Hayes said:
I keep my money with EJ because they protect me from myself. I’m my own worst enemy when it comes to investing.
Their job is to stop me from making big mistakes that could lose me money.
This is the only good reason to stay with EJ. But if you can stick to a simple portfolio and not mess with it, EJ’s fees aren’t worth it. They also tend to overcomplicate portfolios unnecessarily.
FYI, closing your accounts will cost $95 each, but it’s worth it.
EJ is fine if you don’t know what you’re doing, but they charge high fees for very basic investing. Their guided accounts are close to 2% in fees, which is crazy. And $15 stock trades? That’s a joke when most brokers let you trade for free.
@Jesse
Those fees are insane. I’m in the wrong business!
Hal said:
@Jesse
Those fees are insane. I’m in the wrong business!
Worst part? You can’t even place your own trades. Your advisor has to do it, like it’s still the 1980s.
Hal said:
@Jesse
Those fees are insane. I’m in the wrong business!
Worst part? You can’t even place your own trades. Your advisor has to do it, like it’s still the 1980s.
Yeah, they literally operate like it’s decades ago.
Before you move, talk to your advisor and ask all your questions. Consolidate your accounts if you can to make managing them easier. Once you have a plan, you’ll be ready to make the move. My EJ advisor was upset when I started transferring funds, but I wish I had asked him more questions before tipping him off.
@Rene
Of course he’s upset—his cash cow is walking out the door!
@Rene
Only take advice from fiduciary advisors. The rest don’t have to act in your best interest.
It’s easy to pick good investments for yourself and cheaper than paying someone to do it. Check out resources like the Bogleheads wiki and videos. I’ve been investing for 35+ years and use a simple strategy with Vanguard total-market funds. It’s effective, low-cost, and easy to manage.