Feedback on Edward Jones financial services...

KFC911 · 11-07-2016, 10:52 AM

Not for me, but need to get my parents on one that isn't the whore dawg of the industry

. Don't want to drop names, but it starts with Ameri and ends with prise....dad has finally come around and was talking casually with an EJ guy, who reiterated what I've been suggesting for a LONG time. I never pressed the issue however....I've got their back

aschen · 11-07-2016, 11:00 AM

I thought EJ was the worst of the worst? I am just repeating 3rd hand gossip so I could be off base though.

LakeCleElum · 11-07-2016, 11:06 AM

It more about the agent than the company. Find an agent that has been there many years and he will have many pleased clients.....The young ones that are not that good cannot survive....I've been with my guy over 20 years......He was at Edward Jones, but is now at Raymond James....I had huge pressure from the guy that took over his old office......Look for referrals from locals for sure...

KFC911 · 11-07-2016, 11:42 AM

Quote:

Originally Posted by LakeCleElum

It more about the agent than the company. Find an agent that has been there many years and he will have many pleased clients.....The young ones that are not that good cannot survive....I've been with my guy over 20 years......He was at Edward Jones, but is now at Raymond James....I had huge pressure from the guy that took over his old office......Look for referrals from locals for sure...

Several years ago at breakfast, I ran into a guy two years behind me in hs. Super smart, class pres, and a first rate guy...dad was a local atty. He told me he worked for EJ or RJ, can't recall, but he wasn't trying to recruit, just saying hey after 30 years. Dad doesn't seem interested in him though

. I will be involved with whichever direction they take...more hands on with their approval at this point. Thanks all!

legion · 11-07-2016, 12:07 PM

I was a finance major in college. One potential career path for me was to be a financial analyst. It is a cutthroat industry. Something like 95% of new hires don't last a year. You are expected to produce and if you don't, you're gone. Each year in the industry gets easier as you build a book of business, but the first few years are low pay and high stress.

What that means for customers is they must know their financial analyst/consultant/broker is paid 100% on commission. All of them make some decisions based on what is best for them (their commissions, goals, etc.). If they didn't they never would have lasted in the business and would have washed out in their first few years.

Bottom line, no one cares as much about your money as you do. Investing in a no-load index fund will beat most financial analysts over a 5-year period and will beat ALL financial analysts over a 10 year period. Paying someone to "manage your money" is either for those who want to make large bets on the market, or those who are fools and wish to be separated from their wealth.

KFC911 · 11-07-2016, 12:25 PM

Thanks Chris, I appreciate that! But you didn't tell me anything I didn't already know, and I've been managing my own, "hands on" for a long time now...started around age 40, and I've done well. But my parents are 80, and I, for various reasons do not want to play that role for them. I will attempt to oversee and steer them into low fee funds however. They've had the same advisor for decades, nice guy, former beer drinking by the pool buddy, but he's just a salesman

. I didn't have anything to do with it...he took over their former advisor's accounts. Thanks again...hope your job situation is working out too!!!

Rick Lee · Rick Lee's Garage

I was with EJ, but my guy then moved to Wells Fargo. He was the first guy I met when I moved into the freshman dorm in college and we've remained close. I trust him 100%. If it weren't with him, I have no idea where I'd go.

KFC911 · 11-07-2016, 12:30 PM

Quote:

Originally Posted by afterburn 549

They SUCK

Yeah, but they might suck less if I have any say in the matter

Care to expand...their current one sucks too...sorta like tomorrow's choices

wildthing · 11-07-2016, 12:58 PM

Two words: fiduciary duty.

Also: napfa.org

DanielDudley · 11-07-2016, 01:03 PM

I have done very well with them, but my gal is number one in the country, so that might have something to do with it.

KFC911 · 11-07-2016, 01:08 PM

Quote:

Originally Posted by wildthing

Two words: fiduciary duty.

Also: napfa.org

Spare me

. I was a former AVP at Wachovia (now WF) though I was s systems/networking guy decades ago....FD is a freakin' joke

KFC911 · 11-07-2016, 01:17 PM

Quote:

Originally Posted by DanielDudley

I have done very well with them, but my gal is number one in the country, so that might have something to do with it.

That's the thing...my parents have done well, but could have done SO much better imo....it's all relative

. Are you in low fee funds? You're a really smart guy....are you hands on with your stuff or does she call the shots with your approval? I have no problem managing my own stuff, but for some reason have hesitated to tell my parents what to do...until now...I reckon I need to

.

legion · 11-07-2016, 04:18 PM

One more thing for perspective: why do you think mortgage-backed securities ended up in so many people's portfolios in the mid-to-late 2000's? It wasn't because it was good for investors. It was because good commissions were paid for placing them with customers.

legion · 11-07-2016, 04:19 PM

Quote:

Originally Posted by KC911

Thanks again...hope your job situation is working out too!!!

Waiting on an interview date at this point. Today was another day that reminded me why I posted for that job.

rattlsnak · rattlsnak's Garage

My family has been with EJ for 20+ years, no problems at all.

Brian 162 · 11-07-2016, 05:49 PM

I don't think it matters which company you're dealing with. I think the adviser you use is more important.
I had one adviser that was dumber than dirt. He was good at losing my money.
My ex recommended her adviser. I've used him for 15 years. He's moved around to different companies but I have good returns every month (except in 08). I just keep follow him when he switches companies.
He's now with Raymond James.

R K T · 11-07-2016, 06:03 PM

^^^^

Totally opposite opinion here.....

It does not matter who your local advisor is or what he or she does!

I am with EJ and have done really well. Not because of the FA, because I wanted my accounts to be "advisory accounts".

That sounds contradictory. But an advisory account is watched by a panel of top advisors at the corporate headquarters not just one local person. BIG DIFFERENCE. There are higher fees with this type of account but the returns are worth it.

KFC911 · 11-07-2016, 07:11 PM

Thank you all for your experiences and input. I know, based upon my own track record, that I can out perform the vast majority of managed accounts, but I REALLY don't want to take on that role for my parents' accounts either for several reasons

.

Decisions, decisions, decisions....

Brian 162 · 11-07-2016, 08:30 PM

Quote:

Originally Posted by R K T

^^^^

Totally opposite opinion here.....

It does not matter who your local advisor is or what he or she does!

I am with EJ and have done really well. Not because of the FA, because I wanted my accounts to be "advisory accounts".

That sounds contradictory. But an advisory account is watched by a panel of top advisors at the corporate headquarters not just one local person. BIG DIFFERENCE. There are higher fees with this type of account but the returns are worth it.

That's how my account is handled.

KFC911 · 11-08-2016, 02:49 AM

Would you guys with EJ "advisory accounts" mind sharing more details? What type of returns have you had over the past 5, and more importantly, 10 years, and what type of funds etc. are you actually invested in? This might be something I would consider for them. PM if you don't wish to share publcly...thanks!