Russ Jacobs, a financial advisor for the highly-respected investment firm Edward Jones, wants to help people. That’s why he offers a free financial consultation to people who visit his Fallbrook office at 1099 S. Mission Rd.
“What’s important for people to understand is that they can come in and talk to me and they’re not going to get charged,” said Jacobs, who has been providing financial guidance to Fallbrook residents since 2007. “I will give them my opinion.”
Jacobs added that visitors get much more than just his educated opinion.
“I will run a financial analysis for them,” said Jacobs. “I will do the whole financial plan for them, without any charge, in hopes that they well let me handle their money. A lot of people go to certified financial planners, and they’ll make a huge thing and charge them thousands of dollars, and they’ll walk away and have this plan. Well, I’ll do that for free.”
Jacobs said he encourages people who already have a financial advisor to drop by his office for a “second opinion.”
“You go to a doctor and you don’t like what he said – maybe he said you need an operation – you go and get a second opinion, or you want a second opinion,” said Jacobs. “I always tell people, let me look at your statement, let me do an analysis. Get a second opinion. Why not – it doesn’t cost anything.”
Jacobs is a very personable man who likes to get to know people and their situations so he can offer assistance.
“Once I interview them and get to know what their needs are, what their risk tolerance is, and what their time horizon is – once I get all those factors – I design a portfolio that suits them and fills their financial needs,” said Jacobs.
A lot of retired people reside in Fallbrook and Jacob said it is important for them to make sure they don’t “outlive their money.”
“We have a thing called financial foundations where you give me all your information,” said Jacobs. “You say, ‘OK, here’s all my accounts – here’s all my assets, here’s all I’m collecting on income – income property, social security, pensions and all that – and here’s all my living expenses.’
“We put all that information in a computer program and it projects – it puts in an inflation rate, it puts in a growth rate, and it puts in an age – and then it says, ‘you are never going to outlive your money,’ or it says, ‘if you don’t slow down you’re going to outlive your money if you don’t start to contribute or change your lifestyle,’” continued Jacobs. “Most people don’t think about it.”
Jacob said the results of the report are invaluable to people.
“You give them the report and they walk away with a big smile on their face if they’re good,” said Jacobs. “If they’re not, they say, ‘well, I’m glad you’re telling me now.’ It’s an eye-popping observation for most people.”
Although people know Edward Jones as a leading investment firm – the company serves nearly seven million investors from more offices than any other investment firm in America – they may not know that Edward Jones offers insurance.
“We sell not only all the financial stuff – stocks, bonds, ETFs, all of that – we also sell life insurance and long-term care insurance, and those are all part of a financial plan,” said Jacobs. “You have to prepare for the unexpected, so we talk about those things.”
Jacobs noted long-term care insurance is more important than ever now that people are living longer.
“If you’re in a nursing home for two or three years, well, there goes all your savings,” said Jacobs. “So, you may want to prepare for that, particularly if you have a legacy that you want to give your kids. You don’t want all your assets swallowed up in end-of-life care.”
Although Jacobs said most of his clients are retired, he also enjoys helping young people get started with financial planning
“I’ve had a bunch of Marines come in and say, ‘you know, I’m just starting out, what can I do,’” said Jacobs. “I tell them, ‘let’s start an IRA account for you, let’s start a savings account for you.”
Jacobs also is willing to provide his services to people with small bankrolls.
“I don’t care if someone has as little as $250, I’ll help them,” said Jacobs. “From little to millions, I’ll help them. If they want to come in and talk to me, I’ll help them.”
Jacobs’ office is located next to the CVS Pharmacy in the Albertson’s shopping center. For more information, call (760) 731-7467.