“Tesla had a banner year in 2020 … but the company did not provide a 401(k) match to its employees.”
Source: InvestmentNews, Feb. 9
“Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin.”
Source: CNBC, Feb. 8
Elon Musk has skills that deserve esteem. In Tesla Inc., he has guided a brand that has created numerous jobs and become synonymous with launching a company that has filled a void in space. He has done well, and he’s done so in the manner of an iconoclast, breaking norms and established precedents.
This quality has served him well to date. Agree with it or not, his unique style has worked for his shareholders and supporters.
However, the decisions represented in the two quotes above indicate he’s picked the wrong idol to smash.
It’s widely accepted, because it’s true, that retirement planning lags significantly for most American workers. And it’s just as widely accepted, because it’s also true, that companies that commit to their employees engender long-term success. When a company has had the level of success Tesla has achieved, and it has the chance to commit $1.5 billion to an investment, the choice between an investment in bitcoin and in the staff ought to be easy.
Alas, in this case, whether through hubris or a simple lack of care, Musk and Tesla chose the wrong history to buck.
Most firms place a limit on advisors’ sales of alternative investments to clients in the neighborhood of 10% a customer’s net worth.
Those jumping ship include women advisors and breakaways.
Firms in New York and Arizona are the latest additions to the mega-RIA.
The agent, Todd Bernstein, 67, has been charged with four counts of insurance fraud linked to allegedly switching clients from one set of annuities to another.
“While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billion-dollar award to the State,” Justice Peter Moulton wrote, while Trump will face limits in his ability to do business in New York.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
