Edward Jones ?

[LXEX55]

Does anyone have experience (positive or negative) with Edward Jones managing their finances in retirement? Any insight would be appreciated. Thanks.

 

[MissMolly]

This should tell you all you need to know about EJ.

https://youtu.be/LDyDDBv2HzE

 

[RunningBum]

Have you tried a search on this site?

 

[braumeister]

Briefly, the answer to the OP's question is Yes, we have experience.

99% or more of that experience has been negative.

Next question?

 

[samclem]

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).

 

[Z3Dreamer]

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.

 

[MRG]

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.?

 

[dtbach]

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.

 

[travelover]

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.

 

[SheitlQueen]

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.

 

[travelover]

........ NO one wanted to stay with EJ.

Did they gouge you on the way out the door?

 

[GoBears]

To sum it all up, RUN AWAY!!!

 

[Helen]

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 :^)

 

[DrRoy]

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.

To sum it all up, RUN AWAY!!!

+1000.

 

[LXEX55]

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.

 

[6miths]

+1001

 

[Red Badger]

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!

 

[MRG]

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.

 

[OldShooter]

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.

 

[Backdraft57]

As Iron Maiden would sing....Run to the hills...Run for your Life

 

[SheitlQueen]

Did they gouge you on the way out the door?

They tried....told us we would have to set up accounts to get the money distributed and then they would charge us each $95 to close the accounts. I was not the executor of the estate so I don't know what fees were charged other than that.
The advisor at EJ left just as the estate was being sold and the money distributed and the new temporary guy agreed not to charge the $95. I am suspicious there were plenty of other fees though.

 

[aja8888]

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.

(I take exception to your comment on throwing beginners under the bus with unsuccessful FA's)

Beginners are not always losers. Sometimes they are just beginners. Weren't you a beginner at one time? I was.

 

[OldShooter]

(I take exception to your comment on throwing beginners under the bus with unsuccessful FA's)

Beginners are not always losers. Sometimes they are just beginners. Weren't you a beginner at one time? I was.

Well, that's the old paradox: You can't get a job without experience. Agreed, though, that my "losers" smart remark was not appropriate. I apologize to any beginners who were insulted.

But the paradox still exists. Beginners need experience, but it is not my job to provide it. If I am looking for an FA, I am most definitely not interested in hiring a beginner.

 

[ExFlyBoy5]

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 :^)

Well, I have heard that EJ reps like to cruise around neighborhoods with "big trees, fat squirrels and long cars"...

 

[ls99]

It is a wonderful outfit if you want to make one million out of ten.

For twenty years I could not convince late DW to get her funds outta there. Smooth talking BS artist had her mesmerized. Immediately upon her passing I got a fancy card with with tons of BS from her account churner.

I responded by moving all the stuff to Vanguard. They spent fair amount of time dragging feet, until I filed a complaint with FINRA and PA AG. Speeded things up promptly.