re: Edward Jones - Get out ---> Vanguard is the way to go!!!

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So if you're say 45 and all of your money is in EJ cause you're pretty money knowledge poor but you KNOW you've needed to save and HAVE been saving since age 23, AND because, well, that's what your parents did, is it too late to change??? Concerned we've got too much to risk!

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Why would it be too late? You still have a good 20 years to go before retirement. 20 (more) years of being hosed on fees is a long time.

I'm not sure that risk is the issue as much as fees. It's not too late.

Multiply your entire portfolio by .0125
You probably paid at least that in fees last year from your portfolio.

Now multiply your portfolio by .0015
That's what you'll pay in fees to vanguard.

The difference gets to be substantial over the years. Think if you had saved/reinvested the difference every year.

DAMN. OK so pretty sure my son is on TD and assuming he's here as well ... he's a smart kid ... maybe he can help me approach this.

The reason we did EJ honestly back in 1993 is I inherited "some" money from a great aunt and knew it had to go "somewhere". And that early on, we just did what our parents did. Live and learn. And pay the price.

Thanks.

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45 and all of your money is in EJ cause you're pretty money knowledge poor

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Most people are under-informed as far as money and finances go, even people in the financial sector. That's not a good thing, but don't think you are alone in that boat by any means. Plus, that can be fixed with reading/learning.

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you KNOW you've needed to save and HAVE been saving since age 23

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This shows you're better off than most and not as money knowledge poor as you might think. Social Security and Medicare often aren't enough to take care of people in their old age, and the programs won't survive for too many more decades without sufficient reforms.

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is it too late to change???

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I don't think it is ever really too late, short of your deathbed. Even changing advisors in retirement could save you money through less fees. Good financial advisors do exist, and they may be independent or part of a larger advisory company like Edward Jones and the like. But you have to do your homework: ask for their track record, see if their other clients are satisfied with their services, research them to see if they are okay. But the most important thing you must know before going with a financial advisor is: are their services worth what I will pay?

Should I change my title to "Avoid Edward Jones - VANGUARD!!!!"

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Plus, honestly, how do you tell the person that you're transferring from?? We live in a small town and it's someone we see around.

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Unless he's a family member, just remain polite and professional. It's an overused phrase, but in this case, it really is just business... it's not personal. If he's indeed a professional, that's exactly how he'll take your.decision. If he acts like a wounded puppy, then you'll know you made the right decision anyway.

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Should I change my title to "Avoid Edward Jones - VANGUARD!!!!"

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Considering this board's love of Vanguard, yes. Bogle has to be the patron saint of the Money Talk Board.

I can already see this conversation unfolding...
"You want us to move our entire retirement portfolio based on the suggestions of some guys on a sports forum???"

Well, I did call Vanguard today and asked them a lot of questions. People should use a place like this as information, but anyone with common sense should take it and educate themselves before making that move based on if it's in their best interest.

My Financial Advisor charged me $330