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Edward Jones ?
Old 12-17-2017, 04:44 PM   #1
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Edward Jones ?

Does anyone have experience (positive or negative) with Edward Jones managing their finances in retirement? Any insight would be appreciated. Thanks.
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Old 12-17-2017, 04:48 PM   #2
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This should tell you all you need to know about EJ.

https://youtu.be/LDyDDBv2HzE
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Old 12-17-2017, 04:48 PM   #3
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Old 12-17-2017, 04:59 PM   #4
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Briefly, the answer to the OP's question is Yes, we have experience.

99% or more of that experience has been negative.

Next question?
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Old 12-17-2017, 05:00 PM   #5
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Originally Posted by LXEX55 View Post
Does anyone have experience (positive or negative) with Edward Jones managing their finances in retirement? Any insight would be appreciated. Thanks.
It could be a very big mistake. Search this site for stories of those who have escaped the clutches of EJ.
It is >not< hard to manage your own money, and do it better than EJ or other "financial advisors." The fees they charge will effectively reduce the amount you can safely spend each year in retirement by about 25%. That's not a typo--if you pay their fees, you'll likely cut the amount available for you to spend every year by about one fourth.
If, after doing some research here and reading a book or two, you still think you want an advisor, then do yourself a very big favor and choose one with far lower fees than EJ. But don't jump to that conclusion without doing the research first, because they all cost money that you probably do not need to spend.
Investing is not hard. I spend about an hour per year on the task, and I'm pretty sure I do better than the typical EJ client after accounting for their fees. Successful investors do >not< have to study stocks or try to outguess the market. Just pick an asset allocation that fits your tolerance for market volatility, use low cost mutual funds or ETFs, and rebalance occassionally (and you can even skip the rebalancing if you choose funds that do it for your automatically).
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Old 12-17-2017, 05:05 PM   #6
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Over 15 years ago, I was too busy so I gave EJ a boatload of assets to invest. They have done well. If I was not busy, could I have done better? Don't know. Probably. Back then I would chase the better performing funds and ignore AA.

Assets I have acquired since then are in Vanguard funds. My return on the Vanguard funds is about the return on EJ assets.

In my case, EJ charged up front fees (and some ongoing). And most people lower their equity AA in retirement. So if you pay a 3% up front fee on income assets, you would not be a happy camper.

A lot depends on the local agent you deal with. My guy does not try to sell me stuff but about once a quarter I get stuff on EJ credit cards, annuities, more personal services, etc. All of this is from headquarters marketing. Local guy laughs when I tell him about it.
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Old 12-17-2017, 05:24 PM   #7
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Does anyone have experience (positive or negative) with Edward Jones managing their finances in retirement? Any insight would be appreciated. Thanks.
If you know enough to know if your Jones rep is fleecing you, go elsewhere. Otherwise go elsewhere.

I w*rked with some folks who became Jones reps. Megacorp let them go cause they needed maps to find their cubes. Now they make six figures making your money theirs.

Seriously I would not let either of these clowns watch my dogs. Why trust them with your retirement.?
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Old 12-17-2017, 05:39 PM   #8
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My mom had money with EJ. Very nice folks who greeted her with coffee and sold her totally inappropriate crap. I moved the $$ within 10 days of her passing.
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Old 12-17-2017, 05:43 PM   #9
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If you need some direction, you can pay a fee only advisor one time to point you in the right direction. A place like EJ wants to keep charging you 24/7/365 by various methods that, over time, really bleed you.

A little reading here and in recommended books goes a long way toward either being able to choose an ethical fee only advisor or simply do it yourself.
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Old 12-17-2017, 06:06 PM   #10
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My mom had money with EJ. Very nice folks who greeted her with coffee and sold her totally inappropriate crap. I moved the $$ within 10 days of her passing.
Same experience I had with my mother. They treated her very well but HIGH fees and lots of churning of her account, much of it inappropriate. When she passed, we all agreed to sell everything in her account and distribute cash to everyone. NO one wanted to stay with EJ.
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Old 12-17-2017, 06:10 PM   #11
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........ NO one wanted to stay with EJ.
Did they gouge you on the way out the door?
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Old 12-17-2017, 06:28 PM   #12
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To sum it all up, RUN AWAY!!!
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Old 12-17-2017, 11:34 PM   #13
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After we moved into our house an Edward Jones rep stopped by while we were doing yard work. I didn't know anything about them, but I started talking about index funds and expense ratios and AUM fees that gouged into returns. I never heard from him again :^)
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Old 12-18-2017, 04:31 AM   #14
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If you need some direction, you can pay a fee only advisor one time to point you in the right direction. A place like EJ wants to keep charging you 24/7/365 by various methods that, over time, really bleed you.

A little reading here and in recommended books goes a long way toward either being able to choose an ethical fee only advisor or simply do it yourself.
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To sum it all up, RUN AWAY!!!
+1000.
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Thanks you all
Old 12-18-2017, 07:29 AM   #15
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Thanks you all

I think I am going to stick to my couch potato portfolio with Vanguard. But, again, I thank you for saving my wife and I from an ugly, expensive lesson. Be well, all of you.
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Old 12-18-2017, 07:29 AM   #16
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Old 12-18-2017, 07:41 AM   #17
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Stock Series

Read this - it's free, fun, and very educational for getting started in managing your money. I really like the chapter on FA's.

Good luck!
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Old 12-18-2017, 08:34 AM   #18
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Good luck. I'm not sure if we answered about fees on the way out.

Depending on the funds you own, there may be a deferred sales fee, typically 1%. My memory says that goes away if you held the fund for one year. You may have paid loads, they're gone. They typically hit you with annual 12b-1 fees, they go away when you go to Vanguard.

Additionally they may hit you for account closure fees of a nominal amount, expect less than $100.

Vanguard won't send you a Christmas card, or visit your house.
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Old 12-18-2017, 09:09 AM   #19
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Originally Posted by Helen View Post
After we moved into our house an Edward Jones rep stopped by while we were doing yard work. I didn't know anything about them, but I started talking about index funds and expense ratios and AUM fees that gouged into returns. I never heard from him again :^)
Quite funny, actually. I have always figured that guys who had to cold call and prospect needed clients for a reason: They were beginners or they had been unsuccessful in building a book that gave them a good flow of referrals. IOW, losers.
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Old 12-18-2017, 09:27 AM   #20
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