As for this guy, I never said anything political to him at all, I swear. He's the one that started it up and ended it. I never told him what my opinions are re: politics.
If he said he could get you eight or nine percent then I would call the branch he is out of, speak to the manager and tell him/her what he said. He was out of line on the political stuff as well as making baseless claims. He is required by law to say something to the effect "this portfolio has returned (X) over the last ten years (or whatever)" and should say something like "Past performance is no indication of future results" If you still have the number he called from, call them back if you want to. He shouldn't do that kind of crap and I guarantee his compliance department would like to know he is doing that shit.
What if he packs it in an leaves his job again. What happens to me? Do I get lost in the shuffle?
Your account would go to another broker in the branch or become a House Account, but you shouldn't get lost in the shuffle. It does happen however, so (this goes for everyone) it's important to look at your statements and notice any changes. It should mention the broker of record on the account on page one. If that changes month to month or from one statement to the next and they DIDN'T call you, CALL THEM AND ASK WHY!
As for CDs, probably my only safe choice. I need to look around and see if I can find something that is paying more that what I am getting now.
If absolute 100 % safety of principal is what you seek, then yes, CD's or US Treasury Bonds are your best bet. The ten year Treas. is now at almost 3% (closing yield today 2.93% on a 2.88% coupon)
And yes, Edward Jones is a full service broker/dealer but their commission schedule and other fees are not cheap. They most definitely do not fall in the discount broker category. I had an IRA with them and the broker was a guy that worked at the firm I did back in '06 so I trusted him. But I moved my IRA because it was such a small account and the gains were so small that the annual maintenance fee and the commissions ate up almost all the gains. I handle it through E-Trade now. No annual IRA fees, full suite of securities and low commissions. (I'm not promoting E-Trade, just relating my experience and easily attainable information)
Side note;
When I was a broker back from late 2006 through '09, of all my clients I had one - only one - that insisted he wanted NOTHING but CD's. He had been an auto mechanic all his life and had just under a half million saved. "I don't want to hear about no stocks, bonds, no mutual funds - nothing! CD's ONLY!" he said. He was the only client I had that did not have his account value go down during that period. He didn't make squat, but he didn't lose a penny either!
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