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Edward Jones - Get out ---> Vanguard is the way to go!!!
Posted on 7/14/15 at 12:44 pm
Posted on 7/14/15 at 12:44 pm
I am trying to close on a house. However, my financial advisor is out of town and I have to navigate the website on my own. I have to show to my loan officer what the procedures and policies for me are in regard to withdrawing from my account - both traditional and Roth IRA. I cannot find the official policy. Can anyone please link this if they know where is?
This post was edited on 7/14/15 at 5:12 pm
3
Posted on 7/14/15 at 12:50 pm to rpg37
I'm sorry about your dilemma
But,
There's your problem.
But,
quote:
Anybody use Edward Jones?
There's your problem.
Posted on 7/14/15 at 12:50 pm to rpg37
Have you thought about calling them? (them, being Edward Jones).
Posted on 7/14/15 at 12:53 pm to bayoubengals88
quote:
There's your problem.
Well, I thought investing young was a good thing. You recommend someone different?
Posted on 7/14/15 at 12:54 pm to TejasHorn
quote:
Have you thought about calling them?
Yes, they have the assistant in the office today and they are scrambling to find it. I was just trying speed this up in case it was an east thing.
Posted on 7/14/15 at 1:03 pm to rpg37
Are you speaking to 1st time home buying exclusion from penalty and taxation from retirement accounts? That is an IRS matter and info is at the IRS site. If you are asking about a timing issue, ie how long to receive funds, that is another matter. Why don't you call EJ corporate HQ and voice your question? And yes, I would not advocate utilizing EJ as a broker, adviser, whatevs.
Posted on 7/14/15 at 1:10 pm to rpg37
quote:
Well, I thought investing young was a good thing. You recommend someone different?
If you're rich, clueless, and apathetic then Investing with Edward Jones is a no brainer.
Please forgive my tone. I just dislike crooks. A lot....a word of advice, Vanguard.
ETA: They are out for your money. It's an extremely outdated "salesman" type of company that feasts on anyone that will let them. Vanguard mutual fund fees are going to be about 1/8 the price of EJ.
And the hidden fees....
EJ has invented new ways to squeeze money out of its customers. Everything that can be charged IS charged.
This post was edited on 7/14/15 at 1:20 pm
Posted on 7/14/15 at 1:13 pm to bayoubengals88
quote:
If you're rich, clueless, and apathetic then Investing with Edward Jones is a no brainer.
+1. You're paying for their assistance, but the office can't even provide you with basic information when you need it? So much for "service".
Posted on 7/14/15 at 1:26 pm to hungryone
I am not exactly sure I understand what you are trying to get.
Posted on 7/14/15 at 1:27 pm to bayoubengals88
quote:
ETA: They are out for your money. It's an extremely outdated "salesman" type of company that feasts on anyone that will let them. Vanguard mutual fund fees are going to be about 1/8 the price of EJ.
And the hidden fees....
EJ has invented new ways to squeeze money out of its customers. Everything that can be charged IS charged.
Okay. As a 28-YO, trying to do the right thing, investing monthly in my IRAs, how would you advise me on what to do - change companies, go solo, etc?
Posted on 7/14/15 at 1:31 pm to rpg37
If you want stupid easy, dump it all into a vanguard target date fund. Done. Keep adding
A little more complex would be to buy 3 or 4 vanguard funds (sp500, total stock market, international, ect) to lower your expenses but you will have to rebalance yearly or so
A little more complex would be to buy 3 or 4 vanguard funds (sp500, total stock market, international, ect) to lower your expenses but you will have to rebalance yearly or so
Posted on 7/14/15 at 1:32 pm to jimbeam
Is this done solo? Forgive my ignorance, but I am learning. I only have about $20,000 in my IRAs, but it's a lot to me. I have it targeted at the 2040 mark, but not really sure how this works in the grand scheme.
Posted on 7/14/15 at 1:33 pm to rpg37
Can open a vanguard account on your own online in like 20 minutes and then go from there. 
Posted on 7/14/15 at 1:34 pm to rpg37
quote:
Okay. As a 28-YO, trying to do the right thing, investing monthly in my IRAs, how would you advise me on what to do - change companies, go solo, etc?
You're ahead of most people, and luckily you haven't thrown away a ton in fees because your account isn't 30 years old...
I'd drop Edward Jones and transfer your funds to Vanguard or Fidelity. Both have low fees, but I chose Vanguard based on its popularity on this board.
There are lots of Vanguard fund and ETF discussions on here. Just search or ask.
Vanguard will charge you less than .25% annually on any mutual fund that I know about. Usually it's much less than that.
I guarantee that EJ is between 1 and 1.5% to START. Hell, they charge your money market account $3/month if it dips below $1,500
That's absurd.
Anyway, check out the websites of the companies I mentioned.
There should be an FAQ about transferring funds.
This post was edited on 7/14/15 at 1:34 pm
Posted on 7/14/15 at 1:34 pm to jimbeam
You would just rollover all the funds I currently have into this account?
Posted on 7/14/15 at 1:36 pm to rpg37
Yes. I'm not sure exactly how bc I started with VG but someone here will know
Posted on 7/14/15 at 1:41 pm to jimbeam
quote:
Yes. I'm not sure exactly how bc I started with VG but someone here will know
You will get a transfer of assets form from vanguard and complete it along with a copy of your last EJ statement. Easy as pie.
Posted on 7/14/15 at 1:45 pm to Janky
quote:
You will get a transfer of assets form from vanguard and complete it along with a copy of your last EJ statement. Easy as pie.
Vanguard needs to pay Tigerdroppings
Posted on 7/14/15 at 2:16 pm to rpg37
Vanguard is absurdly easy and their fees are 10x lower than Edward Jones. Their index funds are solid. Save your money.
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