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Alex[_23_]

wrote:
My FIL is heavily invested with Edward Jones and they are slamming him
2% a year for mostly Hartford mutual funds. (They seem to be joined at
the hip) What is the easiest way for him to get out? I am going to see
them but I doubt they are going to be much help. Personally, at his
age, growth is not an issue. He could put the money in CDs and never
be able to spend it all. I am not in the will so I really don't have a
dog in that fight but Judy wants me to help because none of them know
much about this stuff.

EJ is also very tight with American Funds.Â* I have never heard of a
contract with a financial firm so moving the funds from that account to
another firm should be simple and not require any direct involvement
with EJ since the new firm will handle the paperwork. If the account is
designated as an IRA then you will want the new firm to find funds with
the lowest costs - like index funds.Â* Often, fees are based on the
amount of assets within a group of funds but they all have their own
rules.Â* If it is a non-IRA account, you might want to be looking at
municipal bond funds.Â* They are going to pay better than a CD right now
and are tax-free.

Before you go to a lot of trouble I would ask the EJ advisor to find
funds that don't have those high expenses.Â* They still get paid.