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The series of painful articles by Sylvia Kronstadt generated some mixed reactions on the board. But on the whole, I think the community was negative on Edward Jones.
Looks like since our thread, FINRA opened and closed an investigation into Edward Jones based on the info in the article. Apparently, no judgement was handed down, either way.
I use Edward Jones only because of an Inherited IRA. I was able to get into TGTRX with some of the money. Other funds were American and Invesco. I was able to find a few acceptable funds but it was slim pickins for good funds.
As long as you are telling them were to put your money there record keeping is excellent and all trades can be done over the phone.
If you are not inclined to do research on your own and are at the mercy of EJ to pick your funds you are in trouble.
Reply to @Crash: Well, you actually made a new "independent" post, rather than a "reply" to Charles. The difference is subtle, and actually not all that important. Since you are new to MFO, you may find the User Guide to be helpful for getting the most out of this site. It's available as a pdf, in the blue tool bar above, under "Resources".
With respect to your actual question re Edward Jones, I have no personal experience, but in hanging out here for many years I've heard very little good said about them, and quite a lot of negative commentary.
That's very clear. Thank you, Art and Old Joe. I decided to cancel the appointment. I called a Merrill Lynch guy who was recommended to me. He was very nice, but then he let me know that their customary threshold is $250,000 per client or family. I'm nowhere near THAT. But he was kind enough to offer to spend some time about what do do with my stuff. I'm taking him up on his offer. The funds I own were not picked randomly, but it's a mish-mash, by now. I appreciate the responses.
Reply to @Crash: You would be far from the first to get a lot of advice, both general and specific, right here on MFO. I would trust the folks here over EJ or ML any day. There are quite a few experienced investors who are usually happy to offer advice, suggestions, and knowledge regarding specific investment issues.
If you decide to try that, they'll want to know (at least) the following: • Your present age, and desired retirement age • Your investment goals, and any special issues • Your comfort level with various types of funds • What type of investment vehicles may be available to you • Your present situation (usually expressed as percentages, not the actual dollar amounts
Comments
The series of painful articles by Sylvia Kronstadt generated some mixed reactions on the board. But on the whole, I think the community was negative on Edward Jones.
Here is full article: Edward Jones Saga
Looks like since our thread, FINRA opened and closed an investigation into Edward Jones based on the info in the article. Apparently, no judgement was handed down, either way.
Here is a FINRA BrokerageCheck Report, dated 11 March 2012.
Here is another article by Motley Fool: Can Your Edward Jones Financial Advisor Really Serve Your Best Interests?
In my (biased and uninformed about your personal situation) opinion, if you are posting on this board, you do not need Edward Jones.
As long as you are telling them were to put your money there record keeping is excellent and all trades can be done over the phone.
If you are not inclined to do research on your own and are at the mercy of EJ to pick your funds you are in trouble.
With respect to your actual question re Edward Jones, I have no personal experience, but in hanging out here for many years I've heard very little good said about them, and quite a lot of negative commentary.
Welcome to MFO.
If you decide to try that, they'll want to know (at least) the following:
• Your present age, and desired retirement age
• Your investment goals, and any special issues
• Your comfort level with various types of funds
• What type of investment vehicles may be available to you
• Your present situation (usually expressed as percentages, not the actual dollar amounts