Edward Jones advisor?

FinanceDude said:
What if FINRA and the SEC don't allow FAs to do that? Maybe that's why clifp has never gotten anyone to provide that info. ;)
Click to expand...

What specifically does FINRA prohibit regarding the disclosure of a adviser personal financial info.
I have searched the FINRA manual in vain several times, along with reviewing my textbook from an abandoned CFP course, for a rule that says I as an adviser can't give you my tax returns and/or personal brokerage statements.
 
Last edited:
clifp said:
"I'd like to see the annual returns all the money under your management, as well as a the monthly statement for a couple representative accounts that are similar in size and objectives to my portfolio with the names and account numbers removed."
Click to expand...
It sounds good in theory, but I don't think seeing this would prove much. They could easily have had a string of unusually good or bad years, or achieved fantastic results by taking fantastic risks with their client's money.
By the time you could really analyze the data (gather enough of it, adjust it for risk, etc), two things would have happened:
1) The EJ management would have come up with new improved investment criteria making the whole historical compilation irrelevant going forward.
2) You would have learned enough about investing to realize you could save yourself $30K per year by doing this yourself.
 
It took us six-eight months to find a good finacial advisor that we were both comfortable with.

Our experience is that the really good advisors, the pros, do not need to resort to cold calling multiple times for clients.

And absolutely avoid the ones that spend time telling you how good they are.

Their solid reputations result in more than enough business and personal referrals than they can handle.

Turn him down politely and firmly. Don't provide any objections since it will only prolong the discussion while the advisor tries to overcome your objections. Firmly and politely say no thanks and do not leave the door open to more discussions/calls.

Call your customer, thank him/her for the contact but politely tell him/her that you do not really need the services of his advisor at this time. Do it before the spurned advisor has the opportunity to follow up with your customer. It will be fine.
 
REWahoo said:
Based on the quote below, I'd guess real estate...
Click to expand...

Oh, thanks.

I guess if OP is making those nice returns due to his expertise and hard work with rentals, he should just tell the Edward Jones rep that and be done. That shouldn't offend the rep or the friend who recommeded him.
 
For curiosity sake, I ran clifp's scenario by our Compliance department. They told me that although no specific FINRA rule disallows the request that clifp is talking about, they would never allow it. ALL release of information an advisor wishes to do must be pre-approved by their Compliance Department. He said they would never approve such a request and the reason is that it would give the investor free rein to sue for ANY reason and that since "no-fault" settlements do not exist in arbitration cases, the advisor would have no defense and no recourse, and would lose the case, regardless of appropriate disclosure, etc. He was of course referring to the performance scenarios and not the tax return part. However, he said he can't think of any reason any advisor would share their tax return details with a potential investor. Most of these folks were securites litigators and/or worked for FINRA or SEC so I am going with what they say.

So I guess the bottom line is that even if the advisor WANTED to comply with a request like clifp's, it would not happen in most if not all cases...............at least I asked.........:)
 
You are under no obligation to justify yourself to the EJ guy. Politely tell him 'no' without a reason. Then say goodbye and hang up.
 
I am fascinated by all these games proposed by the anti-planner types on this forum, as well as the time they spend crafting such games. Do you have anything better to do?

An EJ guy pestered me at home a couple of times, When he came back a third time, before he could start a conversation, I politely told him I was not going change anything I was currently doing. He backed away from the door and extended his hand holding a business card, which I took, and then he said something to the effect that he was sorry to have bothered me and I was free to call him if I ever wanted to. That's all -- no game playing.
 
New Edward Jones reps are REQUIRED to have 1000 contacts, whether in person or on the phone, DOCUMENTED, or they are fired. When Big Brother is providing you a stipend salary and offcie support money for your new Ed Jones office, he has a lot of apron strings........
 
Have to admit I am using EJ. When I first started saving a decent amount of money I hadn't even heard of Vanguard/Fidelity etc. They have about $360k of my money right now. The guy who I was dealing with (kind of friend of a friend who was a EJ guy) just this last summer got tired of EJ and quit and started with another company. He said he got tired of EJ pressuring him to try to get people to make moves just to generate money. A bunch of people moved their money to the new place...I stuck with the new guy, if for no other reason than I had already given EJ the pre-load and just wanted them to get on with it. The new guy has tried twice now to get me into variable annuities which I have shot down each time. Seems to be something EJ is pushing right now with what has been said already. I have $400k+ in my TSP he is desperate to get hold of.....and likely isn't. Sometime in the near future I think we are going to have to butt heads on his trying to sell me things I don't want.
 
FinanceDude said:
For curiosity sake, I ran clifp's scenario by our Compliance department. They told me that although no specific FINRA rule disallows the request that clifp is talking about, they would never allow it. ALL release of information an advisor wishes to do must be pre-approved by their Compliance Department. He said they would never approve such a request and the reason is that it would give the investor free rein to sue for ANY reason and that since "no-fault" settlements do not exist in arbitration cases, the advisor would have no defense and no recourse, and would lose the case, regardless of appropriate disclosure, etc. He was of course referring to the performance scenarios and not the tax return part. However, he said he can't think of any reason any advisor would share their tax return details with a potential investor. Most of these folks were securites litigators and/or worked for FINRA or SEC so I am going with what they say.

So I guess the bottom line is that even if the advisor WANTED to comply with a request like clifp's, it would not happen in most if not all cases...............at least I asked.........:)
Click to expand...

Fascinating.

So how would a prospective client gain quantifiable track record of a financial advisor.

NB. Am not interested in hiring one, but the curiosity is killing me.
 
ls99 said:
Fascinating.

So how would a prospective client gain quantifiable track record of a financial advisor.

NB. Am not interested in hiring one, but the curiosity is killing me.
Click to expand...

Quite easily. What clifp seems to be referring to are portfolios of individual stock picks. There is no manager other than the FA himself. However, if an FA recommends a VA or an ETF or a mutual fund, or a UIT, or a combination, there are track records for all of those managers........
 
You must log in or register to reply here.

Similar threads

U
What are your thoughts on Income Funds?
Replies
11
Views
2K
imbatman
imbatman
Tranquility Base
Front Door Visit From New Edward Jones Representative
2
Replies
41
Views
5K
tryan
tryan
E
Greedy Investor
2
Replies
44
Views
4K
WannabeRetired
W
T
Looking for article on annuity
2
Replies
35
Views
2K
Sunset
Sunset
SumDay
Inherited IRA
Replies
6
Views
854
silvor
S

Latest posts

Back
Top Bottom