Merrill Lynch or Edward Jones??

[ERD50]

Quote:

Originally Posted by obgyn65 For what's it's worth, I like the quality of service I get at Edward Jones. Others will disagree...

Not agreeing nor disagreeing, but I'm curious how you measure/determine that you are getting 'quality service'?

-ERD50

[obgyn65]

Well I always get an answer within 24 hours. Granted my portfolio is very simple. The online statements are very clear. It's not been always the case from other financial institutions. And all this free, as long as I keep a couple of thousand dollars in my money market. I am happy with EJ.

Quote:

Originally Posted by ERD50 Not agreeing nor disagreeing, but I'm curious how you measure/determine that you are getting 'quality service'? -ERD50

[LeavingOhio]

I will jump on the Vanguard bandwagon. They have the reputation as the best and with low fees. I have accounts with Vanguard and Fidelity, and both are fine, but if going with just one, I would choose Vanguard.

[marko]

Quote:

Originally Posted by bssc That's why I dislike those target date fund of funds. Not only are you paying a management fee to some group to determine which mutual fund to invest in, if you read the prospectus closely, you are also paying the management fees for each individual mutual fund. The annual fees added up came out to about 2.5% a year. Of course, with those fees, they were nice enough to waive the fees to purchase the shares.

That is not true with TR Price.

You pay only on the main fund, not the fund's funds. My expense is 0.65% on their 2015 fund of funds. My total portfolio expense is 0.67%. I"ve dug down on this at one point and that is what I pay.

[clifp]

Quote:

Originally Posted by obgyn65 Well I always get an answer within 24 hours. Granted my portfolio is very simple. The online statements are very clear. It's not been always the case from other financial institutions. And all this free, as long as I keep a couple of thousand dollars in my money market. I am happy with EJ.

Interesting I generally get answers to questions within 10 minutes from Schwab sometimes 20 minutes once in a blue moon it takes a day. Plus my questions aren't always simple.

[Dawg52]

Quote:

Originally Posted by clifp Interesting I generally get answers to questions within 10 minutes from Schwab sometimes 20 minutes once in a blue moon it takes a day. Plus my questions aren't always simple.

Email or phone questions? At Fidelity it can take a few hours if I do it online, phone questions are answered on the spot unless it is something unusual. Which is rare in my simple world.

[ERD50]

Quote:

Originally Posted by obgyn65 For what's it's worth, I like the quality of service I get at Edward Jones. Others will disagree...

Quote:

Originally Posted by ERD50 Not agreeing nor disagreeing, but I'm curious how you measure/determine that you are getting 'quality service'? -ERD50

Quote:

Originally Posted by obgyn65 Well I always get an answer within 24 hours. Granted my portfolio is very simple. The online statements are very clear. It's not been always the case from other financial institutions. And all this free, as long as I keep a couple of thousand dollars in my money market. I am happy with EJ.

Quote:

Originally Posted by clifp Interesting I generally get answers to questions within 10 minutes from Schwab sometimes 20 minutes once in a blue moon it takes a day. Plus my questions aren't always simple.

Quote:

Originally Posted by Dawg52 Email or phone questions? At Fidelity it can take a few hours if I do it online, phone questions are answered on the spot unless it is something unusual. Which is rare in my simple world.

Well, getting timely answers to simple questions is one measure. But considering the other responses, that isn't unique to EJ (sounds like they may be inferior in that regard), and 'quality of service' extends beyond getting a phone call response. As I understand it, there are relatively high fees wrapped into what they offer - those office people have to eat. But what quality is that for the investor?

-ERD50

[obgyn65]

Well it's good enough for me... but I am not financially savvy, my investments are very simple (CDs, munis). Therefore I may tend to be happier with financial services that others in this forum may perceive as poor quality services simply because they are more demanding. Not sure.

Quote:

Originally Posted by ERD50 Well, getting timely answers to simple questions is one measure. But considering the other responses, that isn't unique to EJ (sounds like they may be inferior in that regard), and 'quality of service' extends beyond getting a phone call response. As I understand it, there are relatively high fees wrapped into what they offer - those office people have to eat. But what quality is that for the investor? -ERD50

[Nords]

Quote:

Originally Posted by obgyn65 Well it's good enough for me... but I am not financially savvy, my investments are very simple (CDs, munis). Therefore I may tend to be happier with financial services that others in this forum may perceive as poor quality services simply because they are more demanding. Not sure.

OB, you're happy with them because you don't see how much money they're making on the spreads when you buy the munis.

You're also happy with them because they're not making any money from you on trading stocks, annuities, or other expensive products. In fact I would suspect that they've given up on calling you to offer you "special deals".

You're also happy with them because you don't need to ask them for advice very often, and because you have a very straightforward asset allocation.

It's not that we're demanding. It's that you've simplified your demands to the point where you can remain happy because you need little. Frankly you're EJ's nightmare customer and the only reason they keep you on board is because it would cost more money to get rid of you.

On the other side of the issue, I know a woman who is staying with EJ because her grandfather and her father used EJ as their brokerage. She knows nothing about stocks or mutual funds and figures there's no reason to mess with decades of EJ's service. She's also very happy because she has no idea how much her blissful ignorance is costing her, but she never paid any money for the shares so it doesn't have any significance to her. I suspect that she and her spouse will be working until the day they die, but that's a whole 'nother thread. Bottom line is that they never "need" financial advice, either, so EJ works perfectly well for them too.

[Rustward]

Quote:

Originally Posted by Nords OB, you're happy with them because you don't see how much money they're making on the spreads when you buy the munis. You're also happy with them because they're not making any money from you on trading stocks, annuities, or other expensive products. In fact I would suspect that they've given up on calling you to offer you "special deals". You're also happy with them because you don't need to ask them for advice very often, and because you have a very straightforward asset allocation. It's not that we're demanding. It's that you've simplified your demands to the point where you can remain happy because you need little. Frankly you're EJ's nightmare customer and the only reason they keep you on board is because it would cost more money to get rid of you. On the other side of the issue, I know a woman who is staying with EJ because her grandfather and her father used EJ as their brokerage. She knows nothing about stocks or mutual funds and figures there's no reason to mess with decades of EJ's service. She's also very happy because she has no idea how much her blissful ignorance is costing her, but she never paid any money for the shares so it doesn't have any significance to her. I suspect that she and her spouse will be working until the day they die, but that's a whole 'nother thread. Bottom line is that they never "need" financial advice, either, so EJ works perfectly well for them too.

[FinanceDude]

Quote:

Originally Posted by Nords OB, you're happy with them because you don't see how much money they're making on the spreads when you buy the munis. You're also happy with them because they're not making any money from you on trading stocks, annuities, or other expensive products. In fact I would suspect that they've given up on calling you to offer you "special deals". You're also happy with them because you don't need to ask them for advice very often, and because you have a very straightforward asset allocation. It's not that we're demanding. It's that you've simplified your demands to the point where you can remain happy because you need little. Frankly you're EJ's nightmare customer and the only reason they keep you on board is because it would cost more money to get rid of you. On the other side of the issue, I know a woman who is staying with EJ because her grandfather and her father used EJ as their brokerage. She knows nothing about stocks or mutual funds and figures there's no reason to mess with decades of EJ's service. She's also very happy because she has no idea how much her blissful ignorance is costing her, but she never paid any money for the shares so it doesn't have any significance to her. I suspect that she and her spouse will be working until the day they die, but that's a whole 'nother thread. Bottom line is that they never "need" financial advice, either, so EJ works perfectly well for them too.

Boy, you are getting bitter with age........

[ERD50]

Quote:

Originally Posted by Rustward

I don't think this is dead horse beating. In another thread, obgyn thanked the forum for making him aware of some info he did not know about (SS rules). Could have been an expensive omission.

I still do not think he is aware of the costs of dealing with EJ. I don't know myself, but as others have said, I suspect there are spreads on those bonds he buys/sells, or other costs that are not outright listed as 'fees'.

From recent posts, I'm still unsure if he's adjusted his WR for his conservative investments - IIRC, we discussed that a 100% fixed brings you down to ~ to 2.8% for a 30 year 95% success.

-ERD50

[haha]

It could be that an educated, well to do person like OB-Gyn is certainly capable of asking for information when he wants it. And declining suggestions when they do not interest him.

Ha

[ERD50]

Quote:

Originally Posted by haha Doesn't it ever occur to people that an educated, well to do person like OB-Gyn is certainly capable of asking for information when he wants it? Obviously, he does not want the type of information being so freely supplied. Ha

It's my experience that some educated, well to do people are ignorant in some areas (that is the dictionary definition of ignorant, not 'stupid'). Same is true of uneducated, poor people.

Maybe I'm different, but if someone can help me by providing information that was unknown to me, I appreciate it. In some cases, I'm even convinced that I 'know what I know', and a persistent person eventually convinces me that my beliefs were mistaken. Then my life is better for it.

Regardless of the poster this was directed at, there are other posters/lurkers who might benefit by being skeptical of the costs of dealing with EJ or other FAs. If all they see is "I'm happy with EJ, and they are free", they might come away with the wrong impression.

-ERD50

[haha]

You may be right. I have put myself into more social difficulty by offering advice than I have from witholding advice. But as they say on the internets, YMMV!

I am certain that Edw. D. Jones can be expensive. I know this because at one time I had a friend who knew nothing about investing who became an EDJ agent and very soon started making good money. Enough money that I was tempted to try it myself. I realized that I am too much a principle and not enough an agent for something like this.

Ha

[ERD50]

Quote:

Originally Posted by haha You may be right. I have put myself into more social difficulty by offering advice than I have from witholding advice. But as they say on the internets, YMMV! Ha

Not to over-belabor this, but it wasn't even 'advice' (not sure if you were trying to be that specific though). It's really just 'have you really considered such and such?'.

If he wants to stay with EJ, it's no skin off my back, I won't 'advise' him to change. But he seems like a nice person, and if he is under a mistaken impression about the costs, it's just something he might want to give more thought to. I'm just trying to be helpful by providing info. The choice is his.

Others have helped me with info on this forum, just trying to return the favors.

-ERD50

[Badger]

There are 3 kinds of buckaroos - the ones that learn by asking/listening, the few that learn by observation, and the rest that have to pee on the electric fence to find out for themselves.

As for me, I'm glad to have found a forum with advice from many folks worth listening to.

Cheers!

[Nords]

Quote:

Originally Posted by Rustward (insert annoyingly animated emoticon here)

Thank you for your thoughtful, articulate, and constructive feedback.

I think it's worthwhile for newer posters who are reading EJ endorsements to consider the asset allocation of the endorser.

I've watched too many of my shipmates & friends spend their lives in... blissful ignorance... while trusting in their financial advisors. I wish that horse really was dead.

Speaking of financial advice, look what Dave Ramsey's endorsing!
The Dave Ramsey Endorsed Local Provider (ELP) Shaft Detector

[Rustward]

OBGYN65 stated he is satisfied with Edward Jones and he likes it that way. That's enough for me. Personally, I would not deal with Edward Jones, but I respect everyone's right to make their own choices. The beating of a dead horse is Nords trying to sway OBGYN from his decision -- and again, it is not a decision I would make, but I am not going to try to change OBGYN65's mind about this. He makes his choices, and I make my choices.

Now, if OBGYN was asking for advice in this matter, that would be different.

I also think Nords' post is a little harshly worded.


Edit to add:

Quote:

Originally Posted by Nords Thank you for your thoughtful, articulate, and constructive feedback. [/url]

If you had made general statements in that post it would look a lot better. The word "you" appears 17 times. This makes it feel like a personal thing toward OBGYN65.

One more thing: I don't see where OBGYN is recommending that anybody else switch to EJ. Just let him do what he wants to do.

[73ss454]

Quote:

Originally Posted by Rustward I also think Nords' post is a little harshly worded.

Sometimes the truth hurts, maybe people will learn something from Nords, I know I have.