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We use Edward Jones and I love our rep. His office is just down the street and he has provided us with many other connections in the community that have been great. Dare I say, he's almost become a friend.
Refreshing really.
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!
Last edited by 40+; 02-18-2008 at 04:59 PM..
Reason: changed some wording
I am leary as they came up as one of the hottest Fanchises to buy for new business owners. I have had good luck with my Bank investing for me as well as American Express.
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.
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.
Just keep in mind, if these guys were investment geniuses, they sure wouldn't be working for you - or anyone else for that matter. Look around, walk through stores, what brands do you see? Where do you consistently get good service? Those are the companies you should invest in.
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.
I am leary as they came up as one of the hottest Fanchises to buy for new business owners. I have had good luck with my Bank investing for me as well as American Express.
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.
Someone mentioned going to Brokers-Rating.com to check them out and that they were 50/50. I checked it out and they were 21/79 (79 was NEGATIVE). Obviously, EJ's marketing and employees certainly search these sites and make positive comments because they are hard nosed salesmen. Good luck getting your money out if you ever want to close your account b/c in my experience your broker won't be in town and once he is actually available he will argue with you, trying to interrogate you about what you are going to do with your money. That's just my experience though.
I had a bad experience with EJ and will not be going back. They failed to fix their own mistake in managing my portfolio and cost me $9,200. Letters to corporate office did not help. Enter at your own risk.
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.
This is exactly what I do. For the accounts that need a broker I use Edward Jones - no issues and great service for twenty years. I sit down with my rep every year and review my accounts with her - she's great! For everything else I have a TD Ameritrade account. It's worked well for me.
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