What the experts say

A game of musical brokers

“The upheaval among Wall Street brokerage firms is contributing to a game of musical chairs,” said Shelly Banjo in The Wall Street Journal. If your broker changes shops, you can either stick with the old firm—in which case you’ll be assigned a new broker—or tag along to the new one. “If you don’t have a particularly strong attachment to your current broker, consider keeping your assets at your current firm.” If you do have a solid relationship, however, the “hassles” of tagging along are probably worth enduring for advice you value. Just be sure to compare the product offerings and fee structures of the two firms. Keep in mind, as well, that products such as annuities and certain mutual funds may not be able to make the move.

Cars loans no bargain

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The seven-year auto loan is a “lousy new consumer trend,” said Stacey L. Bradford in SmartMoney. Experts have long cautioned against stretching car loans beyond four years, but now six- and even seven-year loans are practically the norm. While these loans do offer lower monthly payments, they’re “riddled with problems.” They carry higher interest rates than four-year loans, and a longer repayment period can add thousands of dollars to a car’s price. Cars also depreciate extremely quickly—so it’s easy to get “upside down” on a car loan, and owe more than the car is worth. That might not be an issue if you take good care of the car and drive it long after paying it off. But most drivers start to crave that new-car smell after just four years.

Banks bid for business

If you’re looking for somewhere to park cash, banks are ready to put forward their best offer, said Anne Eisenberg in The New York Times. A new website, MoneyAisle.com, connects customers looking for the highest yields on savings accounts and certificates of deposits with banks. More than 100 small and midsize banks have partnered with the site, which presents consumers with bids nearly instantaneously. A few weeks ago I tried it out by shopping for a six-month, $10,000 CD: “After a brisk, one-minute round of bidding involving 82 banks, I was offered 4.2 percent, well above the national average at the time of 3.15 percent.” Consumers pay nothing for the service, and there’s no obligation to take any offer.