people employed during the pandemic. Within weeks, the federal aid was exhausted and small businesses were once again left with uncertainty. A second glimmer of economic hope presented itself when Gov. Tom Wolf allowed Philadelphia to transition into the yellow phase of his recovery plan on June 5. Stay-at-home orders were lifted and in-person retail was again allowed. Despite rising coronavirus cases, most businesses were eager to open their doors under regulated CDC guidelines.

Two weeks into Philadelphia’s reopening a new obstacle landed in the city’s lap. Some businesses experienced looting and vandalism due to nationwide protests in the wake of the killing of George Floyd, a black man who died after a Minneapolis police officer kneeled on his neck for nine minutes. On June 11, Philadelphia announced a new grant and loan program for small businesses affected by the COVID-19 shutdown and damages from recent lootings. The Restart PHl Loan Fund from the Philadelphia Industrial Development Corp. will be primarily for minority-owned businesses in low-income areas. The $3 million in loans to small businesses can cover costs for things like inventory, technology, staffing and employee training. Philadelphia also announced a $1.4 million “Restore and Reopen Program,” which will provide grants to independently-owned businesses that have suffered from property damage.

“These efforts are intended to provide equitable and immediate relief to ensure our small businesses can sustain themselves and return in a manner that allows them to thrive,” said Philadelphia Mayor Jim Kenney in a statement.

It may be too early to tell how the region’s economy will fare as it heads into a post-COVID-19 landscape. However, there is one sector that is expected to thrive as a result of all of this. Now more than ever before technology has proven to be a vital aspect of everyday life. One key advantage the industry has is the ability to have its employees work remotely, unlike retail and food services. The tech sector could even play an essential role in igniting the reconstruction of the local economy, according to the Greater Philadelphia Economy League.

Spotlight On: Andrew Burnett, Senior Principal, Stantec

By: Max Crampton-Thomas

2 min read June 2020 —Global design and engineering firm Stantec likes to think beyond traditional traits to focus on building communities, Senior Principal Andrew Burnett told Invest: Miami in an interview. The company goal is to deliver continuity while protecting diversity and creative thinking. Stantec calls it “cultural resilience.”

What recent Stantec landmarks in the Miami-Dade region would you like to share?

Recent landmark projects in full swing include Wynwood Square, a 12-story mixed-use facility that includes apartments and retail space; the 30-story YotelPAD Miami condo and hotel project under construction; and a 43-story Luma tower in Miami’s Worldcenter. And there are a lot of new projects to be announced soon and currently coming on board. Each asset within our portfolio contributes to our growth in the creative services space, beyond architecture and interior design, but also engineering and resilience. We think beyond traditional physical traits and focus on how our vast team builds our communities and what we create so there is continuity in our lives and the spaces we inhabit and to ensure that we protect diversity and creative thinking. We call it cultural resilience.

How has your emphasis on cultural resilience unlocked your success?

From a business perspective, a model that focuses on a single person is inherently limited to that individual. Whereas a business with tremendous expertise and resources in multiple channels, like Stantec, focuses on collaboration and the bandwidth to achieve more. When we empower people and foster collaboration, we are able to affect more positive change, get more involved in opportunities and better affect our clients’ bottom line.

How would you rate local industry efforts on environmental resilience?

There is a significant level of agreement across the industry related to what we are facing and where we need to go. It is only a matter of how and there are varying perspectives to harness. Our government agencies, utilities, partners, clients, insurance agencies and lenders all commonly understand the need to mitigate prevalent risks and maintain our quality of life. There is power in the collective movement and I am optimistic about our future and path.

What opportunities and innovations can we expect from the post-COVID-19 period?

There is a shift of trust and working in a different way. It may pose opportunities to bring in industry experts who normally could not access a project in South Florida. Now, they can have an influence and we can tap into knowledge we may not have been able to tap into before. Companies can even attract a different type of workforce that we could not attract before by operating with new flexibility. Also, we take proximity for granted and do not always make the best use of our time because of it. When it is an amenity or a luxury, you make better use of it.

What will 2020-21 look like for Stantec and Miami-Dade?

We have been quite busy, which is a reflection of the busy private development market. Projects are moving forward and the entire development community is gearing up for when the play button is pressed. In 2009, during the H1N1 outbreak, we established a pandemic committee, granting us an effective way to respond quickly to the pandemic and set up a remote work setting. Fast forward to today: Our productivity levels have allowed us to meet established deadlines and keep projects moving forward, continuing business as usual. Our current outlook for 2021 does not project significant levels of interruption. We want to continue to support that in any way we can.

To learn more, visit:

https://www.stantec.com/en

Spotlight On: Tom Slagle, CEO, Rasmussen College

By: Max Crampton Thomas

2 min read June 2020 —With a history spanning more than 119 years, Rasmussen College is well-positioned and experienced in adjusting to unforeseen circumstances like the current pandemic the world is working to eradicate. CEO Tom Slagle spoke to Invest: Orlando about the school’s advantage as a leader in online education for over 20 years. He also spoke about the school being welcomed by the community in Orlando as one of the newest entrants into the local higher education sector.

How is Rasmussen College positioned in Florida?

Rasmussen has been around since 1900. Rasmussen College acquired Webster College with campuses in Holiday and Ocala, Florida, in 2004. These campuses were merged into the Rasmussen College system in 2007. Later, the college expanded into Fort Myers, Tampa and Orlando. Overall, we have campuses in six states and a national online team serving more than 17,000 students. Healthcare education is a strength for the college, particularly licensure-required fields such as nursing. We are the largest producer of ADN (first licensure) nurses in the country and also offer a bachelor’s (BSN) and master’s in nursing (MSN) and soon a doctoral (DNP). We pride ourselves on providing affordable degrees and a student support network with individualized services. Our primary target market is the adult learner seeking to advance or change their career, more so than the traditional high-school graduate.

What role does the school play in the Orlando education sector?

We are excited about our new campus in Orlando. We believe we pinpointed some real gaps in the local education market. Our healthcare portfolio is a great fit, and our offerings in business, technology and social services are also in strong demand. The opportunity to provide affordable and relevant credentials that employers are seeking from graduates is where we excel. Our goal is always to be deeply engaged in the communities in which we live and work, this is why we believe in our local campus network. Our programs offer tremendous flexibility with many fully online, but they also provide the campus-based learning environments necessary for labs and simulations. We have been welcomed by the employer community in Orlando and have developed strong relationships with the local healthcare institutions, which support our graduating students with employment opportunities. We want Orlando to become one of our larger campuses in Florida over the next three to five years.

How has COVID-19 impacted the college?

We have been an online leader in education for almost 20 years, so we know how to educate students in an online environment. It is not always simple to incorporate the proper content, curriculum, experience and assessment criteria on a digital platform, but fortunately, we have a lot of experience in that field. As an example, all of our nursing simulation, which typically takes place on campus or at clinical sites, was moved to an online environment, allowing no disruption to our nursing students’ educational journey or graduation. Also, we have seen that individuals displaced by the current environment want to build on their knowledge and competencies to better prepare themselves for the current and future workforce. We made the decision to support our communities by providing our eRasmussen Professional Certificates portfolio (eRasmussen.com) at no cost. We’ve had nearly 9,000-course registrants for the professional certificates so far. We have also sought ways to support our communities by donating much of our PPE to local healthcare organizations to ensure their readiness during this pandemic.

Which industries are driving the strongest demand for educational programs in Orlando right now?

Healthcare is probably top of the list, but we are also seeing strength in areas like technology and other business-related programs. Many applicants are looking for short-term certification to improve their options once they rejoin the workforce. Our Early Childhood Education portfolio also continues to perform well. Our model allows us to serve a segment of the population that has traditionally been underserved by other institutions. We are tremendously optimistic about the breadth of opportunities in the Orlando market.

What does the future hold for Rasmussen College in Florida?

With the economy potentially moving into a short-term recession, education tends to be countercyclical. As individuals are out of work, they look for ways to position themselves in a competitive market with enhanced skills to get a better job. There are also many people looking to make career changes, and we can help with that and make our local communities stronger. Our enrollment rate has continued to grow, and we believe that demand for our programs will remain strong given the unique experience Rasmussen provides our students.

To learn more about our interviewee, visit:

https://www.rasmussen.edu/

Spotlight On: Rodger Levenson, Chairman, President & CEO, WSFS Bank

By: Max Crampton Thomas

2 min read June 2020 — For 188 years, WSFS has served its community by staying true to its values and managing for the long term. Ultimately, the true measure of the value of any company is how it responds during periods of adversity. WSFS Bank moved to a work from home and drive-through model during the COVID 19 pandemic to continue supporting its customers. It also involved itself deeply in federal aid programs, such as the PPP for small businesses, while looking forward to a reactivating economy, according to CEO Rodger Levenson in an interview with Invest:.

What have the last 12 months been like for WSFS in the Philadelphia region?

In March of 2019, we closed the acquisition of Beneficial Bank, which was a huge milestone for us. It marked our significant entry into the Philadelphia border region. This was followed by a well-done, award-winning marketing campaign that introduced the WSFS brand to the community in a thought-provoking way, sharing our nickname, which was really consistent with the way that Philadelphians view banks and where it is very hard to differentiate yourself.

We married all that with Beneficial and what they brought to the community. We waited until six months after the close to do the systems and branding conversion because we thought it was important to allow ourselves some time to get customers, associates and the community acclimated to our name and become familiar with us. We thought that because of the size of this market, there was value in taking some time.

At the same time, and as part of the Beneficial combination, part of the strategic rationale was to start in a significant way to really deal with the trend in banking over the last few years, which is this shift away from physical delivery channels like branches and more into digital channels – a trend that has been accelerated by the current environment. We used cost savings to invest heavily in our technology overhaul. Not that we had an offering that was lagging behind our competitors, but we saw the need to move faster than we had in the past.

What has been the bank’s strategy to adapt to the situation stemming from the COVID-19 pandemic?

The company has done well. We are serving our customers, we are supporting each other, we are supporting the community. Like everybody else, we’ve had some challenges through this environment, but I would tell you that we are managing through this very well. We are really pleased at how the company pivoted and adjusted how we do things.

I think this is a by-product or a combination of some good planning resulting from our business continuity plans. We clearly had not planned for an extended scenario or a pandemic, but we had plans in place, we had groups that had done offsite, remote workdays and things like that to be prepared. When we made the decision on March 16, to work from home, it was certainly an adjustment, but we weren’t starting from scratch.

On the retail office side, it was not a hard decision to go to drive-thru only. We saw that it was clear that we were dealing with a major health situation and the safety and well-being of our customers and associates; that was our No. 1 priority. We made the call and we went from 90 branches to 72, which were those that had drive-thru capabilities. After a few weeks of that, seeing our customers’ increased use of different channels like mobile, and to keep our associates safe, we adjusted even that footprint. We put together a different model in which our associates who were working at those locations, instead of working a five-day week, started working on four-day on, four-day off teams.

How involved is the bank in federal aid initiatives such as the Paycheck Protection Program (PPP)?

We were really pleased to be a participant in the PPP program from the Small Business Administration and serve our customers. When the dust settles from this program, we will have processed just about 5,000 loans and just a little bit under a billion dollars.

At the end of the day, that’s almost a billion dollars that we put into the regional economy. If you look at the spreadsheets and the people who received those loans, many were $10,000 to $25,000. These were real people who were in need, who did not have the resources that other people had. Hopefully, a lot of it will be forgiven. We did that whole loan program with everybody working from home and more than 200 associates working seven days a week.

What role will the bank, and the sector in general, play in reactivating the economy?

I think the banking community is really doing everything possible to support our customers and get them through this really difficult stage to bridge them into what hopefully will be the opening up and recovery in the second half of the year.

As things move forward and we open up our ability to continue to support those customers with additional lending requests, among others, we are going to do everything we can to support them and the community. We moved $3 million into the WSFS Foundation, which supports nonprofits in the region, and we did that because so many of those nonprofits are struggling right now. I think that is the beauty of the community banking model.

To learn more about our interviewee, visit:

https://www.wsfsbank.com/

Spotlight On: John Lawrence, President, Mid-Atlantic Territory at Aetna, a CVS Health Company

By: Max Crampton Thomas

2 min read June 2020 — Founded in 1853, Aetna is one of the nation’s leading diversified healthcare benefits companies, serving an estimated 46.7 million people. President of the Mid-Atlantic Territory John Lawrence spoke with Invest: about the company’s role in the battle against COVID-19.

How is Aetna assisting individuals, employers and providers throughout the COVID-19 pandemic?

As part of CVS Health, we have a presence in communities across the country and interact with one in three Americans every year. When facing a health crisis like COVID-19, we’re uniquely positioned to understand where the needs are and how to address them. To support our members, we’ve waived the cost-sharing for testing and in-patient treatment of COVID-19, offering no-cost telemedicine visits until June 4, waived charges for CVS Pharmacy home delivery of medications; and waived cost-sharing for all primary care visits for Aetna Medicare members.

Similarly, for plan sponsors, we’ve introduced an Employee Communications Toolkit that they can use to communicate the support available to their employees; offered a Special Enrollment Period Opportunity for insured plans; and developed a cost modeling calculator to help self-funded customers estimate the cost impacts of COVID-19. For providers, we’ve taken numerous actions to help reduce the administrative burden.

What role will Aetna play as the state looks to slowly reopen its economy?

Dramatically increasing the frequency and efficiency of testing to help slow the spread of the virus is critical for responsibly reopening the economy when experts tell us it’s safe. We operate large-scale COVID-19 rapid test sites in five states, which were opened in a matter of weeks through partnerships with the Department of Health and Human Services and governors in Connecticut, Georgia, Massachusetts, Michigan and Rhode Island. Most of the parking lot sites can accommodate up to 1,000 tests per day using the Abbot ID NOW COVID-19 test which provides immediate results. Since May, we’ve been offering self-swab tests at select CVS Pharmacy locations in parking lots or at drive-thru windows.

What accommodations to your network of primary care doctors and specialists did you have to make to handle the influx of patients due to the COVID-19 outbreak?

For primary care doctors and specialists in our network the issue was twofold: staying in touch with their patients and doing so in a way that kept them and their patients safe. Telemedicine was the obvious answer, and we assisted our physicians in adopting or expanding their ability to offer telemedicine services. To further encourage the use of telemedicine, we waived co-payments for all virtual encounters. This included services for members in high-deductible plans, anticipating the guidance subsequently received from the Treasury Department. We also added additional payment codes and rates to reimburse our network doctors at the same rate for in-person and virtual visits.

Recognizing that some of our community of healthcare providers and clinicians are facing financial and administrative strain throughout the COVID-19 pandemic, we took a series of additional actions to allow them to focus on delivering high-quality patient care. These actions include a commitment to prompt and accurate claim payments; helping hospitals prioritize COVID-19 patients; enabling greater capacity with healthcare providers; ensuring full provider reimbursements for waived member cost-sharing for COVID-19 testing and treatment; and providing behavioral health support.

What are your initiatives to address urgent health and safety needs caused by the COVID-19 pandemic in communities across Philadelphia?

The less visible but escalating mental and emotional crisis is the “second curve” of the pandemic, and CVS Health is proactively addressing this urgent crisis through the launch of a mental well-being program. So many people are dealing with the physical effects and the mental trauma, stress, fear, anxiety and isolation as a result of the pandemic. On May 4, CVS Health launched a nationwide effort and committed $1 million in charitable support to help address those realities and we’re connecting people with no cost mental well-being resources and counseling services. In the first phase of the program, we’re particularly focused on healthcare workers, essential workers and seniors.

When facing a health crisis like COVID-19, we’re always working to understand where the needs are and how to best address them. We are continuing to reinforce the importance of social distancing and proper hand-washing measures especially as local communities return to business as usual. Through all of our COVID-related efforts, our goal is to help slow the spread of the virus and save lives.

To learn more about our interviewee, visit:

https://www.aetna.com/

Spotlight On: Joseph Fernandez, Regional President – Florida, BNY Mellon Wealth Management

By: Max Crampton-Thomas

2 min read May 2020 — Wealth management services have undergone significant transformation over the last two decades, as the financial landscape grows in sophistication. Joseph Fernandez, regional president of BNY Mellon Wealth Management, shares his insights on what makes a financial firm successful in catering to today’s needs and into the future.

What significant milestones did BNY Mellon achieve in the Miami market over the last year?

We have been operating in the Miami market for 23 years. We came to this market by acquisition. BNY Mellon acquired an investment advisory firm in 1997 with the belief that being in South Florida, and Miami particularly, was extraordinarily important to the continued growth of the business. The firm was a smaller multimillion-dollar operation and had limited offerings for clients. We now have a midsize office in the overall Florida market with over half of our staff based in Miami and a robust wealth management offering. BNY Mellon Wealth Management’s total assets exceeded several billion dollars in the Florida market.

Thinking about how migration has worked for a long time in this county is paramount. On the one hand, as clients migrated from the North toward the warmer climates of the South, it made sense to follow them and provide support in those areas, doing it in a way where we truly internalized the “biggest small town” personality of Miami. You needed people who knew the community well. On the other hand, you also have south to north migration, from Latin America to South Florida, which has evolved over decades. Seventy percent of Miami-Dade County’s population is Latin-American, and more than half is foreign-born (2010 US Census). The company had the vision to see the confluence of these factors as an enormous growth driver.

How have you seen clients’ needs shift in recent years?

Wealth in the United States has continued to grow. The composition of wealth changes as wealth transfers from one generation to another. The preferences of the wealthy change, often as a result of that transition. The need for digital tools and capabilities to interact across platforms with wealthy clients and their families, conferring digital interaction options between clients and the firms that serve them has truly taken off. The adoption curve is at its highest point. In 1995, the complexity of the financial services business was rather straightforward, with a U.S.-centric portfolio. Over the last several years, multijurisdictional families have become more prevalent. The preference for investment beyond just the United States and having representation and portfolios of more diverse geographic holdings has also increased dramatically. The other evolution is a shift from the traditional asset-side focus—cash, stocks, bonds—to the liability-side of the equation and managing the tax implications of it all to the level of sophistication that a wealthy client requires from their advisory firm.

There is an upward trend in recent decades of people building up and selling businesses, as private equity has been active in taking out businesses and creating consolidation. The latter, in turn, created several former business owners and CEOs with significant levels of wealth and a serial entrepreneur profile to a point where you become the client’s CFO and chief investment officer because that is the level of sophistication they require for their personal wealth. Our active wealth process boils down to five practices: invest, borrow, spend, manage, protect.

How has your company continued to oversee its regional business throughout the COVID-19 outbreak?

It is a tribute to preparation, infrastructure and adaptability that I believe is the hallmark of our business and organization. We leverage technology, working in a cloud-based environment that enables us to deploy a quick home-office capacity. We are providing resources to our employees, whether technology or health and wellness-related, eliminating insurance co-payments relative to COVID-19 treatments and holding daily check-ins with our teams.

What notable developments in the market are you keeping a close eye on?

The obvious one iterating over the last 24 months was the introduction of the Tax Cuts and Jobs Act, which created a limitation on state and local income tax deductions. We have seen that translate into a North-to-South migratory pattern that has been accelerating quite dramatically to the benefit of Miami-Dade County, as we have no state income tax, relatively low business burdens, more affordable costs of living and a favorable climate. The collateral implication of this has been a couple of things. One is that for many years the narrative around the technology space here was well ahead of the reality. Now the latter has caught up with the former. Our colleges and universities have done a spectacular job in preparing the workforce for those types of jobs. Financial services firms are also multiplying due to the available talent.

To learn more about our interviewee, visit:

https://www.bnymellon.com/

Spotlight On: Sandi Bargfrede, Managing Partner, ACRE Commercial Real Estate

By: Max Crampton-Thomas

2 min read May 2020 — The real estate market will know a before and after COVID-19 as soon as activities resume. Sandi Bargfrede, managing partner of ACRE Commercial Real Estate, talks to Invest: about what to expect from Orlando’s market as the pandemic unfolds.

How did ACRE Commercial Real Estate close 2019?

2019 was a stellar year as not only did we see a tremendous increase in volume, but we also saw an impressive uptick in new retail concepts entering the Central Florida/Orlando market. ACRE specializes in retail third-party leasing, property management and tenant representation and we had never seen such a stronger increase in all aspects of our business than we did in 2019. In addition to strong growth in tenant representation, in the last year we also secured a significant stronghold in the Downtown and surrounding area in the mixed-use sector.

How does your company capitalize on being an all-female commercial real estate firm?

Women provide a different perspective on retail as we are typically the shoppers and we usually plan the family social activities. We are able to use this to our advantage as we can bring a different point of view to a project. ACRE did not set out to be an all-female firm. That said, we are all-female-owned but we are always open to hiring exceptional professionals, male or female. My business partner and I have been in this business for 20-plus years each and we have witnessed the industry evolve with more

professional women entering the historically male-dominated field now more than ever. We believe this trend will continue and we will continue to provide the required mentorship platform for all in the business looking to thrive.

What unique business opportunities does Orlando offer to your business and operations?

Seventy-two million people per year visit Orlando, bolstering a strong service and hotel industry, where retail spaces are required to provide for these visitors. The retail opportunities are therefore exponential. We are seeing a significant wave of people moving here due to recent job growth figures, with close to 12 percent overall job growth in Orlando itself. With all of this growth, we are seeing a surge in new development from shopping centers to urban mixed-use communities. These new developments provide ACRE the opportunity to use our experience to work with developers before they break ground. Utilizing our extensive background in leasing, tenant representation and development allows us to create a project with not only the proper infrastructure but also the ability to create the synergistic tenant mix required for a project to be successful for the retailer and developer alike.

What is your assessment of Orlando’s commercial real estate market?

It is very strong as there are many vibrant areas that are growing in the Metro Orlando market, such as Hamlin, Lake Nona, Apopka, Clermont and downtown to name a few. We are seeing a housing boom in Orlando and these areas are all creating retail destinations for services and amenities along with community-driven gathering spaces for their residents and visitors.

How has the COVID-19 outbreak altered the Central Florida real estate market?

We do not believe it will resemble the 2008 crash, especially if we can get back to work sooner than later. It will definitely change the landscape considering the ever-changing social distancing guidelines and measures. These will certainly have a lasting effect on retail and restaurant margins. However, it will also open the door for reinvention and creativity toward preservation.

We have always been outside-the-box thinkers. Recession-proof and Amazon-resistant have been part of our vocabulary and now we added pandemic and social distancing to the mix. We will find new ways to create tenant mixes that reflect the changes in our “new normal.” We offer consulting and advisory services to our clients and believe these services will be more valuable than ever to assist with navigating this new unknown landscape together. We have always treated our projects like they are our own and will continue to do so.

What is your outlook for 2020-21?

There will be a slight correction in the retail portion of the commercial real estate landscape. This will translate into greater inventory of second generation space available, which will most likely result in a reduction of rental rates until the absorption of inventory is stabilized. We do have a positive outlook as we head into 2021 and businesses start to recover. That said, it is difficult to predict as the COVID-19 effect is still unknown. All in all, we believe there is room for a fast recovery and in the end, Orlando will be stronger than before.

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https://www.acrefl.com/

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