I am a tenured associate but not an ideal client. I don’t have 250K of investable assets. But I save my money, have invested in the 401K and am a limited partner. With all the leader changes and firm changes, I’m starting to think my money isn’t safe at the firm. We are getting ready to lose a bunch of great leaders and associates and I’m not confident in home office leadership any longer. Are there others who feel this way? As I consider the layoffs that are coming, I’m afraid my investments aren’t safe with the firm, but I don’t know what to do. Any advice?
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Not having to call a branch, to ask a BOA, to talk to my FA, to make sure he understands my instructions, every time I want to place a stock trade, sounds glorious. What a waste of time. All so I can pay my own company more than what it would cost to do the same thing on a competitor’s app in 10 seconds.
@d4 Be quiet David. No one likes you.
Yes, why would the leadership of an investment firm consider the paltry sum you stand to inherit after your loved one dies? I’m sure it never occurred to them that events like this that happen daily would happen to their soon to be former employees or that they will reinvest elsewhere after being shown the door.
The fact that you apparently have a loved one near the end of the line, and your biggest concern is about how you can enrich yourself with this payday to attempt to stick it to your soon to be former employer says a lot about what kind of person you are and why you’re about to get your ISP.
Here I was thinking the ELT were fools, then you went and demonstrated why a lot of people need to go and won’t be missed.
Jones has $2.2 TRILLION dollars in assets under care. There are 1000 BILLIONS in a TRILLION. I don’t think they care if you move your money out.
I anticipate outflows will increase between September and next summer, but it's hard to tell if that will be a small blip or a noticeable. What will be interesting is how many tenured associates who brought over their friends, families, neighbors, etc. convince them to leave EJ. That might make the greedy know-it-alls at the top take note, but they tend to double down on their hubris, so we shouldn't hold our breaths.
@OP, I don't believe they realize some employees will be receiving inheritances after their loved ones pass away.
I've already opted to invest elsewhere when I leave including taking my inheritance money with me which is a nice chunk of change.
Why would anyone want to invest with their previous employer?
I have this big feeling EJ may not exists in a few years. Buyout or new name from a merger.
I don't want to be around for it. It's a shame though as I'm also a tenured associate with an LP.
Apart from your limited partnership, your investments are not IN Edward Jones. The firm is just a custodian; its success or failure should not impact the market or fundamental valuations of your investments. I'd suggest focusing on your confidence (or not) in your FA.
How do you think your assets aren't safe? That's an emotional reach. If you think the company is going belly up, that's one thing. But just a reorg and some layoffs won't impact your accounts at all.
I hear you. I don’t know what the future holds for me here but I’m nearing retirement. Whether I get ISP’ed or hang on until I retire I’ll move my money out. Probably Schwab or Fidelity. Not that I think my investments would be at risk per se. But those firms have better online tools, more products and lower fees.
@OP I'm feeing the same way. If I get an ISP my accounts will be moved from EJ. Sad that I'm praying for an ISP. I won't get one I'm sure because many in my department are taking the VSP, so I'll be left to clean up the mess. I just don't think I have it in me. 20 years of being a loyal associate with no complaining....feels like it was all for nothing.