Email to my Edward Jones Rep

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Mike11
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Email to my Edward Jones Rep

Post by Mike11 » Mon May 13, 2019 1:05 pm

First posting here. Thanks to the wealth of info here, I have been diligently learning the basics of investing. I've read 4-5 books referred by this site and have lurked in the forums and wiki and soon I hope to be well enough informed to ask for input on my future plans. I thoroughly understand the value in low cost funds. In about 6 weeks I will be selling my business. I will have a low 7 figure, lump sum closing. I presently have a low 6 figure amount invested in Edward Jones. I know, I know. If I had known then what I know now. I have known my EJ rep for 20 years and I want to give him the benefit of knowing why I am not investing the money with him. I may not owe it to him but it's how I want to treat people. I have composed an email to send him in an effort to begin that process. Do you think he will provide me with the full EJ costs using the wording I have proposed. Please let me know if I need to add verbiage. To be honest, I already know I am going to follow a 3 fund, tax efficient program via Vanguard but I want to be able to tell him I am not using him for reasons of future returns.

"His Name", the potential sale of my business continues to progress. I am performing due diligence concerning how to handle a lump sum portfolio investment of approximately "low 7 figures". I am not interested in looking at past performance of funds and I will use load costs and expense ratio costs as a major determinant for my decision. I need to know load costs and expense ratio's if I invest at least 100,000 in assorted, various EJ mutual funds, muni funds and non-corporate bond funds. Please include any other costs I would incur during initial investment and future balancing fund movements.

inverter
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Re: Email to my Edward Jones Rep

Post by inverter » Mon May 13, 2019 1:45 pm

Why send him a note? Just call Vanguard or Fidelity and start the transfer.

robphoto
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Re: Email to my Edward Jones Rep

Post by robphoto » Mon May 13, 2019 1:50 pm

I also would just start with the transfer; if you want to send him a note to let him know you are doing it for reasons of simplicity and cost, you can do that. I'm sure he knows his costs are higher than Vanguard's.

It's his job to convince you that you ought to leave the existing account money there, and add your new money to it. (Or perhaps have you leave the old money there as a concession to your relationship)

Since you've decided what you want to do, I would start the transfer, then send him a note, and save him the trouble of trying to convince you to make a choice that will cost you money.

The fact that you care about his feelings gives him a hook to convince you to keep money with him.
Last edited by robphoto on Mon May 13, 2019 1:53 pm, edited 1 time in total.

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flossy21
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Re: Email to my Edward Jones Rep

Post by flossy21 » Mon May 13, 2019 1:52 pm

If it were me I would just take it all to Vanguard but if you must give him the chance to keep your business then I would ask for a written plan for your investments.

If you are going to invest "low seven figures" then he should provide you with a written plan. You should ask for the plan to provide specific securities where he will invest and their loads/ER's, etc. Ask for projections of expected performance as well.

If he balks on this then you'll have your answer. (I would be willing to bet he balks on this.)

NotWhoYouThink
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Re: Email to my Edward Jones Rep

Post by NotWhoYouThink » Mon May 13, 2019 1:53 pm

You are giving him an opportunity to sell you on staying with him. Even though that's not the question you are asking, that's the one he has been trained to answer. He'll answer "Why should you stay with me even though I will sell you high-fee actively managed funds." And his answer will be that although there are fees (which he may or may not list accurately), the special sauce cooked up by all the back-office boffins in St. Louis gives you returns that make the fees not important. You know he'll say that, we know he'll say that, he knows he'll say that, why bother asking.

The big things that will drive your return now are:
- How much you invest
- What AA you pick
- Whether you stick to the plan or churn investments as the market and your fears wax and wane
- What your fees are

See, fees are way down on the list of what's important. If he puts you in a 60/40 mix of investments with high fees, and you would have put yourself in a 20/80 mix with a lot of churn because you get nervous, you'd be better off with him. Even net of the fees.

So don't ask. Pick your AA, come up with a plan to stick with it, and move to a low fee brokerage. He can't sell you low fee funds, they are not on his approved list. Don't ask him to do something the big bosses won't allow. Go somewhere that lets you make the investment decision.

Or let him do it his way.

magicrat
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Re: Email to my Edward Jones Rep

Post by magicrat » Mon May 13, 2019 1:54 pm

If you want to treat him well, don't waste his time gathering data if you've already made your decision. Start the transfer from the receiving institution, then send him a note thanking him for his help and letting him know that you're moving on.

retiredjg
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Re: Email to my Edward Jones Rep

Post by retiredjg » Mon May 13, 2019 1:55 pm

Mike11 wrote:
Mon May 13, 2019 1:05 pm
"His Name", the potential sale of my business continues to progress. I am performing due diligence concerning how to handle a lump sum portfolio investment of approximately "low 7 figures". I am not interested in looking at past performance of funds and I will use load costs and expense ratio costs as a major determinant for my decision. I need to know load costs and expense ratio's if I invest at least 100,000 in assorted, various EJ mutual funds, muni funds and non-corporate bond funds. Please include any other costs I would incur during initial investment and future balancing fund movements.
This is a waste of your time and energy. Don't bother.

If he asks why you didn't invest your money with him, just answer "costs" and move on.

mptfan
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Re: Email to my Edward Jones Rep

Post by mptfan » Mon May 13, 2019 1:57 pm

retiredjg wrote:
Mon May 13, 2019 1:55 pm
Mike11 wrote:
Mon May 13, 2019 1:05 pm
"His Name", the potential sale of my business continues to progress. I am performing due diligence concerning how to handle a lump sum portfolio investment of approximately "low 7 figures". I am not interested in looking at past performance of funds and I will use load costs and expense ratio costs as a major determinant for my decision. I need to know load costs and expense ratio's if I invest at least 100,000 in assorted, various EJ mutual funds, muni funds and non-corporate bond funds. Please include any other costs I would incur during initial investment and future balancing fund movements.
This is a waste of your time and energy. Don't bother.
I agree. Call Vanguard or Fidelity and start the transfer.

deltaneutral83
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Re: Email to my Edward Jones Rep

Post by deltaneutral83 » Mon May 13, 2019 2:00 pm

Mike11 wrote:
Mon May 13, 2019 1:05 pm

"His Name", the potential sale of my business continues to progress. I am performing due diligence concerning how to handle a lump sum portfolio investment of approximately "low 7 figures". I am not interested in looking at past performance of funds and I will use load costs and expense ratio costs as a major determinant for my decision. I need to know load costs and expense ratio's if I invest at least 100,000 in assorted, various EJ mutual funds, muni funds and non-corporate bond funds. Please include any other costs I would incur during initial investment and future balancing fund movements.
With all due respect, is this correspondence serious? Emailing an Edward Jones rep and telling him you have reservations about him getting his hands on a 7 figure account and then telling him to sell you on why you should do it anyway? "Please include any costs I would incur".....Is this a legitimate question you are about to send him? You have got to keep us up to date on this if you were serious about sending this correspondence to the EJ rep.

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Mlm
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Re: Email to my Edward Jones Rep

Post by Mlm » Mon May 13, 2019 2:08 pm

Don't waste the nice mans time and absolutely don't tell him how much you expect to net from the sale of your business.

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Stinky
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Re: Email to my Edward Jones Rep

Post by Stinky » Mon May 13, 2019 2:10 pm

mptfan wrote:
Mon May 13, 2019 1:57 pm
retiredjg wrote:
Mon May 13, 2019 1:55 pm
Mike11 wrote:
Mon May 13, 2019 1:05 pm
"His Name", the potential sale of my business continues to progress. I am performing due diligence concerning how to handle a lump sum portfolio investment of approximately "low 7 figures". I am not interested in looking at past performance of funds and I will use load costs and expense ratio costs as a major determinant for my decision. I need to know load costs and expense ratio's if I invest at least 100,000 in assorted, various EJ mutual funds, muni funds and non-corporate bond funds. Please include any other costs I would incur during initial investment and future balancing fund movements.
This is a waste of your time and energy. Don't bother.
I agree. Call Vanguard or Fidelity and start the transfer.
+2

You already know what the answer is. You need to move existing money, and invest new money, with Vanguard.

If you ask the EJ advisor to perform such an exercise, you'll waste both his time and yours, because you already know what the answer is.
It's a GREAT day to be alive - Travis Tritt

Dottie57
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Re: Email to my Edward Jones Rep

Post by Dottie57 » Mon May 13, 2019 2:15 pm

NotWhoYouThink wrote:
Mon May 13, 2019 1:53 pm
.

The big things that will drive your return now are:
- How much you invest
- What AA you pick
- Whether you stick to the plan or churn investments as the market and your fears wax and wane
- What your fees are

Or let him do it his way.
Give the EJ rep the boot. Now. Today. Why let someone eat your portfolio?

I disagree with the above criteria. Fees are extremely important in that they compound.

I think this is a better order.


- How much you invest
- Whether you stick to the plan or churn investments as the market and your fears wax and wane. ( you can destroy things with a mouse click.)
- what your fees are (fees eat at your portfolio every year and in good and bad years).
- What AA you pick (use portfoliovisualizer.com to look at different stock to bond allocations).

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prudent
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Re: Email to my Edward Jones Rep

Post by prudent » Mon May 13, 2019 2:31 pm

OP, welcome.

I truly understand your feeling that going through this exercise is the right thing to do given the length of your relationship. But it is useless. I saw it first-hand with relatives. The super-nice advisor who doted on my relative for decades was gone in a flash once he knew the money was moving out. Up until the final decision was made he bent over backwards to sweet-talk my relative. He knew exactly what buttons to push that would keep my relative wavering on the decision. "Bob, I surely hope you don't think I have not done my absolute best to protect your life savings so it allows you to do all the things we have talked about during your retirement." Lots of "we" references. Tried to make the relative feel like he was turning his back on family. My relative was resolute in his decision to leave time and time again up until he would talk to the rep. Then it was another 3 months of wavering.

Have you seen the EJ commercial where the rep calls the client in the middle of the client's daughter's college visit? I found that idea intrusive, but it's meant to show that EJ reps are just like family.
I already know I am going to follow a 3 fund, tax efficient program via Vanguard but I want to be able to tell him I am not using him for reasons of future returns.
EJ reps are trained to counter every possible objection you might raise. You said you know what you're going to do, there's no reason to waste your time and his with a lengthy goodbye. You won't hurt his feelings. It's just business.

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AllieTB1323
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Re: Email to my Edward Jones Rep

Post by AllieTB1323 » Mon May 13, 2019 2:42 pm

Mlm wrote:
Mon May 13, 2019 2:08 pm
Don't waste the nice mans time and absolutely don't tell him how much you expect to net from the sale of your business.
+1, telling the EJ salesman how much you are netting on the sale isn't a good idea.

When I dumped the family RBC advisor I sent him a note saying "I was going in a different direction..." as Fidelity was pulling the funds.

anil686
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Re: Email to my Edward Jones Rep

Post by anil686 » Mon May 13, 2019 2:56 pm

for those of us who left advisors (and I left after only a couple of years) - it is not an easy thing to do. As other's have said - they are trained to counter every argument. If you are sure of what you think is right and what you want to do - I would strongly suggest moving your assets and then informing the advisor. If you are unsure of how to manage the investments - you may consider using some advisory service such as Vanguard PAS or Schwab for a period of time until you feel ready. Hope that helps...

Nummerkins
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Re: Email to my Edward Jones Rep

Post by Nummerkins » Mon May 13, 2019 3:00 pm

Honestly, it's a waste of time. They will not give what you are looking for and probably don't know themselves. I would just politely thank them for getting you to this point and start the transfer from the other brokerage.

I helped a sibling get out of the jaws of an Edward Jones rep. We din't argue with them or engage them after some light stonewalling on their part. Started the transfer to Vanguard and never heard from them again.

123
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Re: Email to my Edward Jones Rep

Post by 123 » Mon May 13, 2019 3:02 pm

It is always best to leave quietly. Just contact Vanguard, Fidelity, or Schwab to have the account moved. If he contacts you thank him for his past assistance and simply say you are going in a different direction, as others have suggested. Don't mention the business sale. The only reason he may be interested in your business sale is the potential commissions and fees the asset sale could bring to him. Once your account is gone it is likely you'll not hear from him again. That's business, that's life.
The closest helping hand is at the end of your own arm.

Xrayman69
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Re: Email to my Edward Jones Rep

Post by Xrayman69 » Mon May 13, 2019 3:06 pm

magicrat wrote:
Mon May 13, 2019 1:54 pm
If you want to treat him well, don't waste his time gathering data if you've already made your decision. Start the transfer from the receiving institution, then send him a note thanking him for his help and letting him know that you're moving on.

Agree.

Don’t waste his time or your emotional equity. It is not kind to “pretend” to be nice and ostensibly offer EJ employee an opportunity to keep your business when you know full well that it is not in you or your families financial best interest.

Send him a nice card expressing your appreciation and wishing him well going forward.

Rolyatroba
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Re: Email to my Edward Jones Rep

Post by Rolyatroba » Mon May 13, 2019 3:07 pm

If do send this letter before initiating the transfer, be sure that the response includes AUM fees, in addition to fund fees. That will likely be around 50% of the total cost.

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J G Bankerton
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Re: Email to my Edward Jones Rep

Post by J G Bankerton » Mon May 13, 2019 3:07 pm

If you knew how little he thinks of you personally you would not give it a thought. No advisor can do better than the advice you can get here for free.

CedarWaxWing
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Re: Email to my Edward Jones Rep

Post by CedarWaxWing » Mon May 13, 2019 3:10 pm

robphoto wrote:
Mon May 13, 2019 1:50 pm
I also would just start with the transfer; if you want to send him a note to let him know you are doing it for reasons of simplicity and cost, you can do that. I'm sure he knows his costs are higher than Vanguard's.

It's his job to convince you that you ought to leave the existing account money there, and add your new money to it. (Or perhaps have you leave the old money there as a concession to your relationship)

Since you've decided what you want to do, I would start the transfer, then send him a note, and save him the trouble of trying to convince you to make a choice that will cost you money.

The fact that you care about his feelings gives him a hook to convince you to keep money with him.
His feelings will not be hurt, although he may do a Killdeer act to make you believe other wise.

Xrayman69
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Re: Email to my Edward Jones Rep

Post by Xrayman69 » Mon May 13, 2019 3:54 pm

CedarWaxWing wrote:
Mon May 13, 2019 3:10 pm
robphoto wrote:
Mon May 13, 2019 1:50 pm
I also would just start with the transfer; if you want to send him a note to let him know you are doing it for reasons of simplicity and cost, you can do that. I'm sure he knows his costs are higher than Vanguard's.

It's his job to convince you that you ought to leave the existing account money there, and add your new money to it. (Or perhaps have you leave the old money there as a concession to your relationship)

Since you've decided what you want to do, I would start the transfer, then send him a note, and save him the trouble of trying to convince you to make a choice that will cost you money.

The fact that you care about his feelings gives him a hook to convince you to keep money with him.
His feelings will not be hurt, although he may do a Killdeer act to make you believe other wise.
I recently transferred a significant amount out of EJ account from a rollover 403B converted to IRA at EJ to my new employer plan. EJ gave me some run around so I called the local branch office individual by phone. I informed him what I wanted done and asked exactly what do I need to execute. I also informed in my first statement when on phone that this was a 3 way conversation with my employers plan rep who going forward would fill out the paper work and understood the language and insider speak.

It took less than 60 seconds for me to be able to hang up.

When he asked me Why? I stated clearly the cost and no added value in that I didn’t need portfolio planning advice above and beyond my info and knowledge from BH principles.

Cost, cost, cost, diversified portfolio in low cost funds seems achievable without the drag of Fees on my portfolios performance.

Thank you to the BH community.

TravelGeek
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Re: Email to my Edward Jones Rep

Post by TravelGeek » Mon May 13, 2019 4:31 pm

OP, it isn’t clear to me if you are actually planning to move the existing low 6-figure Account from EJ to Vanguard (or similar). I hope you don’t just want to put the bigger amount into the three fund portfolio and leave the existing account as is as that would continue to cost you fees and expose you to the EJ “advisor” who will now hassle you about the seven figure account at every opportunity.

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Rob5TCP
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Re: Email to my Edward Jones Rep

Post by Rob5TCP » Mon May 13, 2019 4:32 pm

While you don't need to have him do the transfer, you can be nice about the change.
I would have Vanguard or Schwab or whomever start the transfer. But, send him a note/email
thanking him for his time and expertise. But, now your ready to move on. No exchanges or
reasons for him to overcome any objections you have.

A polite thank you should be enough.

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J G Bankerton
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Re: Email to my Edward Jones Rep

Post by J G Bankerton » Mon May 13, 2019 4:41 pm

Rob5TCP wrote:
Mon May 13, 2019 4:32 pm
A polite thank you should be enough.
We haven't seen the portfolio the OP had. If it was a typical EJ portfolio I would not thank them.

teamDE
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Re: Email to my Edward Jones Rep

Post by teamDE » Mon May 13, 2019 4:42 pm

magicrat wrote:
Mon May 13, 2019 1:54 pm
If you want to treat him well, don't waste his time gathering data if you've already made your decision. Start the transfer from the receiving institution, then send him a note thanking him for his help and letting him know that you're moving on.
Absolutely this. There is no reason whatsoever to tease him with a 7figure account, ask him to spend time looking up stuff, and go down the road of debating thing with him. No way.

Use as few words as possible. "Hello, I've decided to go it alone and transfer my funds to Vanguard. Thanks for all your help over the years. -Mike11"

donaldfair71
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Re: Email to my Edward Jones Rep

Post by donaldfair71 » Mon May 13, 2019 4:45 pm

This feels a lot like when I have to make cuts as a basketball coach.

On one hand you think you're being a nice guy dragging it out and softening the blow to a person you don't want to hurt.

On the other hand, once you say "we can't keep you", everything else you say gets forgotten anyway.

Just move on.

bampf
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Re: Email to my Edward Jones Rep

Post by bampf » Mon May 13, 2019 4:52 pm

Snort. Seriously? My mother was getting massively overcharged for useless car work. The sales guys (I would say repair shop but, you know, they weren't really repair guys) had wormed their way so far into my mother's psyche that she paid $6K for a transmission on a car worth about $3K over the strident and vibrant objections of her sons. Her excuse? They were so nice to her, always brought her a cup of coffee while she waited and were just genuinely pleasant people.

I am aghast at the number of people that are excited to participate in being ripped off.

OP, you have been taken advantage of for years. Why aren't you fuming mad? Is the coffee that good?

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WestUniversity
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Re: Email to my Edward Jones Rep

Post by WestUniversity » Mon May 13, 2019 5:13 pm

inverter wrote:
Mon May 13, 2019 1:45 pm
Why send him a note? Just call Vanguard or Fidelity and start the transfer.
Exactly. Go to your new InvestCo and simply have the funds transferred from EJ into your new account. No need to contact EJ at all...

Topic Author
Mike11
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Re: Email to my Edward Jones Rep

Post by Mike11 » Mon May 13, 2019 5:46 pm

Thank you all for your responses. 29 consistent replies. I will certainly follow the advice and transfer existing funds tomorrow then let him know it's been done. I'm impressed. If I ask my staff if the sky is blue I would get 25 yes and 4 maybe/other. Plus, 29 responses and only 1 bordering on unnecessarily insulting. Again, impressive and again thanks to all.

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Re: Email to my Edward Jones Rep

Post by jbranx » Mon May 13, 2019 6:24 pm

{I deleted an off-topic post.} Moderator Jbranx

bradinsky
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Re: Email to my Edward Jones Rep

Post by bradinsky » Mon May 13, 2019 7:01 pm

OP,
Do not give your advisor a chance to convince you to stay! Your EJ salesperson hasn’t lasted 20 years because he is a nice guy. I assure you he is also very good at convincing his clients that their interests are best served remaining with EJ. My wife & I left EJ a while back. The advisor/salesperson was the son of a friend of mine. Nice guy, but I don’t believe our best interests were a priority with either he, or his company. I initiated a transfer from Charles a Schwab, and then sent him an email (2) days later, telling him I was going to handle our own investing. At that point, there was little he could do to convince us not to leave. I’m happy we made the decision. We ended up with 60 individual funds & stocks, when everything settled at Schwab. That’s after EJ sold off what wouldn’t transfer! EJ charges $95 per account to close them out. FWIW, I also had just sold a business I had owned for many years. Good luck to You!

radiowave
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Re: Email to my Edward Jones Rep

Post by radiowave » Mon May 13, 2019 7:37 pm

Mike11 wrote:
Mon May 13, 2019 5:46 pm
Thank you all for your responses. 29 consistent replies. I will certainly follow the advice and transfer existing funds tomorrow then let him know it's been done. I'm impressed. If I ask my staff if the sky is blue I would get 25 yes and 4 maybe/other. Plus, 29 responses and only 1 bordering on unnecessarily insulting. Again, impressive and again thanks to all.
Mike I'll add one more to make it 30. Just make the transfer, no need to contact the EJ rep. Note they will charge you a fee for leaving, mine was $95 and the EJ rep was my nephew in-law. Never got a peep out of him about why I was leaving and was a little awkward at family gatherings after my dad passed away (I inherited his EJ account). You are making a good choice transferring to a low cost broker. Please feel free to come back and post any questions you have. And welcome to the forum!
Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_Page

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Stinky
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Re: Email to my Edward Jones Rep

Post by Stinky » Mon May 13, 2019 7:38 pm

Mike11 wrote:
Mon May 13, 2019 5:46 pm
Thank you all for your responses. 29 consistent replies. I will certainly follow the advice and transfer existing funds tomorrow then let him know it's been done. I'm impressed. If I ask my staff if the sky is blue I would get 25 yes and 4 maybe/other. Plus, 29 responses and only 1 bordering on unnecessarily insulting. Again, impressive and again thanks to all.
Rest assured that you’re doing the right thing. And realize that the reason you got consistent responses are that real Bogleheads are of one mind on questions like yours.

By the way, welcome to this Board. And feel free to pose questions going forward.
It's a GREAT day to be alive - Travis Tritt

trustquestioner
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Re: Email to my Edward Jones Rep

Post by trustquestioner » Mon May 13, 2019 8:26 pm

Don’t thank him. He’s not a “nice guy.”

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dratkinson
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Re: Email to my Edward Jones Rep

Post by dratkinson » Mon May 13, 2019 8:36 pm

Agree.
--Start the process of moving your investments to your new InvestCo, from your new InvestCo.
--Your EJ rep has been more than adequately "thanked" by your paying the higher fees for 20yrs.
--A letter saying you are moving-on is okay, but don't waste your EJ rep's time otherwise. ("I'm moving my EJ accounts to a lower-cost provider. Why? As I'm no longer working, I can no longer offset the cost of more expensive investments, so must move to reduce costs in retirement. Thanks for your service during my accumulating years.")
--Expect EJ push back no matter what you do. Your EJ rep will claim he has done well for you. Counter with "I would have done MUCH better with similar investments at lower costs. And since I no longer have earned income to offset EJ's higher costs, I must move my investments to reduce costs so my money will last longer in retirement."



Investment costs. If you want to learn about investments costs, then don't waste your EJ rep's time. Why? It's a disservice to him since you are moving your investments away from him. Instead, you can research investment costs for yourself by using the FINRA tool.

Search: http://www.google.com/search?q=finra+fund+analyzer



Welcome.
d.r.a, not dr.a. | I'm a novice investor, you are forewarned.

sambb
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Re: Email to my Edward Jones Rep

Post by sambb » Mon May 13, 2019 8:51 pm

trustquestioner wrote:
Mon May 13, 2019 8:26 pm
Don’t thank him. He’s not a “nice guy.”
+1000 You;ve been taken advantage of, and he has you believing in him. Stay away from him.

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Elric
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Re: Email to my Edward Jones Rep

Post by Elric » Mon May 13, 2019 9:14 pm

dratkinson wrote:
Mon May 13, 2019 8:36 pm
Agree.
--Start the process of moving your investments to your new InvestCo, from your new InvestCo.
--Your EJ rep has been more than adequately "thanked" by your paying the higher fees for 20yrs.
--A letter saying you are moving-on is okay, but don't waste your EJ rep's time otherwise. ("I'm moving my EJ accounts to a lower-cost provider. Why? As I'm no longer working, I can no longer offset the cost of more expensive investments, so must move to reduce costs in retirement. Thanks for your service during my accumulating years.")
--Expect EJ push back no matter what you do. Your EJ rep will claim he has done well for you. Counter with "I would have done MUCH better with similar investments at lower costs. And since I no longer have earned income to offset EJ's higher costs, I must move my investments to reduce costs so my money will last longer in retirement."
:thumbsup +1 When we left our advisor (not EJ) we started the process with new broker, and the same day called our advisor to let him know of our decision and that while we weren't concerned (and we really weren't) we know it was good practice to provide formal direction not to conduct any trades pending the transfer, so he'd be getting an email as well that called that out. All went fine (we didn't get any real pushback). We felt we did owe him the phone call.
"No man is free who works for a living." | Illya Kuryakin

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BL
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Re: Email to my Edward Jones Rep

Post by BL » Tue May 14, 2019 12:42 am

Once your eyes have been opened to costs, you can never un-see them.

So it is only a matter of making up your mind to move, gathering statements and tax information (on which to calculate cost basis), and moving forward to transfer your money or funds. I would send a short polite email to let them know after you have set things in motion.

I would feel comfortable asking for some advice at Vanguard or paying 0.3% AUM for a while there to get it set up, but would be cautious at other brokerages who may benefit from selling you higher cost funds. If you know what you want, it doesn't matter which low-cost brokerage you choose, but some folks are hesitant and that is an opening for a sales (adviser) person to dive right in. If you list everything you have, you could get advice here as well. You will have to decide what AA (asset allocation) you want. Vanguard has a questionnaire that may be of help.

You might want to read or have on hand a Boglehead's Guide to Investing or a Jane Bryant Quinn book on personal finances for reference. Search the Wiki for "3-fund portfolio" and other topics, maybe "windfall" for the large influx of money to invest.

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J G Bankerton
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Re: Email to my Edward Jones Rep

Post by J G Bankerton » Tue May 14, 2019 10:05 am

BL wrote:
Tue May 14, 2019 12:42 am
Once your eyes have been opened to costs, you can never un-see them.
If one takes the compounding of income lost over the years it is much worse that it looks on paper.

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BL
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Re: Email to my Edward Jones Rep

Post by BL » Tue May 14, 2019 10:24 am

J G Bankerton wrote:
Tue May 14, 2019 10:05 am
BL wrote:
Tue May 14, 2019 12:42 am
Once your eyes have been opened to costs, you can never un-see them.
If one takes the compounding of income lost over the years it is much worse that it looks on paper.
+1

Jack FFR1846
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Re: Email to my Edward Jones Rep

Post by Jack FFR1846 » Tue May 14, 2019 10:32 am

If I wanted to be really nice, I'd have the "to" company pull out all of the funds, then send a hand written letter something to the effect of: "Dear Mr. EJ person, Since I realize that you're not a completely horrible person, I did not throw a brick through your home window today. Have a nice day."
Bogle: Smart Beta is stupid

ddurrett896
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Re: Email to my Edward Jones Rep

Post by ddurrett896 » Tue May 14, 2019 10:36 am

Mike11 wrote:
Mon May 13, 2019 1:05 pm
"His Name", the potential sale of my business continues to progress. I am performing due diligence concerning how to handle a lump sum portfolio investment of approximately "low 7 figures". I am not interested in looking at past performance of funds and I will use load costs and expense ratio costs as a major determinant for my decision. I need to know load costs and expense ratio's if I invest at least 100,000 in assorted, various EJ mutual funds, muni funds and non-corporate bond funds. Please include any other costs I would incur during initial investment and future balancing fund movements.I appreciate everything you have done and your guidance however I am moving my money to Vangurd. Between the upfront load cost and high expense ratios, I feel it's in my best interest to make the move. Thanks!
less is more.

chw
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Re: Email to my Edward Jones Rep

Post by chw » Tue May 14, 2019 10:48 am

Given your 20 year relationship with the EJ rep, I understand why you want to reach out to him about future business. However, I think you know from previous commentary on this board what the general answers from EJ will look like, and that they will be unacceptable to you.

I would simply send an email that after self-educating yourself on your investing life, you have made the decision to work with a lower cost investment provider, and leave it at that. If you say much more than this, the EJ advisor will wheedle his way back to you with various responses why it's a bad idea for you to take over your investing life (which he will likely do anyways).

Your EJ rep has been paid handsomely for your business over the past 20 years, and you should have no misgivings about leaving him.
Last edited by chw on Tue May 14, 2019 10:48 am, edited 1 time in total.

cherijoh
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Re: Email to my Edward Jones Rep

Post by cherijoh » Tue May 14, 2019 10:48 am

Mike11 wrote:
Mon May 13, 2019 1:05 pm
First posting here. Thanks to the wealth of info here, I have been diligently learning the basics of investing. I've read 4-5 books referred by this site and have lurked in the forums and wiki and soon I hope to be well enough informed to ask for input on my future plans. I thoroughly understand the value in low cost funds. In about 6 weeks I will be selling my business. I will have a low 7 figure, lump sum closing. I presently have a low 6 figure amount invested in Edward Jones. I know, I know. If I had known then what I know now. I have known my EJ rep for 20 years and I want to give him the benefit of knowing why I am not investing the money with him. I may not owe it to him but it's how I want to treat people. I have composed an email to send him in an effort to begin that process. Do you think he will provide me with the full EJ costs using the wording I have proposed. Please let me know if I need to add verbiage. To be honest, I already know I am going to follow a 3 fund, tax efficient program via Vanguard but I want to be able to tell him I am not using him for reasons of future returns.

"His Name", the potential sale of my business continues to progress. I am performing due diligence concerning how to handle a lump sum portfolio investment of approximately "low 7 figures". I am not interested in looking at past performance of funds and I will use load costs and expense ratio costs as a major determinant for my decision. I need to know load costs and expense ratio's if I invest at least 100,000 in assorted, various EJ mutual funds, muni funds and non-corporate bond funds. Please include any other costs I would incur during initial investment and future balancing fund movements.
Why in the world would you dangle the prospect of a new 7-figure investment in front of him? He'll never let you go without a fight. I know EJ tries to obscure their costs, but you should be able to figure out how much your relationship has already cost you relative to what you would have paid at VG. If you feel you owe him the courtesy of a note, just be honest and tell him you have educated yourself and plan to be a DIY investor with a simple market index based portfolio. Make it clear your decision is final. It's not as though your EJ rep has the ability to cut you a better deal than VG in order to keep your business.

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tainted-meat
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Re: Email to my Edward Jones Rep

Post by tainted-meat » Tue May 14, 2019 10:56 am

The proposed email would confuse your EJ rep into thinking he has a chance at managing your assets especially when you mention the dollar range. If you plan to use your EJ rep, then try to negotiate fees.

If you don't plan to use EJ, send your assets elsewhere and be direct in your communication that you have decided to transfer your money elsewhere.

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nedsaid
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Re: Email to my Edward Jones Rep

Post by nedsaid » Tue May 14, 2019 10:58 am

Mike11 wrote:
Mon May 13, 2019 1:05 pm
First posting here. Thanks to the wealth of info here, I have been diligently learning the basics of investing. I've read 4-5 books referred by this site and have lurked in the forums and wiki and soon I hope to be well enough informed to ask for input on my future plans. I thoroughly understand the value in low cost funds. In about 6 weeks I will be selling my business. I will have a low 7 figure, lump sum closing. I presently have a low 6 figure amount invested in Edward Jones. I know, I know. If I had known then what I know now. I have known my EJ rep for 20 years and I want to give him the benefit of knowing why I am not investing the money with him. I may not owe it to him but it's how I want to treat people. I have composed an email to send him in an effort to begin that process. Do you think he will provide me with the full EJ costs using the wording I have proposed. Please let me know if I need to add verbiage. To be honest, I already know I am going to follow a 3 fund, tax efficient program via Vanguard but I want to be able to tell him I am not using him for reasons of future returns.

"His Name", the potential sale of my business continues to progress. I am performing due diligence concerning how to handle a lump sum portfolio investment of approximately "low 7 figures". I am not interested in looking at past performance of funds and I will use load costs and expense ratio costs as a major determinant for my decision. I need to know load costs and expense ratio's if I invest at least 100,000 in assorted, various EJ mutual funds, muni funds and non-corporate bond funds. Please include any other costs I would incur during initial investment and future balancing fund movements.
Whatever you net from the sale of your business is private information, no reason to share it with the Edward Jones representative. I can tell you that your costs with Edward Jones will run about 1 1/2 % a year. Their Assets Under Management fees, last I looked were 1.35% a year. To their credit, they have proprietary low cost funds that they invest in. But that is a lot of money. They are not a low cost shop, no matter what you do. Don't waste the guy's time particularly if you have decided to invest elsewhere. Don't send the e-mail.

You could get advisory service and portfolio management a lot cheaper at Vanguard.

If you can, don't do business with friends, family, or members of your religious community. Try to keep your business as arm's length as possible. In other words, try to get the best deal for yourself. The price of a friendship or a family relationship shouldn't be doing business with them.
A fool and his money are good for business.

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