Have you looked at the 401K investment changes on the email from Monday? Seems like they are narrowing down our choices. And it’s odd that there is a Schwab IRA option. Aren’t they a competitor?!
8 replies (most recent on top)
@e8 I don't how you could possibly think you know who/what I am. What I am is a near 20-year veteran associate that's fed up with the firms leadership, that misses the days of Weddle, Eaker, Beuerline & more, that still believes in the work we do even when leadership doesn't believe in the people doing the work. I see this change to our 401k as an opportunity to gain exposure to investments I otherwise can't.
Moreover, I choose to look at everything objectively, and not let my emotions be my driver.
Yes this firm has 100% fallen from greatness, but if we can get rid of the cancer that's dragging it down and driving both FAs and assets away, it can be great again.
Try looking for a positive in the world of negative, and you'll be surprised at what you might find.
You would think they'd use Capital Group (American Funds) 401K service...
@c9 person asking us to work through our rage. We know who/what you are.
I bet the schwab option doesn't charge us 15 bucks a trade.
Yet, still only a $500 match.
People... the Schwab option within the 401k is determined by the 401k vendor, not Edward Jones. And, it's not an IRA, its an extension of the 401k and carries with it the same plan rules (contribution limits, withdrawal conditions, etc.). This is not a new concept in the 401k world, its actually a rather old idea. Collectively, we need to be educated on the topic before spouting off about it.
Consider it differently, if you're griping about the self-directed brokerage option for the 401k now, would you have griped about it if it had been introduced while Weddle was still in the MP's office? I bet not.
This is a net positive for anyone that wants to invest in options other than what's available in the plan. Come on people... try thinking through your rage at what's been done from the 10th floor on down and have just a modicum of common sense.
Another embarrassment and stupid decision by our beloved ELT. Oh yea, I want clients to know I have money at Schwab! I am trying to get them to move from Schwab yet I am going to be moving my money there because the investment firm I work for has fewer choices for investment options than most other companies. Oh yea, we need to save money so reducing the options for associates to use in their 401k. Very associate friendly. We are an investment firm. We should have a Cadillac plan. Oh yea,and we are a partnership. We are supposed to use that as advantage to make good decision not just based decisions. Don’t forget you matter.
so few options. zero value funds and putting everyone in age base or risk doing it all on your own. you think a dart board decided the funds because surely a financial firm can pick better options. insane. lets show you hpw shwabb works so you dont even roll it over. sure field loves this.