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-   -   Edward Jones ? (http://www.early-retirement.org/forums/f28/edward-jones-89834.html)

LXEX55 12-17-2017 05:44 PM

Edward Jones ?
 
Does anyone have experience (positive or negative) with Edward Jones managing their finances in retirement? Any insight would be appreciated. Thanks.

MissMolly 12-17-2017 05:48 PM

This should tell you all you need to know about EJ.

https://youtu.be/LDyDDBv2HzE

RunningBum 12-17-2017 05:48 PM

Have you tried a search on this site?

braumeister 12-17-2017 05:59 PM

Briefly, the answer to the OP's question is Yes, we have experience.

99% or more of that experience has been negative.

Next question?

samclem 12-17-2017 06:00 PM

Quote:

Originally Posted by LXEX55 (Post 1981410)
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).

Z3Dreamer 12-17-2017 06:05 PM

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.

MRG 12-17-2017 06:24 PM

Quote:

Originally Posted by LXEX55 (Post 1981410)
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.?

dtbach 12-17-2017 06:39 PM

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.

travelover 12-17-2017 06:43 PM

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.

SheitlQueen 12-17-2017 07:06 PM

Quote:

Originally Posted by dtbach (Post 1981458)
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.

travelover 12-17-2017 07:10 PM

Quote:

Originally Posted by SheitlQueen (Post 1981477)
........ NO one wanted to stay with EJ.

Did they gouge you on the way out the door?

GoBears 12-17-2017 07:28 PM

To sum it all up, RUN AWAY!!!

Helen 12-18-2017 12:34 AM

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 :^)

DrRoy 12-18-2017 05:31 AM

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.

LXEX55 12-18-2017 08:29 AM

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.

6miths 12-18-2017 08:29 AM

+1001

Red Badger 12-18-2017 08:41 AM

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!

MRG 12-18-2017 09:34 AM

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.

OldShooter 12-18-2017 10:09 AM

Quote:

Originally Posted by Helen (Post 1981596)
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.

Backdraft57 12-18-2017 10:27 AM

As Iron Maiden would sing....Run to the hills...Run for your Life


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