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I dropped EJ many years ago after high transaction costs turned me sour. Since I make my own investment decisions it is much more effective for me to use Fidelity and Vanguard.
Yes...I'm all for this, BUT...what about acct's that must have a broker (403b)? I'm not sure about my Roth Ira. Then I need someone. EJ guy wants to roll over 403b (not investing in now) into another fund.
For the accts I need a broker, the basic expense is what it is. I have American Funds now as it is and my TSA will not allow no-load funds. They have a specific list of funds I can use.
I've actually been researching this company to become one of their Financial Advisors. They are a unique company in that they have just 2 person offices in the local community rather than big fancy offices in the downtown areas.
They have great morals/values and want to do what's best for the client. They want to build a relationship with you. They will not put you into anything too risky.
As for fees...well, that's how they get paid. Is it better to invest in no load mutual funds or discount brokerage firms? Yes, of course, but if you sit around and do nothing that's far worse than paying the small fees to buy their recommendations.
Happy Investing!
There are other funds that do just as good as AF's but without the load. I have AF's Class A shares for my Roth IRA. I am not sure if I want to keep putting more money into a loaded fund or move out.
Are you no longer employed by the provider of the 403b? If not, you can simply roll your 403b over to a traditional IRA with a DISCOUNT broker like Scottrade, TDAmeritrade, etc. You can move your Roth (wherever it is) there as well. Then you'll be free to invest in low-cost options like no-load funds, ETFs, whatever you want, and not get killed in fees & commissions like you will with ANY full-service brokerage like Edward Jones.
Or am I misunderstanding your situation?
You also cannot buy American Funds without a load directly.
I have an account with them and I like the rep very much. I think he is knowledgeable and has integrity. But, in the back of my mind I always remind myself that he is a commissioned salesman who needs to get me to move my money over to him so he can make a living.
I give him a portion of my financial picture and let him do his analysis. Then I consider his suggestions and give him a portion to invest because I think he deserves to make some money for his time and effort, but I make up my own mind on the part he doesn't know about.
They will offer you what makes them the most money, remember that.
The funds the American Express rep tends to steer you into are generally very high fees with an average return rating. The tend to be load funds, with high expense ration, and a 12-1b fee.
I recently switched over to TD Ameritrade. They have excellent online research tools (structured for the beginner to tools for the expert). They have a lot of No transaction fee mutual funds. I used their research tool to get a list of no transaction fee funds, no load funds, low expense funds, higher than average return (3, 5, and 10yr), reasonable risk level, 4 or 5 star morningstar rating (long-term). Have come out much further ahead with them over American Express.
Indirect anwer to original post. If using a broker I probably would go with Edward Jones, but with the online tools available now I would just go with TD Ameritrade.
Did you have a Roth IRA with EJ? The best person to manage your money is actually YOU! Good job on that.
Tradeking has the lowest fees but not sure about Mutual Funds.
Any FA that works on commision will tell you what YOU want to hear and what makes them the MOST money from you.
The best FA is YOU! Do your homework. Its not that hard to learn. That expert guy with 20+ experience in Wall Street is no better then you.
I'd have to disagree with this. Most people are morons when they have money to invest and its not for a lack of simple knowledge. A good financial advisor whether from Wall Street or Main Street will beat most amateur investors by simply controlling their emotions better. Add on top of that how many non-sense strategies run of the mill investors follow and I'd say a majority of people need some advice. I won't go so far as to say they need someone like EJ or a Wall Street backed advisor, but they need someone to work with on a plan to follow and then they need to follow it. Most DIY investors can do this for a little bit and then they get off the track. If for nothing else they need an advisor to at least point out to them that they are going off the track on a regular basis.
I'd have to disagree with this. Most people are morons when they have money to invest and its not for a lack of simple knowledge. A good financial advisor whether from Wall Street or Main Street will beat most amateur investors by simply controlling their emotions better. Add on top of that how many non-sense strategies run of the mill investors follow and I'd say a majority of people need some advice. I won't go so far as to say they need someone like EJ or a Wall Street backed advisor, but they need someone to work with on a plan to follow and then they need to follow it. Most DIY investors can do this for a little bit and then they get off the track. If for nothing else they need an advisor to at least point out to them that they are going off the track on a regular basis.
They are morons because they don't take the time to learn how money works. Even Warren Buffett has been wrong at times.
There is no guarantee of anything for the future. The disclaimer says that.
You and I can control the emotions. There is enough free advice and tools on the Internet right now for you and I to manage our own money.
Had a meeting with a local Edward Jones rep today to take over my current accounts as a broker/adviser. Good man, but wondered if anyone had any feedback/ feelings on this company.
A relative of mine had an IRA with Edward Jones.
Many decades from now, when you pass away, E. Jones will have all sorts of requirements and paper work and phone calls and delays to let your beneficiaries get the funds. Otherwise they are fine, they send the statement every month and do not try to sell you things.
If a broker is going to try to be a salesman, then I walk out the door.
If you are going to pay for advice, I'd stick with a major firm like Charles Schwab.
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