Now that's funny!
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I was listening to the Tom Sullivan show on Fox News Talk a few minutes ago when a guy called in and said he had recently lost ALL of his 401(k).
It was obvious that Tom--who's a former money manager--didn't believe it was likely the guy had lost ALL of his 401(k), so he quizzed him a liitle more and the guy conceded that he had only lost "97% of it." Tom asked him where he had his money invested (I was expecting to hear E-trade or Vanguard or Merrill Lynch) and the guy all but shouted, "EDWARD JONES!" That's the first time I've ever heard Edward Jones mentioned on the radio, other than in paid advertising. So much for them staying out of the headlines...[quote=Moraen]Oh crap… That sucks.
All of his 401k was in BAC?
Hey Borker - you still at Jones?[/quote]
http://money.cnn.com/magazines/fortune/bestcompanies/2009/full_list/
I wonder where all the banks on this list went?[quote=mnbondguy]http://money.cnn.com/galleries/2009/fortune/0901/gallery.bestcos_mosthiring.fortune/index.html
I wonder were all the banks on this list went? [/quote] I think most of that is based on back office people... There are IT guys down there who have GP and lots of it..[quote=Borker Boy]I was listening to the Tom Sullivan show on Fox News Talk a few minutes ago when a guy called in and said he had recently lost ALL of his 401(k).
It was obvious that Tom--who's a former money manager--didn't believe it was likely the guy had lost ALL of his 401(k), so he quizzed him a liitle more and the guy conceded that he had only lost "97% of it." Tom asked him where he had his money invested (I was expecting to hear E-trade or Vanguard or Merrill Lynch) and the guy all but shouted, "EDWARD JONES!" That's the first time I've ever heard Edward Jones mentioned on the radio, other than in paid advertising. So much for them staying out of the headlines... [/quote] I call BS on that one....I think it was bspears!I heard an old lady on the Dave Ramsey show mention she wasn’t happy with her Edward Jones guy b/c she lost a bunch of money. Turns out she was invested in some mutual funds that Dave LOVES. He didn’t give EJ the thumbs up, but he did say that he would’ve done the same thing were it his money.
What funds does he love??... That guy is a schmuck..I heard an old lady on the Dave Ramsey show mention she wasn’t happy with her Edward Jones guy b/c she lost a bunch of money. Turns out she was invested in some mutual funds that Dave LOVES. He didn’t give EJ the thumbs up, but he did say that he would’ve done the same thing were it his money.
Ramsey's diversification is Growth, Growth and Income, Income, and Cash. In his defense, he does have some good getting out of debt strategies, but nothing else is that impressive.
[quote=Borker Boy]I was listening to the Tom Sullivan show on Fox News Talk a few minutes ago when a guy called in and said he had recently lost ALL of his 401(k).
It was obvious that Tom--who's a former money manager--didn't believe it was likely the guy had lost ALL of his 401(k), so he quizzed him a liitle more and the guy conceded that he had only lost "97% of it." Tom asked him where he had his money invested (I was expecting to hear E-trade or Vanguard or Merrill Lynch) and the guy all but shouted, "EDWARD JONES!" That's the first time I've ever heard Edward Jones mentioned on the radio, other than in paid advertising. So much for them staying out of the headlines... [/quote] Funny thing about the radio or television is that you can call in and say pretty much whatever you want. It doesn't even have to be true. The fact that he said he lost all of his 401K and it was with EDJ should tell you something about this guy. If it was his 401k and it was an EDJ guy who was running it, he couldn't possibly have lost 97%. Unless he worked for BAC or C or AIG and had 100% of his money in the company plan. I sincerely doubt that an EDJ guy runs those 401K programs. The 401k programs a Jones guy (or the majority of the rest of the FA world) would put together wouldn't allow something that would go down that much. I don't think you can put a double long ETF into a 401K platform. Now, I do get that you guys think it's funny that he's blaming EDJ for the losses. Did the radio personality say anything after the guy got off the phone? Like, sir, put down the crack pipe, you've obviously had one to many hits today.Spiff,
My guess is that this guy is like most Jones clients and gets 401k and IRA mixed up. Could have had AIG stock in that IRA. And could have been the only position.
It probably is true, but my guess is the Jones guy didn’t recommend all AIG stock or whatever it is that tanked that much.
I like Tom Sullivan, but he’s a lot like other hosts (Bob Brinker comes to mind) in that he seldom clarifies or corrects erroneous statements made by callers.
It was pretty obvious the guy was talking about his 401(k) that had been rolled into an IRA at Jones, and it was also obvious the guy was exaggerating about how much he'd lost. The guy DID NOT come across as someone who would've been a former employee of Citi, BAC, etc. Tom didn't really try to defend Jones; he said something to the effect that 'there are a lot of folks over at Edward Jones doing a lot of different things.' I think he was trying to explain that that degree of loss was unlikely, but his comment was really more confusing than anything. I guess I was just startled to hear this guy blame Edward Jones for his losses on a nationally syndicated/XM/Sirius radio show. That was a first for me.Yeah, you don’t usually hear the Jones name get brought up like that. Of course I don’t really hear other names get brought up either. It’s usually just “my advisor” that gets the blame.
He probably wanted to by some stocks that he heard Kramer talk about and the Jones guy got tired of dealing with him, so he caved. Who knows how those things go.Great spin…its the clients fault. Couldn’t be the 8th new rep in the office with zero experience…giving great advice. Actually Dave Ramsey promotes 25% in G, G/I, Int, AG. He doesn’t like cd’s, VA’s, EIA’s or bonds. He likes A share mutual funds, not fee based accts. He likes his ELP’s to be from the Indy world.
I don't know if I would call him a schmuck, has 250 employees, over 400 stations and on Fox business. Christian based message. I'd say he is a very bright business person. What have you done lately?Have you heard him say he doesn’t like fee based accounts somewhere? I listen regularly and have always been waiting to hear him make a statement on how to pay an FA. You can tell he advocates American Funds (generically), but doesn’t rip on our industry like Clark Howard does. I use DR’s teachings with clients all the time (to an extent anyway).
Actually Dave Ramsey promotes 25% in G, G/I, Int, AG. - And that is good? Bspears aren’t you a glorious market timer. Which one is it, buy and hold, or buy and sell ?
The new rep with zero experience wouldn't have suggested a portfolio that aggressive. They haven't learned enough yet to think outside the Jones box. And there's not a portfolio in existence that would have lost 97% if they had followed the EDJ recommendations.Great spin…its the clients fault. Couldn’t be the 8th new rep in the office with zero experience…giving great advice.
I guess if getting clients out of the market between 11-12 and doing some DCA'ing back in currently is market timing..then yep..thats me. Its brought me a lot of business these past 6 months. Thats an old story..but thanks for bringing it up, superstar. Its actually been a tough chore getting those that moved out to start tip toeing back in...
You see Ron, as an Indy, I don't have to worry about pissing off American Funds or Van Kampen because of the kickbacks...if you try to do that you've got the gestapo calling you. My main goal is to make my clients happy...thats it. What have you done for your clients lately?