Edward Jones?

[James]

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]

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]

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!

 

[J.R.]

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]

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]

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.