Edward jones consultant. Are they legit or ripoff? | TigerDroppings.com

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Lookin4Par
Colorado State Fan
Boulder, CO
Member since Jun 2012
858 posts

Edward jones consultant. Are they legit or ripoff?


Going to visit one later on today and wondering your thoughts on these financial advisors. Are their fees absurdly high? Do they ale care and caution to your investments?






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55583 posts

re: Edward jones consultant. Are they legit or ripoff?


quote:

Going to visit one later on today and wondering your thoughts on these financial advisors.


I personally wouldn't. Fees are fairly high and they can't put money everywhere. They have things that are off limits to them.






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Janky
LSU Fan
Team Primo
Member since Jun 2011
7311 posts

re: Edward jones consultant. Are they legit or ripoff?


quote:

Going to visit one later on today and wondering your thoughts on these financial advisors.


There are better options out there.






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ForeLSU
LSU Fan
The Corner of Sanity and Madness
Member since Sep 2003
33658 posts

re: Edward jones consultant. Are they legit or ripoff?


quote:

Do they ale care and caution to your investments?


my dad used one for years and took a bath on a Morgan-Keegan fund during the sub-prime crash. The Jones guy had no clue what was going on and kept telling him the drop was cyclical and the fund would come back. IMO some are just peddlers selling whatever the company is pushing at the time. (admittedly anecdotal with a very small sample size :)



This post was edited on 12/27 at 1:53 pm


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12Buck
LSU Fan
Baton Rouge
Member since Jul 2005
569 posts

re: Edward jones consultant. Are they legit or ripoff?


quote:

they are just peddlers selling whatever the company is pushing at the time

this is not true

quote:

They have things that are off limits to them.


this is






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saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
20981 posts

re: Edward jones consultant. Are they legit or ripoff?


quote:

they are just peddlers selling whatever the company is pushing at the time



this is not true
I think a lot of Edward Jones guys are new in the financial field so many don't really know what they are doing. They just follow what the company tells them. Someone with experience will likely be much more independent. I have 3 friends that started their career with Edward Jones and have since moved on to other companies after about 2 years.






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
55583 posts

re: Edward jones consultant. Are they legit or ripoff?


quote:

I think a lot of Edward Jones guys are new in the financial field so many don't really know what they are doing. They just follow what the company tells them. Someone with experience will likely be much more independent. I have 3 friends that started their career with Edward Jones and have since moved on to other companies after about 2 years.


This. The OP wants an old guy. Not a newbie.






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29663 posts

re: Edward jones consultant. Are they legit or ripoff?


quote:

Someone with experience will likely be much more independent. I have 3 friends that started their career with Edward Jones and have since moved on to other companies after about 2 years.


+ a billion

Ed. Jones people aren't necessarily bad especially for a client who is a total n00b. In fact, given how easily n00bs can be fleeced this could be a good route to take b/c Ed. Jones doesn't openly screw customers, not that I know of. Their problem is that their advice and services tend to be significantly more expensive than you can get somewhere else.

This is fairly typical for the industry, their competitors (such as AMEX advisors) do similar things. You won't get deliberately messed with but you'll probably overpay for what you get.






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tigeryat
LSU Fan
God's Country
Member since Oct 2005
2541 posts

re: Edward jones consultant. Are they legit or ripoff?


They are legit, especially if you want advice and have less than $100,000 to invest.

If you don't want to pay for advice, go the internet account route with Fidelity, Schwab, and such.






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tiger91
LSU Fan
South of Lafayette
Member since Nov 2005
12982 posts

re: Edward jones consultant. Are they legit or ripoff?


Personally we have EJ. I have no clue and as a wife/mother/part time employee I don't have time to READ everything that there is to know what to do.

They may cost me more money BUT I'm damn sure that I'd lose more than it costs me to deal with them. Our lady has been with them for years and is really good about keeping in touch with us through the year.






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Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
15628 posts

re: Edward jones consultant. Are they legit or ripoff?


run away from EJ on basically everything but MMA's used like a savings/checking account. Having that with them is fine, but that is it basically.

they will put you in high front end sales load funds(instead of R shares), high annual fees for the ROTH IRAS(compared to ZERO from VANGUARD and others) and not much too choose from fund family wise. Also they live in yesteryear when it comes to modern day trading. You cannot trade stocks or make changes to your funds online like you can with VANGUARD and other companies. You still have to call them! YES! Like i had to do with my commodity broker in 1997! IS that not crazy? They mainly cater to people who do not know WTF they are doing or do not have time. MAKE TIME! LEARN! You can do some research or just dump some money into some index and/or retirement funds and do just as well.

Been there done that. RUN AWAY from EJ on everything but MMA's. Some other companies charge a higher rate for having check writing abilities so it is the ONLY thing from EJ that i endorse.


LINK



This post was edited on 12/27 at 8:07 pm


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Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
15628 posts

re: Edward jones consultant. Are they legit or ripoff?


quote:

I don't have time to READ everything that there is to know what to do.


quote:

They may cost me more money BUT I'm damn sure that I'd lose more than it costs me to deal with them.


You are really selling yourself short here.




This post was edited on 12/27 at 7:58 pm


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Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
15628 posts

re: Edward jones consultant. Are they legit or ripoff?


quote:

I personally wouldn't. Fees are fairly high and they can't put money everywhere. They have things that are off limits to them.




bingeaux






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