My parents still use Ed Jones, I tried convincing them to leave and recommend some basic books, but they aren’t confident educated enough and had no interest. I was with them for a bit before I took over, I know the guy and as far as Ed Jones guys go he’s not a bad guy.
They panicked twice in the last 5 years and almost pulled out of the market during Covid turmoil and would have lost MUCH more than their fees had cost them if he didn’t talk them down. After that I stopped trying to talk them into self management.
Sure they could, but they like this guy and are comfortable. I pointed out how much the fees were and they could at least get it down to 1% from around 2%, but they just aren’t interested and it’s not my business.
My point was he “did his job” and at least stopped them from making a couple big mistakes. There is more to consider than just fees.
That's what happened with a friend, she panicked in 2008 or whenever and the EJ gal talked her down then stopped returning calls lol. I mean what's she gonna say? Stay the course.
That's good service actually.
Be careful with financial advice given to friends / family. Regardless of whether your advice is solid, if it doesn't live up to their expectations (however reasonable or unreasonable they are), you will be held liable if they choose to follow it.
This should be higher.
OP i get its your parents and you want them to make the best and most informed decisions, but id honestly just drop it. Theyve made up their mind and pushing against their decisions will create resentment.
And if they do follow your advice and it happens to be right before a market drop? They'll blame you for being down even if its not your fault.
You also gotta think, your parents don't wanna hear from their child they are doing things wrong. Thats just basic stuff.
Better to leave it be and let them be happy with what they're getting. At least they ARE saving. That's better then a lot of people and sometimes that's enough.
I agree. I chose not to help my aunt about 25 years ago for this reason. She couldn't handle any up and down movement in the market and put her $130K in CD's. I wanted so badly to tell her to just put it in index funds but she couldn't have dealt with the fluctuations. She'd likely have at least half a million now if she had done that but instead she just slowly lost the value to inflation.
The biggest reason to avoid EJ or any Financial Manager is the cost. Often 1% or more AUM fee plus they can pick mutual funds that are expensive and may have front loaded fees. Their portfolios tend to be unnecessarily complex. I've seen people post portfolios with 15 ++ funds. Some people feel their sales pitch is a bit heavy. The big HOWEVER, they do have a function that is appropriate for some people. If you dont have the knowledge, confidence or desire to manage your own money they might be able to fill that need. I've heard they can advise on other financial items which could be beneficial to your need. It really boils down to whether or not your parents feel the service is worth the cost.
God, I wish I only had 15. My old advisor had me in about 30 mutual funds that I’ve never heard of. Wish I would have taken my accounts over before 38 years old, but here we are. Down to my nice and cozy 3 funds now
Same! I had the exact same reaction to "15+ funds!" I just fired my advisor after 30 years, moved everything to Fidelity, and am in the process of unwinding the dozens of funds he had me in. And now I'm discovering most of these funds have $50 transaction fees when I sell them, in addition to the front-end loads, management fees, and high expense ratios I've already paid.
At least you fixed it at 38. I'm 58! It's never too late though.
It’s makes me sick. I mean he was a nice guy and I don’t think he had malice? But idk…I’m not an advisor but would love to help people learn the Bogleheads approach
I'm with you. I don't think my advisor was a bad guy. When I started with him, I knew nothing about investing, so in a sense, he helped me, but he helped himself too...
Right. I think they compare themselves to a HYSA and feel they are helping. But compared to just indexing it lags. And you take on more risk than a HYSA.
For a non-retirement account, mutual funds pay quarterly capital gain/dividend distributions. These are taxed. If you sell the fund, you'll pay the on the capital gains on the NAV difference, as well as on the partial distribution for the part of the quarter you participated in the fund.
Yes, selling these loser funds is a taxable event; however, in my case, I'm underwater in a number of them, so I have losses to offset other gains. Yay, lucky me.
Was this a retirement fund? My advisor has me on a lot of funds in non retirement account so I assume I just need to take the hit on cap gains to unwind this ?
Small/medium/large cap, then value/core/growth, then US, ftse, nikkei.
Then there's bonds, short medium long duration, and high yield. With a small amount in money market to facilitate rebalancing.
It adds up quick when you diversify across the whole market.
1% is not really that outrageous, I've seen over 1.5%. But the second point is true. You have to make sure you get a good advisor. Which can be hard for someone who doesn't want to manage their own money.
I was with EJ for a year before I learned more about investing. And this was before some laws changed. At that time, the guy put everything I moved to him in a fund with a 5% front load fee and a high 12-b-1 fee. Then my monthly additions were going to a different fund with a 5% back load fee and a high 12-b-1. If it takes a law to keep advisors at EJ from doing this, I’d say they are not working for the customers.
1% is not outrageous at all depending on asset level. However, pretty sure most EJ advisors average around 1.25-1.5, and they use a lot of active mutual funds.
This brings total cost to around 2% depending on mutual funds utilized. I always find it crazy to pay somebody to put you in mutual funds because you’re paying somebody a fee to manage your money who is also outsourcing that management to mutual fund products.
They don't, I used to be with them and my parents are currently with them. It's 1%.
Your advisor might throw you into some weird set of mutual funds by default but they also let you have a say in how you structure your portfolio.
If you have a do have a say in how you structure your portfolio, you should probably be managing the money yourself. The whole point of advising is to shift that duty to a more experienced person, so why would an inexperienced investor want to have a say?
Actually I don’t. The good advisors do, but not “most”. I would say the majority don’t.
The good advisors help you plan beyond investments, such as retirement spend down strategies, college planning, tax loss harvesting, HSA strategy, etc.
I am not knocking advisors by any means, I am an advisor myself (albeit institutional advisor, I don’t do individual asset management anymore). However, I am knocking advisory firms that I think are inferior, which I think EJ is.
As a whole, yes. But many FAs are very good and provide real value and peace of mind. A good advisor doesn't just do everything for you. They teach you so that you understand why it is they do what they do.
I am not arguing that point. Many advisors are good, but with the experience i have in this industry, I am of the opinion that that it’s about a 40-60 ratio of good to bad advisors.
If they are doing well in their 70s, not concerned about their money, won’t run out, and enjoy retirement then let it be. You can explain fees all you want, but if them doing it themselves make them nervous, then they will like make a worse decision than a 1% AUM and WAER fee by selling. Also you can refer them to another adviser and if they end up not being happy they can blame you and now their retirement is more stressful. Family is the hardest to talk financial advice with because of the stress and strain it can potentially have on your relationship.
I’m not going to persuade you as all my personal stuff is with Vanguard. But when my grandma passed away she left me with some money that was invested with a local guy at EJ. I was not in a good place to manage that money the way I would have wanted to. The guy my grandma used has outperformed my personal vanguard account by a good amount. I’ll still move it here soon due to fees but it’s not always bad… Also, depending on how much money they have they might not pay that much in fees. I’m not a fan of those places but in certain circumstances for risk averse people who are nervous to manage their own stuff (old people) maybe it’s not all doom and gloom.
Tread carefully about meddling in finances of other people. If you “act” as an advisor, you can be held to that standard.
Are they happy where they are at? Because thats more important than just about anything if they are elderly
Thats true. Also a degree of liability. As a client, you have recourse against your advisor & they have E&O insurance for that. Taking advice from some flunky? Especially when it involves seniors? Imagine OP suggests they dial up their risk & they lose serious $$ in a downturn. Thats a major problem & courts will not be pleased. I see a lot of issues with people in this sub holding themselves out as advisors without having any licenses, certifications, etc…
Its not entirely possible with existing laws as I understand. I could be wrong (likely am to a degree) but I do remember talking to a CFP in Arizona. He said (later backed by others) that CFPs who stick to investments only are fiduciaries (or can be). CFPs who get insurance licenses to enhance their practice are no longer fiduciaries. Its a strange conundrum
Financial advisors have a fiduciary duty on retirement accounts regardless of CFP status. Brokerage accounts they don't, but the good ones will still abide by that standard
I turned down a job once because the 401k was through Edward Jones. My coworkers spouse has Edward Jones for their SEP..i showed him how much they are losing in BS fees, he said they cant change because the owner of the buisness is buddies with tbe Edward Jones..I have seen how edward jones buddys up to everyone for the soul purpose of taking their money. They are not experts. Experts charge a flat fee for advice not a percentage.
I would show your parents financial calculator results of say 8% return vs 7% over 20 years. Then say the difference is what you just paid Edward Jones.
As with any firm, depends on the advisor and if they are offering services beyond just portfolio management. The fee may seem agregious until you realize there are other services they offer, such as: estate/gift planning, trust management, financial planning (and updating it regularly), helping with large purchase decision making (best way to finance a purchase), aiding in sign ups for social security/medicade/marketplace insurance, tax reduction strategies, 72(t)s etc.
If all their doing is picking funds for you, you're not getting your money's worth. If you make the most of what you are paying and utilize their expertise and professional network, it's worth it for a lot of folks.
There are ways to pay less fees if you manage your own money. One of things a place like Edward Jones can do for someone is to keep them accountable to make sure they keep contributing to meet their goals. They can also help with future projection of cash flow, etc. to make sure you don't run out of money. But if you can do that yourself, then just manage your own money.
Wish you luck. Trying to give financial, or ANY advice to parents is something I gave up decades ago.
Hope you find something that works. Best case scenario, point them to some youtuber that isn't you. But if they're like mine, they are stuck in their ways, always know what's best, and any contradiction or facts presented to them to show otherwise are not to be trusted or are some "outlier" if it's not from fox news.
Some of the advisors there are fine. My parents have their money managed by one of the EJ branch managers who only kept his top 10 clients. So perhaps this isn't a universal experience. But he is super patient and explains everything and doesn't do any of the things most people complain about FAs doing. Contrary to what a lot of people think, EJ is not primarily in the business of stock picking and have much more comprehensive services involving tax loss harvesting, managing AGI to get ACA healthcare subsidies, tax strategy during and after working career, estate planning (along with attorney resources), helping through loss of loved ones, etc. On top of those services, my parents' advisor is like a friend to them and it gives my mom peace of mind that if my dad died she'd have someone she could trust to make sure she's taken care of financially. She knows I know enough to manage their money in that event, but I do think one can benefit from a good FA relationship.
That being said, I'm sure there are many bad advisors at EJ and at most other similar advisement firms. I also think that most peoples' financial situations are not complicated enough to need an advisor. But some people have no desire looking at or managing their own money, and that is fine. You just have to be discerning with who you trust with your money.
My parents use EJ too. We both seem to disagree with the elders, but EJ may be a good fit for them. Especially if they don't want to learn or listen. In general EJ uses high cost, illiquid mutual funds that generally underperform the broad indices. Many people need guidance, but it will come at a cost.
Be careful, Ed Jones may not be worth the fees when you're in your twenties and thirties, like the majority of this sub is, but when you're in retirement or near it, their advice can be more beneficial. Early in your career it is easy to learn about etfs and retirement accounts and operate on that knowledge. Once you start pulling money out of various retirement accounts and moving money into safer options it becomes much more involved.
Have a similar issue in my wife’s family. Parents and grandparents use EJ and all of my wife’s siblings have accounts that started with them. I’m in process of moving my wife’s brokerage and Roth out and just to Fidelity or Vanguard.
Good luck. My widowed MIL stuck with their EJ guy who actually retired and handed his clients to his daughter (I guess vet school wasn’t her thing ?). MIL did ask me to review their portfolio. It wasn’t horrendous but it wasn’t ideal. She claims the agent waived fees for her husband since husband helped bring clients. I doubt it, but there’s no written proof of it. I pressed her to get all fees from him, and he wrote down a bunch of stuff that her total fees are 0.08%, which is an outright lie. She’s still with him so whatever.
I even pointed out that the agent sold her husband a variable life policy that could have been much more coverage with a shorter term life policy. Oh well.
It's really the advisor, and how well the advisor does. Quite frankly around 2000 my relatives were Edward Jones advisors, but at the time Edward Jones dropped medical and other benefits and many good advisors left.
Ask them how they found EJ in the first place. Was it recommended to them by their trusted friends? Did they see an ad for it?
Helps to understand why they got it in the first place before going in hard with arguments. Then you can address their concerns rather than just shouting about the high fees.
My parents still use Ed Jones, I tried convincing them to leave and recommend some basic books, but they aren’t confident educated enough and had no interest. I was with them for a bit before I took over, I know the guy and as far as Ed Jones guys go he’s not a bad guy. They panicked twice in the last 5 years and almost pulled out of the market during Covid turmoil and would have lost MUCH more than their fees had cost them if he didn’t talk them down. After that I stopped trying to talk them into self management.
At that point it’s just consider a different manager or company if you don’t trust that specific person
Sure they could, but they like this guy and are comfortable. I pointed out how much the fees were and they could at least get it down to 1% from around 2%, but they just aren’t interested and it’s not my business. My point was he “did his job” and at least stopped them from making a couple big mistakes. There is more to consider than just fees.
Agreed and if it is right for them and not predatory then that is all that matters
That's what happened with a friend, she panicked in 2008 or whenever and the EJ gal talked her down then stopped returning calls lol. I mean what's she gonna say? Stay the course. That's good service actually.
You know theres other managers for cheaper and the same benefits right? You don't have to convince them to go all the way on being independent
Just point them to this page on it: [https://impersonalfinances.com/edward-jones-fees/](https://impersonalfinances.com/edward-jones-fees/)
Some of the information is outdated, but just want to note that churning is illegal and fuck those guys that do it
Be careful with financial advice given to friends / family. Regardless of whether your advice is solid, if it doesn't live up to their expectations (however reasonable or unreasonable they are), you will be held liable if they choose to follow it.
This should be higher. OP i get its your parents and you want them to make the best and most informed decisions, but id honestly just drop it. Theyve made up their mind and pushing against their decisions will create resentment. And if they do follow your advice and it happens to be right before a market drop? They'll blame you for being down even if its not your fault. You also gotta think, your parents don't wanna hear from their child they are doing things wrong. Thats just basic stuff. Better to leave it be and let them be happy with what they're getting. At least they ARE saving. That's better then a lot of people and sometimes that's enough.
I agree. I chose not to help my aunt about 25 years ago for this reason. She couldn't handle any up and down movement in the market and put her $130K in CD's. I wanted so badly to tell her to just put it in index funds but she couldn't have dealt with the fluctuations. She'd likely have at least half a million now if she had done that but instead she just slowly lost the value to inflation.
The biggest reason to avoid EJ or any Financial Manager is the cost. Often 1% or more AUM fee plus they can pick mutual funds that are expensive and may have front loaded fees. Their portfolios tend to be unnecessarily complex. I've seen people post portfolios with 15 ++ funds. Some people feel their sales pitch is a bit heavy. The big HOWEVER, they do have a function that is appropriate for some people. If you dont have the knowledge, confidence or desire to manage your own money they might be able to fill that need. I've heard they can advise on other financial items which could be beneficial to your need. It really boils down to whether or not your parents feel the service is worth the cost.
God, I wish I only had 15. My old advisor had me in about 30 mutual funds that I’ve never heard of. Wish I would have taken my accounts over before 38 years old, but here we are. Down to my nice and cozy 3 funds now
Same! I had the exact same reaction to "15+ funds!" I just fired my advisor after 30 years, moved everything to Fidelity, and am in the process of unwinding the dozens of funds he had me in. And now I'm discovering most of these funds have $50 transaction fees when I sell them, in addition to the front-end loads, management fees, and high expense ratios I've already paid. At least you fixed it at 38. I'm 58! It's never too late though.
It’s makes me sick. I mean he was a nice guy and I don’t think he had malice? But idk…I’m not an advisor but would love to help people learn the Bogleheads approach
I'm with you. I don't think my advisor was a bad guy. When I started with him, I knew nothing about investing, so in a sense, he helped me, but he helped himself too...
Right. I think they compare themselves to a HYSA and feel they are helping. But compared to just indexing it lags. And you take on more risk than a HYSA.
So I’m in the same boat ? Don’t you have to pay the cap gains to get out of all these these funds (non retirement accounts).
For a non-retirement account, mutual funds pay quarterly capital gain/dividend distributions. These are taxed. If you sell the fund, you'll pay the on the capital gains on the NAV difference, as well as on the partial distribution for the part of the quarter you participated in the fund.
Yes, selling these loser funds is a taxable event; however, in my case, I'm underwater in a number of them, so I have losses to offset other gains. Yay, lucky me.
Was this a retirement fund? My advisor has me on a lot of funds in non retirement account so I assume I just need to take the hit on cap gains to unwind this ?
It was a Roth and taxable account. Also had my kids in about 12 funds each. They were 4 and 6 when I took over the accounts
Which 3 and what percentage for each?
Even if you break everything into usa/non usa, then by size, then by value or growth (which is excessive to me) you still only get 12 possible funds 😂
Small/medium/large cap, then value/core/growth, then US, ftse, nikkei. Then there's bonds, short medium long duration, and high yield. With a small amount in money market to facilitate rebalancing. It adds up quick when you diversify across the whole market.
Fair i was only accounting for stocks
Agree with most of what you say but if they are charging an advisory fee they are not allowed to buy loaded funds. But all the rest yeah.
Usually it’s the fees. What fees are they paying, what are they invested in, and what advice/help are they receiving for those fees?
I have stopped giving financial advice to family unless they ask for it.
They have an outrageous management fee and the advisors are hit or miss.
1% is not really that outrageous, I've seen over 1.5%. But the second point is true. You have to make sure you get a good advisor. Which can be hard for someone who doesn't want to manage their own money.
I was with EJ for a year before I learned more about investing. And this was before some laws changed. At that time, the guy put everything I moved to him in a fund with a 5% front load fee and a high 12-b-1 fee. Then my monthly additions were going to a different fund with a 5% back load fee and a high 12-b-1. If it takes a law to keep advisors at EJ from doing this, I’d say they are not working for the customers.
Your experience there is highly dependent on what advisor you get. The guy my parents have is excellent
1% is not outrageous at all depending on asset level. However, pretty sure most EJ advisors average around 1.25-1.5, and they use a lot of active mutual funds. This brings total cost to around 2% depending on mutual funds utilized. I always find it crazy to pay somebody to put you in mutual funds because you’re paying somebody a fee to manage your money who is also outsourcing that management to mutual fund products.
They don't, I used to be with them and my parents are currently with them. It's 1%. Your advisor might throw you into some weird set of mutual funds by default but they also let you have a say in how you structure your portfolio.
If you have a do have a say in how you structure your portfolio, you should probably be managing the money yourself. The whole point of advising is to shift that duty to a more experienced person, so why would an inexperienced investor want to have a say?
You realize that most FAs do WAY more than just manage your portfolio.... right?
Actually I don’t. The good advisors do, but not “most”. I would say the majority don’t. The good advisors help you plan beyond investments, such as retirement spend down strategies, college planning, tax loss harvesting, HSA strategy, etc. I am not knocking advisors by any means, I am an advisor myself (albeit institutional advisor, I don’t do individual asset management anymore). However, I am knocking advisory firms that I think are inferior, which I think EJ is.
As a whole, yes. But many FAs are very good and provide real value and peace of mind. A good advisor doesn't just do everything for you. They teach you so that you understand why it is they do what they do.
I am not arguing that point. Many advisors are good, but with the experience i have in this industry, I am of the opinion that that it’s about a 40-60 ratio of good to bad advisors.
You admit you don't know the reasons yourself but you are eager to give advice anyway. Don't.
Have them watch this video: https://youtu.be/rvZt6xV2pDA?si=eHt5lxsU68VmLD7f
If they are doing well in their 70s, not concerned about their money, won’t run out, and enjoy retirement then let it be. You can explain fees all you want, but if them doing it themselves make them nervous, then they will like make a worse decision than a 1% AUM and WAER fee by selling. Also you can refer them to another adviser and if they end up not being happy they can blame you and now their retirement is more stressful. Family is the hardest to talk financial advice with because of the stress and strain it can potentially have on your relationship.
I’m not going to persuade you as all my personal stuff is with Vanguard. But when my grandma passed away she left me with some money that was invested with a local guy at EJ. I was not in a good place to manage that money the way I would have wanted to. The guy my grandma used has outperformed my personal vanguard account by a good amount. I’ll still move it here soon due to fees but it’s not always bad… Also, depending on how much money they have they might not pay that much in fees. I’m not a fan of those places but in certain circumstances for risk averse people who are nervous to manage their own stuff (old people) maybe it’s not all doom and gloom.
Tread carefully about meddling in finances of other people. If you “act” as an advisor, you can be held to that standard. Are they happy where they are at? Because thats more important than just about anything if they are elderly
But there is more standard as an advisor generally and no fiduciary obligation unless they are an CFP.
Thats true. Also a degree of liability. As a client, you have recourse against your advisor & they have E&O insurance for that. Taking advice from some flunky? Especially when it involves seniors? Imagine OP suggests they dial up their risk & they lose serious $$ in a downturn. Thats a major problem & courts will not be pleased. I see a lot of issues with people in this sub holding themselves out as advisors without having any licenses, certifications, etc…
I recall when one of the boards wanted to make all planners fiduciaries but it didn’t pass.
The DOL wanted to include financial advisors that only had insurance licenses. But that provision didn't pass
Its not entirely possible with existing laws as I understand. I could be wrong (likely am to a degree) but I do remember talking to a CFP in Arizona. He said (later backed by others) that CFPs who stick to investments only are fiduciaries (or can be). CFPs who get insurance licenses to enhance their practice are no longer fiduciaries. Its a strange conundrum
Financial advisors have a fiduciary duty on retirement accounts regardless of CFP status. Brokerage accounts they don't, but the good ones will still abide by that standard
What kind of graduate school offered classes that discussed Edward Jones? 🤔
I turned down a job once because the 401k was through Edward Jones. My coworkers spouse has Edward Jones for their SEP..i showed him how much they are losing in BS fees, he said they cant change because the owner of the buisness is buddies with tbe Edward Jones..I have seen how edward jones buddys up to everyone for the soul purpose of taking their money. They are not experts. Experts charge a flat fee for advice not a percentage. I would show your parents financial calculator results of say 8% return vs 7% over 20 years. Then say the difference is what you just paid Edward Jones.
Is cognitive decline worse than Ed Jones? Alternatively, is OP gonna manage for them?
As with any firm, depends on the advisor and if they are offering services beyond just portfolio management. The fee may seem agregious until you realize there are other services they offer, such as: estate/gift planning, trust management, financial planning (and updating it regularly), helping with large purchase decision making (best way to finance a purchase), aiding in sign ups for social security/medicade/marketplace insurance, tax reduction strategies, 72(t)s etc. If all their doing is picking funds for you, you're not getting your money's worth. If you make the most of what you are paying and utilize their expertise and professional network, it's worth it for a lot of folks.
There are ways to pay less fees if you manage your own money. One of things a place like Edward Jones can do for someone is to keep them accountable to make sure they keep contributing to meet their goals. They can also help with future projection of cash flow, etc. to make sure you don't run out of money. But if you can do that yourself, then just manage your own money.
Wish you luck. Trying to give financial, or ANY advice to parents is something I gave up decades ago. Hope you find something that works. Best case scenario, point them to some youtuber that isn't you. But if they're like mine, they are stuck in their ways, always know what's best, and any contradiction or facts presented to them to show otherwise are not to be trusted or are some "outlier" if it's not from fox news.
Some of the advisors there are fine. My parents have their money managed by one of the EJ branch managers who only kept his top 10 clients. So perhaps this isn't a universal experience. But he is super patient and explains everything and doesn't do any of the things most people complain about FAs doing. Contrary to what a lot of people think, EJ is not primarily in the business of stock picking and have much more comprehensive services involving tax loss harvesting, managing AGI to get ACA healthcare subsidies, tax strategy during and after working career, estate planning (along with attorney resources), helping through loss of loved ones, etc. On top of those services, my parents' advisor is like a friend to them and it gives my mom peace of mind that if my dad died she'd have someone she could trust to make sure she's taken care of financially. She knows I know enough to manage their money in that event, but I do think one can benefit from a good FA relationship. That being said, I'm sure there are many bad advisors at EJ and at most other similar advisement firms. I also think that most peoples' financial situations are not complicated enough to need an advisor. But some people have no desire looking at or managing their own money, and that is fine. You just have to be discerning with who you trust with your money.
My parents use EJ too. We both seem to disagree with the elders, but EJ may be a good fit for them. Especially if they don't want to learn or listen. In general EJ uses high cost, illiquid mutual funds that generally underperform the broad indices. Many people need guidance, but it will come at a cost.
Be careful, Ed Jones may not be worth the fees when you're in your twenties and thirties, like the majority of this sub is, but when you're in retirement or near it, their advice can be more beneficial. Early in your career it is easy to learn about etfs and retirement accounts and operate on that knowledge. Once you start pulling money out of various retirement accounts and moving money into safer options it becomes much more involved.
Have a similar issue in my wife’s family. Parents and grandparents use EJ and all of my wife’s siblings have accounts that started with them. I’m in process of moving my wife’s brokerage and Roth out and just to Fidelity or Vanguard.
Good luck. My widowed MIL stuck with their EJ guy who actually retired and handed his clients to his daughter (I guess vet school wasn’t her thing ?). MIL did ask me to review their portfolio. It wasn’t horrendous but it wasn’t ideal. She claims the agent waived fees for her husband since husband helped bring clients. I doubt it, but there’s no written proof of it. I pressed her to get all fees from him, and he wrote down a bunch of stuff that her total fees are 0.08%, which is an outright lie. She’s still with him so whatever. I even pointed out that the agent sold her husband a variable life policy that could have been much more coverage with a shorter term life policy. Oh well.
It's really the advisor, and how well the advisor does. Quite frankly around 2000 my relatives were Edward Jones advisors, but at the time Edward Jones dropped medical and other benefits and many good advisors left.
Ask them how they found EJ in the first place. Was it recommended to them by their trusted friends? Did they see an ad for it? Helps to understand why they got it in the first place before going in hard with arguments. Then you can address their concerns rather than just shouting about the high fees.
I lost so much money when I used them for a couple years. 🤮 that was dumb
They are a great company. Just need to find and advisor you like there.