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#4445729 - 06/30/17 08:23 AM Finance "Advisor" wants BADLY to see wifey TODAY!
SumpChump Offline


Registered: 02/11/14
Posts: 1975
Loc: Upper Midwest by the Lakes USA
So what finacial rules got stripped back recently? Edward Jones guy wants to talk to wife today about her Roth IRA and about being "grandfathered" as the secretary put it, before July 1. So either some regulations got peeled back and the IRA fund is going to pull something with their newfound freedom or he gets to pull something with his newfound freedom. Either way somehow i suspect it isnt good news for us the consumer. I'm sure he'll sugar coat it as "a few small changes" or "some new options".

Anone have any idea?

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#4445737 - 06/30/17 08:33 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: SumpChump]
maintenanceMan Offline


Registered: 04/18/09
Posts: 96
Loc: Alabama
I'm curious.

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#4445742 - 06/30/17 08:38 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: maintenanceMan]
SumpChump Offline


Registered: 02/11/14
Posts: 1975
Loc: Upper Midwest by the Lakes USA
Originally Posted By: maintenanceMan
I'm curious.


Will post the results of the "small tweaks" "new opportunities" "minor changes" "small increase but for better service" "just sign to allow".... etc song n dance.

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#4445743 - 06/30/17 08:39 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: SumpChump]
SVTCobra Offline


Registered: 12/11/09
Posts: 701
Loc: Battle Creek, MI
Not 100% sure this is what it is, but only thing I could find that would relate to IRAs, not Roth IRAs. Just a bill, not a law.

http://www.cnbc.com/2017/06/29/coalition-retirement-savings-tax-reform.html

Only other thing I saw, which was enacted earlier this month was that advisers had to be a fiduciary.
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#4445767 - 06/30/17 09:01 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: SumpChump]
WillsYoda Online   content


Registered: 10/17/15
Posts: 471
Loc: MN
Edward Jones is not good. Run, do not walk, away from them. Charming but they will take significant amounts of your money in fees. They are not your friend, although they may pretend to be. They are not fiduciaries. Do not let your family talk to him. Break all ties. Go to Bogleheads.org for discussions of Edward Jones and how bad they can be for you and your family.

Go here for more info...
goo.gl/1xkHEV

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#4445779 - 06/30/17 09:16 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: SumpChump]
Bud Offline


Registered: 06/04/02
Posts: 1715
Loc: Texas
Red Flag.
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#4445780 - 06/30/17 09:17 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: SumpChump]
PhillyJoe Offline


Registered: 03/19/09
Posts: 656
Loc: PA
Your wife should get a second opinion like everything else. Because:

"Churning means excessive trading by a broker in a client's account largely to generate commissions. Churning is an illegal and unethical practice that violates SEC rules and securities laws. While there is no quantitative measure for churning, frequent buying and selling of securities that does little to meet the client's investment objectives may be construed as evidence of churning."

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#4445785 - 06/30/17 09:19 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: WillsYoda]
larryinnewyork Offline


Registered: 02/10/12
Posts: 838
Loc: One Step Beyond
Originally Posted By: WillsYoda
Edward Jones is not good. Run, do not walk, away from them. Charming but they will take significant amounts of your money in fees. They are not your friend, although they may pretend to be. They are not fiduciaries. Do not let your family talk to him. Break all ties. Go to Bogleheads.org for discussions of Edward Jones and how bad they can be for you and your family.

Go here for more info...
goo.gl/1xkHEV


My thoughts exactly.

www.bogleheads.org is a Forum that discuss managing your own money using low cost Index Funds.
John Bogle is the Founder of Vanguard.

Do an internet search for bogleheads Edward jones
Read all the complaints people have with Ed.

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#4445786 - 06/30/17 09:19 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: SumpChump]
JMJNet Offline


Registered: 09/06/07
Posts: 933
Loc: TX, USA
There is a government regulation enacted in the previous administration about client's right but it actually reduces our freedom to direct our investment. It is regulated by the Dept. of Labor instead FTC.

You need to see the advisor that will explain why things need to be grandfathered or why things needs to be managed differently.

He/she will run different scenario and create a paperwork trail to justify your strategy to the government.


Edited by JMJNet (06/30/17 09:20 AM)
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#4445802 - 06/30/17 09:35 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: JMJNet]
Alfred_B Online   content


Registered: 05/12/15
Posts: 1966
Loc: America
Originally Posted By: JMJNet
There is a government regulation enacted in the previous administration about client's right but it actually reduces our freedom to direct our investment. It is regulated by the Dept. of Labor instead FTC.

You need to see the advisor that will explain why things need to be grandfathered or why things needs to be managed differently.

He/she will run different scenario and create a paperwork trail to justify your strategy to the government.


It's the regulation that the financial adviser must be a fiduciary, i.e. act in the interests of the client and not themselves. I don't think it has become effective yet, it was supposed to start to be rolled out this month. But the new administration doesn't like it and have indicated they might roll it back.

They probably want to roll OP's wife into a product that is exempt from the fiduciary duty to protect their bottom line.

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#4445804 - 06/30/17 09:36 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: SumpChump]
Alfred_B Online   content


Registered: 05/12/15
Posts: 1966
Loc: America
Here is a comprehensive explanation for lay people:

http://www.investopedia.com/updates/dol-fiduciary-rule/

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#4445819 - 06/30/17 09:52 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: doitmyself]
AirgunSavant Offline


Registered: 07/22/15
Posts: 3772
Loc: MD
Gulp................. love it smile

Originally Posted By: doitmyself
Quote:
Finance "Advisor" wants BADLY to see wifey TODAY!

Maybe it's just the 2000's version of the visiting milk man??? LOL

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#4445822 - 06/30/17 09:54 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: SumpChump]
Drew99GT Offline


Registered: 10/11/02
Posts: 22125
Loc: Colorado Springs
http://www.investmentnews.com/article/20...ion-trip-you-up

http://www.planadviser.com/Edward-Jones-Maps-Out-Fiduciary-Rule-Response/

From some of the clients I work with, Edward Jones is THE WORST company to have a retirement account with because you essentially can not self direct it. You have to work with an adviser. 99% of financial advisers are worthless parasites IF....IF you have a basic grasp of investing, personal finance, you know what an IRA/401K is, you know the basic tax consequences, and you have the desire to learn about the stuff. All advisers do is suck 1-2% of your return off the top for doing what you can already do yourself.

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#4445827 - 06/30/17 10:03 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: SumpChump]
beanoil Offline


Registered: 10/17/04
Posts: 2951
Loc: Midwest, Illinois
Your problem is Edward Jones.
Homeless Joe down in the city knows more than that bunch of hosers.


Edited by beanoil (06/30/17 10:04 AM)
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#4445831 - 06/30/17 10:05 AM Re: Finance "Advisor" wants BADLY to see wifey TODAY! [Re: SumpChump]
mbacfp Offline


Registered: 09/02/15
Posts: 837
Loc: California
It has to do (most likely) with the recent Department of Labor changes making all financial advisors' act as fiduciaries. Edward Jones works (I believe) on a commission basis (suitability requiremnts)...so they are scrambling. I wrote an article about this very issue (if you are interested...PM me for link). I have to agree: Edward Jones = Run away as fast as possible. Take care all.
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