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Message
If I wanted to move money from broker and invest myself
Posted on 3/1/19 at 10:28 am
Posted on 3/1/19 at 10:28 am
I'm thinking about moving all of my retirement funds that are invested with a brokerage (EJ) and just putting it all into index funds or ETFs. How would you go about this? I'm thinking I'd first have to open an account to move those accounts to with another firm and let the EJ rep know that I've decided to move the money somewhere else. Is that all there is to it? It may be difficult as the broker and his assistant have become friendly with us, but it seems like the right move to make.
9
Posted on 3/1/19 at 11:36 am to wildcat3
OMG RUN AWAY FROM EDWARD JONES
Posted on 3/1/19 at 11:38 am to wildcat3
Well before all that, what is your money with EJ invested in? Do they have high fees (seen that mentioned here before). Maybe you're just invested in the wrong funds.
But yeah nowadays, open a brokerage account with whatever firm you want, give them your EJ account info, sign some forms and they'll take care of it all for you.
quote:
I'm thinking I'd first have to open an account to move those accounts to with another firm and let the EJ rep know that I've decided to move the money somewhere else.
But yeah nowadays, open a brokerage account with whatever firm you want, give them your EJ account info, sign some forms and they'll take care of it all for you.
This post was edited on 3/1/19 at 11:39 am
Posted on 3/1/19 at 2:34 pm to wildcat3
You don't have to tell the EJ guy anything as others have said the new frim will take care of it, but your phone us going to start ringing from the EJ guy wanting to know what happened.
Posted on 3/1/19 at 2:50 pm to wildcat3
I open an account with Fidelity, then gave them my then current account info and they did everything.
Posted on 3/1/19 at 5:26 pm to wildcat3
Get the hell away from EJ-they are not your friend! My neighbor got ripped,EJ guy talked him into cashing out his IRA(over $500,000) and buy variable annuity.He wasn’t 591/2 so he had huge tax bill +10% penalty,big commission for annuity.Sad thing is my neighbor too dumb to realize how bad he got ripped.Then,I have an elderly aunt had her money with EJ,her son got poa to look at her account and the guy had been churning her account,buying and selling stocks old lady in her 80’s had no business owning.
Posted on 3/1/19 at 7:27 pm to wildcat3
Brokers make money on what they sell. If you need help use a RIA who is fee only.
Posted on 3/1/19 at 8:36 pm to 1609tiger
Nvm
This post was edited on 3/1/19 at 8:40 pm
Posted on 3/1/19 at 10:51 pm to LSUA 75
quote:
EJ guy talked him into cashing out his IRA(over $500,000) and buy variable annuity.He wasn’t 591/2
Uhh... at some level the IRA owner is just as much at fault. Horrible advice if this was true.
Posted on 3/2/19 at 9:42 am to wildcat3
quote:
It may be difficult as the broker and his assistant have become friendly with us, but it seems like the right move to make.
Well, if they're really your friends, they'll still be your friends after you move the money, right?
Open an account somewhere else, transfer the funds and see. My guess is, they're not your friends and just see you as another mark.
Posted on 3/2/19 at 1:15 pm to wildcat3
Ask your EJ guy to move you into index funds.
This post was edited on 3/2/19 at 1:16 pm
Posted on 3/3/19 at 10:19 am to LSUA 75
I call BS. The EJ broker would not have to cash in an IRA to buy an annuity. He could simply purchase a qualified annuity, although it would not make much sense. Secondly, compliance dept would not allow that transaction to happen. Me thinks your friend/neighbor isn’t telling you the whole story.
Posted on 3/3/19 at 2:44 pm to ed3303
Well ,that’s what my neighbor said he did,I didn’t see the paperwork.I believe it though,the broker would make commission on the sale of the stock and the commission for the sale of the variable annuity.
Look,this guy is a real dummy when it comes to money.Ex.-one day we were cutting up a tree,I have 25 year old Stihl chainsaw I paid $450.00,he has $125.00 Poulan saw.He starts ragging me about why I spend that much for a Stihl saw,bragging about how he buys $125.00 saws,uses them 2-3 years,throws them away and gets new one.I do the math in my head-25 years divided by 3=8x$125.00=$1000.00,I’m way ahead with my “expensive” saw.That’s the way he is, penny wise-dollar foolish about everything.
Look,this guy is a real dummy when it comes to money.Ex.-one day we were cutting up a tree,I have 25 year old Stihl chainsaw I paid $450.00,he has $125.00 Poulan saw.He starts ragging me about why I spend that much for a Stihl saw,bragging about how he buys $125.00 saws,uses them 2-3 years,throws them away and gets new one.I do the math in my head-25 years divided by 3=8x$125.00=$1000.00,I’m way ahead with my “expensive” saw.That’s the way he is, penny wise-dollar foolish about everything.
Posted on 3/3/19 at 8:54 pm to wildcat3
Do it. Look at the Three Fund Portfolio from Bogleheads.org. Spend a couple weeks reading through that forum and they will set you right.
Posted on 3/3/19 at 9:22 pm to Fat Bastard
quote:
OMG RUN AWAY FROM EDWARD JONES
Run faster. Even if you’re already running.
Eta: I personally know a few EJ people. Most of them even know they’re basically worthless leeches. The ones who don’t are old schools entitled POSs.
This post was edited on 3/3/19 at 9:33 pm
Posted on 3/3/19 at 9:48 pm to TigerDeBaiter
How come Edward Jones guys catch so much flak compared with other firms like Raymond James, Merrill Lynch, etc?
This post was edited on 3/3/19 at 9:49 pm
Posted on 3/3/19 at 9:56 pm to Paul Allen
I guess they’re more prevalent?
I’d say ED is by far the heaviest on sales as well. They basically prey on dumbasses.
I’d say ED is by far the heaviest on sales as well. They basically prey on dumbasses.
Posted on 3/6/19 at 8:34 pm to LSUA 75
Oh yeah, I know people that use the same logic.
Yes, the broker would make commissions if a transaction based account, however the compliance dept closely monitors such activity. If your friend is accurate with what he told you, he has a slam dunk complaint case, will easily win in arbitration and can get some restitution.
??
Yes, the broker would make commissions if a transaction based account, however the compliance dept closely monitors such activity. If your friend is accurate with what he told you, he has a slam dunk complaint case, will easily win in arbitration and can get some restitution.
??
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