“Business, Personal Finance, Technology, Employment news for Austin and Central Texas | Statesman.com - Austin American-Statesman” plus 1 more |
| Posted: 14 Jul 2010 03:29 PM PDT Home > The Ticker > Archives > 2010 > July > 14 > Entry The South Austin location of the Petland retail chain is closing. The store has been regularly picketed by protesters who said it sold puppies from puppy mills, where conditions often are inhumane. The national chain has been accused in a federal suit by The Humane Society of the United States of purchasing dogs from puppy mills. The action comes as the city Animal Advisory Commission was meeting late Wednesday to consider recommending a ban on retail sales of dogs and cats, because they often come from mills. A Petland employee who answered the phone at the store on 9900 S. Interstate 35 confirmed the store was closing "probably next week," but wouldn't elaborate. The store's owners told KXAN-TV that they decided to close because they thought the city had already passed the retail ban. They maintained that they only purchase dogs from USDA-approved breeders, according to the station. In fact, the proposed ban hasn't yet come before the City Council. David Lundstedt, vice chairman of the city's Animal Advisory Commission, proposed the ban, which he said was "definitely inspired" by Petland. But Lundstedt said he doubts that it sparked the store's closing. "I would love to take credit for it," he said. "If I thought that was the case, I'd propose a ban on oil leaking into the Gulf of Mexico." Five Filters featured article: "Peace Envoy" Blair Gets an Easy Ride in the Independent. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Personal Finance: Research before you make move - Philadelphia Daily News Posted: 02 Aug 2010 01:16 AM PDT Posted on Sun, Aug. 1, 2010 Question: My financial planner has moved to a new firm and has asked me to go with her. I've been at her old firm for three years and heard it has a good reputation. I also like her, but I don't know if she's done a good job with my money because I haven't made any money on my investments during the last three years, and I worry that I will run out of money some day. I depend on my savings to live on. -R.R., Chicago On the other hand, if your planner has been attentive, that's a good reason to follow her, but not the only consideration. Sometimes, nice people do a poor job, are dishonest, or work for firms that require them to make compromises with your money. You need to do some research. Why did your adviser leave? "Go to the administrator of the firm your adviser left and find out why your adviser made the change," said Chuck Jaffe, author of Getting Started in Finding a Financial Advisor. Sometimes, junior advisers leave as a career move, an acceptable reason. But instead of taking her word for it, "make sure there were no shenanigans in your account," he said. What will a move cost? Jaffe notes that if you must sell investments in the old account before moving, the costs could be high if there are taxable gains. Further, compare their fees, which have a huge effect. Have your adviser explain all commissions and fees you will pay and demonstrate the effect in dollars. For example, if you have $500,000 and earn 7 percent a year on your investments, fees of 0.50 percent will leave you with $1.75 million in 20 years. Increase fees to 1 percent: $1.58 million. Go up to 1.5 percent and it's $1.43 million. Consider the old firm. If you like your old firm, "ask what they will do to keep you as a client," Jaffe said. You could renegotiate fees or get a senior adviser. Still, notes Jaffe, beware that "senior" is not always best. If that person typically works with people wealthier than you, you might be ignored while the adviser focuses on more lucrative clients. "You don't want to be the person's smallest client." Have the new adviser go over your account in detail, showing why you have not gained money during the last three years. If you have a substantial amount invested in stocks and stock mutual funds, you have probably lost money on them, but your adviser should show you how your results compare with the stock market as a whole. The last three years have been horrible for stocks. Since the market lost about 12 percent a year on average for that time period, your stock and stock funds probably behaved about the same. Meanwhile, your bond investments probably increased about 7.5 percent a year. Beware of conflicts of interests. If you communicated well with your old adviser, then consider making the move. But financial planner Harold Evensky, of Coral Gables, Fla., said that, before making the move, check whether your adviser will be constrained about helping you. Some firms push sales of certain stocks, bonds, mutual funds, annuities, or insurance products because commissions are high and help the firm more than you. Evensky's advice: Ask if the adviser at the new firm must sell products off a preferred list and whether she is considered a "fiduciary," a standard that helps ensure your interests are served. Check the new firm for past abuses at http://go.philly.com/FinraAbuse.
Gail MarksJarvis is a personal-finance columnist for the Chicago Tribune. E-mail her at gmarksjarvis@tribune.com.
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