A Week's Worth: Quick takes on the world of work and money
Another record high for the Dow; Financial planner blunders; diesel cars have their advantages.
• Signs that the economy is accelerating again – without an increase in inflation – helped to lift the Dow Jones Industrial Average 1.2 percent last week, to its 26th all-time high this year.
• Almost without exception, Americans err in choosing financial advisers based on marketing that they're ill-equipped to evaluate properly, says Paladin Registry, an online resource on the investment industry's ethics and practices. In a study of 1,285 cases, it says 97 percent of clients admitted their No. 1 mistake was in selecting advisers who boasted of being trustworthy, without trying to validate such claims. Mistake No. 2: allowing themselves to be swayed by the force of an adviser's personality.
• Baby boomers have different needs from their younger brethren, and a wise employer develops retention strategies with that in mind, according to Birkman International, developer of a leading method for measuring organizational strengths. It says senior employees aren't motivated by pay alone, so keeping them – and their experience – in the fold can require crafting creative assignments and hours that allow them to remain enthusiastic about their work.
• Planning to join the green revolution? Then maybe your next vehicle should be diesel rather than a gas/electric hybrid, a new report suggests. Ricardo PLC, an auto industry consultant, and financial services giant UBS say diesel has a clear cost advantage over hybrid, even when fitted with stringent exhaust-treatment technologies.