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Posted on 1/25/24 at 6:18 pm to slackster
quote:
I can guarantee this didn’t happen at Edward Jones.
UPVOTE FOR YOU SLACKSTER!
Posted on 1/25/24 at 6:20 pm to Saint5446
100% Fbtc
Posted on 1/25/24 at 6:20 pm to Fat Bastard
Thread is making me feel both good for ripping the bandaid off with the advisor and also like shite for waiting so long and missing out on the past few years of gains. Lesson learned I guess.
Posted on 1/25/24 at 7:05 pm to TheOcean
quote:
I would insta fire any financial advisor that tries to sell me an annuity at 34
Posted on 1/25/24 at 7:29 pm to Saint5446
quote:
OK, next question, what do I do with this 163k I just moved into a fidelity IRA?
Your idea of index funds is a good one, or put it all in crypto.
Posted on 1/25/24 at 8:10 pm to Saint5446
quote:
OK, next question, what do I do with this 163k I just moved into a fidelity IRA?
$50k VOO
$50k VGT
$38k NVDA
$25k ARCC with DRIP
Posted on 1/25/24 at 8:37 pm to Saint5446
Annuity at 34
Whole life
Holy shite, bad would be a nice way of describing him/her. That person was 10000% doing what earned them the most, not what was best for you.
Whole life
Holy shite, bad would be a nice way of describing him/her. That person was 10000% doing what earned them the most, not what was best for you.
Posted on 1/25/24 at 8:39 pm to Saint5446
Ok I’ll beat the dead horse further. FIRE YOUR FA! Christ it’s like you were sold all the products that are “buzzwords” for signs that they are a salesman and not a true fiduciary.
I was livid when I found out my parents bought an annuity, which they truly do not need, by and Edwards Jones advisor. They really “like” their advisor, and that matters more to them than ensuring they are getting a square deal.
Sucks but it’s how those folks (EJ) operate, prey on the financially illiterate
I was livid when I found out my parents bought an annuity, which they truly do not need, by and Edwards Jones advisor. They really “like” their advisor, and that matters more to them than ensuring they are getting a square deal.
Sucks but it’s how those folks (EJ) operate, prey on the financially illiterate
Posted on 1/25/24 at 8:42 pm to TigerToGeaux
quote:
was livid when I found out my parents bought an annuity, which they truly do not need, by and Edwards Jones advisor.
What kind of annuity?
Posted on 1/25/24 at 8:47 pm to down time
quote:
100% Fbtc
I was thinking the same as you. By fall of 2025, that $163K will be multiples more. Just realize it will get there in a volatile manner, so just ignore the wild swings and be patient.
Posted on 1/25/24 at 8:48 pm to Saint5446
quote:33% SP500 index
OK, next question, what do I do with this 163k I just moved into a fidelity IRA?
33% Large cap growth index
33% FBTC
Posted on 1/25/24 at 8:53 pm to down time
quote:
100% Fbtc
This is just irresponsible advice without knowing anything about a person.
Do you have 100% of your investments in Bitcoin?
Posted on 1/25/24 at 9:49 pm to TigerToGeaux
quote:
They really “like” their advisor, and that matters more to them than ensuring they are getting a square deal.
How do you know they are not getting a square deal and what makes you an authority on the subject?
Posted on 1/26/24 at 4:28 am to Saint5446
If you ever get financial advise again, make sure you are talking to a fiduciary financial adviser. At your age, you need to be in good growth ETFs like SMH if you are risk tolerant.
Posted on 1/26/24 at 5:54 am to Saint5446
My advisor is chill. If I call him and say sell all my stocks and send a check, he won't ask any questions. He believes its my money and I can do what I want with it. He gives great advice and helps with investments, but he is not my father.
On the other hand I had another advisor that was dumped on me by family. She was like a mother. She was upset that I had another advisor and would lecture me at every meeting. I told her I have known him since college and he came into the picture as an advisor long before I met you. Every meeting she was bringing him up and that I needed to have one advisor. I told her successful people have money in all sorts of places using various people to build wealth. They don't keep all their money in one institution.
The nail in the coffin was when I told her that I decided to start a SEP with my original advisor. We did not talk for over a year. Then I get a phone call from another woman saying my file was transferred to her office. Our first meeting I laid down the fact that I will be using multiple investment firms. No issues. She is very cool and smart.
A good advisor does not sell you stuff. They do what is best for your situation and what is best for you.
On the other hand I had another advisor that was dumped on me by family. She was like a mother. She was upset that I had another advisor and would lecture me at every meeting. I told her I have known him since college and he came into the picture as an advisor long before I met you. Every meeting she was bringing him up and that I needed to have one advisor. I told her successful people have money in all sorts of places using various people to build wealth. They don't keep all their money in one institution.
The nail in the coffin was when I told her that I decided to start a SEP with my original advisor. We did not talk for over a year. Then I get a phone call from another woman saying my file was transferred to her office. Our first meeting I laid down the fact that I will be using multiple investment firms. No issues. She is very cool and smart.
A good advisor does not sell you stuff. They do what is best for your situation and what is best for you.
This post was edited on 1/26/24 at 5:56 am
Posted on 1/26/24 at 10:55 am to Mariner
quote:
A good advisor does not sell you stuff. They do what is best for your situation and what is best for you.
This^
For the most part using Edward Jones is like going to the mall to do your taxes. I am sure there are some good/competent FAs that work for EJ...but I have never met one.
Posted on 1/26/24 at 10:57 am to 98eagle
My target is $125,000 by 2025
Consolidation at 40 now, next level 60
Consolidation at 40 now, next level 60
This post was edited on 1/26/24 at 10:58 am
Posted on 1/26/24 at 11:03 am to slackster
quote:
Do you have 100% of your investments in Bitcoin?
No. I'd say max 50/50 is more than enough risk.
Posted on 1/26/24 at 11:42 am to down time
quote:
No. I'd say max 50/50 is more than enough risk.
So why tell the guy to put 100% of his IRA?
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