Edward Jones came to my door

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NightFall
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Edward Jones came to my door

Post by NightFall » Wed Jun 11, 2014 9:16 am

A broker from Edward Jones showed up at my door last night. I'm not sure how common that is, but it was the first time it ever happened to me. He was trying to convince me to invest in American Funds. Class A shares had a 5.76% front-end load with a 0.61% ER. Or class C shares had no load but a 1.31% ER. I attempted to explain that Vanguard had funds with much lower ERs. His response was that he could consistently beat the market. I think I stopped listening at that point.

Just wanted to thank everyone on this board for the education in passive investing... I might not have known what a horrible deal this was otherwise. I'd hate to think that some of my neighbors might have bought into the pitch though.

The Wizard
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Re: Edward Jones came to my door

Post by The Wizard » Wed Jun 11, 2014 9:18 am

Just Say No...
Which apparently you did.
Rather odd that they're hoofing it door to door now...
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TCP
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Re: Edward Jones came to my door

Post by TCP » Wed Jun 11, 2014 9:22 am

Get him to put that "consistently beating the market" in writing.

The Wizard
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Re: Edward Jones came to my door

Post by The Wizard » Wed Jun 11, 2014 9:24 am

TCP wrote:Get him to put that "consistently beating the market" in writing.

And have him mow the front lawn as long as he's out there...
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dbr
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Re: Edward Jones came to my door

Post by dbr » Wed Jun 11, 2014 9:24 am

NightFall wrote:A broker from Edward Jones showed up at my door last night. I'm not sure how common that is, . . .


I think it is common, modus operandi especially for new blood trying to make it at EJ.

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Raymond
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Re: Edward Jones came to my door

Post by Raymond » Wed Jun 11, 2014 9:33 am

Not sure if the guy who came to my door last week was from EJ, but either way, I told him I was "all set for financial services", said buh-bye, and closed the door.

One of these days, I think I'll answer the door with my face painted blue, yell "FREEDOM!", then ask pleasantly, "How can I help you today?" :twisted:

Which is better than my first idea, which was answering the door wearing a mankini and toting a shotgun.
"Ritter, Tod und Teufel"

Bracket
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Re: Edward Jones came to my door

Post by Bracket » Wed Jun 11, 2014 9:42 am

This happened to me awhile back. He was very polite and unaggressive, just wanted to leave his card. I didn't have the heart to tell him I was an index fund only kind of guy. The previous owner of my house used EJ so maybe that's why he came by.

mw1739
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Re: Edward Jones came to my door

Post by mw1739 » Wed Jun 11, 2014 9:46 am

I also had a young guy come to my door a couple days ago from Edward Jones. He asked where I did my investing at. When I replied Vanguard, he paused for a moment, then said "Yeah, I've been hearing that a lot."

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Doc
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Re: Edward Jones came to my door

Post by Doc » Wed Jun 11, 2014 9:49 am

dbr wrote:
NightFall wrote:A broker from Edward Jones showed up at my door last night. I'm not sure how common that is, . . .


I think it is common, modus operandi especially for new blood trying to make it at EJ.


Yes. New office in the strip center down the street and they come by and say "hi I'm your new neighbor". Shake hands, accept business card and tell him good luck.

Having an EJ office in the strip center is a lot better than a <deleted>.
Last edited by Doc on Wed Jun 11, 2014 1:13 pm, edited 1 time in total.
A scientist looks for THE answer to a problem, an engineer looks for AN answer and lawyers ONLY have opinions. Investing is not a science.

user5027
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Re: Edward Jones came to my door

Post by user5027 » Wed Jun 11, 2014 9:51 am

Doc wrote:Having an EJ office in the strip center is a lot better than a [OT comparison removed by admin LadyGeek --admin LadyGeek].


Are they that much different? :D

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HardKnocker
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Re: Edward Jones came to my door

Post by HardKnocker » Wed Jun 11, 2014 9:59 am

I don't want to buy EJ but I admire someone who has the gumption to sell door-to-door.

A great (large) selling experience.
“Gold gets dug out of the ground, then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility.”--Warren Buffett

protagonist
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Re: Edward Jones came to my door

Post by protagonist » Wed Jun 11, 2014 10:20 am

NightFall wrote:A broker from Edward Jones showed up at my door last night. I'm not sure how common that is, but it was the first time it ever happened to me.


That's pretty interesting that stock brokers are door-to-door salesmen.

Where do you live? Did you fill out some forms somewhere, or answer some junk mail, or do anything that would have gotten you potentially listed as a target?

Keim
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Re: Edward Jones came to my door

Post by Keim » Wed Jun 11, 2014 10:27 am

I know an EJ guy. Door to door is expected of new hires for the first few months. It hones sales experience.

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leonidas
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Re: Edward Jones came to my door

Post by leonidas » Wed Jun 11, 2014 10:31 am

I have never been visited by a broker at my home before. I have never been cold called either. Must be doing something right or I am not considered a "whale" and worth the effort. Now if I can just stop the Jehovah's Witnesses from visiting I will be set!

Gattamelata
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Re: Edward Jones came to my door

Post by Gattamelata » Wed Jun 11, 2014 10:33 am

I've always found it astonishing that some people select their financial services by buying the first one that knocks on the door.

Tadpole
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Re: Edward Jones came to my door

Post by Tadpole » Wed Jun 11, 2014 10:42 am

I had a visit from a EJ woman three years ago when we first retired and moved to this location. I cracked the door as I do for all strangers and politely sent her permanently on her way. We have had no more EJ visits. Perhaps this is a suggestion during their training of how to get clients and earn commissions. I am sure they quickly find that door to door unsolicited financial services doesn't work well.

Keim
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Re: Edward Jones came to my door

Post by Keim » Wed Jun 11, 2014 10:48 am

No, Tadpole. It is a requirement. They don't have to do much. Several hours is required.

HenryPorter
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Re: Edward Jones came to my door

Post by HenryPorter » Wed Jun 11, 2014 11:24 am

Make their job more interesting for you both. Next time an EJ rep comes to your door, tell him/her that you'll throw business their way if they throw business your way and open up their client list so you can market to them direct. What could it hurt? Tell them it is strictly business you are interested in and none of that "We earn every dollar" John Houseman mumbo jumbo.

123
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Re: Edward Jones came to my door

Post by 123 » Wed Jun 11, 2014 11:26 am

There was a write-up in the Wall Street Journal a few weeks ago about Edward Jones. While they can still have some success in smaller and less urban communities with door-to-door prospecting it doesn't work in urban areas when you come up against apartment/condo buildings with secure/keypad entries. They are adjusting their methods to be more social so I guess if someone says an unexpected hello to you at the gym, Starbucks, or the super market you might want to brace yourself for a possible pitch. It just goes to show that their primary job is to bring new assets in the front door for management.
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OkieIndexer
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Re: Edward Jones came to my door

Post by OkieIndexer » Wed Jun 11, 2014 11:36 am

Wow, have you ever had an account with Edward Jones? I'm just wondering why he came to your house...
Last edited by OkieIndexer on Wed Jun 11, 2014 11:39 am, edited 1 time in total.
"In bull markets, people say 'The more risk I take, the greater my return.' But when people aren't afraid of risk, they'll accept risk without being compensated." -Howard Marks, Oaktree Capital

protagonist
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Re: Edward Jones came to my door

Post by protagonist » Wed Jun 11, 2014 11:36 am

leonidas wrote:I have never been visited by a broker at my home before. I have never been cold called either. Must be doing something right or I am not considered a "whale" and worth the effort. Now if I can just stop the Jehovah's Witnesses from visiting I will be set!


I did that years ago by showing up at the door naked. They even stopped dropping off The Watchtower. Try it and let us know how it works out.

TFinator
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Re: Edward Jones came to my door

Post by TFinator » Wed Jun 11, 2014 11:37 am

I believe new people at Edward Jones make a 2 mile radius circle around their home and that is their new territory. You're expected to visit every house in that circle. Sounds rough.

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Clearly_Irrational
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Re: Edward Jones came to my door

Post by Clearly_Irrational » Wed Jun 11, 2014 11:40 am

NightFall wrote:His response was that he could consistently beat the market.


Then why is he wasting time working for Edward Jones? He should be basking in the millions he made on stock options or least running his own hedge fund.

OkieIndexer
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Re: Edward Jones came to my door

Post by OkieIndexer » Wed Jun 11, 2014 11:43 am

user5027 wrote:
Doc wrote:Having an EJ office in the strip center is a lot better than a [OT comparison deleted by admin LadyGeek --admin LadyGeek]


Are they that much different? :D


Probably not much, especially if they have CNBC on a big screen TV and a big second-by-second S&P 500 chart you can watch in there. :mrgreen:
"In bull markets, people say 'The more risk I take, the greater my return.' But when people aren't afraid of risk, they'll accept risk without being compensated." -Howard Marks, Oaktree Capital

OkieIndexer
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Re: Edward Jones came to my door

Post by OkieIndexer » Wed Jun 11, 2014 11:50 am

Door-to-door sales seems so...1994. Or 1929.

I haven't had any door-to-door salesmen knock on my door since around 1994. I think he was selling encyclopedias.
Last edited by OkieIndexer on Wed Jun 11, 2014 11:54 am, edited 1 time in total.
"In bull markets, people say 'The more risk I take, the greater my return.' But when people aren't afraid of risk, they'll accept risk without being compensated." -Howard Marks, Oaktree Capital

Call_Me_Op
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Re: Edward Jones came to my door

Post by Call_Me_Op » Wed Jun 11, 2014 11:52 am

I wouldn't have answered the door.
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LongerPrimer
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Re: Edward Jones came to my door

Post by LongerPrimer » Wed Jun 11, 2014 11:53 am

I had to go to our local EJ office when I was looking for an annuity. Also went to many others including Vanguard and Fidelity, before I found an attractive product.
IMO, If it takes a door-to-door salesman to get people out of debt and into a investing mindset for their future and retirement, then it takes a door-door sales. I made a lot of mistakes that cost me a lot of money and mistakes that made me a lot of money. :happy

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Index Fan
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Re: Edward Jones came to my door

Post by Index Fan » Wed Jun 11, 2014 11:55 am

Doc wrote:Having an EJ office in the strip center is a lot better than a [OT comparison removed by admin LadyGeek --admin LadyGeek]


Disagree. Any company selling load funds is ripping you off. I doubt a [OT comparison removed by admin LadyGeek] overcharges that outrageously.

A nice office and well-dressed salesmen do not make good neighbors if they're thieves preying on ignorance. I'll take straight-up shady types over that.
Last edited by Index Fan on Wed Jun 11, 2014 11:57 am, edited 1 time in total.
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HardKnocker
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Re: Edward Jones came to my door

Post by HardKnocker » Wed Jun 11, 2014 11:56 am

I get home improvement salesman several times a year.

Also "students" soliciting for environmental organizations.

And Jehovahs Wtinesses.

And Mormons.
“Gold gets dug out of the ground, then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility.”--Warren Buffett

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cheese_breath
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Re: Edward Jones came to my door

Post by cheese_breath » Wed Jun 11, 2014 11:56 am

Tell him you sell Kirbys and to wait at the door while you got your demonstrator.
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lws6772
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Re: Edward Jones came to my door

Post by lws6772 » Wed Jun 11, 2014 11:57 am

One came to our door a few years ago. I kinda felt sorry for the guy. With all the good information out there today, it's amazing that an Edward Jones still exists.

protagonist
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Re: Edward Jones came to my door

Post by protagonist » Wed Jun 11, 2014 12:01 pm

TFinator wrote:I believe new people at Edward Jones make a 2 mile radius circle around their home and that is their new territory. You're expected to visit every house in that circle. Sounds rough.


In which case I would advocate for a mandatory National Stockbroker Registry, similar to existing sex offender registries. It would be a good thing to know about prior to purchasing a home.

likegarden
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Re: Edward Jones came to my door

Post by likegarden » Wed Jun 11, 2014 12:02 pm

I had two visits by EJ people. I live in a suburban town of 37,000 people. First EJ opened an office right next to a Starbucks in the center of town close to a mall. That broker visited my home, must have visited every house on my street. Last year a lady came buy from EJ, stating that she is reopening that office, so that must have failed, asking me financial questions. I mentioned index funds and Vanguard, which she did not recognize. Thereafter I got an invitation to grand opening in that office, that went into the garbage. I noticed that my town now has 4 EJ offices.

Grt2bOutdoors
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Re: Edward Jones came to my door

Post by Grt2bOutdoors » Wed Jun 11, 2014 12:07 pm

NightFall wrote:A broker from Edward Jones showed up at my door last night. I'm not sure how common that is, but it was the first time it ever happened to me. He was trying to convince me to invest in American Funds. Class A shares had a 5.76% front-end load with a 0.61% ER. Or class C shares had no load but a 1.31% ER. I attempted to explain that Vanguard had funds with much lower ERs. His response was that he could consistently beat the market. I think I stopped listening at that point.

Just wanted to thank everyone on this board for the education in passive investing... I might not have known what a horrible deal this was otherwise. I'd hate to think that some of my neighbors might have bought into the pitch though.


Take him up on the offer! But first, have him deposit at an independent bank in an escrow amount $100,000 in cash. The proceeds are payable to you if he fails to consistently beat the market or him if he consistently beats the market after fees. :twisted: I guarantee you he will walk away with his tail between his legs. :P
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

Grt2bOutdoors
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Re: Edward Jones came to my door

Post by Grt2bOutdoors » Wed Jun 11, 2014 12:11 pm

likegarden wrote:I had two visits by EJ people. I live in a suburban town of 37,000 people. First EJ opened an office right next to a Starbucks in the center of town close to a mall. That broker visited my home, must have visited every house on my street. Last year a lady came buy from EJ, stating that she is reopening that office, so that must have failed, asking me financial questions. I mentioned index funds and Vanguard, which she did not recognize. Thereafter I got an invitation to grand opening in that office, that went into the garbage. I noticed that my town now has 4 EJ offices.


There was an article about EJ and how much their advisors make on average - $200K, so for $200K in compensation plus the ability to set your own hours, I expect to see alot more of those office opening. In fact, they opened one up about 2 years ago nearby my home, I drove by it with my wife and had her promise if anything happened to me she would steer clear of EJ, Mother Merrill, Morgan Stanley, Raymond James, LPL, AXA and any agent associated with a life insurance company. They had to be fee-only, no-load and Vanguard funds only. :happy
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

Grt2bOutdoors
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Re: Edward Jones came to my door

Post by Grt2bOutdoors » Wed Jun 11, 2014 12:16 pm

leonidas wrote:I have never been visited by a broker at my home before. I have never been cold called either. Must be doing something right or I am not considered a "whale" and worth the effort. Now if I can just stop the Jehovah's Witnesses from visiting I will be set!


There's a solution! Obtain a Black Sabbath t-shirt or AC/DC shirt with Who Made Who lettered on the front - wear it when you open the door next time! They won't be coming back. One of my relatives is famous for doing this and it gets rid of those pests all of the time.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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pjstack
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Re: Edward Jones came to my door

Post by pjstack » Wed Jun 11, 2014 12:24 pm

This must be a long standing practice for EJ because a few years ago (more than two, anyway) an EJ guy rang my doorbell. I told him no thanks and that my investments were with Vanguard. He waved good bye and headed to the next house.
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sunnywindy
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Re: Edward Jones came to my door

Post by sunnywindy » Wed Jun 11, 2014 12:46 pm

In the 1990's I used to live in a small rural town of 8,000 and one of my friends was one of two EJ brokers (or whatever they call themselves). Although we all know EJ is a ripoff and has been described as the "sewer" of the investment business, my friend did convince quite a few people to get into the market. I don't have a clue what funds he invested them in, but they are definitely better off invested than not - high ERs included. Through door to door contact he got one client that previously didn't even have a bank account and kept money in a box!
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NAVigator
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Re: Edward Jones came to my door

Post by NAVigator » Wed Jun 11, 2014 2:31 pm

I had an EJ person stop at my house about a month ago. I tole her what my portfolio average expense ratio is with Vanguard and there are no loads. I explained further that investing directly without a broker was very beneficial and I retired comfortably. She left, looking for the next victim.

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Re: Edward Jones came to my door

Post by Jack FFR1846 » Wed Jun 11, 2014 2:47 pm

The last door to door person came to our door. My wife told her that I make all the decisions and I'm in the garage. She walked the 200 feet to the garage and said "your wife sent me out here to you". I wondered why my wife was sending a pretty co ed out to me

The funniest part of the story was later hearing that my wife said that I made all the decisions.
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Doom&Gloom
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Re: Edward Jones came to my door

Post by Doom&Gloom » Wed Jun 11, 2014 2:48 pm

It could be worse. He could have come to your family :(

My stepdaughter has been married about 5 years. Her husband has a twin brother who went to work for EJ a year or two ago. Few of his relatives have more than a few nickels to rub together, but I am worried about what might happen to the finances of my stepdaughter and her husband if his twin gets his hands on them. For "political" reasons, I have chosen to keep my distance from the undoubtedly looming issue. However, I have let my wife know of my concerns but have not encouraged or discouraged in any direction. However, she has seen first-hand what a poor money-manager has done to her elderly mother's finances and is aware of my opinion that the son-in-law's twin would likely be far worse.

I wish it would be as simple as my stepdaughter saying "No, thank you" and closing the front door.

lululu
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Re: Edward Jones came to my door

Post by lululu » Wed Jun 11, 2014 3:06 pm

Door to door...and I thought phone calls from "card services" was aggravating.

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Re: Edward Jones came to my door

Post by Sheepdog » Wed Jun 11, 2014 3:15 pm

It has been over a decade since I received a call from a broker. The person was with Smith-Barney. She had some wonderful opportunities for me, of course. I did listen for a few minutes, but showed no interest. "With whom do you invest with, if I may ask?". I said "Vanguard for a number of years. I have been very successful with them." "Oh, you are one of those 'no load' people", she said quite sarcastically. I was perturbed, but she thanked me somewhat and hung up. That was a pleasure.
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Re: Edward Jones came to my door

Post by tetractys » Wed Jun 11, 2014 3:20 pm

I would be really tempted to bait them along a long journey to a snarky laughing "NO DICE!" conclusion, sucking out every line of BS from them along the way. But that wouldn't be very nice would it? So they would get a polite firm, "have a nice day, no thanks." -- Tet

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Re: Edward Jones came to my door

Post by LadyGeek » Wed Jun 11, 2014 3:32 pm

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