Giving Control of $100K and Earning Less Than Their Fees
I once gave a major fund control of 100G for one year. I got a 2% return. They made more money in fees than I did in ROI. Meanwhile, the rest of my money invested in index funds earned 10%+ after fees.
Related Horror Stories
Pressure Tactics and Poor Advice
I had one guy INSIST that I buy a costly Variable Life insurance policy. “Don’t read the prospectus! TRUST ME!” Sorry. “We’re not leaving until you sign!” Okay well you may want to order a pizza, because it’s gonna be a looooooooooong wait!
Another time I met with reps from a major financial firm who asked how my investments had been doing. “For the past ten years my compound returns have been 27%.” (That is, my portfolio was up 10x over ten years.)
This upset then tremendously, like I had just told them I kidnapped babies to use as firewood. “Well, THAT’s totally unsuitable!”Well, what do YOU recommend? “We have a program that will deliver 7% a year. But no promises!” (Perhaps double over ten years.) Okay! We’re done here!
Escape While You Can: The Hidden Costs and High Fees of Edward Jones
Run, don’t walk, away from Edward Jones. The damage is kind of done already, but they will inflict more unnecessary costs and will keep steering you to high load, big fee funds. It’s ridiculous in this day and age.
What does an advisor do?
Years ago when I was getting started i spoke to a Schwab advisor. After speaking with him for an hour I still couldn’t figure out what a financial advisor does.
Do you pick stocks? “No, we allocate it to a few different index funds” which funds “funds you feel comfortable that suits your risk level” so I pick the funds?? “Yes” on so then what do you do??! “I advise you, and help you with your unique needs” my unique needs??? My need is for my money to grow as fast as possible.
Do some people have the unique need to lose money?? “….”
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