The firm even works hard for broke folks like me!
Written: Apr 30 '01 (Updated May 01 '01)
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Pros: Tailored for solid, stable investment growth.
Cons: Look elsewhere if you're interested in "the newest thing."
The Bottom Line: They've taken a miserable amount of cash and have put it in a solid, growing mutual fund for me. In my mind, it's just a great international brokerage.
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| HawgWyld's Full Review: Edward Jones |
I started a mutual fund at the local Edward Jones a couple of years ago. Now, you have to keep in mind that I'm a reporter by trade and, as such, am so poor that I should be called, simply, "po'." Still, I worry about retirement like everyone else, and believe in doing what I can to squirrel away a few bucks in the future. My Wife and I both have healthy 401(k) plans with our respective employers, but I'm not sure that's going to be enough money to retire somewhere nice (i.e., full of grumpy old folks, golf courses and lakes). And, I still maintain that those planning for Social Security to be around past around 2030 are living in a fool's paradise.
So, I once built a plan -- I'd head to Edward Jones with the monthly check my employer gives me for for mileage and put it in a mutual fund. Those checks typically range from $30 to $50 per month, so we're not talking about a ton of cash. I told the local investment guy that I didn't know a damn thing about the market, but was wanting to start something that would grow nicely and be around when I'm ready to retire after the next 35 years or so have passed. He was more than polite, told me about a mutual fund that would be "a good fit," took my $32 and bought some of it for me. That little mutual fund (AWSHX is the ticker symbol) has grown in a time when others have failed.
Edward Jones proved themselves to be a worthy company in a number of ways. They didn't care whether I had a ton of cash to invest or not -- I was treated very kindly and given good advice. I also love a letter I got from them when the "dot coms" were supposed to be the newest and best things to invest in for a fast buck. Edward Jones announced it was staying away from those things until such time as they were proven to be sound investments. As it turns out, Edward Jones was right -- the "dot coms" turned out to be "dot dogs" for the most part, and I'm glad that Edward Jones wasn't wasting my cash in a mutual fund that banked heavily on the success of those things.
The company also sends me out detailed information about my account once a month so I can see how much my money has grown, whether I have dividends that were rolled back into the mutual fund and etc. Better yet, when I call the local Edward Jones agent, I actually get a human being on the phone who can quickly answer what questions I might have.
While I don't have a lot of investment experience, I've been more than pleased with the advice and kind treatment I've received from Edward Jones. The pathetic amount of cash I've put in my mutual fund through that national brokerage has grown well enough, and I'm pleased that Edward Jones has chosen for me a fund that has $46 billion in assets and stocks from large, proven corporations. In short, they don't treat me like a crumb because I don't have much to invest, and have always taken the time to give me solid advice. That sounds like a damn good investment firm to me.
For those looking for any mention of the firm's Web site, you're not going to find much here. That's because the main purpose of the Edward Jones site appears to be to list the company's general investment strategies and to help folks find the local brokerage. Being able to find out too much information or manage accounts would rather violate the company's idea about investing. Edward Jones is the place to head if you want to chat about investment strategies with someone who knows what he's doing while sipping a cup of coffee. The company is quite conservative, but that's exactly what I look for in a brokerage.
Recommended:
Yes
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Epinions.com ID:
HawgWyld
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 - Top 200 |
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Member: Ethan C. Nobles
Location: Benton, Ark.
Reviews written: 1435
Trusted by: 495 members
About Me:
The oxen are slow, but the earth is patient.
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