Financially strapped community associations are always looking for new revenue sources but is a sound investment strategy a possible path to avoiding large budget increases or special assessments? In this episode, host Donna DiMaggio Berger, along with investment gurus Michael Coady, Chief Strategy and Growth Officer for Slatestone Wealth, and Kenny Polcari, Chief Market Strategist for Slatestone Wealth, discuss how investments can be utilized by both association boards and their residents personally as part of their overall fiscal management. What most association boards want to know is what kind of investment vehicles are suitable for common funds; this trio takes a deep dive into low-risk investment vehicles like US treasury bonds, bank CDs, and money market funds, and how they can offer a lifeline to HOAs and condos.
Their conversation also includes the benefits of making strategic banking choices particularly with regard to precious reserve funds. Donna, Kenny, and Mike also tackle the delicate subject of fraud and the huge losses it can cause while underscoring the role of checks and balances in safeguarding wealth.
On a personal note, they explore the art of wealth management and diversification. What’s your risk tolerance? What is your current life stage and are your expectations for amassing wealth realistic enough or ambitious enough? Michael and Kenny help us unravel how multiple factors can shape your portfolio and how you can avoid common investing pitfalls.
Tune in to discover a wealth of knowledge and practical insights. We promise you, it’s an investment of your time that will yield high dividends!
Conversation highlights include:
- A popular strategy for community associations to invest its common or reserve funds and the potential re-emergence of legislation in Florida that would allow boards to invest common funds more aggressively.
- Types of investment products and services that community association boards should consider if they are at liberty to invest common funds
- How FDIC insurance works and how it should influence an association’s deposit strategies
- The importance of diversification in investment strategies
- Key factors individuals should consider when choosing an investment advisor or firm
- How the investment landscape has changed in recent years, and how investors are adapting
- Advice for first-time investors
BONUS: Kenny Polcari is a media personality with a global following. Can you name the shows on which he is a regular commentator?
About Take It To The Board
Think you know what community association life is all about? Think again. Residents must obey the rules, directors must follow the law, and managers must keep it all running smoothly. Take It To The Board explores the reality of life in a condominium, cooperative or homeowners’ association, what’s really involved in serving on its board, and how to maintain that ever-so-delicate balance of being legally compliant and community spirited. Leading community association attorney Donna DiMaggio Berger acknowledges the balancing act without losing her sense of humor as she talks with a variety of association leaders, experts, and vendors about the challenges and benefits of the community association lifestyle.
If you’ve got a question, Take It To The Board with Donna DiMaggio Berger – We Speak Condo & HOA!