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Started By
Message
Edward Jones
Posted on 8/22/24 at 9:24 am
Posted on 8/22/24 at 9:24 am
I've seen several negative comments regarding Edward Jones. Enlighten me.
13
Posted on 8/22/24 at 9:32 am to HeartAttackTiger
I’ve got a decent amount with them and have no problems. I do remember when I started with them that I waited until June of a certain year because they had a new program they came out with that had much lower fees.
This post was edited on 8/22/24 at 9:49 am
Posted on 8/22/24 at 9:37 am to HeartAttackTiger
Fees are pretty high. That is the biggest knock.
Posted on 8/22/24 at 9:45 am to BlackAdam
Relative to what other brokers?
Posted on 8/22/24 at 9:52 am to BlackAdam
They have a platform fee that is .05% vs the regular that is 1.35%.
I can’t remember what the difference is but I didn’t go with them until the lower vs came out.
I can’t remember what the difference is but I didn’t go with them until the lower vs came out.
This post was edited on 8/22/24 at 9:54 am
Posted on 8/22/24 at 10:08 am to HeartAttackTiger
After you choose your financial advisor, he will send you down the down the hall to Primerica to pick life insurance.
Posted on 8/22/24 at 10:16 am to HeartAttackTiger
quote:It's not like you can't have an honest adviser there. It's more just - what services of value are they providing you? Kind of like you can buy a watch at Wal Mart that might work for a long time - but is that really what you want?
I've seen several negative comments regarding Edward Jones. Enlighten me.
Posted on 8/22/24 at 11:05 am to HeartAttackTiger
quote:
I've seen several negative comments regarding Edward Jones. Enlighten me.
The honest truth is they have like 19,000-20,000 advisors, so inevitably someone will have had a bad experience and they’ll write off the whole firm on here. I know FAs there that are as competent and comprehensive as any I’ve ever come across in the industry, and I know some that are imbeciles.
Edward Jones was #2 in the most recent JD Power customer satisfaction rankings, beating the likes of Raymond James, LPL, Vanguard, Charles Schwab, etc, so clearly it’s not nearly as bad as people around here say, but I sympathize with those that have had a bad experience with an individual advisor.
Where EJ struggles the most is the impression (perhaps correctly in the past at least) that they’re not really built for higher net worth clients. They made their hay historically by going to towns and communities that Wall Street wouldn’t touch. Unfortunately, their business was geared towards that and they were late adopters of fee-based asset management and more comprehensive financial planning. They lost good advisors because of that overtime, and they’ve changed alot in the last 15 or so years to have similar tools as everyone else, but their offices being a strip mall are hard to shake for some.
In summary - solid firm (regardless of what Fat Bastard says
) with enough good advisors to be respected and enough bad ones to get a ton of hate. This post was edited on 8/22/24 at 11:07 am
Posted on 8/22/24 at 11:11 am to slackster
quote:
slackster
Very comprehensive review. Thanks for the info.
Posted on 8/22/24 at 11:49 am to slackster
The high fees are the problem, especially when a basic S&P index allocation beats 84% of the professional advisors long term.
Posted on 8/22/24 at 12:02 pm to slackster
quote:Yep. Their JDP rankings are high because the clients that are doing the ranking are mostly unsophisticated.
Where EJ struggles the most is the impression (perhaps correctly in the past at least) that they’re not really built for higher net worth clients. They made their hay historically by going to towns and communities that Wall Street wouldn’t touch. Unfortunately, their business was geared towards that and they were late adopters of fee-based asset management and more comprehensive financial planning. They lost good advisors because of that overtime, and they’ve changed alot in the last 15 or so years to have similar tools as everyone else, but their offices being a strip mall are hard to shake for some.
Posted on 8/22/24 at 12:08 pm to CamdenTiger
quote:
The high fees are the problem, especially when a basic S&P index allocation beats 84% of the professional advisors long term.
While this may be true for a younger, unsophisticated, lower net worth individual.
Most individuals with a higher net worth have found it more comfortable to live in an area like San Diego with a milder climate, lower average annual temp. (lower volatility and suppressed returns) vs somewhere like Arizona which has a higher average annual temp (higher returns, higher volatility).
Edit: and for the engineer minded folks.. the lower variance you get in your returns, the more probable of your predictive returns become. Which makes your planning for success that much better. If your sequence of returns are all over the place, yet have a higher “mean” then it increases the risk (and emotions) of “am I retiring at a good time” or “will my money last.”
This post was edited on 8/22/24 at 12:12 pm
Posted on 8/22/24 at 12:21 pm to CamdenTiger
quote:
The high fees are the problem, especially when a basic S&P index allocation beats 84% of the professional advisors long term.
Sure, but the average person can’t handle volatility on their own. It’s proven time and time again with 401k funds flows and other studies.
Average MT poster won’t get much value from an FA. Average person does in my biased opinion.
Posted on 8/22/24 at 12:27 pm to slackster
The services that high quality wealth management firms provide for actual HNWs are just not really the same product as EJ is delivering. Significant planning on: tax, charitable, succession, etc. Not to mention decent alternative investment offerings, tax-loss harvesting, low-basis stock management/hedging etc.
Essentially, a Ford Festiva is not even attempting to offer the driver a luxury experience. That doesn't mean it doesn't work for what it is, though.
Essentially, a Ford Festiva is not even attempting to offer the driver a luxury experience. That doesn't mean it doesn't work for what it is, though.
Posted on 8/22/24 at 12:34 pm to Big Scrub TX
Posted on 8/22/24 at 12:40 pm to Big Scrub TX
quote:
The services that high quality wealth management firms provide for actual HNWs are just not really the same product as EJ is delivering. Significant planning on: tax, charitable, succession, etc. Not to mention decent alternative investment offerings, tax-loss harvesting, low-basis stock management/hedging etc.
I get what you’re saying on the whole, but outside of option hedges, I think EJ and the similar firms can do all of the above.
As I mentioned earlier, it’s FA dependent. Good FAs do it regardless of firm.
Posted on 8/22/24 at 12:43 pm to slackster
quote:Good FAs at EJ just might not have the infrastructure to lean on ,no matter how good they are.
As I mentioned earlier, it’s FA dependent. Good FAs do it regardless of firm.
Posted on 8/22/24 at 12:44 pm to Big Scrub TX
That’s plausible but from peers that are there they’re really leaning into that lately.
Posted on 8/22/24 at 1:44 pm to HeartAttackTiger
They are entry level financial advisors. Nothing wrong with that, it just is what it is.
Posted on 8/22/24 at 2:22 pm to HeartAttackTiger
Have used them for over 5 years and have not been disappointed.
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