Financial advisor reviews

[lostbrd]

Any input?...Schwab, Vanguard, Fisher etc..
Good, great, bad, ugly ?

[60 Deluxe]

I don't think that you can do that by brand. I've worked with three men that were Edward Jones financial advisors. Two were unimpressive to outright stupid, and the third has been solid enough that his advice is seldom wrong. Investment advice isn't a commodity type skill. Sure, the company has research that is passed on to their advisors, but the really good advisors are immersed in the market enough that they do their own research and consider the whole picture, not just what their company has offered. One thing that is commonly advertised is that an advisor will tailor the plan to fit you. That is seldom the case, and it is refreshing when it actually happens. When you find an advisor, if he or she tries to treat you like your portfolio is the same as everyone else with your income and age level, move on.

[TxBowHntr]

What 60 Deluxe said. You need to meet with the advisor and make sure their tactics/strategies align with yours. The firm doesn't really have a bearing on the advisors success.

[Texans42]

I prefer an independent that has less restrictions on non-market offerings such as IUL’s, etc

[7sdad]

We use Morgan Stanley and I guess we are doing pretty good but I'm about as stupid as it gets when it comes it. We pay them about $500 per month and it makes both of our car payments and the balance pretty much stays the same.

[Clayton]

We use Morgan Stanley and I guess we are doing pretty good but I'm about as stupid as it gets when it comes it. We pay them about $500 per month and it makes both of our car payments and the balance pretty much stays the same.

You should get more involved, you may be paying too much and not realize it

$500 per month advisory fee is $6000 per year. Assuming an average AUM fee of 1%, that would imply that your balance is $600k

I'm not quite sure what you mean about "making our car payments", but I'm assuming that your returns are sufficient to cover 2 car payments, leaving the balance relatively unchanged. Not sure how much your car payments are, but assuming $1500 each, that's $36k per year, which is a 6% return on that $600k balance, which is below the average S&P 500 return by quite a bit.

Not sure what your numbers are, so these may be way off. Maybe look into an advisor who charges a flat fee, a robo advisor or do it yourself. It's not that hard to set up a basic portfolio

[bowmansdad]

Since you’re considering hiring someone to handle your money, contact the companies you like and set up meetings with FA’s.
Interview them, get their ideas, fee structure, etc. and give them a scenario to show their investment strategies . Be as thorough as
possible and get all your questions answered, if they’re evasive with their answers, move on. It’s your money they will be working with
so choose wisely.
I did this 20 years ago, and have had great success and peace of mind in who I chose. I get monthly statements, yearly reviews and he’s
just a phone call away for questions.

[Casey]

Twenty-five years ago I hired an Edward Jones guy. He came highly recommended and I went to meet with him. He is my age, had the same number of kids as me and I felt he was a good option for my situation. I asked him to manage things for me like he would himself. It's been a home-run decision for me.

I've met several Edward Jones guys over the years and every single one has been an exceptional man. My guy, my parent's, every one I've met from Edward Jones is a stand-up person. There is something about it that you can't ignore.

[7sdad]

You should get more involved, you may be paying too much and not realize it

$500 per month advisory fee is $6000 per year. Assuming an average AUM fee of 1%, that would imply that your balance is $600k

I'm not quite sure what you mean about "making our car payments", but I'm assuming that your returns are sufficient to cover 2 car payments, leaving the balance relatively unchanged. Not sure how much your car payments are, but assuming $1500 each, that's $36k per year, which is a 6% return on that $600k balance, which is below the average S&P 500 return by quite a bit.

Not sure what your numbers are, so these may be way off. Maybe look into an advisor who charges a flat fee, a robo advisor or do it yourself. It's not that hard to set up a basic portfolio

We do pay 1% and car payments are $1,200 total for both. People really have car payments that are $1,500 each?

[DEADEYE1]

I use Edelman and like them. The thing I didn't like about Edward Jones was they charge you a premium for buying and selling. What I mean is 1 time my guy picked a stock to buy I said ok we bought it. I had to pay quite a bit to buy it. 5-6 months later he wanted to sell it and it cost me again. I pulled all my money out from them and moved on. Best decision I ever made. Edelman charges around that 1% fee. I like my guy and he is an honest shooter I think. I can call him anytime and if he doesn't answer he always calls me back!!! I do think there is a minimum to invest with them If I remember right. Edelman doesn't charge crazy fees to buy and sell like Edward did!!

[ShockValue]

Open a Vanguard account. Make a deposit. Buy VTI or VOO and keep doing it regularly regardless of what the markets are doing, or what TBH or the news says!

[rebelbow]

I don't think that you can do that by brand. I've worked with three men that were Edward Jones financial advisors. Two were unimpressive to outright stupid, and the third has been solid enough that his advice is seldom wrong. Investment advice isn't a commodity type skill. Sure, the company has research that is passed on to their advisors, but the really good advisors are immersed in the market enough that they do their own research and consider the whole picture, not just what their company has offered. One thing that is commonly advertised is that an advisor will tailor the plan to fit you. That is seldom the case, and it is refreshing when it actually happens. When you find an advisor, if he or she tries to treat you like your portfolio is the same as everyone else with your income and age level, move on.

spot on advice

[Fishndude]

Open a Vanguard account. Make a deposit. Buy VTI or VOO and keep doing it regularly regardless of what the markets are doing, or what TBH or the news says!

So he should ignore you as well!!??

[Goldeneagle]

I've been using the same guy at Ameriprise since 1999. Great guy and has done a good job for me.

[tps7742]

After the 2008/09 drop, when it recovered we hired an adviser that I knew several others were using. It was the best decision for us, especially myself. I had gotten tired of staying on top of it and being concerned of making the wrong decisions . For us it’s worth it, we pay 1.15%. Get someone you feel comfortable with of course and test the waters.