Edward Jones?

Alsky · 08-16-2007, 06:01 PM

Anyone have any info on Edward Jones? Any and all input and opinions appreciated.

Thanks,
Al D.

salpro22 · 08-16-2007, 06:04 PM

I was offered a job with that company a few years ago. What do you want to know?

policy doctor · 08-16-2007, 06:08 PM

Your best bet is to find those financial forums where the security licensed brokers exchange info. Try top-gun producers.com and there was another one, registered rep.com.

You have to beat the bushes, just like insurance. I even had one guy canvass my neighborhood just a few months ago. I was so surprised....rarely do you see residential canvassing by professionals. (not the JW's, and handyman type). Had to compliment him for being gutsy....and encouraged him, of course.

A financial planner is an insurance guy with a securities license. My take on the matter.

Newby · 08-16-2007, 06:36 PM

Originally Posted by Alsky

Anyone have any info on Edward Jones? Any and all input and opinions appreciated.

Thanks,
Al D.

I know I've had all my retirment accounts with them for years but I'm in the process of yanking it all away. Assholes had me in a bunch of B-shares because I didn't know any better.

That place will fee you to death.

David C · 08-16-2007, 07:12 PM

Registered Rep. Magazine conducts a yearly survey of registered representatives guaging their satisfaction of the firms they work for.

Edward Jones and A.G. Edwards are always first and second.

Jones is not perfect, neither is NYL, Mass Mutual, Northwestern Mutual, Ameriprise, BCBS, Assurant, Ohio National, A.G. Edwards...

But they are a good place to be.

Macdaddy · 08-16-2007, 07:15 PM

At EJ you will not be a securities professional, you will be a prospecting professional. Get used to cold calling and door knocking.

Most guys that are good will use EJ as a spring board to get started, only because they don't know any better. I know a guy that started with them, left and took 90% of his book of business with him and he is now indy. Somehow he dodged the non compete clause.

Yes they will fee the clients to death, which is not generally good for the client. A better choice would be choosing to become a fee only adviser.

LGilmore · 08-17-2007, 01:26 PM

My impression of EJ is they want to be the starbucks of investment. They don't care if there are two EJ on the same block. They are trying to be everywhere, which is good and bad. It's good to get the name out there, bad if you're the local EJ guy and find yourself competiting against 3-4 other EJ guys for the same business.

Also I find their fee structure totally screws the client. They are an expensive place to park money.

al3 · 08-17-2007, 11:32 PM

Well, my personal financial (equities) advisor is a 24 year old EJ guy. He has had his office for 4 years. He is young, honest, and very knowledgeable. How do I know? Because I'm old, honest and very knowledgeable.

This is not an endorsement of EJ. What I'm trying to say is that each office is individually owned... not unlike each independent insurance agent (such as on this board.)

EJ fits my investment philosophy, which is why I do business with them. Then again, I'm probably far more conservative than most of you out there. I like to think that because of my investment philosophy, I'm far wealthier than those of you out there. Of course, I don't know. What I do know is that you MAY want to choose an investment company that matches your own individual philosophy... and then find the broker who 'works' with your own personality and who understands your own personal objectives. That's what I did and it has worked well. YMMV.

As for fees... nothing is free. So long as I get the representation, the integrity, and the advice that I request, I feel I'm getting good value for my money. If you need to manage a large portfolio you want someone who will take the time and make the effort to do a good job. Maybe there are brokers in the large wire houses who will/can do that, but I like to deal with small business people... because I'm a small business "people."

Al
www.insurancesolutions123.com

LGilmore · 08-18-2007, 02:00 AM

Al3 as a kid I used to think that way about my pc agent who handled my car insurance. Always nice, a great guy. A great guy who drove a porche targa with help from my premium dollars. Taught me about where my money goes.

I don't disagree with some of your statements, but it does make sense to see if your paying fair dinkum for what you're getting. I know your EJ guy's gotta eat, but sirloins not going to hurt him.

al3 · 08-18-2007, 02:16 AM

Originally Posted by LGilmore

al3 as a kid I used to think that way about my pc agent who handled my car insurance. Always nice, a great guy. A great guy who drove a porche targa with help from my premium dollars. Taught me about where my money goes.

I don't disagree with some of your statements, but it does make sense to see if your paying fair dinkum for what you're getting. I know your EJ guy's gotta eat, but sirloins not going to hurt him.

There is truth here in the following passage. You have to search for it, but it's there... and if you see it you will understand why I pay what I pay.

Johnny Ola: Hyman Roth always makes money for his partners. One by one, our old friends are gone. Death, natural or not, prison, deported. Hyman Roth is the only one left, because he always made money for his partners.

Al

PS: Dominic Chianese played Johney Ola in the Godfather II... and Corrado 'Junior' Soprano.

James · 08-18-2007, 02:20 AM

Just as long as they are honest with their fees, which isn't specific to EJ. Yet with the Merril Rule now defunct, all of the settling has not yet been seen.

RolloverCoach · 08-18-2007, 09:51 PM

My first financial job right out of college was with Jones.
Not a bad firm depending on what you want your practice to be like.

They have a limited mutual fund product line.....like 8 fund families...
Rumor is they are introducing a fee-based account this year sometime...

My opinion is that the Jones setup is more suited for small towns.

Mr. Bill · 08-19-2007, 11:21 PM

I believe all (if not most) of the dirt on Edward Jones can be found at registeredrep.com - look into advisor forums. Seems like EJ is a bit of a "cult" - remember, cult members are pretty happy with their cult, so you should expect the members to give the cult leaders high marks, right?

Every financial advisor has different methods to approach solutions. Which is another reason why there is also so much disgust/disappointment within the advisor community with respect to Dave Ramsey!

salpro22 · 08-20-2007, 01:39 AM

Originally Posted by Mr. Bill

I believe all (if not most) of the dirt on Edward Jones can be found at registeredrep.com - look into advisor forums. Seems like EJ is a bit of a "cult" - remember, cult members are pretty happy with their cult, so you should expect the members to give the cult leaders high marks, right?

Every financial advisor has different methods to approach solutions. Which is another reason why there is also so much disgust/disappointment within the advisor community with respect to Dave Ramsey!

I ran into a client who is a big fan of Dave Ramsey. This guy had not had coverage for him and his a family for about 3+ years. He wanted health and life insurance. Great, I won't be needing Viagra tonight honey

Anyways, this guy first wanted 1,500,000 of Term Insurance and a health insurance plan. Here's the run do of the conversation.

Me: Fair enough....a health insurance plan will cost you between $250-$400 a month a term product of that size is probably around $90 a month? Does that fit into your budget?
Guy: Yes
Me: Ok, how did you come up with 1,500,000 of term life insurance.
Guy: Have you heard of Dave Ramsey. He says that your life insurance should last about 10 years and should be no more than 10 times your annual income.
ME: Ah, I see where your coming from. Hold on second will you, I need to put a bit more jack in this coke. Ok, I'm back, so you are saying you make e $150,000 a year driving a truck locally?
Guy: Yes
Me: Wow, you must be very proud. Are you hiring????

further qualifying...yadda yadda yadda....I'd like to schedule a follow up call within the next few days so I have time to contact the insurance carriers and get their offers so I can present them to you so you can make a decision. When is a good time and day within the next few days that you will have about 10 minutes to go over everything?
Guy: Actually, that would be great. Could you e-mail them to me. I'm going on vacation and will be gone. Can you call me back in 1 month.
Me: Not a problem. I'm actually going on vacation myself to Africa to find Moses and Jesus. How about we shoot for the middle of July?
Guy: Sounds good.

Middle of July

Ring ring....

Me: Hello, this is yadda yadda yadda. I'm just calling you back to see if you have any questoins about the e-mail proposal I sent you regarding the health insurance rates you requested.
Guy: Actually, I haven't had a chance to look at them. I got a quote for about $68 a month from a company in Baltimore for $500,000 in term life insurance.
Me: Oh yeah, what happened to wanting $1,500,000 in life insurance and a health insurance plan?
Guy: Uhhh, I have decided I don't want the health insurance time.
Me: No ****.......
Guy: What was that?
Me: That's a shift.
Guy: Yeah..
Me: I thought you wanted more life insurance.
Guy: As I said before, Dave Ramsey sells you should get no more than 10 times your annual income in life insurance then self insure.
Me: Ok, what happens at the end of the 10 years.
Guy: We self-insure. Are you familiar with that term??????
Me: I am familiar with the term. Would you be kind enough to tell me what your thoughts are on self-funding.
Guy: Listen, I know what I need because Dave Ramsey knows his stuff. Can you beat $68 a month.
Me: I'll tell you what. I do think I can help you.....
Guy: Ok
ME: Do me a favor and get a pen and paper so I can give you some great info.
Guy: ok, got it.
Me: Elvis isn't dead.........click...........

Mr. Bill · 08-20-2007, 08:14 PM

I think what I'll do is start a Dave Ramsey thread, if there's already one out there, too bad!

As far as EJ - I would still argue a bit of a cult.

MIBizInsurance · 08-20-2007, 09:42 PM

Personaly, I'd stay far away from them.

Decent place to start and learn to prospect but after that you'll be looking to move. Well unless you have blinders on or as they say "drink the kool aid"

For those that have a large portion of investments with them well again personaly I'd check what kind of shares ( Bet I know what they are../wink)) and review/get a review of investments.