Edward Jones........again...

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JC565
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Joined: Wed Jan 03, 2018 1:07 pm

Edward Jones........again...

Post by JC565 » Thu Aug 02, 2018 9:23 pm

(Will they just go out of business already... :x )


Ok so now that the fiduciary rules have been rolled back, it seems I have to move away from my guided solutions account into a :?:different:?: simple ira. (Read: one that will make ej more money) Essentially my account has been just a place holder until I could do a monthly transfer into frozen simple at vanguard. I didn't even bother asking them to stop buying the crap they had me in. I just transfer the money before they do.

Now I see this...

https://www.edwardjones.com/disclosures ... -fees.html

It looks like I need to put at lest. $2500 in there to avoid their stupid fees. (Though at 10% return it's be better off to pay it and put that 2500 to work) .... this is ON TOP of the $40 annual fee plus 1.35% against that 2500. The douchebag....I mean advisor.... says now without the fiduciary restrictions he'd be happy to put vanguard funds in my account (lol..I bet he would at 1.35%aum)


Ultimately what its looking like to me is that its going to cost me $112 just to get my employer match... are you guys reading it the same way? (Vs the $40 I pay now in the guided solutions. )

Im thinking I should just refuse to sign the paper to transfer to the new ira account.

Also can someone tell me what the $50 "annual private investment fee" is? Please tell me its not what I think.

merganser
Posts: 3
Joined: Fri Aug 03, 2018 5:05 am

Re: Edward Jones........again...

Post by merganser » Fri Aug 03, 2018 5:22 am

Last year (2017), I was on a thru hike on the AT, when I called my Edward Jones Broker to make an investment. He told me that $250K in my Money Market was frozen. I then called Vanguard and moved the money 30 days later upon my return. The Jones broker was a good friend and I felt bad for a day about moving all assets. But then, I reminded myself that it was EdwardJones own fault. I have been very happy since the move!

bloom2708
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Re: Edward Jones........again...

Post by bloom2708 » Fri Aug 03, 2018 10:38 am

Best to part ways.

Am I understanding that you can't "leave EJ in the dust" because of employer contributions?

If everyone "gets out", then they will change or fizzle into dust.
"People want confirmation, not advice" Unknown | "We are here to provoke thoughtfulness, not agree with you" Unknown | Four words. Whole food, plant based. Bing it.

DippityDoo
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Re: Edward Jones........again...

Post by DippityDoo » Fri Aug 03, 2018 10:46 am

JC565 wrote:
Thu Aug 02, 2018 9:23 pm
Im thinking I should just refuse to sign the paper to transfer to the new ira account.

Also can someone tell me what the $50 "annual private investment fee" is? Please tell me its not what I think.
As an Edward Jones survivor, I can understand your aggravation! If I were in your shoes, I wouldn't sign anything until fees were explicitly outlined in writing. It's bad enough that the private investment fee is per position. But it also says other fees may apply. I'd ask your advisor sales rep for a written breakdown of what you will be charged if you make no changes to your investments and what you'll be charged if you elect to make changes.

Now this is just me, but I'd probably go to the benefits person at human resources too. I'd make sure they understand how much more this costs you. And I'd also let them know if you had ANY difficulty from EJ getting the fee information. It's hard to believe EJ is the best your employer can do for employees!

Topic Author
JC565
Posts: 57
Joined: Wed Jan 03, 2018 1:07 pm

Re: Edward Jones........again...

Post by JC565 » Fri Aug 03, 2018 10:57 am

my "benefits department" is so over-whelmed this is the last thing they care about. especially since there is only a few people that actually use it, and I am the ONLY one who understands how much this is costing use. Collectively we are talking hundreds of thousands of dollars they we are just giving to EJ. It"s ridiculous. The owner did say he would set up a account specifically for me at vanguard, but we then found out it is a 5305 account and cant do it. I'm thinking its "actually" going to cost me $162 a year instead of 112. Since I would be willing to bet that $50 per position will apply to the money market fund as well. And then who knows what the "other fees" are.

You know the SEC put Scott tucker in Jail for hidden fees and basically ripping people off. EJ gets away with it every single day. They need to do SOMETHING. I think waiting for the Free market to address EJ is a long time coming. I cant tell you the number of countless horror stories ive read on the interwebs about people who have been essentially made into financial losers

DippityDoo
Posts: 145
Joined: Mon May 29, 2017 6:06 pm

Re: Edward Jones........again...

Post by DippityDoo » Fri Aug 03, 2018 12:05 pm

JC565 wrote:
Fri Aug 03, 2018 10:57 am
I'm thinking its "actually" going to cost me $162 a year instead of 112. Since I would be willing to bet that $50 per position will apply to the money market fund as well. And then who knows what the "other fees" are.
Yeah, that per position is worrisome. Please don't assume that EJ's definition of "position" is the same as yours.

I hear your frustration. If the owner was willing to do something specific at Vanguard for you, would he be willing to look at a breakdown of EJ fees to see how much this costs his employees? Does it enhance your value as an employee to show the owner how much doing business with EJ costs? Or is that trouble making? I don't know your situation.

Dottie57
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Re: Edward Jones........again...

Post by Dottie57 » Fri Aug 03, 2018 12:35 pm

merganser wrote:
Fri Aug 03, 2018 5:22 am
Last year (2017), I was on a thru hike on the AT, when I called my Edward Jones Broker to make an investment. He told me that $250K in my Money Market was frozen. I then called Vanguard and moved the money 30 days later upon my return. The Jones broker was a good friend and I felt bad for a day about moving all assets. But then, I reminded myself that it was EdwardJones own fault. I have been very happy since the move!
Call me stupified. While on a thru hike in the AT (appalachian trail ?) you called an Edward Jones Broker? :shock:

Alan S.
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Re: Edward Jones........again...

Post by Alan S. » Fri Aug 03, 2018 2:04 pm

EJ, Ameriprise and the like probably do pretty well selling to naïve investors even considering maybe 20% of those investors figure things out and move on. They keep the still naïve ones and comfort themselves that they are making much more money on those that stay than Vanguard will ever make on those that leave.

As for the fiduciary rules, the US Govt cannot seem to figure out all the interlocking relationships, account types, professional designations, and business models in the financial industry in order to come up with a workable solution without unintended consequences. That is why the current rules are about as effective as the "do not call" list.

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Re: Edward Jones........again...

Post by LadyGeek » Fri Aug 03, 2018 4:07 pm

I removed an off-topic post. This thread has run its course and is locked (other people). See: Non-actionable (Trolling) Topics
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