DrakeValle

Title sums it up. I'm 23 (currently debt free), and looking at starting a retirement plan. My cousin gave me the number to his EJ adviser and I met with him last night.

I have also done a good bit of reading online, and for the most part people seem to say stay away from EJ due to the extra fees, especially if you don't have a good adviser.

I have never previously explored the realm of investing/retirement, but it is something I want to get started very soon. Can going through a place like EJ be used in a beneficial way for someone new? I'm seeking more than just investment advice, and the guy I spoke with said he would be more than happy to help with any questions I have.

I'm very conflicted.. I hear everyone saying that you should go with Vanguard for mutual funds, etc.. but I think I require more assistance than they offer, and I would prefer dealing with someone in person.

s.hasan546

find an advisor you trust first. Regardless of what company. Ask friends and family for who they use and their previous success/failure with them.

UnkieTrunkie

So here's the catch. Anybody willing to help you for "free" is selling you on a product. Even if it is a good product, the person selling it to you gets a commission of the money you deposit.

This won't be the cheapest way out at first, but you want to pay for real advice. I'd suggest going to a fee-based certified financial planner. You can look one up in your area: http://findanadvisor.napfa.org/Home.aspx

Now, once that person gives you some guidance, you can go through and choose investment products. Likely, they'll steer you to Vanguard or Fidelity or TIAA-CREF products, as they have the lowest fees (usually).

Regardless, pay up front for the advice, don't get sold. Let us know what you find out/how it goes.

DrakeValle

See, I've heard it both ways. I read that a lot of people found fee based advisers to be a waste of money, because they are required to see you succeed from the advice they give. I've been told they may give good advice, but they are going to nickel and dime you for everything they give and will stretch out the advice they give in order to get more out of you.

That was one of the good things I was told about commissioned based advisers. They are usually making money when you make money, so it is in their best interest to help you do well.

But again, that is only things that I've read, so I value any input on that situation.

s.hasan546

honestly it doesn't matter how the person is compensated. It depends if the person is good at his job or not, and is he honest. Thats why go with someone through a referral that you trust isn't a slimeball and is good/smart at what they do.

Thats what I recommend everyone who doesn't want to take the time or effort to invest their own money to do. Go with someone you trust who is competent. I invest all my own money but I also invest a lot of time into it. It's like having a part time job. Also I have two close friends who are very successful and guide my trades for free-ish lol.

DrakeValle

I have nothing against the adviser at EJ that I met with. He was very nice, straight-forward, seemed honest, and truly seem to be excited to help me out, but again that is how they are trained to "sell" you.

My cousin and uncle work with him, but have not done so for a long time.

I am still going to meet with a fee only adviser, if I can get a meeting with one soon, just to see what they offer.

DrakeValle

Well the only Fee Only adviser that showed up in that search for my area will not even have a meeting with me because he has limited his client intake to only clients with assets above $200,000.

He did refer me to another guy though, so hopefully I can get a meeting with him. Also had a guy in my office building come up to me after he overheard a phone call. He is a fee-based adviser. Going to meet with him just to see what he says, but not really sure how successful he would be..

jbetres

earlier in your comments you said you wanted more than investment advice. responses to your post have given you two solid avenues...go with a trusted recommendation or simply go with a fee only advisor but what is the "more than investment advice' you want/need? answering that may help in providing you with more/better choices.

DrakeValle

Yes, two good recommendations have been given, and so far I have pursued both avenues to see what they offer.

By more than just investment advice, I am talking about things like.. how to get the most out of the money that I'm making, how to use a credit card to benefit me.. can I realistically afford a house/land soon..

Probably just basic financial stuff that I can learn about and read online, but I would rather have someone guiding me through that instead of learning by trial and error.

jbetres