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Old 01-21-2008, 04:10 PM
 
Location: Middle TN
125 posts, read 397,855 times
Reputation: 59
Default Edward Jones-Any 1 Use Them?

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.

Edward Jones
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Old 01-21-2008, 05:12 PM
 
Location: Maryland
1,668 posts, read 5,124,099 times
Reputation: 1468
I've use Dean Witter, but Edward Jones is a top-notch company. However, if you want to read negative reports, look at the site "Ripoff Report - By Consumers For Consumers". There's plenty on any company, you make the choice on how relevant their comments are to you. Personally, I would have no problem with a firm like that. When I was searching for a broker, I interviewed them to see where they invested their personal money. When I found one with my ideals, I hired him.
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Old 01-21-2008, 05:35 PM
 
531 posts, read 781,372 times
Reputation: 136
I think if you are going to pay for an advisor, Edward Jones is the best way to go. They steer all their reps to have the same philosophy ( buy in hold quality mutual funds for long time) If they're you're investing in mutual funds tell them you prefer American funds. (that's their favorite fund family and it's a very good one)
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Old 01-21-2008, 09:15 PM
 
Location: Middle TN
125 posts, read 397,855 times
Reputation: 59
Thanks for the feedback. My history of brokers started when I entered the school district as a classroom teacher. I was woefully naive of finances and investing and thought the company in the same building was part of the district.

After some negative reviews, I took what investments this first broker set up for me and worked with a Primerica rep. He was the son-in-law of a teacher I respected. He was a good guy, but I was looking for no-load mutual funds and was influenced by Bob Brinker a lot. Hating any middle-men, this wasn't for me, but with the hold harmless agreement, I was seriously limited to my choice of M-funds.

This rep disappeared and I was assigned a new rep from Primerica (he went to sell used cars for Infinity) and then the district assigned me a new broker. All brokers have done basically nothing for me and have been necessary evils if you will. My 403b and Roth Ira need a broker so I am stuck.

I liked the rep from Edward Jones, he's local, he's over 50 (Mr. Primerica was 28), and if I don't like him I can always replace him with someone else. His philosophy is in line w/Brinker and they don't look for a quick fix, nor do I.

Yet, I know he is in business and after the initial courtship, he will fade away until needed. There really isn't a lot of affection needed with my accounts, just monitoring a few times a year.

The one thing I am concerned with his my liquid account w/about $50k. I am working part-time now and don't want this to get locked up. It is a Vanguard acct in the S&P and Wilshire 5000. Any thoughts on this acct with Edward Jones?

PS--I did the consumer rip off report for Edward Jones and didn't find much...which I guess is good. Can you send a link to negative reports?

Thanks again.

Last edited by Pocketplayer; 01-21-2008 at 09:53 PM..
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Old 01-22-2008, 10:59 AM
 
Location: WA
3,939 posts, read 12,275,384 times
Reputation: 2735
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.
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Old 01-22-2008, 05:12 PM
 
Location: Middle TN
125 posts, read 397,855 times
Reputation: 59
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.
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Old 01-22-2008, 06:20 PM
 
Location: Highland Creek, NC
690 posts, read 1,183,771 times
Reputation: 268
Used them for 5 years, no problems.
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Old 01-22-2008, 06:48 PM
 
Location: Maryland
1,668 posts, read 5,124,099 times
Reputation: 1468
Well, you're definately right about checking Ripoff Report. There are only 5 entrys. Even checking Brokers-Rating.com (good comments section), most brokers stay about 50/50 in pros and cons. No place is squeeky clean. Looks like Edward Jones is as good as it gets.
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Old 01-23-2008, 03:58 PM
 
Location: Middle TN
125 posts, read 397,855 times
Reputation: 59
I like the idea of the relationship with the broker as more important (for the most part) than the company. I think I found a good rep and we hit it off immediately. He's local and like most brokers has an umbrella of funds they like to use. This makes sense.

I also am thinking about Ric Edleman
He has a radio show and I am always impressed with what he says. Just wrote a new book as well and offer a lot on the site regarding personal management. What do you think?
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Old 01-23-2008, 04:05 PM
 
Location: Marietta, GA
857 posts, read 3,071,184 times
Reputation: 690
Quote:
Originally Posted by cdelena View Post
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.
I use EJ and I have a sit-down with my broker every year or so. I make my own decisions, and most of my money is in Fidelity, T Rowe Price and Vanguard because of the low fees, but I like to sit down once in a while with someone who does this for a living and compare notes. I don't mind him making some money off of me when I add to my SEP, but I am not going to move the rest of it over.
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