The previous promotions were just 1% fee waivers, but those had strict expiration dates. In those cases, we basically walk away from our margin—which isn't exactly standard practice.
There’s no such thing as a free lunch, and there’s no such thing as a decent job without a paycheck. Fees are set by federal law; bonuses, discounts, and all that stuff only kick in once the fees have actually been collected.
Transfers are free on our end, though the bank you're moving money out of will likely charge you an exit fee.
casualtrucker7, my only real gripe was with how Edward Jones operates—something I haven't experienced firsthand as a client.
But look, let’s be precise here. When you talk about a public commission, if you're actually referring to the fee for setting up a home savings contract, Edward Jones doesn't set that rate—Bank of America does. That fee is standardized across the board (NYSE, NASDAQ, Vanguard, and Bank of America Securities) and sits at 1% of the agreed amount.
That fee is pulled from the client's initial deposits; neither you nor I get to decide whether it’s charged or not. And if it’s true that clients opening contracts at Bank of America through Edward Jones somehow skip that fee, then I guess you'll have to explain how you actually earn a commission for the work? Because that fee is what covers both the employees and the partners.
Unless, of course, you're just working for free. I highly doubt it.
Gerald Thomas11, you either missed my last post or didn't accept it... I was actually addressing the exact point you're throwing at me—that it isn't right to offer "Financial Advisor" services without clarifying that you're working specifically for certain institutions.
Look, obviously I’m biased if I work for Bank of America, but a client doesn't have to accept our terms—they aren't dealing with some neutral "Financial Advisor," they're dealing with a "Bank of America Financial Advisor." They know that the second they walk into our branch. When I give advice on how to best invest their money (which, I guess, is what financial advisors actually do), I suggest they check out all the other banks and compare them against our rates. That way, they can decide which option is best FOR THEM, not just what works for me. Okay?
To me, that style of "advising" feels more like selling the obvious—kind of like when a brand advertises cholesterol-free oil, even though there isn't really such a thing as oil with cholesterol anyway.
To wrap this up: I’m fine with advice like "invest in life insurance," "look into a 401(k)," or "check out mortgage options and mutual funds." But I’m not interested in being told to buy *this* specific policy or *that* specific fund without hearing the most important part: "since I don't earn a commission from other firms, they might actually be a better deal."
It’s all fine and well, but at that point, you’re basically just pitching specific insurance products—it shouldn't be framed as neutral or objective advice.
The owner's interests are always driving the bus here; they'll push whichever firm offers the biggest commission. And what happens when you realize later on some trivial detail—like the bank you chose actually has lower interest rates than a competitor they don't partner with? What kind of advice is that? Sorry, buddy, but I guess it's not their fault they didn't have a contract with us...
They’re missing out by not including offers from Fannie Mae—you aren't seriously suggesting Vanguard has better terms than Zions Bank, are you? Besides, not having State Farm in their lineup suggests they don't really grasp who holds one of the top five portfolios in America. It helps that State Farm maintains a solid 50/50 split between life and non-life insurance, and honestly, anyone complaining about insurance clearly doesn't get the math behind it. As for funds, I'm not sure if they even offer them, but managing those would require more than just sitting through a couple of seminars put on by advisors.
I don't really see how this advice can be considered objective when OVB has contracts with several savings banks—including mine, just recently—and a handful of insurance companies, rather than working with everyone. I’d much rather take advice from a neutral advisor, because right now we're basically getting steered toward specific companies' programs, regardless of whether they actually offer the best terms for the clients.
I haven't actually sat down for a consultation with them yet, but I will. Only then will I give an honest opinion—otherwise, this is all just my own assumption.