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Old 12-19-2021, 06:46 AM   #121
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Like I said, good marketing plan. Lots of small offices. Get a coffee and start an IRA.

Right across from the bank that is offering dismal returns on savings.


Didn’t Capitol One turn their branches into cafes?
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Old 12-19-2021, 01:21 PM   #122
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Originally Posted by SecondCor521 View Post
I disagree. I think benign neglect probably wins over EJ's fees and churning.

Some possible ideas:

1. You can bug her at an early age to do the right things. Eventually when she is in her 50's and wants to retire she discovers that those right things have gotten her in the ballpark.

2. You teach her to automate things - set up an automatic 401(k) contribution program, HSA program, 529 program if she ends up with children, etc. She thinks and acts once, then can ignore it for long periods of time.

3. She finds a life partner who complements her in this area and they do either or both of the above ideas.

But at some point, it is our kids' responsibility to step up to the plate and take care of themselves. If they don't, then they'll get to face the consequences, which may be some teacher pensions that end up in a state escheat office somewhere and not retiring when they might want to. It's hard to let go on this (I have three young adult offspring myself), but I think it's an inevitable conclusion. Hopefully by the time the chickens come home to roost we'll be pushing up daisies and blissfully unaware.
1) She's 35 - probably not going to be all of a sudden develop an interest in finance - regardless of how much I try to get her to do so.

2) She was having automatic deposits into her Fidelity Roth at one point, but I think she stopped doing that when she went back to college. I tried to get her to stop by her Fidelity office to take care of the teacher's pension rollovers, but that never happened. Maybe someday.

4) Fortunately, she's engaged to a great guy that has at least an inkling of financial motivation. I pretty much told him once they get married, he REALLY needs to take over the finance part. There's hope there.
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Old 12-19-2021, 01:26 PM   #123
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I used to fly with a fella that went off and became a EJ advisor after he retired from the military. I think we were decent friends, enough that I would let him crash at my house and help him move. At one time, I must of offended him by making a comment about the predatory nature of EJ and he has unfriended/blocked me on Facebook. But, other friends have told me that he gets a new Porsche every couple of years. Tells me ALL I need to know about EJs.
EJ FA are sales people. I don’t blame them but we need to do our homework. He is probably not on F.I.R.E with new car every couple years. These are the same type of people that show off on SM and the average person thinks they are rich.
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Old 12-21-2021, 03:35 PM   #124
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Get out!

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Originally Posted by disneysteve View Post
Yes, you are being screwed. That's their business model (and that of many other firms as well). Get the money out of there ASAP. Put in back in Vanguard and manage it yourself.
Couldn't agree more. Put your money into the Vanguard S&P 500 ETF, the Total Stock Market ETF, or some other index ETFs. Edward Jones will churn your account and put you into load funds/ETFs, much worse than just standard index funds/ETFs. The OP's intuition that they were being screwed is totally correct.
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Old 12-21-2021, 03:52 PM   #125
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Have never heard of a 'satisfied' Edward Jones customer. Run like your name is Forrest Gump.
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Old 12-21-2021, 04:07 PM   #126
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My sister was executor of my parent's estate once my mother died. She rolled everything over to Wells Fargo where she had her husband's inherited money.

When I finally got the account info., I wanted it transferred over to my Fidelity account. When reviewing the investments and history with my Fidelty rep., it became appalling what had been going on.

The same funds Wells Fargo invested in were available with no commissions fees if you wanted to invest in them. Wells Fargo earned almost 5% a year for nothing.

My sister had freaked out during the late 2000's recession and told Wells Fargo to do something. Yep, they pushed a button and earned over 5 figures in commissions for essentially nothing, rebalancing...

It was a crime. I considered legal action but didn't.

I couldn't make myself tell my sister all of this. She has no means to do anything else but use them. She wouldn't have listened anyway, as her husband's father used Wells Fargo.
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Old 12-21-2021, 04:21 PM   #127
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@zaqxsw - Illustrates the need to take care of our own finances and not hand them over to someone else. At least if a mistake is made, it is honest when doing it yourself.
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Edward Jones and my remorse...
Old 12-21-2021, 05:06 PM   #128
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Edward Jones and my remorse...

I've been with Vanguard since I retired in 2012. Managed my IRA myself until a couple of years ago then I went with the Vanguard advisory service. At 0.3% it's well worth the money.
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Learned a lot!
Old 12-21-2021, 05:08 PM   #129
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Learned a lot!

In reading the original comment and then reading the responses is a great lesson! Great advice from everyone!!! Didn't know about EJ....Glad we have Fidelity and Schwab, and Vanguard funds...

Wonder if anyone has advice for a 529 plan --- grandkids are in Massachusetts, but I think we can invest anywhere.....seems that they all have fees and their returns aren't great--and it is hard to glean information about their investments.

Thank you!
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Old 12-21-2021, 05:11 PM   #130
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.......... She wouldn't have listened anyway, as her husband's father used Wells Fargo.
That is the hook. They take advantage of people feeling (unfounded) loyalty and a certain amount of complicity. To expose the brokers' bad faith is to condemn the person that hired them in the first place and to place blame for all the wasted fees. It is easier to ignore the thievery and convince yourself that no one could have done it any better.
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Old 12-21-2021, 06:26 PM   #131
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We're 70 and I have always kinda taken care of the retirement money at Vanguard and our state PEPSICO plan but I don't really know much...I just look at what a fund has done in the last 10 years or so and pick the one with the highest rate of return.

I thought I would just let EJ take over and do a better job. I started with them in 6/22/21...we have three different pots with them...2 Traditional IRAs and a pot of already taxed money.

As of this moment we're making 1.98% on one IRA and 2.78% on the other IRA...the cash is making 1.30%.

When we met with our FA, we told the FA how much risk we can handle...one IRA is HIGH risk, one IRA is MEDIUM risk.

The FA has the cash pot split between 12 different funds. Each IRA has 13 fund holdings. Some of the funds don't have very long track records.

A lot of the funds are income funds...we told him we don't need income from this money, we want growth.

I'd like to transfer the money to another institution and buy ETFs.

Am I right to think we're being mishandled? I know the market has been down the last 6 months and that's how long we've been with EJ so maybe I'm expecting too much but my son and brothers are still making 15-18% this year.

What would you do if you were me? Thanks!
It is not too late. Pull your money from EJ as fast as you can. Go back to Vanguard, Fido, Schwab. Anyone but EJ. I would pay the fee at Vanguard to let them manage my money before I would give EJ another half cent.
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Old 12-22-2021, 06:12 AM   #132
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What is a PEPSICO plan?
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Old 12-22-2021, 06:55 AM   #133
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What is a PEPSICO plan?
A COLA pension plan?
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Old 12-22-2021, 07:56 AM   #134
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My in-laws have a good sum in EJ. I couple of years ago the decided they wanted to start gifting their inheritance early so that they could enjoy seeing the benefits before they pass. They spoke to their EJ advisor who basically told them that "they shouldn't do it, because it wouldn't be appreciated and they would spend it unwisely." My wife, SIL and I were pretty miffed because this was not financial advice, but clearly self-serving to preserve EJ's balance. While it's nice to have the additional funds, the early inheritance wasn't expected and not necessarily needed for our lifestyle. I was shocked (well maybe not) that their trusted INVESTMENT advisor is telling them how to spend their money. My MIL is still continuing to dole out the inheritance, but it is in much smaller annual amounts due to the advice she is being given from EJ.

It's my in-laws money and they are happy with their advisor, Eric, because he's a really nice guy... My MIL is worried constantly about the market and how it is performing. However, she doesn't realize that market performance almost pales in comparison to what she's paying "nice guys Eric and Edward." Unfortunately, they have joined the cult and drunk the Kool Aid of EJ. They have the funds and would be much better served by a fiduciary if they needed hand holding, but it's not something they are willing to hear. Oh well...


TLDR: Stay away from EJ!
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Old 12-22-2021, 08:04 AM   #135
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...

It's my in-laws money and they are happy with their advisor, Eric, because he's a really nice guy... My MIL is worried constantly about the market and how it is performing......
This likely applies not just to EJ, but so many FA's out there. I had a same-age office friend, at my last job, and we frequently spoke about retirement. At the time, he was in a less secure financial situation. I mentioned my approach (Index funds with Vanguard). At some point he went to one of those free dinner lectures, and on the spot hired the guy. My friend told me the reasons were that he only charged 1%..........and he was comfortable with him because he was a nice guy. As above, it's his money and my friend didn't ask my opinion so I said nothing.
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Old 12-22-2021, 08:25 AM   #136
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They spoke to their EJ advisor who basically told them that "they shouldn't do it, because it wouldn't be appreciated and they would spend it unwisely." My wife, SIL and I were pretty miffed because this was not financial advice, but clearly self-serving to preserve EJ's balance. While it's nice to have the additional funds, the early inheritance wasn't expected and not necessarily needed for our lifestyle. I was shocked (well maybe not) that their trusted INVESTMENT advisor is telling them how to spend their money.
My advisor at UBS started out at EJ. When I called him last year and told him I needed to transfer money to my checking account to replace my car he asked what I was buying. A Honda Civic, I told him. He laughed and said, "Why don't you get a BMW?" (I laughed, too, and asked him why he heck I'd do that.)

I guess he wouldn't have lasted long at EJ.
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Old 12-22-2021, 09:03 AM   #137
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I don't disagree with the posts which advocate investing on your own, and I do it myself.

However, my FIL and MIL have had their life savings "invested" at local banks in FDIC insured accounts. They won't consider anything else and won't listen to anyone but their local banker who assures them that their money is "safe and insured".

They would have been far ahead if Fast Eddy had convinced them years ago to invest in a conservative portfolio even with their high fees.
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Old 12-22-2021, 09:07 AM   #138
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I don't disagree with the posts which advocate investing on your own, and I do it myself.

However, my FIL and MIL have had their life savings "invested" at local banks in FDIC insured accounts. They won't consider anything else and won't listen to anyone but their local banker who assures them that their money is "safe and insured".

They would have been far ahead if Fast Eddy had convinced them years ago to invest in a conservative portfolio even with their high fees.
My DS's FIL used the walls of his house. Didn't trust banks. Walls don't even pay interest.
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Old 12-22-2021, 09:26 AM   #139
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My DS's FIL used the walls of his house. Didn't trust banks. Walls don't even pay interest.
As a professional megabank trustee and executor, DW and her assistant had a regular routine for searching a deceased beneficiaries' home for stashes. I don't remember all the places, but curtain hems were popular, taped to the back of pictures was another, and the freezer section of the fridge. She always required that her staff have two people on these visits. These were typically women who had experienced the depression.
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Old 12-22-2021, 10:33 AM   #140
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As a professional megabank trustee and executor, DW and her assistant had a regular routine for searching a deceased beneficiaries' home for stashes. I don't remember all the places, but curtain hems were popular, taped to the back of pictures was another, and the freezer section of the fridge. She always required that her staff have two people on these visits. These were typically women who had experienced the depression.
Both my Grandmothers were products of the depression. One kept cash in her deep freeze. The other had some in a plastic bag in the toilet tank. Silver coins could be anywhere.

I remember one old lady who said she kept $100 bills in her bible because she knew nobody would be opening that.

My grandpa lost money when the banks closed in the 30's and kept it in a cream can buried in the grove for many years. My dad found it one day when he was a kid and that stopped.
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