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Edward Jones advisor?
Old 03-30-2013, 02:20 AM   #1
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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?
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Old 03-30-2013, 02:31 AM   #2
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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.
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Old 03-30-2013, 03:01 AM   #3
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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.

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Old 03-30-2013, 06:43 AM   #4
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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.
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Old 03-30-2013, 07:02 AM   #5
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Just tell him thanks, but no thanks.
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Old 03-30-2013, 07:13 AM   #6
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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.
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Old 03-30-2013, 07:13 AM   #7
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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.
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Old 03-30-2013, 07:17 AM   #8
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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!
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Old 03-30-2013, 07:34 AM   #9
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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.
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Old 03-30-2013, 07:46 AM   #10
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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!
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Old 03-30-2013, 08:12 AM   #11
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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"........
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Old 03-30-2013, 09:44 AM   #12
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Originally Posted by joebloe View Post
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?

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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
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Old 03-30-2013, 10:05 AM   #13
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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.
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Old 03-30-2013, 10:36 AM   #14
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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
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Old 03-30-2013, 10:43 AM   #15
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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)
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Old 03-30-2013, 10:47 AM   #16
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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?"
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Old 03-30-2013, 12:19 PM   #17
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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.

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Old 03-30-2013, 12:26 PM   #18
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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.........
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Old 03-30-2013, 12:28 PM   #19
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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..........
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Old 03-30-2013, 12:33 PM   #20
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Then the EJ advisor should not be one...
Exactly! Many advisors have this problem.
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