Finance "Advisor" wants BADLY to see wifey TODAY!

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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?
 
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.
 
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
 
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."
 
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.
 
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.
 
Last edited:
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.
 
Gulp................. love it
smile.gif


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
26fb916e94ec66a0b0d786124bcfeb0f.jpg
 
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.
 
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.
 
I got a voicemail from the TDAmeritrade office begging me to come in. I do all my own stock buying and selling on their webpage. My only reason for ever going into their office was to seed my account like 9 years ago.
 
Originally Posted By: bdcardinal
I got a voicemail from the TDAmeritrade office begging me to come in. I do all my own stock buying and selling on their webpage. My only reason for ever going into their office was to seed my account like 9 years ago.


Commissioned based advisors have a list of 100 people they cold call daily.
Even on your birthday they will call you to see if they can help you invest your money.

I still have a TD Ameritrade account but it's only 1/3 of my total investments in a brokerage account. The rest is in Vanguard and nobody bugs me with a monthly call offering to help me.
 
Any financial adviser that BADLY wants to meet with you is licking his chops at the possibility of lining his own pockets with your money. Everything you need can be done online at Vanguard.
 
I would agree with the idea that Edward Jones is the main problem. The fiduciary rule runs counter to the transgressions they were fined millions for ten or so years ago. At that time, you could usually tell if Edward Jones was involved if the persons portfolio consisted of mostly American Funds. American and Edward Jones had a kickback deal for Jones reps that had them favoring American Funds vehicles whether they were the best option for the client or not. I don't necessarily have a problem with fee-based ( not commission-based ) advisors, but I would run from anything that has a history of scum-based advising like Edward Jones.
 
It's funny the Edward Jones guys go door to door trying to sell people their services. Right there is a red flag. No thanks.
 
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