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Old 02-18-2014, 04:04 PM   #41
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I wish someone in my family knew how to cut hair.
I have a wife....and she is deadly with electric clippers. Put the #2 attachment on for all the hair and then just take the attachment off to clean it up. But....you are likely to have higher standards than me with a guys short hair. And....heeheehee.....I don't have to a pay her....although I do have to be nice to her.
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Old 02-18-2014, 10:25 PM   #42
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I too am in the process of moving from EJ to vanguard. Despite the ridicule I will get for even saying it I have to admit my EJ advisor has done incredibly well for me in the past. I never would have been where I am at without him. I realize that they get a percentage for what they do but I certainly didn't have the time to manage things as well as he was doing. We talk several times a month, usually he is calling to inform me of a certain municipal bond or some other investment that would fit my portfolio and tax situation. Again, I wouldn't have time to watch all of this stuff on my own, I am trying to run my own business and be profitable.

With that being said, I am moving some funds over to Vanguard to see how things go.
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Old 02-19-2014, 08:15 AM   #43
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I too am in the process of moving from EJ to vanguard. Despite the ridicule I will get for even saying it I have to admit my EJ advisor has done incredibly well for me in the past. I never would have been where I am at without him. I realize that they get a percentage for what they do but I certainly didn't have the time to manage things as well as he was doing. We talk several times a month, usually he is calling to inform me of a certain municipal bond or some other investment that would fit my portfolio and tax situation. Again, I wouldn't have time to watch all of this stuff on my own, I am trying to run my own business and be profitable.

With that being said, I am moving some funds over to Vanguard to see how things go.
I'm certainly not going to ridicule you for that statement.

But I will question it. I am skeptical that he did 'incredibly well for' for you. To determine that, you'd need to check that performance versus a "Couch Potato" type portfolio, which takes almost zero time to implement and maintain.

I've known people who were very glad to pay less tax with their muni bonds, but that doesn't mean the munis were a good investment over-all for them. Anyhow, there are muni-funds, so that is EZ to do.

There have been many posts here from people who claim their EJ (or other) advisor is doing a great job, but when questioned, they either drop out of sight or cannot offer any solid info to back up the claim.

Heck, I'd gladly pay 1% to the advisor and another 1% in fund costs to do 'incredibly well' (assuming that means far above 'the market' including fees/costs). Why the heck are you leaving?

-ERD50
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Old 02-19-2014, 09:03 AM   #44
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I too am in the process of moving from EJ to vanguard. Despite the ridicule I will get for even saying it I have to admit my EJ advisor has done incredibly well for me in the past. I never would have been where I am at without him. I realize that they get a percentage for what they do but I certainly didn't have the time to manage things as well as he was doing. We talk several times a month, usually he is calling to inform me of a certain municipal bond or some other investment that would fit my portfolio and tax situation. Again, I wouldn't have time to watch all of this stuff on my own, I am trying to run my own business and be profitable.

With that being said, I am moving some funds over to Vanguard to see how things go.
I think the question to ask yourself is if the guidance is worth the fee.

Much like tax time. Some prefer to just bring in a shoe box of records and hand that over to an accountant (Of course, a 1% fee of assets under management is a lot more than having an accountant do your taxes) vs a more DIY approach like using tax software.

That is, as long as the accountant does a good job. I used to hire someone to have my taxes done as I felt that as easier and more accurate. But found myself having to proof read the work anyhow and catching some mistakes. So, I figured to just do my taxes on my own
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Old 02-19-2014, 10:08 AM   #45
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also im 34yrs old married, 4 kids 12yrs and younger, earn 165,000 per year... wanting to retire early, I would like to pay for some of my kids college also. don't really know how much yet but some.. also would i max out a roth ira, then go traditional ira? thoughts are very appreciated.
Max out your 401K, if one is available to you. If spouse works, have him/her do the same. If you still have $ left, each of you can fund a Roth IRA for the year (and every year until your kids start college). This last piece of advice came from our CPA when I asked him about 529 plans.

He said the benefit of Roths is that, after 5 years, you can take the $ out for educational expenses. We took his advice, because we did not know if DS would be able to "do college." It turned that college was not for him, so we have the benefits of those Roths for ourselves. (And/or we can still use them in the future, if he decides he wants to go to college and really try to apply himself).

Also, back in '07, when we were filling out the FAFSA for him, we had no 529's to report. Our friends with 529's (who were also filing out FAFSA's that year) said that, when they reported the 529 savings for their kids' financial aid purposes, the 529 savings jacked up their net worth so the colleges had less motivation to provide scholarships and grants.

Others on the forum may have had a different experience, and/or the rules may have changed.

(Also, we did not have the money to fully fund 2 401K's, 2 Roths, PLUS a 529 plan each year. So we stopped saving when the Roths and 401K's were fully funded.)

FWIW....

Best of Luck!
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Old 02-22-2014, 06:05 PM   #46
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Trarm,

Like yourself I started with the commission based brokerage firm and made the switch to Vanguard. As your assets grow or if you are just looking for direction you may want to consider paying for a one time consultation with a fee based financial planner. Also depending upon your invested assets with Vanguard you may have access to a complementary yearly consultation with a CFP.



Cheers!
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Old 02-22-2014, 07:50 PM   #47
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This made me smile

I wish someone in my family knew how to cut hair.
My cousin cuts my hair. I used to feel funny going to a beautician for a guy haircut. But I grew up, got over it and get to see my cousin on a regular basis. Waiting my turn I also learned more about the chemistry behind hair coloring than I ever really needed to know.
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Old 02-22-2014, 08:00 PM   #48
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I'm certainly not going to ridicule you for that statement.

But I will question it. I am skeptical that he did 'incredibly well for' for you. To determine that, you'd need to check that performance versus a "Couch Potato" type portfolio, which takes almost zero time to implement and maintain.

I've known people who were very glad to pay less tax with their muni bonds, but that doesn't mean the munis were a good investment over-all for them. Anyhow, there are muni-funds, so that is EZ to do.

There have been many posts here from people who claim their EJ (or other) advisor is doing a great job, but when questioned, they either drop out of sight or cannot offer any solid info to back up the claim.

Heck, I'd gladly pay 1% to the advisor and another 1% in fund costs to do 'incredibly well' (assuming that means far above 'the market' including fees/costs). Why the heck are you leaving?

-ERD50
I suspect for most people, "did well", means the adviser got them to invest when they would have been too afraid or maybe too lazy to do so on their own. In that regard, an adviser is better than doing nothing.

I'm ashamed to admit that my education in the evils of a financial adviser cost me at least 50K more than the other people in this thread. I guess I went to an ivy league sucker school.
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Old 04-15-2016, 11:06 PM   #49
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Interesting thread, EJ much more helpful than Vanguard, and no phone trees. Always seem willing to talk to you, and friendly. I wouldn't want an 800 number for my medicine, nor my finances.
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Old 04-16-2016, 06:08 AM   #50
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Interesting thread, EJ much more helpful than Vanguard, and no phone trees. Always seem willing to talk to you, and friendly. I wouldn't want an 800 number for my medicine, nor my finances.
You may not have noticed, but this thread is more than two years old.
I've noticed you're active on other EJ thread.
Maybe you can tell us more about yourself, what line of business?
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Old 04-16-2016, 07:36 AM   #51
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I've known people who were very glad to pay less tax with their muni bonds, but that doesn't mean the munis were a good investment over-all for them. Anyhow, there are muni-funds, so that is EZ to do.


Not the same thing. With muni funds you're stuck with whatever sell decisions the fund manager makes when people panic and sell as interest rates increase. As long as you're happy with the yield and default risk, you can hold an individual bond to maturity and actually get the yield you paid for.
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Old 04-16-2016, 07:43 AM   #52
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Interesting thread, EJ much more helpful than Vanguard, and no phone trees. Always seem willing to talk to you, and friendly. I wouldn't want an 800 number for my medicine, nor my finances.
Guess that is all good if you're willing to pay for the cost. I prefer to stay informed and save myself a few dollars.
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Old 04-16-2016, 09:00 AM   #53
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Guess that is all good if you're willing to pay for the cost. I prefer to stay informed and save myself a few dollars.
Some folks give themselves a 30% raise by switching. I agree stay informed and don't support bad investment ideas.
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Old 04-16-2016, 09:00 AM   #54
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Interesting thread, EJ much more helpful than Vanguard, and no phone trees. Always seem willing to talk to you, and friendly. I wouldn't want an 800 number for my medicine, nor my finances.
So, true and Vanguard doesn't even send you a birthday card. Of course, it is a $10,000 card........
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Old 04-16-2016, 09:46 AM   #55
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I've known people who were very glad to pay less tax with their muni bonds, but that doesn't mean the munis were a good investment over-all for them. Anyhow, there are muni-funds, so that is EZ to do.
Not the same thing. With muni funds you're stuck with whatever sell decisions the fund manager makes when people panic and sell as interest rates increase. As long as you're happy with the yield and default risk, you can hold an individual bond to maturity and actually get the yield you paid for.
My point (in this old, curiously resurrected thread) was about some people being 'happy' with the advice they got from the FA, regardless of whether that was good advice or not.

I attempted (and wasn't all the clear), to say that I've known people who were happy that their FA pointed out that they could save taxes by using munis (funds or individual, not important to the point). It wasn't until years later that these people came to realize that munis pay lower % rates. So was it good advice overall? Maybe not, maybe so, it depends on many things. But their 'happiness' existed in ignorance.

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Old 04-26-2016, 02:42 PM   #56
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I have inherited monies with Edward Jones, but I want to move all to Vanguard to save on fees. I need all I can get for retirement. I'm already 58!
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Old 04-26-2016, 03:03 PM   #57
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I have inherited monies with Edward Jones, but I want to move all to Vanguard to save on fees. I need all I can get for retirement. I'm already 58!
Good for you! Vanguard can handle it all for you, thought EJ may take a last bite out of the pie before it goes.
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Old 04-26-2016, 03:05 PM   #58
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I have inherited monies with Edward Jones, but I want to move all to Vanguard to save on fees. I need all I can get for retirement. I'm already 58!
I moved an inherited IRA from EJ to Vanguard a couple years ago. It went smoothly although took a few weeks. I worked with Vanguard and had them initiate the transaction.
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Old 04-26-2016, 09:38 PM   #59
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I moved an inherited IRA from EJ to Vanguard a couple years ago. It went smoothly although took a few weeks. I worked with Vanguard and had them initiate the transaction.
Yes just have Vanguard initiate the transfer. Jones can't stop you but they can be a royal PIA. You may still get hit with fees from EDJ, but in a month you'll be ahead.
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