Just had an appointment with a prospect who is currently with Edward Jones. He told me his advisor told him that he doesn’t pay him any fees. I asked if he thought the advisor worked for free...

like
Posting as :
works at
You are currently posting as works at

Agree with Berkshire. Anytime I’ve heard this from a client, they are usually in C share mutual funds.

like

The overlap wasn’t created with malice and intent to hurt the client. The client will hurt themselves greater acting without an advisor than owning a portfolio with overlap. Your prospect could have owned an indexed annuity with a 20 yr surrender and 3% cap on the S&P since 2009!

like

It might be true. This is totally the exception...but I do have a few clients who have just stocks and a few closed end funds in their accounts.

They pay me ZERO to hold those.

I know...I know...I’m not a nonprofit agency, but again...this is not the norm, but technically it could happen.

Also they may have tenured A share mutual fund holdings...that only have the 12b-1. Maybe he’s referring to the lack of a hard line disclosure fee (as in a managed program). But even the trail is still a fee....so I would agree that he/she is not being truthful.

like

I rather pay commissions up front than an ongoing fee, but that’s just me. If I had extra money to invest I would buy individual stocks and CEF’s and maybe some mutual fund a shares. I’d rather just pay for it all upfront and never have to pay again

smart

If never pay again on Class A shares includes a 0.92% internal fee from American and MFS, then you may have been the prospect I met today. 11 funds buying the same stocks. More overlap then I have ever seen, all in large cap stocks, between 23 different funds. Advisor had no idea what she was doing, just slinging funds and prospect was content.

like

Actually I do know of an annuity that has only been getting 3% even though it’s index to the S&P for the past 10 years.... it’s a complete piece of garbage I have been trying to replace with one of our proprietary variable annuities

helpful

We get that far too often. In every instance the client is paying far, FAR more in mutual fund expense or commissions than they would our management fee plus any additional account costs ($4.95 per trade; 10 basis points expense ratio)

It’s absolutely criminal that advisors phrase it in such a way that the client thinks they’re not paying.

Although it’s also sometimes the clients’ fault for a) being so naive, then b) still rejecting a lower management fee because they’re uncomfortable seeing a printed fee. They’d rather be knowingly ripped off and put their head in the sand than pay a visibly stated fair fee.

I’m not even complaining. I’m just amazed at the way the human brain works.

It’s possible that the person doesn’t have an account at Edward Jones and I just talk to an advisor there once or twice.

Related Posts

Does applying with a spouse increase the chances of being admitted?

like

About to join Cisco in some time, can someone please share which laptop & what goodies will they provide? Also, do I have to go to office to collect the same as I am in same location.

Anyone have tips on feeling less useless with the skills we get in consulting? I keep looking at job posts and I qualify for nothing. am I therefore destined to rot in consulting...?

like

If custom order a Porsche and take European delivery, will I need to pay sales tax in my home state once the car is brought over? Or do I just pay the federal import tax? Or both?

like

How much should a Manager in Strategic Planning / Corporate Strategy at a studio be making?

like

How much hike can we expect for L4 in Amazon this year?

like

What’s the least amount of time you’ve stayed at a job before leaving and why? Was it ever an issue in the future?

like
like

need a desi friendly dermatologist in nyc. any suggestions ?

like

Has anyone ever gotten the SGB treatment? Was doing some research on chronic pain management treatments and found something called Stellate Ganglion Block (SGB), a non-invasive injection that helps chronic pain, anxiety and PTSD symptoms. Helps 'reset' the flight or fight CNS.

Would love to hear about your experience and how has your pain/PTSD symptoms been since!

like

I have total 7.4 years of experience. Today is my last working day at Fidelity. Offers-
1. Bosch - Specialist - 23F + 2V
2. Mashreq Bank - Manager Technology- 25F + 2V - Rejected
3. Putnam Investment - Lead Software Engineer - 27.5F + 2.75V
4 . Northern Trust - Senior Consultant - Didn't receive offer yet - Have told them 27F initially, but one of my friend told it's on the higher side of the job role. 27F +(variable 15%) 4.05V
Looking for job security, salary, work life balance.

like

Talk to me about microdermabrasion and microneedling. Is it true that this is superior to botox for long-term results?

like

Why’s there such a negative view on Internal Audit. Really thinking about moving into IA after public. Better pay, generally a 9-5 job, no weekends. With all that time saving I’d have more time for side hustles.

like

Wipro 20 LPA (f5)
CTS 19.5 LPA ( routing, security)
Yoe : 7.4yrs
Location : chennai
which one should I choose?

Recruiter reached out and said I can skip phone assessment and move straight to onsites. Is this normal? Is it a good sign? Currently at AWS

like

First time in London! What all should I do? Need all your favorite recommendations :)

like

I am a clinical research coordinator working in Austin, Texas. I have my Masters in Cell & Molecular Biology and have a year of laboratory research experience.

I’ve been in my position for 5 months now. I make $27 hourly which amounts to about $51,000 yearly. Am I being under paid? Are all coordinator positions hourly? As a laboratory researcher I was salary :(

How do I go about asking for a raise or should I explore other companies or medical schools that have clinical research?

like

Need 11 likes for DM functionality. Thankyou 😁

likeuplifting

Hello I am a current nutrition masters student that will be finished with my degree this July and am trying to get involved with healthcare/ tech consulting. I have done 4 years of research in various fields and have readily available skills. I have also worked in a private practice, volunteered my time for EMS, and worked in a hospital so I know healthcare from a different perspective. If anyone can refer me to a consulting job or to a recruiter that would be greatly appreciated!

like

I'm looking to relocate to Omaha, but need to secure a job before I move. Any suggestions on how to do this? I am applying for jobs and not getting responses, so I am not sure what I am doing wrong. Any advice is appreciated!

like

Additional Posts in Financial Advisors

What’s your credit score and debt amount?

How do you create more personal (beyond just business) friendly relationships with clients 20+ years older? Where do you find common ground?

like

I'm looking to improve my communication skills to navigate a very political environment better (i.e. I need to be more diplomatic). Any books recommendarions are appreciated 💁🏼‍♀️

like

Curious how this past year has been for everyone? Are account balances pulling your income down? Or has you book been growing? New clients? Are current clients implementing more because they realize they hand no idea what to do? Or is everyone still scared and sitting in cash and short term fixed income?

like

What's the most effective way for a small RIA to recruit FAs who have a few years experience, want to break away from large/corporate firms? I'm a $70M fee-only (commissions for insurance) independent RIA with a generous comp schedule that enables FAs to own their own book while they grow. As the owner, my focus is to help FAs succeed; as a firm, our focus is on client service and helping them succeed. I can afford a small salary, but not benefits. I'm especially interested in female FAs.

like

The son of a friend is an advisor and is giving up. He has approached me about taking over his book, evidently only about $1.5M.What would be a fair amount to pay for this?

like

Your best strategies for getting business...Not looking for a silver bullet. I am interested in best practices that I might adopt.

like

If you were in a position to relocate, would you move to a locale where Baby Boomers are moving/retiring in a disproportionate #, w/the expectation your career success rate would be higher?

like

Hi! I have an interview for the role of financial consultant/financial planning and analysis @ computershare.. please share words of advise for me please... This is the highest role I have ever interview for.. I am currently a credit analyst! Any tips help. Thank you in advance.

like

Anyone have any suggestions on a RIA-Friendly custodian for 529 Plans? TD Ameritrade has an affiliation w the Nebraska Educational Savings Plan Trust (NEST). Has anyone had any experience with them?

like

Anyone with US Trust as a PCA? Looking for additional details in terms of the culture, day to day type of things and how you’re doing there vs. what the recruiter stated was the average?

like

Edward Jones advisor with 30 million AUM and roughly 250k gross production. Been there for almost 4 years. Got an offer at Merrill Lynch to take over a 100 million dollar retirement transition plan in 5 years, or to join a 5 person Merrill Lynch team that manages a lot.

Pros to EJ: Have my own office, a year or two away from partnership, great office setting and client satisfaction.

Pros to Merrill: Bump in compensation, additional tools and services w banking, ability to take over assets.

likehelpful

What does a mental health day look like for you? Took one today & it was the best thing I’ve done for myself. Bonus Q: did you own up to it being a mental health day or did you go to “the dentist"

like

Any good book recommendations? Would prefer if applicable to the business or self development. But doesn’t have to be.

like

Any Fish who are also musicians?

like

There is a special place in hell for people who merge cells and add spacer columns.

like

What’s your firm’s position with regard to the regulation of the CFP standards coming Oct 1st?

like

Good client on boarding gift that isn’t cheap/cheesy, but also doesn’t say “I’m going to be making a lot of money from this relationship” ? LOL

like

I don't do webinars often and am needing a more affordable alternative to GoToWebinar. Any recommendations?

like

Anyone else feel extremely sleepy once 2 pm hits? Any solutions apart from coffee?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal