We’ve all seen the headlines about job cuts sweeping Silicon Valley. Twitter,
parent Meta, and HP are among the household-name tech companies that have either issued flurries of pink slips in recent weeks or announced plans to do so. A job loss ranks high on lists of most-stressful life events, but there are smart things to do to lessen the sting. We checked in with experienced advisors to assemble a postlayoff checklist to keep finances on track.
Got yield? You’d be forgiven for wishing for amnesia when it comes to bonds’ performance in 2022. After all, the total return for intermediate-term Treasuries was the worst in a century, according to John Rekenthaler at
But it’s time to put the past behind us, because bonds are now offering their juiciest yields in years. We checked in with seasoned wealth management pros to find the very best fixed-income opportunities. Among their suggestions: longer-dated Treasuries, high-yielding CDs to fund near-term cash needs, and munis.
Barred advisor. The brokerage industry’s self-regulatory organization, Finra, has issued a lifetime bar on a former Morgan Stanley advisor at the center of multiple client complaints seeking tens of millions of dollars. The advisor, Edward L. Turley, who worked for
until August 2021, accepted the ban without admitting or denying the regulator’s charges that he failed to respond to its requests for information.
Here’s Morgan Stanley’s 2023 advisor pay plan. November tends to be the month when the big U.S. brokerage firms unveil the changes—if any—they’ll make to advisor compensation in the coming year, and Morgan Stanley recently became the last wirehouse to reveal its plans. Core aspects of its advisors’ pay won’t change, but Morgan Stanley is enhancing bonuses for asset and lending growth. It’s also tweaking pay related to small households.
Relief for victims of Zelle scams? A bank-owned alternative to popular payment services like
‘s Venmo, Zelle offers consumers an easy way to transfer money. But it has also become a magnet for fraudsters who use social engineering to trick users into parting with their money. This week brought news that Zelle’s owners, which include JPMorgan Chase, Wells Fargo, and
Bank of America
are working on a plan to compensate users who fall victim to the scams.
Yellow light on crypto. The CFP Board urged Certified Financial Planners who recommend crypto to do so “with caution” in a Dec. 1 notice. The organization’s guidance came amid ongoing turbulence in the crypto market following the bankruptcy of exchange FTX. Its collapse left stranded what are likely billions of dollars of customer funds. The notice does not change rules for CFPs but clarifies how they can advise on cryptocurrencies while adhering to the board’s existing standards.