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Old 05-23-2021, 02:08 PM   #121
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I want to thank everyone that has assisted me with my questions. I am sorry if I asked lot of questions and the thread went longer than it should have. Again, I apologize. Now, I know what to do and will begin the process to leave EJ for good.
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Old 05-23-2021, 02:36 PM   #122
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Who was your regional broker? Did you have a specific FA? What was the transfer fee? How long were you with that regional broker?



I have been with EJ since 2007.


WADR, how does that make any difference? It was not EJ. It was a regional broker based in NJ that specialized in muni bonds. They cold called me with a pretty good new offering muni for my home state. At the time I was just starting to do research on munis so their timing was impeccable (aka lucky). I had probably given them my contact info at some point. I was assigned a specific rep but he just seemed like a junior trainee in a boiler room operation. When they had bonds to push they called me up but didnít even bother to leave a message if I I didnít pick up. The kid lacked basic sales training and they never had any bonds nearly as good as that first purchase. It was like a one trick pony (muni bonds) although they claimed to be going full service. Trying to get a beneficiary designated was like pulling teeth. I could sense his contempt for Fido over the phone. I left after two years. The xfer fee was $200 on a $25k account.

Do you really already have a Fido account? You should call them and get to know their website. Unless you are a troll.
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Old 05-23-2021, 02:46 PM   #123
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I have been with them since 2007. My brother even longer. I donít think he will move as he really loves his FA. I will move to Vanguard.

Also, do you think the certifications they hold matter in being a reputable FA?
Certifications are nice but mean little other than somebody passed a test. I've had CFPs try to annutize all my assets because "it would be good for me". No it would be good for them. Look around you'll see many people who aren't willing to do the right thing sell out their certification/license for money.

Little fact about Fast Eddie's organization, it's like a pyramid scheme; if you're not pushing enough $$ for your boss you are history. There's negative rewards for being honest and doing what is right for the investor.
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Old 05-23-2021, 03:19 PM   #124
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I have been with them since 2007. My brother even longer. I donít think he will move as he really loves his FA. I will move to Vanguard.

Also, do you think the certifications they hold matter in being a reputable FA?
They don't have to be disreputable to be a poor value. In general, by the time they lay on advisory fees, fund expenses, transaction fees, fees to to third party funds and whatever else they can dream up, the fees will add up to 2-3%/year. I think you said this was mid six figures, so around $10,000-$15,000 in fees every year whether they achieved their stated goals or not. That's enough to buy a new car every 2-3 years if you learn to do it yourself and if you read the thread you will see it's not hard to do.

On top of that, research has proven over and over that beating the market is just luck, the advisor doesn't add enough insight to pay for the fees. So the strong recommendation of everyone here is get rid of advisors and do it yourself.
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Old 05-24-2021, 07:27 AM   #125
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I have been with them since 2007. My brother even longer. I donít think he will move as he really loves his FA. I will move to Vanguard.



Also, do you think the certifications they hold matter in being a reputable FA?

Is there some reason why you canít use your brothers FA, or at least speak with him about your concerns? Are your brotherís investments/performance similar to yours? This makes less and less sense the more I hear.
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Old 05-25-2021, 01:32 PM   #126
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WADR, how does that make any difference? It was not EJ. It was a regional broker based in NJ that specialized in muni bonds. They cold called me with a pretty good new offering muni for my home state. At the time I was just starting to do research on munis so their timing was impeccable (aka lucky). I had probably given them my contact info at some point. I was assigned a specific rep but he just seemed like a junior trainee in a boiler room operation. When they had bonds to push they called me up but didnít even bother to leave a message if I I didnít pick up. The kid lacked basic sales training and they never had any bonds nearly as good as that first purchase. It was like a one trick pony (muni bonds) although they claimed to be going full service. Trying to get a beneficiary designated was like pulling teeth. I could sense his contempt for Fido over the phone. I left after two years. The xfer fee was $200 on a $25k account.

Do you really already have a Fido account? You should call them and get to know their website. Unless you are a troll.
Fidelity account since 2007 with my employer and also have ESPP in it.
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Old 05-25-2021, 01:35 PM   #127
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Certifications are nice but mean little other than somebody passed a test. I've had CFPs try to annutize all my assets because "it would be good for me". No it would be good for them. Look around you'll see many people who aren't willing to do the right thing sell out their certification/license for money.

Little fact about Fast Eddie's organization, it's like a pyramid scheme; if you're not pushing enough $$ for your boss you are history. There's negative rewards for being honest and doing what is right for the investor.
Yeah, so far Iíve heard to stay away from EJ. There was like 1 person who recommended it.
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Old 05-25-2021, 01:38 PM   #128
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They don't have to be disreputable to be a poor value. In general, by the time they lay on advisory fees, fund expenses, transaction fees, fees to to third party funds and whatever else they can dream up, the fees will add up to 2-3%/year. I think you said this was mid six figures, so around $10,000-$15,000 in fees every year whether they achieved their stated goals or not. That's enough to buy a new car every 2-3 years if you learn to do it yourself and if you read the thread you will see it's not hard to do.

On top of that, research has proven over and over that beating the market is just luck, the advisor doesn't add enough insight to pay for the fees. So the strong recommendation of everyone here is get rid of advisors and do it yourself.
Started with 5.75% front load and now itís 3.75%. It is still high. Expense is high too compare to Vanguard. One fund is over 1% expense.
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Old 05-25-2021, 01:41 PM   #129
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Is there some reason why you canít use your brothers FA, or at least speak with him about your concerns? Are your brotherís investments/performance similar to yours? This makes less and less sense the more I hear.
My brotherís FA is same as me at EJ. I donít know about his investment at EJ.
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Old 05-25-2021, 05:51 PM   #130
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My brotherís FA is same as me at EJ. I donít know about his investment at EJ.


So, you seem to be dissatisfied with your FA at EJ and after many posts casually add that your brother is happy with HIS advisor at EJ WITHOUT mentioning that it is the same individual? That seems....odd. Iím putting this thread on ignore. Good luck to you.
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Old 05-25-2021, 06:04 PM   #131
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So, you seem to be dissatisfied with your FA at EJ and after many posts casually add that your brother is happy with HIS advisor at EJ WITHOUT mentioning that it is the same individual? That seems....odd. I’m putting this thread on ignore. Good luck to you.
I was just answering your question. My brother is happy but I will go to Vanguard. Sorry, for the lack of detailed info.
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Old 05-26-2021, 05:00 PM   #132
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Looks like $95 termination fee with EJ and $40 closing fee.
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Old 05-31-2021, 09:31 PM   #133
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Update: Fido will credit me $135 fees from EJ. Vanguard won’t.
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Old 06-04-2021, 09:33 PM   #134
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I opened the Roth IRA at Fidelity but my concern is this:

The transfer is not a taxable event and will not be reported to the IRS. If you are transferring the assets from your qualified retirement plan(s) to the Fidelity Retirement Plan, contact your tax advisor to determine if it is necessary to file Form 5310-A prior to the transfer.

Do I need to file Form 5310-A?
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Old 06-05-2021, 05:00 AM   #135
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I opened the Roth IRA at Fidelity but my concern is this:

The transfer is not a taxable event and will not be reported to the IRS. If you are transferring the assets from your qualified retirement plan(s) to the Fidelity Retirement Plan, contact your tax advisor to determine if it is necessary to file Form 5310-A prior to the transfer.

Do I need to file Form 5310-A?
Who is your tax advisor? That would be the correct person to ask.

To me it appears you do not have to file.
https://www.irs.gov/forms-pubs/about-form-5310-a

But I am not your tax advisor. Keep that in mind.
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Old 06-06-2021, 01:13 PM   #136
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Who is your tax advisor? That would be the correct person to ask.

To me it appears you do not have to file.
https://www.irs.gov/forms-pubs/about-form-5310-a

But I am not your tax advisor. Keep that in mind.
I did read the IRS form. I wasnít sure.
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Old 06-06-2021, 07:52 PM   #137
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I have started the TOA.
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Old 06-09-2021, 09:56 PM   #138
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Looks like TOA completed but all I see is exact shares and American Funds that I was invested in at EJ.

No dollar amount.

How do I sell everything and buy FZROZ. Balance is $141K+. This would mean I would have to use the entire $141K+ to purchase FZROZ right?
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Old 06-10-2021, 06:10 AM   #139
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Looks like TOA completed but all I see is exact shares and American Funds that I was invested in at EJ.

No dollar amount.

How do I sell everything and buy FZROZ. Balance is $141K+. This would mean I would have to use the entire $141K+ to purchase FZROZ right?
FZROZ is not a vaild symbol. Do you mean FZROX?
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Old 06-10-2021, 11:12 AM   #140
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fzroz is not a vaild symbol. Do you mean fzrox?
fzrox.
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