Leaving Edward Jones is there a better or worse time

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riperobgyn
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Leaving Edward Jones is there a better or worse time

Post by riperobgyn »

Just wanted peoples opinion. I have about 800K invested in many many different funds with Edward Jones. Of course my financial advisor is a good friend of mine, and over the years I have wrestled with the decision to leave and move everything to Vanguard. I already have an IRA and a taxable account with Vanguard. For the past several years any new investments have only been with Vanguard. I know I am just throwing money away staying with Edward Jones and I must leave. Question? Does it matter on timing of this switch. My friend has me invested in so many funds that more than likely Vanguard, before transferring, will need to just transfer in cash instead of each fund. I heard this can take 4-6 weeks. Since the pandemic my total portfolio is down about 25% with Edward Jones. I just wanted to know should I, wait till the economy stabilizes, wait till investments return to pre-pandemic levels, or just do it asap. Would this a the ultimate rebalancing act. I would appreciate anyones advice.

Thanks,

James
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unclescrooge
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Re: Leaving Edward Jones is there a better or worse time

Post by unclescrooge »

Why can't you transfer in kind?
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retired@50
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Re: Leaving Edward Jones is there a better or worse time

Post by retired@50 »

riperobgyn wrote: Tue Apr 28, 2020 11:10 pm Question? Does it matter on timing of this switch.
...
just do it asap.
I think you've answered your own question. I'd move on it as soon as is practical. I don't think it will take 4-6 weeks. To minimize time out of the market, you could look into a transfer in-kind. This way, the assets that aren't exclusive to EJ will come to Vanguard as is (instead of as cash), then you can pick and choose when to sell them off.

Eliminating any high expense ratio funds will likely be one of the first priorities.

Regards,
This is one person's opinion. Nothing more.
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FiveK
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Re: Leaving Edward Jones is there a better or worse time

Post by FiveK »

riperobgyn wrote: Tue Apr 28, 2020 11:10 pm ...need to just transfer in cash instead of each fund. I heard this can take 4-6 weeks.
Shouldn't take more that 4-6 days to sell at least some funds at EJ, transfer the money to your checking account, then transfer the money to Vanguard. EJ might have a daily ACH cash transfer limit, but might have a higher wire transfer limit. Might be worth checking so you know for sure.
Since the pandemic my total portfolio is down about 25% with Edward Jones. I just wanted to know should I, wait till the economy stabilizes, wait till investments return to pre-pandemic levels, or just do it asap.
Good question. In "normal" times "do it asap" would definitely be reasonable. A little less definite now, but there's also the chance of a significant market drop while you go to cash. You pays your money and you takes your chance.
Luckywon
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Re: Leaving Edward Jones is there a better or worse time

Post by Luckywon »

I would do the following:

Retirement accounts:
Assets that can be transferred in kind: Transfer ASAP
Assets that cannot be transferred in kind: Liquidate and transfer ASAP

Taxable accounts:
Assets that can be transferred in kind: Transfer ASAP
Assets that cannot be transferred in kind that have little to no capital gains: Liquidate and transfer ASAP
Assets that cannot be transferred in kind that have significant capital gains: If you are able to tax loss harvest this year or have capital losses being carried forward that will balance out capital gains from liquidating, I would liquidate and transfer ASAP. If not, consider holding them at EJ in the account with the lowest fees. If in the future they go down in value or you have sufficient capital losses harvested to balance out capital gains from liquidating these, do so.
Kookaburra
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Re: Leaving Edward Jones is there a better or worse time

Post by Kookaburra »

Oddly enough, EJ is a “friend” to anyone who invests with them.

The best day to leave is yesterday. Today is the next best day.
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gr7070
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Re: Leaving Edward Jones is there a better or worse time

Post by gr7070 »

Why not move all you EJ assets into EJ funds you will be able to do a in-kind transfer from? Thus the only wait is whatever it takes (1 day?) to make that transfer within EJ and the in-kind transfer.

Make certain you know the costs of buying/selling within EJ. (Edit: I see a few posts down there are significant fees to buy/sell within. Don't do as I suggested.)

What funds does your friend have you in? Are they at least the best EJ options? Curious just how good a friend this is.
Last edited by gr7070 on Wed Apr 29, 2020 9:42 am, edited 1 time in total.
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Re: Leaving Edward Jones is there a better or worse time

Post by Vanguard Fan 1367 »

Luckywon wrote: Wed Apr 29, 2020 12:04 am I would do the following:

Retirement accounts:
Assets that can be transferred in kind: Transfer ASAP
Assets that cannot be transferred in kind: Liquidate and transfer ASAP

Taxable accounts:
Assets that can be transferred in kind: Transfer ASAP
Assets that cannot be transferred in kind that have little to no capital gains: Liquidate and transfer ASAP
Assets that cannot be transferred in kind that have significant capital gains: If you are able to tax loss harvest this year or have capital losses being carried forward that will balance out capital gains from liquidating, I would liquidate and transfer ASAP. If not, consider holding them at EJ in the account with the lowest fees. If in the future they go down in value or you have sufficient capital losses harvested to balance out capital gains from liquidating these, do so.
This is great advice. I would second all these recommendations.

I know several people paying high fees at investment places and I hope that some day they wake up and change to low fee investing.
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BrownEyedGirl_27
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Re: Leaving Edward Jones is there a better or worse time

Post by BrownEyedGirl_27 »

Kookaburra wrote: Wed Apr 29, 2020 12:17 am Oddly enough, EJ is a “friend” to anyone who invests with them.

The best day to leave is yesterday. Today is the next best day.
+1
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Silverado
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Re: Leaving Edward Jones is there a better or worse time

Post by Silverado »

Yeah, I would not worry about the state of the economy to make the move. You will be better off in the long run with lower cost investments.

Luckywon gave a good summary.

You will likely find you will be down one 'friend' at the end of this.
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Watty
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Re: Leaving Edward Jones is there a better or worse time

Post by Watty »

One thing to do before your leave is to make sure that you have printouts of any needed statements and information to verify what your cost basis should be in the taxable account. Once you close that account you may not be able to sign on and they may be very unhelpful if you ask for that information later.
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Re: Leaving Edward Jones is there a better or worse time

Post by student »

As others have said, transfer now. If you are open to transferring to places other than Vanguard such as Merrill Edge or Etrdae, take advantage of transfer bonus and they will pay for transfer fee charged by EJ.
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Re: Leaving Edward Jones is there a better or worse time

Post by BillWalters »

Please report back and list all the fees you’re charged when doing this.
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Re: Leaving Edward Jones is there a better or worse time

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Re: Leaving Edward Jones is there a better or worse time

Post by Call_Me_Op »

riperobgyn wrote: Tue Apr 28, 2020 11:10 pm Just wanted peoples opinion. I have about 800K invested in many many different funds.......
That's your first problem.
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Re: Leaving Edward Jones is there a better or worse time

Post by David Jay »

Always work with the brokerage house receiving the funds, they have the biggest incentive to make it go smoothly. Vanguard, Fidelity and Schwab are the most common brokerage recommendations.
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Re: Leaving Edward Jones is there a better or worse time

Post by Jack FFR1846 »

Don't sell within EJ to buy other funds within EJ. You'll get surprise Exit fees and of course the infamous 5.75% sales loads to buy with some funds.

If you only sell to go to cash or leave everything and transfer in kind, you'll just be hit with $95 per account to transfer.

I'll make an assumption that you're paying 1% for a management fee (AUM) and on average 0.5% to be conservative on expense ratios (probably is actually higher and of course the loads remove money right from the start). At 1.5% with $800k invested, you're paying $12k a year for pretty much nothing. Compare that to my own portfolio, where my "all in" cost on $2.6M is $405.71. Pretty stark difference, eh? I mean....if you want to make your "friend" happy, move your money and write hinm a check for the $11.6k that you're paying him for nothing.

Move the account today. Every single day you wait costs you money.
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Re: Leaving Edward Jones is there a better or worse time

Post by Laker1 »

Today at 9:20 seems like a good time to move it in kind and then let the new house help you make the adjustments to a simple 2 or 3 part portfolio. I wish I had done it earlier for sure!
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Re: Leaving Edward Jones is there a better or worse time

Post by Sandtrap »

The best time to leave Edward Jones and transfer "in kind" to a low cost brokerage such as Vanguard, Fidelity, etc . . .
was. . yesterday.. . all at once.

If not, then do it "now".
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Re: Leaving Edward Jones is there a better or worse time

Post by Chrono Triggered »

riperobgyn wrote: Tue Apr 28, 2020 11:10 pm I just wanted to know should I, wait till the economy stabilizes, wait till investments return to pre-pandemic levels, or just do it asap.
This is a clear example of anchoring. Think about this another way; if you had your assets in cash form, would you buy your current investments right now? If the answer is no, then there's your answer. You essentially purchase your portfolio every single day, so if you want to do it asap (I would), you should.
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Re: Leaving Edward Jones is there a better or worse time

Post by retiredjg »

riperobgyn wrote: Tue Apr 28, 2020 11:10 pm Does it matter on timing of this switch.
It might. If these funds are in a taxable account and will not transfer to Vanguard in kind, they can be liquidated and the money moved pretty quickly. But if you are talking IRA to IRA rollover, that could mean the money is out of the market for a few weeks.

There is no reason to wait for things to return to pre-pandemic levels. If you sell low at EJ and buy low at Vanguard, there's no real loss there.

You might want to wait until things are not swinging up and down every other day though. Although we might already be at that point. :happy

Is there a reason you have to move it all at once? What about moving it in 2 or 3 portions?

Find out how many and what kind of fees you'll need to pay to get out of there.
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Re: Leaving Edward Jones is there a better or worse time

Post by Stinky »

Welcome to the Forum! Glad that you posted your question about Edward Jones.

riperobgyn wrote: Tue Apr 28, 2020 11:10 pm I have about 800K invested in many many different funds with Edward Jones....

Of course my financial advisor is a good friend of mine,....

I know I am just throwing money away staying with Edward Jones and I must leave.
Looks like you've already made the decision to move. That's a good thing.

If you have $800,000 with Edward Jones and are paying 2% more in fees and mutual fund costs than at Vanguard, staying with Edward Jones is costing you $16,000 per year. That's $1,333 per month of money that's lost to you forever.

I wonder whether the "friendship" with the Edward Jones advisor will continue after he ceases making $thousands per year off your account. I would bet that the answer is "NO".

Since you've made the decision, move now.
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BrooklynInvest
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Re: Leaving Edward Jones is there a better or worse time

Post by BrooklynInvest »

Have been with Vanguard for decades so certainly not an expert -

If the specific funds you're in are also on a low fee "direct" platform like Schwabb couldn't you transfer there in kind more quickly with no time out of the market, then once you've eliminated the advisor and their layer of fees, sell your high fee funds and go into index overnight? Ie move the funds as is as much as possible to eliminate the advisor fee, and then optimize your specific investments?

Guess they could also be available on Vanguard's brokerage platform??
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Re: Leaving Edward Jones is there a better or worse time

Post by cherijoh »

retired@50 wrote: Tue Apr 28, 2020 11:53 pm
riperobgyn wrote: Tue Apr 28, 2020 11:10 pm Question? Does it matter on timing of this switch.
...
just do it asap.
I think you've answered your own question. I'd move on it as soon as is practical. I don't think it will take 4-6 weeks. To minimize time out of the market, you could look into a transfer in-kind. This way, the assets that aren't exclusive to EJ will come to Vanguard as is (instead of as cash), then you can pick and choose when to sell them off.

Eliminating any high expense ratio funds will likely be one of the first priorities.

Regards,
Per the VG website:
We offer a wide variety of mutual funds from other companies, including no-transaction-fee (NTF) and transaction-fee (TF) mutual funds—many without commissions.
So I recommend you do your homework. Sit down with your list of mutual funds and determine (A) whether VG will even allow you to own those funds. If not they will need to be sold if you move your assets to VG.

Then determine (B) whether funds that you can own in a VG brokerage account fall into the NTF or TF categories. NTF funds can be traded for $0/trade on line no matter what your asset balance in VG Funds or ETFs. TF funds charge $20/trade on line if your existing VG assets are under $500K. Between $500K and $1M in assets it drops to $8/trade online. Above $1M it is free on line.

If on the other hand you need some hand-holding and want to do the transactions on the phone it can get pricey pretty quickly. NTF funds charge $50/trade if your existing VG assets are under $500K. Between $500K and $1M it drops to $8/trade online. Above $1M you get some free trades and then it reverts to $8/trade. For TF funds it is also $50/trade if your existing VG assets are under $500K. Between $500K and $1M it drops to $40/trade. Above $1M you get some free trades and then it reverts to $8/trade.

If you are not planning to keep the funds in which EJ has you invested, you need to weigh the costs of transferring shares to VG and selling - of course EJ may also charge you fees to sell the shares before making the transfer.
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Re: Leaving Edward Jones is there a better or worse time

Post by JPH »

David Jay wrote: Wed Apr 29, 2020 7:30 am Always work with the brokerage house receiving the funds, they have the biggest incentive to make it go smoothly. Vanguard, Fidelity and Schwab are the most common brokerage recommendations.
This is what I would do. Call Vanguard and ask how they can make this go smoothly.
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Re: Leaving Edward Jones is there a better or worse time

Post by Lalamimi »

Moved from EJ to Fidelity late November. Advise - Talk to Vanguard, confirm which MFs will not transfer - there will be many, I bet. Have EJ sell those immediately and any others you don't want to transfer if you have identified. THEN, print out everything you can from the EJ account, cause they will lock you out almost immediately. THEN have Vanguard transfer everything for you. We did not do it this way, we had Fidelity initiate, which was fine. However, EJs drug their feet on the money from the funds sold, and it took over a week. We had hundreds of thousands in limbo early Dec. Do it. Today! You will get with $95 fee that Van guard should reimburse. Of course there are internal fees for selling, but oh well...
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Re: Leaving Edward Jones is there a better or worse time

Post by retiredjg »

Last I heard, Vanguard does not reimburse fees, but Fidelity does.
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Re: Leaving Edward Jones is there a better or worse time

Post by 02nz »

Lots of good advice here, particularly on working with the receiving institution. As for being out of the market, if you have other holdings in cash or bonds, you can put those in the market when the assets (that have to be sold at EJ) are sold to maintain the same overall asset allocation.
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Re: Leaving Edward Jones is there a better or worse time

Post by 02nz »

retiredjg wrote: Wed Apr 29, 2020 10:05 am Last I heard, Vanguard does not reimburse fees, but Fidelity does.
Pretty much everybody does except Vanguard.
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Re: Leaving Edward Jones is there a better or worse time

Post by HollyG »

Great advice above!

Always download all transaction activity first.
Make the initiation with the broker you want to use as an in-kind transfer mentioned above.
Call the advisor and thank him and move on.
It shouldn't take long to complete.

FYI: It's $95 fee EJ charges per account to close. If you have a Roth, Traditional, and taxable. That is 3 accounts so $95 each.
Then again that's nothing compared to the fees....

Then afterwards :sharebeer
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Re: Leaving Edward Jones is there a better or worse time

Post by pkcrafter »

riperobgyn, great reason to step into the forum, welcome.

Yes, you want to make the transfer ASAP, but you have to make sure of a few things. There are some very good suggestions above, so I'll just add a few items--

You will find out just how much of a friend your advisor is when you move your assets.

Is this a taxable account? More than one type of account? They will get one last shot at you going out--$95 closing fee/account.

https://www.edwardjones.com/disclosures ... index.html

The right way to do this if there are tax-advantaged accounts is to initiate the transfer at Vanguard. You would want a custodian to custodian transfer, but you must make sure Vanguard carries all the funds that will be transferred or some will be let behind and the EJ account won't close.

Check here...

https://investor.vanguard.com/other-funds/

Get 'er done. :!:

Paul
Last edited by pkcrafter on Wed Oct 13, 2021 1:52 pm, edited 1 time in total.
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Re: Leaving Edward Jones is there a better or worse time

Post by HomeStretch »

If part of your hesitation to move is because of your friendship with your EJ advisor, prepare a short response to any questions from your advisor such as “thank you for all your help as I now feel confident to manage my investments myself.” Just keep repeating this. Don’t engage your advisor about fees, etc. as it will only open you up to a dialogue to convince you to stay.

As another poster said, be prepared for your friendship not to survive this. Hopefully it will. But AUM advisors are very skilled at creating a friendship and community presence to increase their client retention rate. A true friend would support your decision about how to invest your money.
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Re: Leaving Edward Jones is there a better or worse time

Post by Hiwatter »

drdrgolf wrote: Wed Apr 29, 2020 7:19 am When is the best time to plant a tree??
Answer: 20 years ago.
2nd best time to plant a tree?
Answer: Today.
Do it ASAP.
Keep the plow down.
Salute!
Dominic
I opened this thread to post the same thing...

Leave EJ now. Don't wait.
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Re: Leaving Edward Jones is there a better or worse time

Post by Dottie57 »

David Jay wrote: Wed Apr 29, 2020 7:30 am Always work with the brokerage house receiving the funds, they have the biggest incentive to make it go smoothly. Vanguard, Fidelity and Schwab are the most common brokerage recommendations.
+1
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Re: Leaving Edward Jones is there a better or worse time

Post by chipperd »

Yesterday was better than today and today is better than tomorrow.
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riperobgyn
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Re: Leaving Edward Jones is there a better or worse time

Post by riperobgyn »

I want to thank everyone for their opinions and advice. This is very helpful. And thanks to Bogleheads.org, one of the last places where one can get true honest opinions on investing.
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Re: Leaving Edward Jones is there a better or worse time

Post by MCW3010 »

I moved my money out of EJ just a few weeks ago, after much research and a ton of lurking on here. I thought it was going to be a pain to get it moved but the info on here was awesome, and inspired me to post about my leaving EJ.
Vanguard made it incredibly easy. I talked to a representative a few times but ultimately ended up just transferring from EJ, by doing it on the Vanguard web page. They took care of everything. I got a super passive aggressive text from the EJ representative at 9pm and didnt respond, that was about it from EJ.

I had EJ investments by inheritance mainly and didn't know any better. Now that I have learned so much and researched in depth, it was a no-brainer to leave EJ! Especially since my investments were relatively small and I could consolidate into Vanguard.

Vanguard was also extremely helpful setting up an account for my newborn son. Now I just have to get my wife to move her accounts over as well! She "feels bad" because she knows the EJ rep and secretary personally. ITS MONEY! It makes financial sense to move it over! I think she will budge :)

The best time to leave EJ is NOW!
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Re: Leaving Edward Jones is there a better or worse time

Post by Stinky »

MCW3010 wrote: Fri Jan 29, 2021 7:01 pm I moved my money out of EJ just a few weeks ago, after much research and a ton of lurking on here. I thought it was going to be a pain to get it moved but the info on here was awesome, and inspired me to post about my leaving EJ.
Vanguard made it incredibly easy. I talked to a representative a few times but ultimately ended up just transferring from EJ, by doing it on the Vanguard web page. They took care of everything. I got a super passive aggressive text from the EJ representative at 9pm and didnt respond, that was about it from EJ.

I had EJ investments by inheritance mainly and didn't know any better. Now that I have learned so much and researched in depth, it was a no-brainer to leave EJ! Especially since my investments were relatively small and I could consolidate into Vanguard.

Vanguard was also extremely helpful setting up an account for my newborn son. Now I just have to get my wife to move her accounts over as well! She "feels bad" because she knows the EJ rep and secretary personally. ITS MONEY! It makes financial sense to move it over! I think she will budge :)

The best time to leave EJ is NOW!
Welcome to the Forum! Glad that you posted about your experience.

Congratulations on making the decision to make your exit from EJ. I’m sure that you’ll never regret making the move.

I’ll expect that your wife’s relationship with the EJ rep and secretary is purely transactional. And it’s costing her roughly 2% per year. I’ll bet that the relationship will end if/when she moves her money.
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Re: Leaving Edward Jones is there a better or worse time

Post by placeholder »

Usually EJ uses American Funds and the like that are able to transfer to other custodians so I'd echo the sentiment to move in kind and figure out a plan from there.
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Re: Leaving Edward Jones is there a better or worse time

Post by placeholder »

Given the size of the account some custodians would give you a very nice transfer bonus so I would look at that because you might as well get thousands of dollars to make the move.
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Re: Leaving Edward Jones is there a better or worse time

Post by Mr.BB »

It's been about a year since the OP left Edward Jones. I was wondering if the OP is still good friends with his EJ buddy?
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Re: Leaving Edward Jones is there a better or worse time

Post by manlymatt83 »

Mr.BB wrote: Mon Feb 01, 2021 7:57 pm It's been about a year since the OP left Edward Jones. I was wondering if the OP is still good friends with his EJ buddy?
Also curious about this.
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Re: Leaving Edward Jones is there a better or worse time

Post by pedalman701 »

HollyG wrote: Wed Apr 29, 2020 10:23 am Great advice above!

Always download all transaction activity first.
Make the initiation with the broker you want to use as an in-kind transfer mentioned above.
Call the advisor and thank him and move on.
It shouldn't take long to complete.

FYI: It's $95 fee EJ charges per account to close. If you have a Roth, Traditional, and taxable. That is 3 accounts so $95 each.
Then again that's nothing compared to the fees....

Then afterwards :sharebeer
That $95 fee per account will be the only good money given to EJ. Having left them a little over a year ago, I consider each $95 fee incurred as the cost of learning in the School of Hard Knocks.
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Re: Leaving Edward Jones is there a better or worse time

Post by aristotelian »

If you do it at the end of the year you can avoid getting two tax statements for the same funds.
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Re: Leaving Edward Jones is there a better or worse time

Post by Mr.BB »

Kookaburra wrote: Wed Apr 29, 2020 12:17 am Oddly enough, EJ is a “friend” to anyone who invests with them.

The best day to leave is yesterday. Today is the next best day.
I would love to see the stats on how many investors who's friend was their EJ planner and after they left they actually stayed friends. I bet I wouid have better odds on on winning the Power Ball lottery.
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."
Mr.BB
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Re: Leaving Edward Jones is there a better or worse time

Post by Mr.BB »

Before you do anything else, make sure you go online and print out ALL your current and past statements. As well as any other tax documents you can find.
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."
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Abe
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Re: Leaving Edward Jones is there a better or worse time

Post by Abe »

I had an account with Wells Fargo Advisers. My "advisor" would periodically call me and try to talk me into selling an investment that he had sold me previously and take the proceeds and invest it in yet another "good" investment. I finally saw the light and just quit buying or selling anything with him. After that I got a letter from him saying that he had transitioned my account to someone else in the company, so I sold or like kind transferred everything I had with him and put the proceeds with Vanguard. Six years later, my networth had increased almost 2.5 million. I sure was glad he "transitioned" my account. What I am getting around to saying to the OP is don't wait. Get away from Edward Jones as soon as possible. Your guy is not doing you any favors. I speak from experience.
Slow and steady wins the race.
coffeeblack
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Re: Leaving Edward Jones is there a better or worse time

Post by coffeeblack »

riperobgyn wrote: Tue Apr 28, 2020 11:10 pm Just wanted peoples opinion. I have about 800K invested in many many different funds with Edward Jones. Of course my financial advisor is a good friend of mine, and over the years I have wrestled with the decision to leave and move everything to Vanguard. I already have an IRA and a taxable account with Vanguard. For the past several years any new investments have only been with Vanguard. I know I am just throwing money away staying with Edward Jones and I must leave. Question? Does it matter on timing of this switch. My friend has me invested in so many funds that more than likely Vanguard, before transferring, will need to just transfer in cash instead of each fund. I heard this can take 4-6 weeks. Since the pandemic my total portfolio is down about 25% with Edward Jones. I just wanted to know should I, wait till the economy stabilizes, wait till investments return to pre-pandemic levels, or just do it asap. Would this a the ultimate rebalancing act. I would appreciate anyones advice.

Thanks,

James
I'm curious what you mean by good friend. Does that mean you go and hand out all the time and have drink and perhaps you and your wife go to dinner with them from time to time? OR is the advisor someone who you play golf with and hang out with on a regular basis several time per month etc. You know someone you can count on?

OR is he nice to you when you call and you have basic conversations and laugh about things on the phone or in his office?

Is he a real friend or something else?
Last edited by coffeeblack on Wed Oct 13, 2021 6:03 pm, edited 1 time in total.
finite_difference
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Re: Leaving Edward Jones is there a better or worse time

Post by finite_difference »

The best time is 10 years ago. The second best time is today.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh
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