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Old 04-27-2015, 07:32 AM
 
761 posts, read 639,058 times
Reputation: 2229

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Quote:
Originally Posted by TuborgP View Post
Don't know about your Edward Jonrs advisor but before giving them such lofty endorsements you may want to investigate their:
Corporate structure
Commission distribution
Hiring practices
Sales force retention rates

I agree with what you say.
I have a meeting today and plan to bring up some of the "cons" I have found by googling EJ.

I don't want to be pushed into load funds that the EJ advisor is going to gain commissions on.
Their PAS is considerably higher than Fidelity's.

I am not in a rush, so I need to do more research on EJ.
I have read quite a few mixed reviews on them.

Not that it's a deciding factor, my Fidelity advisor is a CFP.
The EJ person is not, but did explain some things better than Fidelity.

Since I 1st went to Fidelity and met with them, I took all of their charts and projections to EJ to see if they could do better and develop a better strategy.

I think it's only fair that I take what EJ presents back to Fidelity and then make my choice.

I am dealing with over $640K, so I want to make the best choice going into retirement.

Thanks!
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Old 04-27-2015, 07:39 AM
 
29,782 posts, read 34,880,403 times
Reputation: 11705
Quote:
Originally Posted by elliotgb View Post
I agree with what you say.
I have a meeting today and plan to bring up some of the "cons" I have found by googling EJ.

I don't want to be pushed into load funds that the EJ advisor is going to gain commissions on.
Their PAS is considerably higher than Fidelity's.

I am not in a rush, so I need to do more research on EJ.
I have read quite a few mixed reviews on them.

Not that it's a deciding factor, my Fidelity advisor is a CFP.
The EJ person is not, but did explain some things better than Fidelity.

Since I 1st went to Fidelity and met with them, I took all of their charts and projections to EJ to see if they could do better and develop a better strategy.

I think it's only fair that I take what EJ presents back to Fidelity and then make my choice.

I am dealing with over $640K, so I want to make the best choice going into retirement.

Thanks!
EJ has some good honest people working for them. The problem is those folks can find themselves out of work because of their compensation structure. Your advisor is pressured not to just make money for themselves but for the individuals in the structure above them. They tend to bring new agents in often who were salesman in other fields, often car salesman. Sorta like insurance sell to friends and family and after that it can be goodbye career. If they don't produce their revenue targets goodbye. Their evaluation is based on what? ROI for you or commissions and fees for those above them. There have been some good writing by former EJ sales folks.
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Old 04-27-2015, 07:59 AM
 
1,774 posts, read 2,444,536 times
Reputation: 5169
Quote:
Originally Posted by augiedogie View Post
I wouldn't touch one with a 10 ft. pole. Bernie Madoff anyone? I almost gave money to an Edward Jones rep. IT would have been a huge mistake. I might get better returns from an expert, but I don't have to worry about getting cleaned out either by a complete fraud.

I agree !!! My so-called financial planners were a joke from hell ! I was advised to get tech stock, invest in "Pacific rim" investments, you name it. What happened? I lost about half my money. I've never recovered. I hate them all. Money bores me and I don't have the time or inclination to read money magazine, etc. You'd think someone who calls themselves a financial planner would at least know something. The worst: Edward Jones. Next, AIG, followed by NY life. I wish I had bought all Tiffany jewelry - I'd be making a killing with no tax, selling it all now on EBAY.
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Old 04-27-2015, 08:03 AM
 
29,782 posts, read 34,880,403 times
Reputation: 11705
Quote:
Originally Posted by LivingDeadGirl View Post
I agree !!! My so-called financial planners were a joke from hell ! I was advised to get tech stock, invest in "Pacific rim" investments, you name it. What happened? I lost about half my money. I've never recovered. I hate them all. Money bores me and I don't have the time or inclination to read money magazine, etc. You'd think someone who calls themselves a financial planner would at least know something. The worst: Edward Jones. Next, AIG, followed by NY life. I wish I had bought all Tiffany jewelry - I'd be making a killing with no tax, selling it all now on EBAY.
Yup and AIG and NY Life are insurance companies.
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Old 04-27-2015, 11:53 AM
 
Location: SW US
2,220 posts, read 2,037,561 times
Reputation: 3829
No one has mentioned the American Association of Individual Investors.
AAII: The American Association of Individual Investors
They have a lot of useful educational information on their website, weekly newsletters and a monthly print magazine. They also have meetings in many cities.
I have belonged for several years and have gotten useful information from them.
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Old 04-27-2015, 12:54 PM
 
29,782 posts, read 34,880,403 times
Reputation: 11705
Quote:
Originally Posted by Windwalker2 View Post
No one has mentioned the American Association of Individual Investors.
AAII: The American Association of Individual Investors
They have a lot of useful educational information on their website, weekly newsletters and a monthly print magazine. They also have meetings in many cities.
I have belonged for several years and have gotten useful information from them.
Yup, and Bada Bing!
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Old 04-27-2015, 05:37 PM
 
Location: Florida
4,366 posts, read 3,706,500 times
Reputation: 4111
Quote:
Originally Posted by joni78 View Post
We've recently begun working with a CFP (fee only) in preparation for eventual retirement. Is a tax (specialist) accountant also needed to coordinate the financial advice with best tax strategies or will a good CFP incorporate that into their advice? Haven't needed an accountant so far but afraid I am very near, if not past, the limit of what I can understand. Terribly broad question, I know.
Taxes should not be a problem. A planner should know enough to help but they may not. Try them first.
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Old 04-27-2015, 11:05 PM
 
14,261 posts, read 24,004,620 times
Reputation: 20084
Quote:
Originally Posted by Windwalker2 View Post
No one has mentioned the American Association of Individual Investors.
AAII: The American Association of Individual Investors
They have a lot of useful educational information on their website, weekly newsletters and a monthly print magazine. They also have meetings in many cities.
I have belonged for several years and have gotten useful information from them.

I joined AAII this year as they kept sending me invites for a discounted membership. I figures that for the ~$30 they were charging that perhaps, I could get a few ideas on investments.

Their magazine is pretty good. They have meetings in Scottsdale 7x a year which have been pretty interesting. It has been well worth the membership fee.

What I like about them is that you get a lot of very bright people and that there is very little "groupthink" like you find with Bogleheads and similar groups.

I have not at this point used their website nor their portfolios.
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Old 04-28-2015, 10:48 AM
 
2,429 posts, read 3,226,304 times
Reputation: 3330
My mom's eldercare attorney's office recommended someone. I got them for her to help manage and consolidate her affairs.

After the initial appointments and consults....I checked in with the attorney only when there was a life-changing event.
I checked in the the financial planner about once, maybe, twice a year -- and we went over her statements.
My sibs and I did the day-to-day grunt work (managing the house, coordinating Drs., paying the bills) -- and checked in with the experts when needed.

Personally, given that I was managing my own life....I knew I wanted and needed a team to help me manage HER life.
We had a medical team....a legal team...a financial team. (In place before she really started failing....so that almost a decade later by the time eldercare issues really did kick in we'd been clients of all these professional for years. It was great that all that was already established and in place. They knew me. I knew them. I wasn't trying to establish new relationships AND introduce them to the situation. Everyone was up to speed all along the way. It was great.)

Last edited by rdflk; 04-28-2015 at 10:56 AM..
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Old 04-28-2015, 05:13 PM
 
Location: Downtown Austin
6,100 posts, read 15,396,946 times
Reputation: 5081
I don't use a CFP. Never have, never will.

Instead, we plow everything we can via our SIMPLE IRAs (wife and I are business owners) into a Vanguard Target Retirement fund, same amount, month after month, year after year, no matter the market. And we never think about it or do anything with it, especially in 2008, other than keep adding more. And the fees are extremely low.

Aside from that, we invest in real estate.

Smart investing is like losing weight. There is no secret, it's not complicated, anyone can do it. But the failure rate is high because people can't stick to a plan. Those people need external accountability, so the cost of a Planner may very well be less than the cost of their exposure to emotion-based mistakes.

Steve
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