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Started By
Message
Roth IRA advice.
Posted on 4/15/16 at 7:32 pm
Posted on 4/15/16 at 7:32 pm
I'm 26 I just opened a Roth IRA today with Edwards Jones. We are meeting again on Monday to pick mutual fund plan.
Any advice on what to expect this is my first time investing.
Any advice on what to expect this is my first time investing.
6
Posted on 4/15/16 at 7:55 pm to Unit225
Don't use Edward jones!!! Go w vanguard or fidelity. Those fees will kill you
Posted on 4/15/16 at 8:02 pm to Mercy Percy
quote:This
Don't use Edward jones!!! Go w vanguard or fidelity. Those fees will kill you
A ROTH IRA is one investment vehicle that is super easy and should be done on your own through Vanguard or Fidelity. Super low fees will help compound returns 30 years down the road
This post was edited on 4/15/16 at 8:02 pm
Posted on 4/15/16 at 8:04 pm to Mercy Percy
Well shite I already cut them a check for $5,500. Is Edwards jones really that bad?
Posted on 4/15/16 at 8:10 pm to Unit225
Yes they are really that bad.
Posted on 4/15/16 at 8:44 pm to Unit225
Yes they are bad. Take your money back before you allow them to put it in some American Fund with a 5.5% front load fee.
Then just stick it in a boring mutual fund with a discount broker yourself. There is a wealth of information in this board, just search IRA funds.
Then just stick it in a boring mutual fund with a discount broker yourself. There is a wealth of information in this board, just search IRA funds.
Posted on 4/15/16 at 9:25 pm to Unit225
quote:
advice
Close the account, call vanguard
Check this board first next time
Posted on 4/15/16 at 9:26 pm to LSUtoOmaha
Everyone here is right. Go Vanguard. Edward jones sucks. Make yourself rich, not someone else.
Posted on 4/15/16 at 10:07 pm to hombreman9
Looks like there's an edward jones employee downvoting everyone 
Posted on 4/15/16 at 10:22 pm to Mercy Percy
quote:
Don't use Edward jones!!!
I concur!
quote:
Go w vanguard or fidelity.
No.
quote:
Those fees will kill you
Just NO!
Open an online Roth with a B/D that offers everything, not just "low cost blah blah blah crap!" Fees mean nothing. Total return means everything. Look for an online Broker/Dealer that offers the greatest range of fund families AND the lowest transaction fees. Vanguard is crap, by the way. Their customer service is the worst and their funds, while "low cost", perform in the middle at best. Fidelity is even worse. Their strategy is to avoid volatility at all costs and average 6% per decade. Don't be lazy, do some research.
Posted on 4/16/16 at 4:33 am to Unit225
If you are not going to actively manage the account, consider index funds with very low expense ratios.
Posted on 4/16/16 at 5:34 am to jeepfreak
quote:
jeepfreak
Don't listen to this guy. Forget about being sophisticated, especially at this stage. Put it all in low cost index funds and learn, then see where you are in a few years. He's right, total return net of fees is most important, but people waste a lot of time and often a lot of money chasing return. Your best bet is invest regularly, to be happy with what the market gives you in an index fund, and then go live your life.
Posted on 4/16/16 at 7:30 am to Sigma
Sigma is correct.
First off, Ed Jones is basically a bunch of salesmen just getting started in the industry. Their problem is that they cost a lot and are not particularly insightful.
The reality is that you can get a target retirement fund and do just as well (or poorly) as everyone else, and it costs virtually nothing. I've been a Schwab customer for about 20 years, you can get Vanguard funds through them, Fidelity, or just about any large firm. And Vanguard isn't the only way to go either, it's just that they were the early pioneers in low-cost indexing and are still doing it well.
Ed Jones is just terribly expensive. Your initial $5500 was probably just to fund the Roth, you haven't thrown anything away yet. But you will when your "advisor" recommends that you invest the money in a fund with high fees and sales loads.
FWIW I have five years' experience in the industry and a Master's in Finance.
First off, Ed Jones is basically a bunch of salesmen just getting started in the industry. Their problem is that they cost a lot and are not particularly insightful.
The reality is that you can get a target retirement fund and do just as well (or poorly) as everyone else, and it costs virtually nothing. I've been a Schwab customer for about 20 years, you can get Vanguard funds through them, Fidelity, or just about any large firm. And Vanguard isn't the only way to go either, it's just that they were the early pioneers in low-cost indexing and are still doing it well.
Ed Jones is just terribly expensive. Your initial $5500 was probably just to fund the Roth, you haven't thrown anything away yet. But you will when your "advisor" recommends that you invest the money in a fund with high fees and sales loads.
FWIW I have five years' experience in the industry and a Master's in Finance.
Posted on 4/16/16 at 9:59 am to jeepfreak
quote:Nothing but great reviews from me when I was needing help getting my and my wife's ROTH set up
Vanguard is crap, by the way. Their customer service is the worst and their funds
Posted on 4/16/16 at 7:15 pm to TigerTatorTots
I have mine thru fidelity and it took 5 seconds to set up and u can buy fidelity and vanguard funds..
Posted on 4/16/16 at 10:08 pm to TigerTatorTots
Yep I second or third or fourth the don't go with Ed jones
Vanguard, fidelity, or even TDA are better options. I have a Roth with fidelity and my wife a traditional with vanguard.
We are both very happy with them
Vanguard, fidelity, or even TDA are better options. I have a Roth with fidelity and my wife a traditional with vanguard.
We are both very happy with them
Posted on 4/17/16 at 10:02 am to TigerTatorTots
Vanguards customer service is shite, I want to kill these ppl.
Posted on 4/17/16 at 1:19 pm to ragacamps
JD Power Online Brokerage Rankings 2015
Once he makes the wise decision to not go with Edward Jones, I'd suggest that he read this link, as well as other rankings, and even speak to various customer service agents before deciding on where to place his money.
Just as you can find a bad Honda or Toyota, there will be times when even top rated firms give bad customer experiences. But overall, I'd say that these rankings are more typical of what most people will encounter. I've had accounts with the top three over time and not had a bad experience. But that's not to say that others haven't. The one that I would never go with is Merrill Edge. I think that it's ranked near the bottom for good reason. But I have a pal who swears by them. He also owns a 70's model British sports car. So there is that...
Once he makes the wise decision to not go with Edward Jones, I'd suggest that he read this link, as well as other rankings, and even speak to various customer service agents before deciding on where to place his money.
Just as you can find a bad Honda or Toyota, there will be times when even top rated firms give bad customer experiences. But overall, I'd say that these rankings are more typical of what most people will encounter. I've had accounts with the top three over time and not had a bad experience. But that's not to say that others haven't. The one that I would never go with is Merrill Edge. I think that it's ranked near the bottom for good reason. But I have a pal who swears by them. He also owns a 70's model British sports car. So there is that...
Posted on 4/17/16 at 3:30 pm to Unit225
quote:
Well shite I already cut them a check for $5,500. Is Edwards jones really that bad?
Yes, it's almost like getting a fricking payday loan because you need $500 on Monday instead of Friday. They are going to rape you...
Posted on 4/17/16 at 4:46 pm to Canard Noir
I currently have been with Edward Jones since I started investing three years ago. Nothing crazy, have about $30k in assets there in a Trad. IRA and Roth. If I wanted to make the change, where would I go? I dread the conversation of speaking with my advisor over this...
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