Alternatives to Edward Jones

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gd
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Alternatives to Edward Jones

Post by gd » Fri Feb 14, 2020 10:26 am

My local senior services organization is sponsoring a seminar on financial fraud. Presented by Edward Jones. Safe to assume there will be mention of and material about their services. Let's skip all the EJ stuff and obvious irony, this thread is looking for specific advice and not an EJ rant.

EJ offers a real office people can drive to and walk in, full of pleasant people, to assist in personal finance and investing. They'll have just given what will probably be a genuinely useful seminar. Their audience is people who have concern about money but little interest in the nuts and bolts of investing, and are uneasy about throwing their money into the confusing, scam-filled internet. They aren't going to be competent at sniffing out wanna-be Bernie Madoffs from among local financial advisors advertising in the local papers. BHs may not need it, but EJ presents (credibly or not) a useful service, and for many people such a service is worth paying money for. What can I politely suggest to those people-- in front of the EJ presenter-- as an alternative? BTW, nearest Fidelity walk-in is 30 miles away, there are probably 10 EJ offices within that radius.

Alternative might be an internet source giving some simple, objective, non-vitriolic rules of thumb for using such full-service financial companies or local financial advisors and keeping them minimally on track.

CoastalWinds
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Re: Alternatives to Edward Jones

Post by CoastalWinds » Fri Feb 14, 2020 10:45 am

Point them to the BH Wiki, or Vanguard Personal Advisory Services, or Fidelity. The irony is thick.

KineticSync
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Re: Alternatives to Edward Jones

Post by KineticSync » Fri Feb 14, 2020 11:04 am

It sounds like physical presence (office and reps) is a key factor here. I've been very impressed with the local Fidelity office and reps as has my wife when she set up her Solo 401k. Same for phone contacts: polite, knowledgeable, effective, and aside from a mild push toward their services, no hard sell. We haven't used any of their investment management services, but the pricing on those appears reasonable as opposed to EJ and the other "hardened criminals" out there.

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RootSki
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Re: Alternatives to Edward Jones

Post by RootSki » Fri Feb 14, 2020 11:06 am

How do you think EJ can have some many offices? They are charging people crazy fees to support them.

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Re: Alternatives to Edward Jones

Post by Blue456 » Fri Feb 14, 2020 11:22 am

gd wrote:
Fri Feb 14, 2020 10:26 am
My local senior services organization is sponsoring a seminar on financial fraud. Presented by Edward Jones. Safe to assume there will be mention of and material about their services. Let's skip all the EJ stuff and obvious irony, this thread is looking for specific advice and not an EJ rant.

EJ offers a real office people can drive to and walk in, full of pleasant people, to assist in personal finance and investing. They'll have just given what will probably be a genuinely useful seminar. Their audience is people who have concern about money but little interest in the nuts and bolts of investing, and are uneasy about throwing their money into the confusing, scam-filled internet. They aren't going to be competent at sniffing out wanna-be Bernie Madoffs from among local financial advisors advertising in the local papers. BHs may not need it, but EJ presents (credibly or not) a useful service, and for many people such a service is worth paying money for. What can I politely suggest to those people-- in front of the EJ presenter-- as an alternative? BTW, nearest Fidelity walk-in is 30 miles away, there are probably 10 EJ offices within that radius.

Alternative might be an internet source giving some simple, objective, non-vitriolic rules of thumb for using such full-service financial companies or local financial advisors and keeping them minimally on track.
Bank of America Merrill Edge. More branches than EJ, throw retirement money into Vanguard Life Strategy Fund. The one time fee of $19.95 is going to be a whole lot cheaper than anything else.

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Re: Alternatives to Edward Jones

Post by pkcrafter » Fri Feb 14, 2020 11:26 am

gd wrote:
Fri Feb 14, 2020 10:26 am
My local senior services organization is sponsoring a seminar on financial fraud. Presented by Edward Jones. Safe to assume there will be mention of and material about their services. Let's skip all the EJ stuff and obvious irony, this thread is looking for specific advice and not an EJ rant.

EJ offers a real office people can drive to and walk in, full of pleasant people, to assist in personal finance and investing. They'll have just given what will probably be a genuinely useful seminar. Their audience is people who have concern about money but little interest in the nuts and bolts of investing, and are uneasy about throwing their money into the confusing, scam-filled internet. They aren't going to be competent at sniffing out wanna-be Bernie Madoffs from among local financial advisors advertising in the local papers. BHs may not need it, but EJ presents (credibly or not) a useful service...

hmmm, no, they don't. Your senior service org has made a big mistake, but I'd guess they were approached by EJ who offered it all free.

and for many people such a service is worth paying money for.

I'm sorry, but I do not think it's worth paying for. There are far better alternatives for assets under management.


What can I politely suggest to those people-- in front of the EJ presenter-- as an alternative?

I doubt you will get time to discuss alternatives/options during the presentation.

Alternative might be an internet source giving some simple, objective, non-vitriolic rules of thumb for using such full-service financial companies or local financial advisors and keeping them minimally on track.

https://investingroadmap.wordpress.com/ ... n-advisor/

Paul
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.

Wanderingwheelz
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Re: Alternatives to Edward Jones

Post by Wanderingwheelz » Fri Feb 14, 2020 12:09 pm

Have everyone in attendance plug in their approximate investment value, a 6% annual rate of return, the 1.35% Edward Jones annual wrap fee and a 20 year year time horizon.

https://moneysmart.gov.au/managed-funds ... calculator

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Wiggums
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Re: Alternatives to Edward Jones

Post by Wiggums » Fri Feb 14, 2020 1:02 pm

pkcrafter wrote:
Fri Feb 14, 2020 11:26 am
gd wrote:
Fri Feb 14, 2020 10:26 am
My local senior services organization is sponsoring a seminar on financial fraud. Presented by Edward Jones. Safe to assume there will be mention of and material about their services. Let's skip all the EJ stuff and obvious irony, this thread is looking for specific advice and not an EJ rant.

EJ offers a real office people can drive to and walk in, full of pleasant people, to assist in personal finance and investing. They'll have just given what will probably be a genuinely useful seminar. Their audience is people who have concern about money but little interest in the nuts and bolts of investing, and are uneasy about throwing their money into the confusing, scam-filled internet. They aren't going to be competent at sniffing out wanna-be Bernie Madoffs from among local financial advisors advertising in the local papers. BHs may not need it, but EJ presents (credibly or not) a useful service...

hmmm, no, they don't. Your senior service org has made a big mistake, but I'd guess they were approached by EJ who offered it all free.

and for many people such a service is worth paying money for.

I'm sorry, but I do not think it's worth paying for. There are far better alternatives for assets under management.


What can I politely suggest to those people-- in front of the EJ presenter-- as an alternative?

I doubt you will get time to discuss alternatives/options during the presentation.

Alternative might be an internet source giving some simple, objective, non-vitriolic rules of thumb for using such full-service financial companies or local financial advisors and keeping them minimally on track.

https://investingroadmap.wordpress.com/ ... n-advisor/

Paul
+1

You are sponsoring a seminar without reviewing the material?

retired@50
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Re: Alternatives to Edward Jones

Post by retired@50 » Fri Feb 14, 2020 1:21 pm

gd wrote:
Fri Feb 14, 2020 10:26 am
My local senior services organization is sponsoring a seminar on financial fraud. Presented by Edward Jones. Safe to assume there will be mention of and material about their services. Let's skip all the EJ stuff and obvious irony, this thread is looking for specific advice and not an EJ rant.

EJ offers a real office people can drive to and walk in, full of pleasant people, to assist in personal finance and investing. They'll have just given what will probably be a genuinely useful seminar. Their audience is people who have concern about money but little interest in the nuts and bolts of investing, and are uneasy about throwing their money into the confusing, scam-filled internet. They aren't going to be competent at sniffing out wanna-be Bernie Madoffs from among local financial advisors advertising in the local papers. BHs may not need it, but EJ presents (credibly or not) a useful service, and for many people such a service is worth paying money for. What can I politely suggest to those people-- in front of the EJ presenter-- as an alternative? BTW, nearest Fidelity walk-in is 30 miles away, there are probably 10 EJ offices within that radius.

Alternative might be an internet source giving some simple, objective, non-vitriolic rules of thumb for using such full-service financial companies or local financial advisors and keeping them minimally on track.
You might consider what the U.S. Department of Labor has produced on the impact of fees in a 401k plan. Perhaps some of the potential clients will be able to connect the dots. See link.

Regards,

https://www.dol.gov/sites/dolgov/files/ ... n-fees.pdf
Boggle - a game from Parker Brothers. Bogle - investor, founder of Vanguard.

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Re: Alternatives to Edward Jones

Post by pkcrafter » Fri Feb 14, 2020 1:30 pm

Wiggums wrote:
Fri Feb 14, 2020 1:02 pm
pkcrafter wrote:
Fri Feb 14, 2020 11:26 am
gd wrote:
Fri Feb 14, 2020 10:26 am
My local senior services organization is sponsoring a seminar on financial fraud. Presented by Edward Jones. Safe to assume there will be mention of and material about their services. Let's skip all the EJ stuff and obvious irony, this thread is looking for specific advice and not an EJ rant.

EJ offers a real office people can drive to and walk in, full of pleasant people, to assist in personal finance and investing. They'll have just given what will probably be a genuinely useful seminar. Their audience is people who have concern about money but little interest in the nuts and bolts of investing, and are uneasy about throwing their money into the confusing, scam-filled internet. They aren't going to be competent at sniffing out wanna-be Bernie Madoffs from among local financial advisors advertising in the local papers. BHs may not need it, but EJ presents (credibly or not) a useful service...

hmmm, no, they don't. Your senior service org has made a big mistake, but I'd guess they were approached by EJ who offered it all free.

and for many people such a service is worth paying money for.

I'm sorry, but I do not think it's worth paying for. There are far better alternatives for assets under management.


What can I politely suggest to those people-- in front of the EJ presenter-- as an alternative?

I doubt you will get time to discuss alternatives/options during the presentation.

Alternative might be an internet source giving some simple, objective, non-vitriolic rules of thumb for using such full-service financial companies or local financial advisors and keeping them minimally on track.

https://investingroadmap.wordpress.com/ ... n-advisor/

Paul
+1

You are sponsoring a seminar without reviewing the material?
Yep, they were schmoozed. :oops:
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.

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Re: Alternatives to Edward Jones

Post by barnaclebob » Fri Feb 14, 2020 2:00 pm

pkcrafter wrote:
Fri Feb 14, 2020 11:26 am
gd wrote:
Fri Feb 14, 2020 10:26 am
My local senior services organization is sponsoring a seminar on financial fraud. Presented by Edward Jones. Safe to assume there will be mention of and material about their services. Let's skip all the EJ stuff and obvious irony, this thread is looking for specific advice and not an EJ rant.

EJ offers a real office people can drive to and walk in, full of pleasant people, to assist in personal finance and investing. They'll have just given what will probably be a genuinely useful seminar. Their audience is people who have concern about money but little interest in the nuts and bolts of investing, and are uneasy about throwing their money into the confusing, scam-filled internet. They aren't going to be competent at sniffing out wanna-be Bernie Madoffs from among local financial advisors advertising in the local papers. BHs may not need it, but EJ presents (credibly or not) a useful service...

hmmm, no, they don't. Your senior service org has made a big mistake, but I'd guess they were approached by EJ who offered it all free.

and for many people such a service is worth paying money for.

I'm sorry, but I do not think it's worth paying for. There are far better alternatives for assets under management.


What can I politely suggest to those people-- in front of the EJ presenter-- as an alternative?

I doubt you will get time to discuss alternatives/options during the presentation.

Alternative might be an internet source giving some simple, objective, non-vitriolic rules of thumb for using such full-service financial companies or local financial advisors and keeping them minimally on track.

https://investingroadmap.wordpress.com/ ... n-advisor/

Paul
The average EJ portfolio is better than whole life insurance based investing. Its also better than DIY investing when you don't have discipline to stay the course.

That being said, fidelity is a better option than EJ for anyone who wants an office to walk into.

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Re: Alternatives to Edward Jones

Post by BolderBoy » Fri Feb 14, 2020 3:57 pm

gd wrote:
Fri Feb 14, 2020 10:26 am
What can I politely suggest to those people-- in front of the EJ presenter-- as an alternative? BTW, nearest Fidelity walk-in is 30 miles away, there are probably 10 EJ offices within that radius.

Alternative might be an internet source giving some simple, objective, non-vitriolic rules of thumb for using such full-service financial companies or local financial advisors and keeping them minimally on track.
One thing you could advise at the meeting is that whoever they choose to use must provide them a signed, letterhead document asserting that they (and their employer) will only act in a fiduciary capacity.

I doubt EJ would provide such a document.

It will give you a chance to explain what that means.
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Re: Alternatives to Edward Jones

Post by Elric » Fri Feb 14, 2020 4:17 pm

How close are the nearest Schwab offices?
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CoastalWinds
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Re: Alternatives to Edward Jones

Post by CoastalWinds » Fri Feb 14, 2020 6:17 pm

Suggest to them to start lighting their pipes and cigars with $100 bills. At least that way they’ll get some utility out of their money, in contrast to feeding the EJ fraudsters.

ARoseByAnyOtherName
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Re: Alternatives to Edward Jones

Post by ARoseByAnyOtherName » Fri Feb 14, 2020 7:56 pm

gd wrote:
Fri Feb 14, 2020 10:26 am
My local senior services organization is sponsoring a seminar on financial fraud. Presented by Edward Jones. Safe to assume there will be mention of and material about their services. Let's skip all the EJ stuff and obvious irony, this thread is looking for specific advice and not an EJ rant.

EJ offers a real office people can drive to and walk in, full of pleasant people, to assist in personal finance and investing. They'll have just given what will probably be a genuinely useful seminar. Their audience is people who have concern about money but little interest in the nuts and bolts of investing, and are uneasy about throwing their money into the confusing, scam-filled internet. They aren't going to be competent at sniffing out wanna-be Bernie Madoffs from among local financial advisors advertising in the local papers. BHs may not need it, but EJ presents (credibly or not) a useful service, and for many people such a service is worth paying money for. What can I politely suggest to those people-- in front of the EJ presenter-- as an alternative? BTW, nearest Fidelity walk-in is 30 miles away, there are probably 10 EJ offices within that radius.

Alternative might be an internet source giving some simple, objective, non-vitriolic rules of thumb for using such full-service financial companies or local financial advisors and keeping them minimally on track.
For the folks you describe I believe they need in-person service ideally, or phone service failing that.

There were some good recommendations in this thread:

Fidelity - you can go for only one initial in person visit maybe, can do everything else online, via phone, via mail

Bank of America Merrill Edge - lots of branches

Vanguard PAS - no branches, but if that’s ok then a good choice

montanagirl
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Re: Alternatives to Edward Jones

Post by montanagirl » Fri Feb 14, 2020 11:20 pm

Turning all your money over to Edward Jones is the utmost in financial sophistication around these parts.

I give up. 🙄

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gd
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Re: Alternatives to Edward Jones

Post by gd » Sat Feb 15, 2020 7:46 am

Thanks for the replies. It wasn't as bad as I feared it would be. I'll look into the companies mentioned, I don't keep track of this stuff and have little clue what the brokerage world looks like nowadays.

I am not involved in the event. These are very common, many businesses provide such genuinely useful seminars in return for (hopefully) discreet advertising. No one else is knocking down doors to do this.

There were a few pointers in this direction, but I'm still looking for any consumer organizations giving suggestions about dealing with investment counselors and brokers. E.g. consumer-oriented pamphlets listing stuff like "don't allow brokers to act without your explicit permission", "keep investments few enough so you recognize each of them, under a half-dozen", and a few others I can think of. Probably some more technical advice like consultants needing a brokerage account in the client's name that I'm not aware of. It needs to be a credible and neutral third party.

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Re: Alternatives to Edward Jones

Post by angelescrest » Sat Feb 15, 2020 8:41 am

Why are Merrill Edge and Fidelity considered good options?

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meowcat
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Re: Alternatives to Edward Jones

Post by meowcat » Sat Feb 15, 2020 9:02 am

Ironic, considering that more money has been taken from investors through fees and expenses than any other kind of financial fraud in history.
More people should learn to tell their dollars where to go instead of asking them where they went. | -Roger Babson

Blue456
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Re: Alternatives to Edward Jones

Post by Blue456 » Sat Feb 15, 2020 9:16 am

angelescrest wrote:
Sat Feb 15, 2020 8:41 am
Why are Merrill Edge and Fidelity considered good options?
OP wanted an option with local branches. In addition both Merrill Edge and Fidelity would allow buying Vanguard funds. Fidelity for free and Merrill Edge for $19.95 or alternatively free all in one ETFs such as AOK, AOM, AOR. All of the above would come out much cheaper than whatever Edward Jones is offering.

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fishandgolf
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Re: Alternatives to Edward Jones

Post by fishandgolf » Sat Feb 15, 2020 9:37 am

pkcrafter wrote:
Fri Feb 14, 2020 1:30 pm
Wiggums wrote:
Fri Feb 14, 2020 1:02 pm
pkcrafter wrote:
Fri Feb 14, 2020 11:26 am
gd wrote:
Fri Feb 14, 2020 10:26 am
My local senior services organization is sponsoring a seminar on financial fraud. Presented by Edward Jones. Safe to assume there will be mention of and material about their services. Let's skip all the EJ stuff and obvious irony, this thread is looking for specific advice and not an EJ rant.

EJ offers a real office people can drive to and walk in, full of pleasant people, to assist in personal finance and investing. They'll have just given what will probably be a genuinely useful seminar. Their audience is people who have concern about money but little interest in the nuts and bolts of investing, and are uneasy about throwing their money into the confusing, scam-filled internet. They aren't going to be competent at sniffing out wanna-be Bernie Madoffs from among local financial advisors advertising in the local papers. BHs may not need it, but EJ presents (credibly or not) a useful service...

hmmm, no, they don't. Your senior service org has made a big mistake, but I'd guess they were approached by EJ who offered it all free.

and for many people such a service is worth paying money for.

I'm sorry, but I do not think it's worth paying for. There are far better alternatives for assets under management.


What can I politely suggest to those people-- in front of the EJ presenter-- as an alternative?

I doubt you will get time to discuss alternatives/options during the presentation.

Alternative might be an internet source giving some simple, objective, non-vitriolic rules of thumb for using such full-service financial companies or local financial advisors and keeping them minimally on track.

https://investingroadmap.wordpress.com/ ... n-advisor/

Paul
+1

You are sponsoring a seminar without reviewing the material?
Yep, they were schmoozed. :oops:

+100

If there is one thing that EJ reps and other wealth advisors know how to do is...…….SMOOZE. Most folks have no clue how much that "FREE" steak dinner is going to end up costing them. :D

retired@50
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Re: Alternatives to Edward Jones

Post by retired@50 » Sat Feb 15, 2020 12:30 pm

gd wrote:
Sat Feb 15, 2020 7:46 am

There were a few pointers in this direction, but I'm still looking for any consumer organizations giving suggestions about dealing with investment counselors and brokers. E.g. consumer-oriented pamphlets listing stuff like "don't allow brokers to act without your explicit permission", "keep investments few enough so you recognize each of them, under a half-dozen", and a few others I can think of. Probably some more technical advice like consultants needing a brokerage account in the client's name that I'm not aware of. It needs to be a credible and neutral third party.
The trouble here is that there is very little if any "public service" investment advice or warnings about how to avoid getting fleeced. Dipping your toe into this area can sometimes result in a bum steer, then you've got someone mad at you for bad advice.

Most entrants into this realm, have a profit motive of one sort or another, which makes them suspect from the start.

Other than PBS and the US Government, I'm at a loss. See link and the associated resulting links.

https://www.pbs.org/search/?q=investment+advice

Regards,
Boggle - a game from Parker Brothers. Bogle - investor, founder of Vanguard.

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Re: Alternatives to Edward Jones

Post by dbr » Sat Feb 15, 2020 12:41 pm

Keep in mind that profiting by selling people things at what the market will bear, schmoozing for business, and caveat emptor are fundamental principles of our free enterprise system. Opposing these things is bad citizenship. If you can't take advantage of your family, friends, and neighbors then who can you take advantage of? The secret is that it is supposed to be a two-way, scratch-my-back-scratch-your-back system. Hopefully you have the opportunity to sell your broker his next car or house or maybe to re-roof that house, at a premium of course.

That said, there is a long list of brokerage firms and financial advisors that should be avoided like the plague. That is a property that is not shared by any other business, including even used car dealers.

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Re: Alternatives to Edward Jones

Post by CABob » Sat Feb 15, 2020 12:53 pm

I live in a small almost rural area with a population of about 12,000 that has I believe four EJ offices. I don't think there are any Boglehead acceptable institutions that can compete if having a local brick and mortar office is of high importance.
What is your involvement with this seminar? Personally I would not feel comfortable providing a Boglehead type discussion in the presence of the EJ representative in this type of setting.
I belong to a small local social group that had an EJ speaker some time ago talking about the economy and related subjects. He did an acceptable job without a sales pitch.
Bob

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fishandgolf
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Re: Alternatives to Edward Jones

Post by fishandgolf » Sat Feb 15, 2020 5:24 pm

CABob wrote:
Sat Feb 15, 2020 12:53 pm
I live in a small almost rural area with a population of about 12,000 that has I believe four EJ offices. I don't think there are any Boglehead acceptable institutions that can compete if having a local brick and mortar office is of high importance.
What is your involvement with this seminar? Personally I would not feel comfortable providing a Boglehead type discussion in the presence of the EJ representative in this type of setting.
I belong to a small local social group that had an EJ speaker some time ago talking about the economy and related subjects. He did an acceptable job without a sales pitch.
I also live in a rural area; the nearest city with population of ~40,000 has seven EJ office along with many other Wealth Advisors. I once attended one of those "Free" steak dinners offered by EJ. There were probably 40-50 people in attendance. The EJ rep had a guest speaker from John Hancock or similar. After the presentation, nearly 80% of those in attendance stood in a long line to get business cards and additional contact information.....maybe it's the birthday and Christmas cards they send their clients every year is what keeps them coming back.... :D

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fishandgolf
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Re: Alternatives to Edward Jones

Post by fishandgolf » Sat Feb 15, 2020 5:32 pm

OP...….you may have already seen this, if not, it will be worth 1.0 hour of your time to do so.

[url][/https://www.pbs.org/wgbh/frontline/film ... nt-gamble/
url]

It's a Frontline special by PBS entitled "The Retirement Gamble". It provides a great overview what paid financial advisors can cost you in retirement income...

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Re: Alternatives to Edward Jones

Post by BL » Sat Feb 15, 2020 10:38 pm

fishandgolf wrote:
Sat Feb 15, 2020 5:32 pm
OP...….you may have already seen this, if not, it will be worth 1.0 hour of your time to do so.

[url][/https://www.pbs.org/wgbh/frontline/film ... nt-gamble/
url]

It's a Frontline special by PBS entitled "The Retirement Gamble". It provides a great overview what paid financial advisors can cost you in retirement income...
+1
I just looked it up and you beat me to it!

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Re: Alternatives to Edward Jones

Post by retired@50 » Sun Feb 16, 2020 1:43 am

fishandgolf wrote:
Sat Feb 15, 2020 5:32 pm
OP...….you may have already seen this, if not, it will be worth 1.0 hour of your time to do so.

[url][/https://www.pbs.org/wgbh/frontline/film ... nt-gamble/
url]

It's a Frontline special by PBS entitled "The Retirement Gamble". It provides a great overview what paid financial advisors can cost you in retirement income...
I watched the program in the link. Wow. Really sobering and well told. I sent an email to friends and family with the link. Also, great to see John Bogle make a cameo.

Regards,
Boggle - a game from Parker Brothers. Bogle - investor, founder of Vanguard.

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Re: Alternatives to Edward Jones

Post by ARoseByAnyOtherName » Sun Feb 16, 2020 6:48 am

angelescrest wrote:
Sat Feb 15, 2020 8:41 am
Why are Merrill Edge and Fidelity considered good options?
Do you think they’re bad options? If so, why do you think that?

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gd
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Re: Alternatives to Edward Jones

Post by gd » Sun Feb 16, 2020 8:15 am

Thanks all, I may try to attend the presentation next month, and will post a report if so.

To repeat, it is a presentation on scams and fraud-- not investing-- given for free at the local senior center. I am not involved in it in any way. This sort of presentation happens all the time, various topics, by all sorts of parties, everywhere. There is no indication EJ is using it deviously, or as a hard sales pitch. They will no doubt make their literature available, and that is reasonable. The risk of their audience losing critical money to scams is greater than what they will likely harvest from them as customers. I'm a supporter of local brick-and-mortar businesses, but the choices for such financial services seem treacherous, and there is apparently no public-service guidance suitable for naive customers. I'm going to look into buying some "Financial Management for Dummies" style books for their bookshelf.

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Re: Alternatives to Edward Jones

Post by rixer » Sun Feb 16, 2020 10:30 am

If you want excellent service from a brick and mortar shop that also has a web site that is very user friendly plus offers low cost index funds, check out Charles Schwab. I left EJ years ago and went to Schwab. Best move ever. :sharebeer

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Re: Alternatives to Edward Jones

Post by pkcrafter » Sun Feb 16, 2020 11:23 am

gd wrote:
Sun Feb 16, 2020 8:15 am
Thanks all, I may try to attend the presentation next month, and will post a report if so.

To repeat, it is a presentation on scams and fraud-- not investing-- given for free at the local senior center. I am not involved in it in any way. This sort of presentation happens all the time, various topics, by all sorts of parties, everywhere. There is no indication EJ is using it deviously, or as a hard sales pitch.
Oh? Wanna bet?

https://www.edwardjones.com/client-reso ... index.html

https://www.consumeraffairs.com/finance ... jones.html

Yes, there is fraud and scammers out there, but EJ will protect you.
This a case of the pot calling the kettle black. :confused


Paul
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.

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nedsaid
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Re: Alternatives to Edward Jones

Post by nedsaid » Sun Feb 16, 2020 11:51 am

Everybody has a business model. Edward Jones blankets the landscape with offices and advisors, it seems that where I live I could throw a rock in any direction and hit an EJ office. It is an exaggeration but not by much. It is an expensive business model and there are plenteous alternatives for cheaper asset management. I call Edward Jones catnip for senior citizens, hard for them to resist the local office and the friendly advisors. It is rather expensive catnip.

Fidelity is nice and low-key, they have two offices in my metropolitan area. They are certainly less expensive than EJ but they do want you to buy their more expensive active funds. Their ZERO funds draw you in and they hope you will pay for their advisory service and those active funds. They are also in the Annuity business.

Charles Schwab is probably the closest to being perfect according to Boglehead standards but their portfolio models have a lot of cash and Schwab makes money with the cash. Everyone has their way of making a buck.

Even Vanguard does not disclose to the shareholders of their funds certain details about the inner workings of the Vanguard organization like executive compensation. Even Vanguard wants to grow their business and expand their mission.

Fortunately, there are lots of choices out there.
A fool and his money are good for business.

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BL
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Re: Alternatives to Edward Jones

Post by BL » Sun Feb 16, 2020 1:38 pm

I wonder if this $6, 48-page book by recommended author William Bernstein would be valuable for library, etc. The 5th section does warn of folks like this.
.
If You Can: How Millennials Can Get Rich Slowly Paperback – July 16, 2014
by William J Bernstein (Author)
4.5 out of 5 stars 555 ratings

Jags4186
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Re: Alternatives to Edward Jones

Post by Jags4186 » Sun Feb 16, 2020 1:40 pm

Ive been to TD Ameritrade offices, Charles Schwab offices, and Fidelity offices. Every one of them I stocked full of nice knowledgeable people who will help for less than EJ.

retired@50
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Re: Alternatives to Edward Jones

Post by retired@50 » Sun Feb 16, 2020 2:02 pm

BL wrote:
Sun Feb 16, 2020 1:38 pm
I wonder if this $6, 48-page book by recommended author William Bernstein would be valuable for library, etc. The 5th section does warn of folks like this.
.
If You Can: How Millennials Can Get Rich Slowly Paperback – July 16, 2014
by William J Bernstein (Author)
4.5 out of 5 stars 555 ratings
"If You Can" is also available free online in PDF form. A good read for anyone, especially the young investor.

http://flip4u.org/docs/If%20You%20Can%2 ... nstein.pdf

Regards,
Boggle - a game from Parker Brothers. Bogle - investor, founder of Vanguard.

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BL
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Re: Alternatives to Edward Jones

Post by BL » Sun Feb 16, 2020 2:28 pm

retired@50 wrote:
Sun Feb 16, 2020 2:02 pm
BL wrote:
Sun Feb 16, 2020 1:38 pm
I wonder if this $6, 48-page book by recommended author William Bernstein would be valuable for library, etc. The 5th section does warn of folks like this.
.
If You Can: How Millennials Can Get Rich Slowly Paperback – July 16, 2014
by William J Bernstein (Author)
4.5 out of 5 stars 555 ratings
"If You Can" is also available free online in PDF form. A good read for anyone, especially the young investor.

http://flip4u.org/docs/If%20You%20Can%2 ... nstein.pdf

Regards,
+1
The main reason I mentioned the book is for the bookshelf mentioned. Also it is something to keep in mind with graduations coming up. I agree that reading it online is a great recommendation as it is immediately available, quick to read, and can easily be accessed anytime by anyone you send a link to. Also many of the seniors I know don't like to read online but of course it could be printed out to read that way.

angelescrest
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Location: Texas

Re: Alternatives to Edward Jones

Post by angelescrest » Sun Feb 16, 2020 7:13 pm

Blue456 wrote:
Sat Feb 15, 2020 9:16 am
angelescrest wrote:
Sat Feb 15, 2020 8:41 am
Why are Merrill Edge and Fidelity considered good options?
OP wanted an option with local branches. In addition both Merrill Edge and Fidelity would allow buying Vanguard funds. Fidelity for free and Merrill Edge for $19.95 or alternatively free all in one ETFs such as AOK, AOM, AOR. All of the above would come out much cheaper than whatever Edward Jones is offering.
I see. I am not familiar with either, and thought you might be saying they have good and affordable advisory services, which if so, I'd like to know.

snailderby
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Re: Alternatives to Edward Jones

Post by snailderby » Sun Feb 16, 2020 7:30 pm

angelescrest wrote:
Sun Feb 16, 2020 7:13 pm
Blue456 wrote:
Sat Feb 15, 2020 9:16 am
angelescrest wrote:
Sat Feb 15, 2020 8:41 am
Why are Merrill Edge and Fidelity considered good options?
OP wanted an option with local branches. In addition both Merrill Edge and Fidelity would allow buying Vanguard funds. Fidelity for free and Merrill Edge for $19.95 or alternatively free all in one ETFs such as AOK, AOM, AOR. All of the above would come out much cheaper than whatever Edward Jones is offering.
I see. I am not familiar with either, and thought you might be saying they have good and affordable advisory services, which if so, I'd like to know.
Fidelity has a hybrid advisor option that charges a 0.50% fee and Merrill has a Guided Investing option that charges a 0.70% to 0.85% fee. Does anyone know whether either option gives you access to in person advisor meetings (rather than just telephone calls)?

dudemize
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Re: Alternatives to Edward Jones

Post by dudemize » Sun Feb 16, 2020 8:42 pm

As someone who used to work for EJ, the only acceptable option at EJ (IMHO) is to invest in A-share American Funds. Any of their Advisory products (Advisory Solutions, Guided Solutions, etc) are way too expensive and not worth the cost.

If you can’t stop someone from going with EJ, at least tell them that! 30 years with American Funds and they will be fine. Might even beat a few of the indexers. Even Bernstein says if he had to pick an active manager, it would be American Funds.

Helmut Spargle
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Re: Alternatives to Edward Jones

Post by Helmut Spargle » Sun Feb 16, 2020 8:58 pm

dudemize wrote:
Sun Feb 16, 2020 8:42 pm
As someone who used to work for EJ, the only acceptable option at EJ (IMHO) is to invest in A-share American Funds. Any of their Advisory products (Advisory Solutions, Guided Solutions, etc) are way too expensive and not worth the cost.

If you can’t stop someone from going with EJ, at least tell them that! 30 years with American Funds and they will be fine. Might even beat a few of the indexers. Even Bernstein says if he had to pick an active manager, it would be American Funds.
Seniors aren't going to be in American Funds for 30 years. Don't think most make it past 10.

tibbitts
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Re: Alternatives to Edward Jones

Post by tibbitts » Sun Feb 16, 2020 9:32 pm

I don't understand most of the replies, or even the original question. If the discussion turns out to be about actual fraud, what is there to confront the EJ rep about? But in any case I don't think there is a polite or appropriate way to do what you're wanting to do.

You could offer your own seminar, just be prepared to provide your industry qualifications to do so.

dudemize
Posts: 3
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Re: Alternatives to Edward Jones

Post by dudemize » Sun Feb 16, 2020 9:59 pm

Helmut Spargle wrote:
Sun Feb 16, 2020 8:58 pm
dudemize wrote:
Sun Feb 16, 2020 8:42 pm
As someone who used to work for EJ, the only acceptable option at EJ (IMHO) is to invest in A-share American Funds. Any of their Advisory products (Advisory Solutions, Guided Solutions, etc) are way too expensive and not worth the cost.

If you can’t stop someone from going with EJ, at least tell them that! 30 years with American Funds and they will be fine. Might even beat a few of the indexers. Even Bernstein says if he had to pick an active manager, it would be American Funds.
Seniors aren't going to be in American Funds for 30 years. Don't think most make it past 10.
Helmut,

You are correct. I was making more of a general statement about going to EJ for asset management, not seniors in particular.

User avatar
BL
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Re: Alternatives to Edward Jones

Post by BL » Sun Feb 16, 2020 10:51 pm

I just noticed a new thread by Taylor recommending a book on the subject
"Don't Fall For It" -- A Gem by Ben Carlson:
viewtopic.php?f=10&t=304014&newpost=502 ... ad#unread

palaheel
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Re: Alternatives to Edward Jones

Post by palaheel » Sun Feb 16, 2020 11:09 pm

snailderby wrote:
Sun Feb 16, 2020 7:30 pm
angelescrest wrote:
Sun Feb 16, 2020 7:13 pm
Blue456 wrote:
Sat Feb 15, 2020 9:16 am
angelescrest wrote:
Sat Feb 15, 2020 8:41 am
Why are Merrill Edge and Fidelity considered good options?
OP wanted an option with local branches. In addition both Merrill Edge and Fidelity would allow buying Vanguard funds. Fidelity for free and Merrill Edge for $19.95 or alternatively free all in one ETFs such as AOK, AOM, AOR. All of the above would come out much cheaper than whatever Edward Jones is offering.
I see. I am not familiar with either, and thought you might be saying they have good and affordable advisory services, which if so, I'd like to know.
Fidelity has a hybrid advisor option that charges a 0.50% fee and Merrill has a Guided Investing option that charges a 0.70% to 0.85% fee. Does anyone know whether either option gives you access to in person advisor meetings (rather than just telephone calls)?
I'm pretty sure the Fidelity 0.5% includes the chosen funds' ER, so there's no "advisor + fund ER" calculation. I have friends who went this route, and I'm dying to hear how it's working out for them.
Markets crash. Markets recover. Inflation takes your money FOREVER.

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