Cuts have apparently begun at the House of Lloyd.
Layoffs are said to be going down circa now at Goldman, so far affecting operations but expected to “impact other areas” and exceed the yearly axing of the bottom 5% of the group.
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This is a guest post written by SoFi’s CEO, Mike Cagney.
CLICK HERE TO READ THE FULL ARTICLE
Recently, there’s been a lot of talk amongst leaders in Washington about how to improve the painful process of repaying student loans. At SoFi, we feel your pain and work hard to offer more flexible, more affordable options for our borrowers. One idea that’s getting a lot of attention is increasing the options for refinancing debt after graduation. The only lender currently focused on refinancing private and federal student loans is SoFi.
We recognized early on that borrowers who have made timely payments on their loans, graduated from school, and have a job should be able to refinance their student loans at a lower interest rate. This may be why, after resuming lending by invitation, the media became increasingly interested in what we are doing.
In a recent article posted on MainStreet.com SoFi General Counsel Rob Lavet had this to say about SoFi’s ReFi products:
“We can offer a better deal than the federal government in terms of rates […].We offer borrowers who meet our underwriting criteria a package that pays off their federal and existing private student loans at a rate as low as 5.49%. Some lenders will do a consolidation on private loans, but we’re the first lender to offer to refinance a federal loan at a lower rate.”
Journalists from the USA TODAY, The Chronicle for Higher Education, the American Banker among others, also found themselves reporting on how SoFi is “using social communities and offering refinancing of student loans.“ It is this social community aspect that makes refinancing with SoFi so valuable. By connecting borrowers with a community literally invested in their success, the benefits of a SoFi loan go beyond saving money.
How many student lenders do you know that will help unemployed borrowers find a new job? SoFi does just that – engaging with borrowers who are actively looking for new employment opportunities and leveraging the networks of all members eager to help these individuals achieve new heights in their career.
Our Entrepreneur Program is another example of SoFi’s community in action connecting like-minded borrowers and investors in support of new business creation. We combine mentoring sessions for participants with exclusive access to the venture capital community.
SoFi wants to help borrowers realize their goals beyond paying off student debt. Whether seeking employment opportunities, career advice, partners for entrepreneurial ventures, access to industry luminaries, or simply a like-minded network, our members benefit from a supportive community of people vested in one another’s success.
Learn more about SoFi’s refinancing programs and community benefits at www.SoFi.com
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You know what they say: You can’t choose your family, but you can choose your financial planner. Or something like that. One of the great things of being in charge of your money is choosing who (if anyone) will help you manage it. The choice isn’t always an easy one. How will you know that your planner is reputable and trustworthy?
These five red flags may be good indications of whether the financial planner sitting across from you is someone you should trust with your money. LearnVest Planning also provides an innovative 7-step program for your money where you work one-on-one with a financial planner. To see if this program is right for you, start with a free financial consultation.
1. She Isn’t Certified
“There are a lot of good planners out there who aren’t Certified Financial Panners™,” says Samantha Vient, CFP®, of LearnVest Planning Services. “However, CFPs® are required to adhere to the CFP® Board’s standards of professional conduct.
We believe it’s always a good idea to work with someone who has the CFP® designation, which is issued after completing a CFP® Board-approved personal financial planning curriculum, passing a rigorous exam issued by the Certified Financial Planner Board of Standards, meeting experience requirements and passing an ethics and background check.
2. He Offers to Manage Your Money for “Free”
Financial planners are usually paid in one of two ways: Either through fee-only, which can be a set fee, hourly, retainer or a percentage of the assets they manage for you, or through commission, which means the planner is paid each time he buys or sells an investment.
Fee-only payment structures can be more desirable to some clients, as there’s no financial incentive based on assets under management for a planner to buy or sell, whereas working on commission encourages planners to make trades, rather than solely look out for your best interest—called a “fiduciary” duty. (You want to be sure that the planner you choose is a fiduciary.)
LearnVest Planning Services provides the services of fee-only Certified Financial Planners™. Get started for free with a 15-minute financial consultation.
3. She Says She Outperforms the Market
“If a financial planner tells you that she can outperform the market, that’s a major red flag,” Vient explains. “In fact, due to government regulations, it’s illegal to advertise statements that promise a specific return.”
Outperforming the market—that is, getting better investment returns than the market average—is extremely difficult to do consistently, and requires taking a lot of risks with your investments. It’s rare to find a financial planner who can consistently outperform the market—and results are never guaranteed. Either way, in the pursuit of these high returns, she’ll be exposing your investments to much higher risk than you may be comfortable with.
Instead, look for a CFP® who, when looking at your portfolio, can advise on proper asset allocation based on your risk tolerance and time horizon, as well as through economic ups and downs.
4. She Doesn’t Ask About Your Financial Goals
“Your planner isn’t just there to crunch the numbers,” Vient advises. “She’s helping you make a plan for your money and your life. You should be looking for someone who has similar values to you.”
Ideally, you’ll likely want to work with someone who is in a similar life stage. Are you a parent? A planner with children may be better able to understand your need to save for college. Does your CFP® have a specialty? Some planners have an area of expertise, like insurance, estate planning, divorce or retirement—a fact you might want to consider if that’s a particular need of yours.
When meeting a potential planner, remember that you’re allowed to ask questions about their experience and priorities: “Do you think it’s more important to save for retirement or pay off debt? How do you feel about supporting kids through college? How do you mitigate investment risk as your clients get older?”
The choices you make with your money are intensely personal. The person who helps you make these choices should be able to understand and accept your financial priorities, and help you use your money to meet them.
5. His Management Style Makes You Uncomfortable
Financial planners can manage your money for you or manage your money with you. As different people have different needs when it comes to money management, there is no right way to work with a planner—it’s up to you to decide how hands-on you want him to be.
When you sign on with a financial planner, there will be a written agreement of how the two of you will manage your money. Read this carefully, and ask questions if you’re unsure about anything. Are you signing your accounts over to this planner? Will he check in with you before making a trade, or when rebalancing your accounts? If you’re uncomfortable with anything in the agreement, bring it up immediately.
Learn more about LearnVest Planning and our financial planners by visiting learnvest.com. To book your free consultation today, email FA_Support@learnvest.com or complete your request online.
LearnVest Planning Services is a registered investment adviser. The opinions expressed in this article are that of LearnVest Planning Services, a registered investment adviser. The advice provided may not be suitable for your individual situation and you should discuss your situation with a financial professional.
Tags: LearnVest, this is an ad
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Matthew 5:30
“And if thy right hand offend thee, cut it off, and cast it from thee: for it is profitable for thee that one of thy members should perish, and not that thy whole body should be cast into hell.”
The best part of getting laid off in the morning is you and your fallen co-workers can go to lunch, still wearing your suits, and get absolutely shit-faced before noon. And for that hour or two, every patron that sees you will think you are a BSD who plays at a different level.
Lloyd:
Goyem only, right?
The Tribal Council
Operations definitely bring down the bottom line. Fund accountants are grossly overpaid. Trades will now be flowing thru mumbai.
Tyrone Biggums 1:13
“Let he who is without sin cast the first rock… and I shall smoketh it.”
Please note if you received your pink slip today your pass for the “Goldman Grill” at Shake Shack is revoked as well, we have been CC’ed on the email to HR. Welcome to the land of the common people, line forms here
Just polishing the scrod
And a new crop of “Fabrice Tourre Under The Bus” Award-winners is born.
that’s odd. i’m not seeing anyone packing up.
that’s odd. i’m not seeing anyone packing up.
Is that the King James Version?
that’s odd. i’m not seeing anyone packing up.
that’s odd. i’m not seeing anyone packing up.
So Jamie is hanging out in the Parthenon (as Greek Gods often do) when he bumps into Lloyd:
Jamie: “Lloyd, a little further west from your normal godly perch, what gives?
Lloyd: “Ah, the whole hezzbolah thing has be a little bummed. Just came to see how the Greeks were handling the austerity”
Jamie: “Holy Sh!t, duck Lloyd, ..they’re throwing bombs around…ain’t takin’ it too well.
Lloyd: ” Thats nothing, wait ’till the layoffs hit GS, they’ll be burning bushes in the Hamptons”
It actually takes about 3-4 days to be officially “let go” from Goldman. There are 21 separate exit interviews, each with a different focus. The overall process is based on the 7 Stages of Grief; it is rumored that in the final exit interview you have to willingly lay your blackberry upon the interviewer’s desk and repeat outloud ”I am no longer doing God’s work” until you can say it without your eyes watering or your voice cracking. They are pretty thorough.
Not if I deny you entry to the special line.
You rang?
you should start packing up for quadruple-posting
Right, thats the first thing that enters my mind upon entering a bar downtown for lunch and see a group of shit-faced op’s people.
You only have to click the post button once Lloyd.
Everyone looks like a BSD until the check comes…
Can I like this post a hundred time?
I am taking my GS talents to the unemployment line.
That’s not funny!
- Jim Chanos
Well played. POTY material right there. [golf clap]
Hey – we’re hiring!
- Ezekiel 25:17 (apocrypha)
The path of the righteous man is beset on all sides by the iniquities of the selfish and the tyranny of evil men, & etc.
This sucks, bank traders returns are absolutely crap without unlimited capital. How will these guys make a living trading?
They really are doing God’s work just not the Judeo Christian god you think of. Hey, they never said which God.
Yeah, have fun with that…
-Former JPM (ex-BSC) employee who experienced having security master setup outsourced to Hyderbad
On my 76th interview I was laid off!
Stop by the Shake Shack line first
Then you and your golden scrot have a visit with the GS resident assayer for your “rendering.”
That’s not funny!
- Anyone who can read
Nobody works at Goldman anymore, they’ve got too many employees
- Yogi B
ops.
For future reference, try this.
-NOP’s alter-ego
AIG sucks
How do you polish a fish?
It’s pretty good, but it still loses out to the Penn Station Taco Bell post. In fact, it’s not even close.
This aggression will not stand, man
Ryby.
I thought they were shutting down a line to save on costs– that they were getting rid of the complaince dept.
No worries, it was the Urban Achievers that got the ax.
Isn’t “scrod” the past pluperfect tense of “screwed”?
There is nothing BSD about getting canned in Jersey City. Sorry dude.
Probably the Rick James version
I thought you said you were gonna be cool. Now when you say shit like this, it makes me nervous. And when I get nervous, I get angry, and whe I get angry, I get scared. And when motherfuckers get scared, that’s when motherfuckers accidentally get shot!
David “Son of Sam” Berkowitz
Operations @ GS is FINE!
-Jim Cramer
UBS is hiring.
I know you said you only wanted a thousand but it wasn’t going through!
-Former GS Ops
Truer words have never been spoken.
Perma, where you at these days? Can you say? I’m not being facetious, just curious.
-Current JPM/ex-BSC employee who is watching his office slowly/quickly get shipped to Bangalore