Personal Finance and Investing

I've been with the local office in my town for nearly twenty years. They have taken care of me through the 2009 recession and although the value dropped some this year, my account had done very well in the past few years.

Edward Jones has offices all over. If you don't like the broker your father used, go and meet the people in your town and see if you are more comfortable with them. My parents had used one in their town and some of my investments were with him, but I did not like the man. Same as you, I did not have a good feeling about him. So I interviewed several brokers where I live. The EJ broker I now use is the son of the man I originally began working with. I am very happy to have a younger man taking care of my account - maybe he won't retire until I don't need a broker anymore!

It is very simple to change from one brokerage office or firm to another - check with any new office you pick, they will be happy to help you.

Also talk to other offices, but even one of the other brokers my parents used told me Edward Jones has pretty low rates - they only charge me for trades and since I only trade to balance my portfolio, they really don't make much off me.

In my experience The advantage of a local broker is that you can go in and talk things over with them. EJ will talk with you and help you assess your goals and your comfort level for risks before they ever begin checking over your portfolio. About once a year they will have a conference with you and discuss re-balancing your portfolio if it needs it. That's about all the effort I put into my investments unless I need to consult with my broker.

One very important thing to remember is that you only profit or lose if you sell your investments - aside from dividends, that is. If the market drops and you panic and selling, you lock in your losses. If you hold until things recover, good investments will recover their value.

Aside from all of that, begin thinking about estate planning - who will get your stuff when you die. Part of that planning is naming beneficiaries for your investment account.

If you haven't figured it out, I have been where you are now and learned a lot from experience. Condolences on losing your father and good luck handling what he has left you.