Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Edward Jones ?
Old 12-17-2017, 04:44 PM   #1
Recycles dryer sheets
 
Join Date: Nov 2017
Location: St. Petersburg
Posts: 134
Edward Jones ?

Does anyone have experience (positive or negative) with Edward Jones managing their finances in retirement? Any insight would be appreciated. Thanks.
LXEX55 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-17-2017, 04:48 PM   #2
Thinks s/he gets paid by the post
MissMolly's Avatar
 
Join Date: Jun 2010
Posts: 2,130
This should tell you all you need to know about EJ.

https://youtu.be/LDyDDBv2HzE
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
MissMolly is offline   Reply With Quote
Old 12-17-2017, 04:48 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 13,184
Have you tried a search on this site?
RunningBum is offline   Reply With Quote
Old 12-17-2017, 04:59 PM   #4
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 25,155
Briefly, the answer to the OP's question is Yes, we have experience.

99% or more of that experience has been negative.

Next question?
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 12-17-2017, 05:00 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
samclem's Avatar
 
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
Quote:
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).
samclem is offline   Reply With Quote
Old 12-17-2017, 05:05 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Apr 2013
Location: Beach and Mountain
Posts: 1,086
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.
Z3Dreamer is offline   Reply With Quote
Old 12-17-2017, 05:24 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 11,078
Quote:
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.
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.?
MRG is offline   Reply With Quote
Old 12-17-2017, 05:39 PM   #8
Thinks s/he gets paid by the post
dtbach's Avatar
 
Join Date: Apr 2011
Location: Madison
Posts: 1,337
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.
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
dtbach is offline   Reply With Quote
Old 12-17-2017, 05:43 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 14,328
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.
travelover is offline   Reply With Quote
Old 12-17-2017, 06:06 PM   #10
Full time employment: Posting here.
 
Join Date: Mar 2017
Posts: 629
Quote:
Originally Posted by dtbach View Post
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.
SheitlQueen is offline   Reply With Quote
Old 12-17-2017, 06:10 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 14,328
Quote:
Originally Posted by SheitlQueen View Post
........ NO one wanted to stay with EJ.
Did they gouge you on the way out the door?
travelover is offline   Reply With Quote
Old 12-17-2017, 06:28 PM   #12
Recycles dryer sheets
 
Join Date: Apr 2017
Location: SF East Bay
Posts: 154
To sum it all up, RUN AWAY!!!
GoBears is offline   Reply With Quote
Old 12-17-2017, 11:34 PM   #13
Thinks s/he gets paid by the post
Helen's Avatar
 
Join Date: Oct 2004
Location: Portland
Posts: 2,038
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 :^)
Helen is offline   Reply With Quote
Old 12-18-2017, 04:31 AM   #14
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 4,939
Quote:
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.
Quote:
To sum it all up, RUN AWAY!!!
+1000.
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Thanks you all
Old 12-18-2017, 07:29 AM   #15
Recycles dryer sheets
 
Join Date: Nov 2017
Location: St. Petersburg
Posts: 134
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.
LXEX55 is offline   Reply With Quote
Old 12-18-2017, 07:29 AM   #16
Thinks s/he gets paid by the post
 
Join Date: Feb 2013
Location: Toronto
Posts: 3,320
+1001
6miths is offline   Reply With Quote
Old 12-18-2017, 07:41 AM   #17
Thinks s/he gets paid by the post
Red Badger's Avatar
 
Join Date: Jan 2017
Location: Hog Mountian
Posts: 2,077
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!
__________________
Never let yesterday use up too much of today.
W. Rogers
Red Badger is offline   Reply With Quote
Old 12-18-2017, 08:34 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 11,078
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.
MRG is offline   Reply With Quote
Old 12-18-2017, 09:09 AM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 10,308
Quote:
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.
OldShooter is offline   Reply With Quote
Old 12-18-2017, 09:27 AM   #20
Recycles dryer sheets
Backdraft57's Avatar
 
Join Date: Dec 2015
Posts: 117
As Iron Maiden would sing....Run to the hills...Run for your Life
Backdraft57 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Merrill Lynch or Edward Jones?? rdjrn FIRE and Money 95 07-23-2012 09:09 PM
How Edward Jones advisors are compensated Helen FIRE and Money 3 10-18-2011 11:38 AM
Mom, Edward Jones, and a CIT Bond region2 Other topics 7 08-16-2009 03:55 PM
Things must be slow at Edward Jones... Gonzo Other topics 10 10-04-2006 10:09 AM

» Quick Links

 
All times are GMT -6. The time now is 09:33 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.