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Message
Considering Edward Jones Investment Firm? Yes or No?
Posted on 2/21/12 at 12:20 pm
Posted on 2/21/12 at 12:20 pm
I need some help with choosing an Investment Firm to handle my Money. I live in Southwest Louisiana. I know that there is Edward Jones located throughout every corner in Lake Charles. What are your Experiences with Edward Jones and do you recommend them? Please state your opinions on which Firm I should go with.
FYI: The reasoning behind this is because I want to Roll Over some funds into a Traditional IRA so I would have more Investment options to choose from. Any Info would be appreciated!
FYI: The reasoning behind this is because I want to Roll Over some funds into a Traditional IRA so I would have more Investment options to choose from. Any Info would be appreciated!
5
Posted on 2/21/12 at 1:53 pm to Bayou Bengal09
No.
Just go find a CFP and go with them. Edward Jones only has a few "preferred" fund families.
Just go find a CFP and go with them. Edward Jones only has a few "preferred" fund families.
Posted on 2/21/12 at 2:01 pm to Bayou Bengal09
EJ brokers care more about making money off of you than for you. Call Vanguard, Fidelity, Schwab, etc or you can open an IRA online and roll/transfer your holdings or cash to them.
Posted on 2/21/12 at 3:19 pm to tirebiter
quote:
EJ brokers care more about making money off of you than for you. Call Vanguard, Fidelity, Schwab, etc or you can open an IRA online and roll/transfer your holdings or cash to them.
Posted on 2/21/12 at 3:38 pm to Bayou Bengal09
This thread pops up from time to time, we had it a week or two ago. The upshot is that EJ's people aren't necessarily bad but the fees are outrageous. Their funds are no better than anyone else's.
It is far better to find a fee-only planner (look for the CFP designation) for specific financial advice and pay a flat fee that is much lower. Then get a Vanguard Target retirement fund for your money and forget about it.
It is far better to find a fee-only planner (look for the CFP designation) for specific financial advice and pay a flat fee that is much lower. Then get a Vanguard Target retirement fund for your money and forget about it.
Posted on 2/21/12 at 5:38 pm to Bayou Bengal09
quote:
I live in Southwest Louisiana. I know that there is Edward Jones located throughout every corner in Lake Charles.
Why are they the only investment advisors with this business model? Will you get the came advice from the guy on one corner as the guy on the next corner? Couldn't they reduce overhead by having a single office? How do they cover the costs of that additional overhead?
I'd consider other alternatives to Edward Jones. Your bank may even have a wealth management advisor whom you can get some ideas from.
Posted on 2/21/12 at 5:51 pm to Poodlebrain
Replying to All,
Thanks for all your suggestions. I was pulling closer to Fidelity before the post just wanted to throw it out there about EJ. I agree about the EJ on every corner that never really made any sense to me. Also, I searched for a CFP around Lake Charles none to be found. The nearest was Baton Rouge. According to the www.cfp.net
Thanks for all your suggestions. I was pulling closer to Fidelity before the post just wanted to throw it out there about EJ. I agree about the EJ on every corner that never really made any sense to me. Also, I searched for a CFP around Lake Charles none to be found. The nearest was Baton Rouge. According to the www.cfp.net
Posted on 2/21/12 at 7:10 pm to Bayou Bengal09
If you are inexperienced, or need a sounding board,etc you can go to bogleheads.org and the wiki at the upper right which contains much useful information on investing, wealth management, and a host of other financial related topics. Costs matter, the numbers bear it out. EJ's latest attempt is wrap accounts on which they will charge you a % of assets under management, then have the gall to put your investments in much higher cost ETFs and funds than you would invest in yourself, the next thing you know you are losing 2% of your potential annual returns. It is a system designed to generate a very good income for EJ brokers and the partners of EJ, not to maximize your financial well being.
BH wiki on investing
BH wiki on investing
This post was edited on 2/21/12 at 7:40 pm
Posted on 2/21/12 at 7:24 pm to tirebiter
+1 on the bogleheads wiki and vanguard.
That website has all the answers you'd ever need when it comes to investing.
That website has all the answers you'd ever need when it comes to investing.
Posted on 2/21/12 at 8:52 pm to tirebiter
Thanks Tirebiter or the link on investing and the low down on EJ. Glad I came to TD 1st
Posted on 2/22/12 at 9:21 am to Bayou Bengal09
(no message)
This post was edited on 2/22/12 at 9:22 am
Posted on 2/22/12 at 11:31 am to tirebiter
Go with Vanguard. Their Target Retirement funds are cheap and easy.
That said, if you do go with an Advisor (with EJ or anywhere), Advisors don't work for free. Just like anything else in life that you have someone else do for you, investing is no different. There is nothing wrong with paying someone to take care of your stuff for you if you're not comfortable or simplly don't want to do it yourself.
If you decide to go with a professional advisor, there is really no difference between advisors ... all have access to the same market. What seperates advisors is personality, knowledge, customer service.
That said, if you do go with an Advisor (with EJ or anywhere), Advisors don't work for free. Just like anything else in life that you have someone else do for you, investing is no different. There is nothing wrong with paying someone to take care of your stuff for you if you're not comfortable or simplly don't want to do it yourself.
If you decide to go with a professional advisor, there is really no difference between advisors ... all have access to the same market. What seperates advisors is personality, knowledge, customer service.
This post was edited on 2/22/12 at 11:49 am
Posted on 2/22/12 at 12:02 pm to JPLSU1981
quote:
If you decide to go with a professional advisor, there is really no difference between advisors ... all have access to the same market. What seperates advisors is personality, knowledge, customer service.
This is not true. Some advisors (EJ as example) do not have selling agreements with a lot of really good fund companies. Basically, if it a no load fund then EJ can't use it and that sucks for their clients. They are given a very specific tackle box of funds to use.
Posted on 2/22/12 at 12:15 pm to Janky
EJ advisors have plenty of funds to sufficiently diversity their customers (as would any legitimate advisor). I don't personally recommend EJ, but I know for certain that they've got plenty of funds to work with.
If you want no-load funds, you shouldn't be going to Edward Jones (or a professional advisor) in the first place IMO.....Pick one or the other: Handle your own investments and get fees to a minimum OR have someone else handle your investments and pay them for it. Neither way is right or wrong, it's merely personal preference and obviously depends a lot upon one's own understanding of how things work.
If you want no-load funds, you shouldn't be going to Edward Jones (or a professional advisor) in the first place IMO.....Pick one or the other: Handle your own investments and get fees to a minimum OR have someone else handle your investments and pay them for it. Neither way is right or wrong, it's merely personal preference and obviously depends a lot upon one's own understanding of how things work.
This post was edited on 2/22/12 at 12:19 pm
Posted on 2/22/12 at 12:27 pm to JPLSU1981
quote:
EJ advisors have plenty of funds to sufficiently diversity their customers (as would any legitimate advisor).
Yes, as long as you want to pay a 5.75% front- end load or you want a 2.5% c share fund.
Not all no load funds are vanguard and fidelity. Hussman, James, Permanent Portfolio are spectacular no load funds but EJ can't use them.
This post was edited on 2/22/12 at 12:29 pm
Posted on 2/22/12 at 12:29 pm to Janky
quote:
Yes, as long as you want to pay a 5.75% front- end load or you want a 2.5% c share fund.
So you think Edward Jones' guys should work for free? How exactly do you think they get paid?
I personally wouldn't go to EJ, but I don't need a financial advisor. I can handle my own stuff and thus don't need the help/advice/support/management of a professional.
But not everyone out there is comfortable or has the want to handle their own stuff, and in those instances it's no surprise that you have to pay for someone else's services, just like anything else in life where you have someone else take care of things for you. I could easily change my own oil for basically free, but I much prefer paying someone to do it for me every couple months ... investing is no different than any other service that we pay someone else to do for us.
This post was edited on 2/22/12 at 12:36 pm
Posted on 2/22/12 at 12:34 pm to Janky
The other omission in the thread is that brokers/advisors do not have a fiduciary relationship with their clients, which, to me, should have been mandated after 2008/2009. The OP would have no idea if the broker he hires truly has his best interests at heart until after the fact and that can be a big risk.
Posted on 2/22/12 at 12:36 pm to JPLSU1981
quote:
So you think Edward Jones' guys should work for free? How exactly do you think they get paid?
I understand this. However, the original point was not all advisory firms are the same like you mentioned. They cannot all use the samer stuff. If someone wants to pay that for AGTHX, or any other American funds so be it.
Posted on 2/22/12 at 12:39 pm to Janky
I gotcha...And yes, I'm sure EJ doesn't have every M/F out there, but my basic point is that, if you need, for example, a good LargeCap Value fund, EJ I'm sure has plenty solid ones to choose from...same for every other asset class.
Do they have every Large Cap Value fund imaginiable? No, of course not. but who would need such a large basket of funds to chooose from anyway?
Do they have every Large Cap Value fund imaginiable? No, of course not. but who would need such a large basket of funds to chooose from anyway?
This post was edited on 2/22/12 at 12:40 pm
Posted on 2/22/12 at 12:42 pm to tirebiter
quote:
The other omission in the thread is that brokers/advisors do not have a fiduciary relationship with their clients, which, to me, should have been mandated after 2008/2009. The OP would have no idea if the broker he hires truly has his best interests at heart until after the fact and that can be a big risk.
The client's best interest is always in question when you charge by transaction i.e commissions. You made a comment earlier about fee based management. Although, you don't think it is a good idea it does elimnate the conflict of interest that transaction based accounts have. The advisor does not make a penny more by buying and selling. In my opinion this is the best way for a perosn if he/she cannot manage their money on their own.
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