Questions about edward jones

[Matthewlevi]

Hi, I'm matthewlevi, new retiree, rolled over 401k to EJ and now I have seen some things I don't like. How do I make some changed without losing more money?

 

[F4mandolin]

Somebody should pop up with more info...but I think I saw something where you can make another fairly quick move without penalty. I got out of EJ about 16 months ago. It's not all that bad of a place to start out.....like I did.....but once you start reading up a bit you can do better without them.

 

[Matthewlevi]

I read that there is a lot of hidden fees with advisory solutions managed accounts at EJ. I requested to be moved out of managed advisory solutions into index funds. I learned a few months later that my investments were kept in advisory solutions but designated index funds. That did not accomplish my initial request to get out of advisory solutions. So today I specifically said again, move my money out of advisory solutions into index funds and learn that it is not feasible because to keep by balance of stocks and bonds and to withdraw my disbursements, there would be a large amount of fees to sell and buy stocks. So I said to move me back into mutual funds like I started out with several years ago and learn that I would have to pay another 2 1/2 % to buy mutual funds. I already paid them 2 1/2 % when I first invested with EJ. So I feel trapped to stay with EJ. Can someone give me advice?

 

[REWahoo]

Move your funds to Vanguard or Fidelity. Call them and they will do most of the work for you.

 

[Matthewlevi]

I am ready to leave EJ but don't want to waste any more money than I already have.

 

[F4mandolin]

If you call up Vanguard they will help you through the process of moving things from EJ to Vanguard. There may be some fee's on closing out the EJ accounts, but it's not too bad. You don't really have to talk to the EJ folks at all any more if you don't want to. At least I think that's how I did it....

 

[karluk]

How to Identify and Remove a Financial Leech

1. Recognize that you have a leech on you.
2. Find out where it’s actually attached.
3. Calmly inform the leech that you will no longer provide it with financial support and give it a deadline to be on its own.
4. Once the leech is detached from you, get rid of it immediately, as it will try to reattach itself.

 

[brewer12345]

I am ready to leave EJ but don't want to waste any more money than I already have.

If you don't leave now, how many more times will you allow them to screw you over before you finally leave?

 

[Sarah in SC]

If you don't leave now, how many more times will you allow them to screw you over before you finally leave?

+++++ about a million. Just cut your losses now that you've gotten smart about it. And chalk up the fees as tuition in the school of hard knocks investing.