|
|
03-30-2013, 01:20 AM
|
#1
|
Dryer sheet aficionado
Join Date: Oct 2012
Posts: 25
|
Edward Jones advisor?
How do tell an Edward Jones financial advisor I'm not interested?
He's was referred to me unsolicited by a very nice, long time business client; also his close friend. I told him I'm not sure he can help me cause I've managed fine my whole life without professional help, that I can quit tomorrow to live comfortably forever on passive income alone if I need to, and that I can generate safe after-tax return of 6-8% with my cash should I need to or if I want to. A week later he offer to meet for an in depth analysis to my unique situation. I'm pretty sure he wants to sell me annuity and expensive 5.75% front-loaded American Fund. HOW DO I KINDLY TELL HIM OFF without endangering my long time business client?
|
|
|
|
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!
|
03-30-2013, 01:31 AM
|
#2
|
Recycles dryer sheets
Join Date: Jul 2008
Location: Sacramento area
Posts: 478
|
hmmmmmm.... I suppose continue to say thank you but no thank you.
OR, depending on personalities, level with him and tell him Look, I **really** am doing fine on my own. I respect Jones, but your investment style and mine just don't mesh. I don't want to offend you, but I just don't think it would be a good marriage.
|
|
|
03-30-2013, 02:01 AM
|
#3
|
Full time employment: Posting here.
Join Date: Aug 2012
Location: Upstate
Posts: 699
|
No offense, but it sounds like you left the door open a crack for him when you said, "I'm not sure he can help me cause..." and opened it wider and invited him in when you explained your situation to him. He may have taken that as asking/hinting for his feedback/advice about your plans. With aggressive sales people, IME you have to be definite -- "Thank you, but I'm not interested." No explanations are necessary, and sales people (as a rule) have pretty thick skins when it comes to rejections. Then if he persists, politely, "I'm sorry -- I thought I was clear that I appreciate the offer but I'm not interested. If he persists after that, IMO all bets are off. YMMV.
Tyro
__________________
Yeah well, that's just, ya know, like, your opinion, man. ~ The Dude
|
|
|
03-30-2013, 05:43 AM
|
#4
|
Thinks s/he gets paid by the post
Join Date: Aug 2006
Posts: 2,433
|
Tell him your main interest is in options (EJ is not in this business). That's the way I got rid of a very nice young man who kept calling me. I told him to give me a call if they ever got into this business. I haven't heard back from him.
__________________
I'd rather be governed by the first one hundred names in the telephone book than the Harvard faculty - William F. Buckley
|
|
|
03-30-2013, 06:02 AM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,072
|
Just tell him thanks, but no thanks.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
|
|
|
03-30-2013, 06:13 AM
|
#6
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
|
Tell him that as fan of Warren Buffett, you are following his lead in hiring investment advisers. You want to see their personal portfolio transactions and tax returns from 2007-2012. If the guy gives them to you and he is outperforming the market the indexes with similar asset allocation well hear him out.
I have been asking potential investment adviser for this information for more than a dozen year and have yet to receive the info. Not surprisingly Buffett got the info he was seeking.
|
|
|
03-30-2013, 06:13 AM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: Portland
Posts: 2,038
|
Tell him firmly that you aren't interested and to quit calling you. I can't imagine he is going to go running back to your business client whining that you won't hire him, and so what if he does.
|
|
|
03-30-2013, 06:17 AM
|
#8
|
Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
|
Quote:
Originally Posted by Dawg52
Just tell him thanks, but no thanks.
|
Maybe also tell him that if he doesn't stop approaching you, you'll have to discuss with your mutual friend how uncomfortable he is making you so that mutual friend will stop referring others to him.
Did your long time client tell you he was going to have EJ contact you or did he give you the contact info and you called EJ first (doesn't sound like it)? I would be ticked at the client if he didn't ask me if he could have his EJ friend call me, so I could put the kibosh on it right away.
Sounds like you are doing fine on your own!
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
|
|
|
03-30-2013, 06:34 AM
|
#9
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
|
Yep, you are too nice and left them the option of calling you. My spouse is that way as well. An EJ salesrep walked the neighborhood and my spouse answered the door. She kept getting calls until I answered the phone and said to the salesrep, "We are never ever going to do business with you, so please do not ever call us or contact us again. You are really wasting my time and your time." I then hung up before they could say anything.
Note: I did not even say "Thank you" at the end.
|
|
|
03-30-2013, 06:46 AM
|
#10
|
Full time employment: Posting here.
Join Date: Jun 2012
Location: Ohio Suburb and WV Farm
Posts: 519
|
Quote:
Originally Posted by AWeinel
hmmmmmm.... I suppose continue to say thank you but no thank you.
OR, depending on personalities, level with him and tell him Look, I **really** am doing fine on my own. I respect Jones, but your investment style and mine just don't mesh. I don't want to offend you, but I just don't think it would be a good marriage.
|
+1 DH and I had to do the same with Fisher Investments. You have already proven to yourself that you won't need the EJ services.
Best of luck!
__________________
"Everything becomes more itself." --C.S. Lewis
|
|
|
03-30-2013, 07:12 AM
|
#11
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
|
Well, you have received some advice, some good, some ugly. It might seem a little tricky, but it's really not.
Say something like this: "I have given this some thought, and I have decided to continue managing my investments myself. At this point in my life, I guess I am a creature of habit. Our mutual business client, _______ probably thought we would be a good fit, and if I wasn't comfortable handling my investments all these years, he probably would be correct, but I am, so I am not interested"........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
|
|
|
03-30-2013, 08:44 AM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,891
|
Quote:
Originally Posted by joebloe
How do tell an Edward Jones financial advisor I'm not interested?
He's was referred to me unsolicited by a very nice, long time business client; also his close friend. .... HOW DO I KINDLY TELL HIM OFF without endangering my long time business client?
|
It doesn't seem that your business client had any qualms about unleashing (I actually started typing 'unleaching', not sure I should have 'corrected' that or not!) a salesperson on you unsolicited. Why are you concerned about endangering the relationship when he/she clearly is not?
And if you can quit tomorrow, what difference does it make if this client decides to let this affect your business relationship? That seems petty anyway - you have every right to just say 'no', you don't owe the client anything, just the opposite in fact.
OTOH, I have heard that some of these EJ advisors can be very nice, very polite and always available. So if you need to buy a friend, maybe give it some consideration?
edit/add:
Quote:
Originally Posted by FinanceDude
Well, you have received some advice, some good, some ugly.
|
Which advice was 'ugly'? Thanks but no thanks? Just being honest and telling them that they are wasting their time?
-ERD50
|
|
|
03-30-2013, 09:05 AM
|
#13
|
Full time employment: Posting here.
Join Date: Jan 2005
Posts: 587
|
Quote:
Originally Posted by FIRE'd@51
Tell him your main interest is in options (EJ is not in this business).
|
The guy that loads my truck is a farmer and buys puts on his corn crop thru his Edward Jones broker.
|
|
|
03-30-2013, 09:36 AM
|
#14
|
Thinks s/he gets paid by the post
Join Date: Aug 2006
Posts: 2,433
|
Quote:
Originally Posted by tinlizzy
The guy that loads my truck is a farmer and buys puts on his corn crop thru his Edward Jones broker.
|
Perhaps they make exceptions for a legitimate hedger who uses options in large size to conduct his business.
From the Edward Jones website
__________________
I'd rather be governed by the first one hundred names in the telephone book than the Harvard faculty - William F. Buckley
|
|
|
03-30-2013, 09:43 AM
|
#15
|
Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
|
Quote:
Originally Posted by FinanceDude
Well, you have received some advice, some good, some ugly. It might seem a little tricky, but it's really not.
Say something like this: "I have given this some thought, and I have decided to continue managing my investments myself. At this point in my life, I guess I am a creature of habit. Our mutual business client, _______ probably thought we would be a good fit, and if I wasn't comfortable handling my investments all these years, he probably would be correct, but I am, so I am not interested"........
|
Although that is a nice way to say "no thanks" for the OP's third time saying "no thanks", there is an argument the EJ guy will come back with on every point you make (and probably has a script to use for each of them):
I've given this some thought (but you haven't heard my spectacular plan for you!)
Continue managing my investments myself (would a doctor operate on him/herself? I'm an expert, you're an amateur)
I am a creature of habit (that's why you need a fresh approach, you are too ingrained in your ways, times have changed)
Client thought we would be a good fit (there's a reason your client thought this, let me explain my spectacular plan to you)
If I wasn't comfortable handling my investments all these years (see creature of habit comeback)
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
|
|
|
03-30-2013, 09:47 AM
|
#16
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
|
Quote:
Originally Posted by Bestwifeever
I've given this some thought (but you haven't heard my spectacular plan for you!)
Continue managing my investments myself (would a doctor operate on him/herself? I'm an expert, you're an amateur)
I am a creature of habit (that's why you need a fresh approach, you are too ingrained in your ways, times have changed)
Client thought we would be a good fit (there's a reason your client thought this, let me explain my spectacular plan to you)
If I wasn't comfortable handling my investments all these years (see creature of habit comeback)
|
The response to each of these comebacks:
"What part of 'NO' do you not understand?"
__________________
Numbers is hard
|
|
|
03-30-2013, 11:19 AM
|
#17
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
|
Quote:
Originally Posted by Tyro
No offense, but it sounds like you left the door open a crack for him when you said, "I'm not sure he can help me cause..." and opened it wider and invited him in when you explained your situation to him. He may have taken that as asking/hinting for his feedback/advice about your plans. With aggressive sales people, IME you have to be definite -- "Thank you, but I'm not interested." No explanations are necessary, and sales people (as a rule) have pretty thick skins when it comes to rejections. Then if he persists, politely, "I'm sorry -- I thought I was clear that I appreciate the offer but I'm not interested. If he persists after that, IMO all bets are off. YMMV.
Tyro
|
+1
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
|
|
|
03-30-2013, 11:26 AM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
|
Quote:
Originally Posted by ERD50
Which advice was 'ugly'? Thanks but no thanks? Just being honest and telling them that they are wasting their time?
-ERD50
|
Follow clifp's advice, and OP will be in a pickle with his business client.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
|
|
|
03-30-2013, 11:28 AM
|
#19
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
|
Quote:
Originally Posted by Bestwifeever
Although that is a nice way to say "no thanks" for the OP's third time saying "no thanks", there is an argument the EJ guy will come back with on every point you make (and probably has a script to use for each of them):
|
Then the EJ advisor should not be one........because that would clearly tell him in a nice way to bug off.......
But, of course, everyone on this forum is an experienced advisor, so maybe I should let others answer..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
|
|
|
03-30-2013, 11:33 AM
|
#20
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
|
Quote:
Originally Posted by FinanceDude
Then the EJ advisor should not be one...
|
Exactly! Many advisors have this problem.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|