Edward Jones is a full-service investment firm that provides advisory and money management services. You might discover, as I did, that youre getting screwed by Edward Jones fees and their brokerage service as a whole. And having to be on constant guard against a commission-based advisor who will sell you an annuity the first chance he gets; Option B: Hiring a fee-only advisor for 1% in annual fees. The cons provided are not accurate. Plus customer service very reluctant to answer a question always want to refer you to agent but they are not always available. Again, you have the final say on investments. Take the word of a company that has been brought up multiple times in the comments section: Vanguard. Be very careful who you listen to. Copyright 2010-2023 TopRatedFirms.com. You only have to worry about reverse-churning. Keep in mind, the more you invest in funds with a load fee, the more that 5.75% is worth. Best Budgeting & Money Management Services, Net Worth Trackers: 7 Best Apps & Tracking Services, How Taxes Affect Your Investment Portfolio, How to Pay Less Taxes on a Six-Figure Income, How to Offset Capital Gains Tax On Your Investments, Short-Term vs. The management fee (also referred to as the "program fee") begins at 1.35% for an investment of $250,000. For details please visit the official Edward Jones website. I see from this rude post, from an Edward Jones salesman, that Ive made the right decision. 1 month history? All rights are reserved. The Edward Jones Portfolio Program is a comprehensive managed investment program that combines personal investment strategy driven by the advisor and professional portfolio management driven by a global asset manager SEI. A good book for beginners that also shared my disdain for brokerage services like EJ is I Will Teach You To Be Rich by Ramit Sethi. But of course, past performance is no guarantee of future results. The fee, I was told, very minimal and prevents another crash, in case of market issues. I have tried several. On the other hand, if you absolutely need to average 9% over the long term, you better have a really good understanding of how unpredictable frequent, unexpected drops in the overall equity market and your account balance will make you feel because you will have to endure much larger moves in the short term with that particular investment mix than the one that has an objective of a 5% AARofR. We dont always see eye to eye with everyone but good communication is key to a good working relationship. Edward Jones, Sr., founded this firm in 1922. I went with E.J. Then all you need is a parts store. One year later, I can say that lower fees definitely make a huge difference, especially if the brokerage firm is churning portfolios to generate commissions. Personal financial success is directly correlated to asset allocation and risk management. Press J to jump to the feed. Edward Jones is, by far, one of the most ethical firms in the industry. Your financial advisor will clearly explain all costs associated with any transaction or service. I really wish I had decided to do my investing on my own several years ago. On a $1M portfolio I pay less than $1k in management fees, and obviously have paid (or will pay) no load fees. The 2% load fees are horrific and morally criminal. Lots of wealthy clients are not happy with Edward Jones. If I sell a stock in my 401k and invest in another more productive will I be charged a fee. You will have to do that with each fund. I would recommend opening a Vanguard account and put together your own portfolio of low-fee mutual funds that fits your risk profile. Why Do California And New Jersey Tax HSAs? not just any fee they take the fee off the money I already have invested every single month. An advantage of this type of account over a Select Account is that you have access to the same variety of markets, but your wealth management benefits from expert input. I know Im not great working with FAs. I was just handed an Edward Jones statement from an elderly lady (approximately 70) who was concerned about the recent losses in her account. So at that point dont pay them for that, just buy 5 Vanguard, Schwab or Fidelity index funds (Large cap, mid cap, small cap, international, and bond) A good fiduciary fee advisor works at looking for these top notch investments and doesnt just throw you in a all the same fund company model and go looking for his next victim like many Jones brokers do. My wife and I use Edwards Jones as a CFP (Certified Financial Planner). That would fluctuate up or down with account balance, but lets assume the balance stays exactly the same. Im a little confused. Do they charge load fees? Also, as far as get a book and learn, the FA does this for a living, month-in month-out, year-in year-out, and will probably do so for decades. At Edward Jones, we believe that the best investor is a well-informed investor. We tip 15-20% or more when we eat out but people balk at 1-2% to manage your wealth. There are other people who can and do use economies of scale to manage investments much less expensively. Depending on how long you hold on to your load funds, the drag could be an additional 1-2% on top of your advisory fee and underlying expense ratios. Can someone please explain to me how to identify the completely hidden fees that EJ charges? Check out AOA and AOR. In one of my Ed Jones accounts, I invested 1.2 Million dollars in mutual funds for 0% commission by taking advantage of breakpoints. If you want/believe in the face to face value of having an advisor to talk to then pay the higher fees. Most people who are new to investing dont even know which questions to ask. I guess you really have to look at how you are as an investor some people may want someone to do everything for them. While this may feel like it risks your investing in an industry that causes a conflict of interest for you, your advisor will take note of any options you'd rather avoid and respect your decisions. Minimum commission is $50. No, EJ isnt perfect. If you pay a management fee of 1.35% to invest you DO NOT ALSO pay annual account fees or stock investment fees. But, if you do your due diligence in interviewing advisors (anywhere), youll find someone who actually knows what theyre doing, utilizes the research team and CFAs, and sets you up for bigger long-term wins than most people will get with their indexing. Its an impossibility. Ive been with EJ for 2-3 years and the thousands I paid every year has always bothered me. You hire Edward Jones because they have an established process to create a personalized strategy to help you reach your financial goals. Full-service brokers are substantially more expensive than self-directed online stock brokers. Edward Jones offers in-person advice and investment management services through its 19,000 advisors across the U.S. and Canada. Sales loads, be they front load or when you sell, are generally never recovered from better fund performance. She went to the friendly/neighborhood EJ advisor, who 1) charged her fees as you described on her extremely modest asset; 2) did not actually advise her and left her with a portfolio where 75% of her asset are tied up in three stocks not three mutual funds, three SINGLE stocks. But certainly not the most efficient way to go! Its a wonder my portfolio has survived more or less intact. If you miss talking to some sort of advisor, you can find one on a fee-only basis (not a percentage of your assets). Vanguard gets very deep. These can be found on Morningstar by entering the Ticker Symbol associated with the fund. I was always aware of the fees, and knew they were high compared to other investment brokers and services. a. Lets say for example you buy $100,000 of stock that you want to pass on to your kids. If Edward Jones were simply a brokerage firm, they would be obscenely overpriced. All rights reserved. You may also consider a target date fund that rebalances your stock/bond allocation as you near your target date of retirement, which will include a slightly higher but still very manageable expense ratio. This is bar none the most egregious of the fees involved, but its far from the only one. A self directed Charles Shaub IRA has tripled and its fee free . As compared to any actively managed fundsand most of the offerings your broker will sell youindex funds are a great deal. I guess thats the difference between a broker and an advisor..haha. I have really only recently got concerned about the fees when I started to study the statements. Though if you follow investor wisdom from the greats throughout our time you will come to know that fees are not the first thing to look at. Ive been with EJ for about 2 years. After college, I finally had an extremely modest income coming in. EJ was instructed to transfer in kind only. Read additional information about the services, fees and agreements that are part of your relationship with us: Edward Jones Shareholder Accounting Disclosure (PDF), Inforce Contract Service Disclosure (PDF). Hey Genethank you for your service! Learn More. I recently had a Father pass away. Cheaper isnt always better. And my money goes where Ken Fishers goes. There are two ways to do it the 5.75% is a front load sales charge that you will only be charged once when the money goes in. All I want is a portfolio that will return about 7% a year, and with that Ill have enough to retire with peace of mind. Hard to blame them for this one. Id be really curious to hear about what your situation is now and how things faired during March 2020. Read important information about fees and other charges that may apply to your account. Plus, 1.3% annual fees and 2% on reinvested dividends. Once it is known what the goals are and the resources available to put towards them, a general average annual rate of return on the assets earmarked towards those individual goals can be established. You do realize that 2% per year eats dramatically into your returns? If you are dealing with a crook, you will get screwed every time whether it be by EJ, ML, Schwab or Scott. Depending on the long term average rate of return needed to reach your goals, volatilty cannot be avoided and is simply a means to an end. What needs to be looked at in truth is the return you are getting, going to get you to achieve your financial goals. Dale, I am transferring my iPad. Please contact your nancial advisor for additional information. 10 year annualized return of 14 percent. InvestorJunkieis not a Wealthfront Advisers client, and this is a paid endorsement. InvestorJunkie receives cash compensation from Wealthfront Advisers LLC (Wealthfront Advisers) for each new client that applies for a Wealthfront Automated Investing Account through our links. As a non-retirement brokerage account, this account gives you access to a range of investment choices and flexibility in how you manage them. Im a former Pilot, and this argument reminds me of the Beech Bonanza, nicknamed the V tailed Doctor killer. Did your advisor tell you to take a step back this week and get more conservative? She was a pretty good FA, eager to help us and not terribly pushy about selling products. Help your Parents make better investing decisions. Thats $13,500 over ten years. Along the way, Ill compare their methods to a similar investment with Vanguard using their VTSMX fund. As for the $300 transfer fee, that sounds like the Transfer on Death fee that your father had signed up for. I have research to do! However, if you are a results only driven investor, comparing VTSMX to the comparable American Funds investments doesnt hold water. Edward Jones was good for me until my representative retired then I found out what it was like to have a person (the replacement) who was looking out for themself and not me. This is exactly why I would never do business with EJ again. Also, on their fee-based accounts, EJ advisors are held to fiduciary standards -as is the firm. Now theyre going to take $7500!! Great research department. This account is insured up to $2.5 million using multiple banks. Get on the Bogleheads site and educate yourself. Good luck out there, its like swimming with sharks and you are bleeding money. NO. They are ruthless, in it for themselves and EJ, EJ should have gone under as a company a long time ago. I am a buy and hold equity investor. In other words, go with someone who charges say, $200 as opposed to 1% of your investment account. If your investment goals include being ripped off then Edward Jones is the place for you. Stay far far away from Edward Jones. Hate to change have been friends with advisor for years at EJ but its about the dollar.. First it depends on your relationship with Edward Jones. If the answer to any of those questions is yes, odds are youre getting screwed by Edward Jones fees. No online trading it would defeat the purpose for me. And for all the reasons you mention, I dont want to let them off the hook. Im going to make a guess: 98.5%? Its a buying day today All funds are on sale. Ironically, this error presents itself without prejudice. Furthermore, during a tough market like today, active manager have a real opportunity to out performance passive. Good advice. For equities and fixed-income securities, Edward Jones uses a cost basis method of original lot cost. You may think meh, 1% isn't that big of a deal, I think I'll stick with Edward Jones. The industry average is over 1%. The local EJ person is not your friend (just like the friendly car salesman is NOT your friend). With no minimum amount required to open an account, it's easy for you to get started. Please note that not all of the investments and services mentioned are available in every state. The account holder will need to provide a location describing where they would like their funds to get transferred . When you add in the 1-2% annual fees charged by most managed funds, its difficult to match the performance of a broad based index fund. The information on Investor Junkie could be different from what you find when visiting a third-party website. Lost a lot of money at EJ 2 ways, heavy fees and bad funds. Check out how often the SEC has fined them for not disclosing kickbacks they get from the mutual fund companies. What matters is the all in cost. My mother-in-law, an EJ client, just passed away. Im amazed when people think Edward Jones is a viable alternative. I did have a focal point at Fidelity who helped me bring things over. Again, if you dont need someone to educate you, review your financial situation, college planning, tax planning, Succession planning, stock advise, bond inventory, etc you are better off doing it on your own and following Wall Street Bets Ape Nation. They even admit that its a potential conflict of interest if you read the fine print. Not sure if this article is outdated but I have never paid front end loads at EDJ. If you are Socrates, you should be able to figure it out. Honestly, I am not sure I would have done as well as i have without an Edward Jones broker. Investor Junkie is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Vanguard likes to tout its low fees. Maintenance Fees: 0%-0.85% annual fee based on assets held in the account 48. would you not want to of sold your account into a money market then reinvest 2000 point lower? Nice cheap shot there. Get a grip! You paid at least 2.5% upfront for those American funds,. And unfortunately, that coupled with a brain, preclude any kind of employment at Edward Jones. First of all, I would hope and pray that my radiologist isnt studying finance on the side, calling his free trading account during market hours, and think that his playing the market is going to beat a long-term plan set up based on the individual clients financial needs, income, tax bracket, liabilities (like kids, or dependent parents), desired retirement age, and correct diversification. No it is finding the right person to fix it. My experience and my returns have exceeded my expectations because I do my homework and ask all the questions that need to be asked. Two quotes to leave you with. You're in the Right Place. Account Opening Fee: $0 47. I understand that this is in exchange for the 1.35% you may pay annual, but it doesnt tell the whole story. Its more common to find garbage reviews like this, which are garbage because of the misinformation, then it is to find garbage reviews from sources that co rain factual information. I didnt want to give people the wrong impression that they made a huge mistake by putting their money with Edward Jones. *Certain brokerage accounts may not be part of the Select Account program. (like credit cards, loans, automatic deposit), Ask the advisor, and I use that term very loosely, why they recommend the funds that they do? is sort of fraudulent because their clients probably arent aware of the low returns and high fees. They have to get paid somehow. The difference is $148,545 or about $7,500 per year. Its incredibly common for the local EJ advisor to be someone you know in the community, but I dont think avoiding the inevitable awkwardness should be the reason to continue to pay that community member a percentage of your assets every year. Depending on how active a client is, they could pay FAR less than a discount brokerage firm. If one is never going to tell u when to move you money out then you are not getting you moneys worth. My buddys wife that worked there called it The FIRM as in you had to drink their Koolaide. The assertion that accounts under $10M are paying too much is ludicrous. Focusing on a single KPI, (fees), in the absense of other context will result in a very poor outcome. If your answer is I would serve them both equally you are a liar or an idiot who has no clue about how businesses operate. You have access to assistance from your advisor but not the full research service available with a guided account. For more information, please read our, How to Invest $1,000: 8 Best Ways to Invest Right Now, How to Invest 50k: The Best Place to Invest Money Right Now, How to Know If a Company or Fund Is Really ESG, How to Diversify Your Investment Portfolio, Stansberrys Investment Advisory Newsletter, Motley Fool vs. Jim Cramers Action Alerts Plus, Motley Fool Stock Advisor vs. Rule Breakers, The Motley Fool vs. Zacks Investment Research, How to Invest in Index Funds: Do It Right, Direct Indexing Beat the Mutual Funds at Their Own Game, How to Beat the Top Traded ETFs & Mutual Funds, ETF vs Mutual Funds (and Index Funds) Comparison, Actively Managed vs. Passively Managed Funds, Should You Invest in Bitcoin? Their high fees are guaranteed whether you make money or not. Number 3 was exactly why I helped my mom move from EJ to a much more transparent RIA. The same fund but two different series. The adviser I have with Edward Jones has done a stellar job over the last 13 years!! You would also pay a percentage when you buy a stock in this type of account. This effectively consolidates breakpoints. Dont rely on an advisor. Did they advise u to get out. Im having a headache and belly ache reading this. More information is available via our links to Wealthfront Advisers. Some of these fees may not apply to accounts in Edward Jones Advisory Solutions or the Edward Jones Managed Account Program (MAP). $100K-250K 3.50% Lets talk expense ratios. I thought they were amazing and I recruited 14 and trained 9 of them. What Exactly Are All These Fidelity 401k Fees? Investing in a low cost index fund is NOT the same; its very easy to do. Shouldnt that investment have increased a little bit more? Here's a full list of other nickel and dime fees you might incur at Edward Jones. (I looked at it line by line the only thing that signals the fee is a small print labeled CHRG 4.5% on the transaction. At the end of the day, if your long term goals are attainable with a 5% AARofR, why would you want (or need) to put yourself through the unnecessary emotional stress that an investment mix designed (by historical measures and notice I said investment MIX not investment selection) to provide an AARofR of 9% will inherently put you through? I decided to dig deeper and look at the performance. This is what advisors call reverse-churning. VALUE OF ASSETS $10.00 per month. Available securities. My go- I do NOT work in the Investment Industry. Edward Jones Revenue Sharing (PDF) Trust, Investment Advisory & Trusteed IRA Accounts. I dont think its the most optimal place to invest, and I do think some Edward Jones advisors prey on ignorance (that you dont want to know comment makes me cringe, but I would certainly not put off your retirement! Behavior and good research and sticking to a principled plan of proper asset diversification and proper rebalancing of retirement accounts will always win over any fees. I feel like you are defending EJ but then in your last sentence you stated that your conscience coupled with a brain would basically make working at EJ not an option for you. And boy did I learn. It is too time consuming and I would rather do something else than read Money magazine, WSJ and watch PBS Money Hour. The bottom line is that the writer did not do the appropriate amount of homework before making assertions that are incorrect regarding a wonderful firm. These big company processes never favor your returns, they favor their returns. It is a 25.3% average annual return sustained over 20yr. Thank you so much for sharing your experience. You decide how you want to use it. If she had 500k she was paying closer to 1.1% max. Its a 10 year CD that was picked by my financial adviser. This article is full of ignorant information. Do not think for one minute your FA will pick the first stock for you . It is too much for the young family to keep up with. Most dont have the financial skills to even understand if they are succeeding. A Free 1,000 Southwest Rapid Rewards Points For TurboTax Users, Incurring Annoying Non-Chase ATM Fees, $2.50 At A Time, Home Is Where The Paycheck Is With Geographic Arbitrage, Analyzing The All-Time Results Of The Super Bowl Indicator, How To Tax-Loss Harvest Your Way To Positivity. I also asked him to turn on a source of income we had turned on before, but then turned off because I went back to work. Edward Jones is a business. If I have a fee-based account, Im not paying that up front sales charge anyways but Ill still get the volume discount for dollars invested in that account as a whole. Let's examine the competition. Break away brother.you are just throwing good money away with the fees. How to Boost Your Savings With a CD Ladder, How to Know if a Company or Fund Is Really ESG, 529 plan (qualified college tuition plan), http://www.jdpower.com/press-releases/jd-power-2017-us-full-service-investor-satisfaction-study, How Robo-Advisors Change the Investment Industry, Leading Socially Responsible Investing Robo Advisors, Traditional IRA (individual retirement account), SEP IRA (simplified employee pension IRA), SIMPLE IRA (savings incentive match plan for employees IRA). My $4,000 has $4,000 worth of buying power. I invest on my own and am conservative and safe. EJ Clients should start to find other cheaper places to invest their funds and not get caught up in the ahh shucks good ol boy FA in their local town. At the center of how Edward Jones works is its geographical structure. In a transactional account, you pay a cost when you buy or sell an investment. Its done quite well, and now Im moving into stocks from mutual funds. Individual Retirement Account schedule of fees (PDF), Edward Jones Select Retirement Account schedule of fees (PDF), Grandfathered pooled retirement account fees, Unit Investment Trust (UIT) compensationschedule (PDF). I havent paid any additional fees to EJ. Read about its products, services, fees and more with ConsumerAffairs. Being invested is the most important thing, period. Isnt that the point of investing money? Also, he does convert our annual IRA contributions to a Roth. Your hard working husband earned it. There is simply not enough time in the day for an Edward Jones advisor with 3-400 clients to actively manage clients investment portfolios. Thats not true. I do sometimes use some as a core but would never use entirely. It ranges from 0.5% to 1.35% the higher the asset value, the . I use to have a broker when I was young and everything I saved he lost. Theyre both included in your fee. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Call Vanguard and let them transfer your money out. Youre welcome. Read The Book: A Random Walk Down Wall Street. By and large, load fees are bullshit and you should avoid them at all costs. Its a big part of the relationship and they should be telling you what youre paying and what services youre getting with your fees. The agent checks in, because he has set a to do in his computer system to call clients quarterly. Theyll tell you exactly what you want to hear. The service also works smoothly on the firm's mobile app, available on iOS and Android. That is just the nature of the business. Join our community, read the PF Wiki, and get on top of your finances! If they dont get you results OK, but Jones seems to outperform in down markets regardless. for five years after my dad passed on. Joe, your investment style may work for you but Tom is right in general (though there are cheaper ways to manage a buy and hold investment than EJ.) Second when you fail to educate yourself about where you are putting your money and find out that there are fees years later thats your own doing, not Edward Jones. The numbers are pretty staggering when you factor in compounding over a long time horizon. Call their customer service number. The advisor gets paid for a service, and in your case you didnt get much service. Edward Jones is a scam. Copyright 2023 Edward Jones. Bitcoin vs. Bitcoin Cash: Which Is the Better Investment Today? Brokers do better when their clients are in the dark. Best of luckyoure in great shape! You want cheap..believe me.you get cheap. You dont want to know. I cant say I wasnt warned, just to stunned to react or comprehend. My advisor refused to talk to me about it, and left me holding the bag. Regardless of the position you take on active VS passive management, the real issue is that MOST human beings cannot handle the volatility that comes along with any investment that (for example) tracks the equity markets (S&P 500 we will say) and yields a similar long term annual average rate of return. In this back-and-forth between everyone in this thread are not even being discussed.If you people are going to argue about fees and performance, and passive VS managed, and DIY VS an advisor, you must understand that there are simple, timeless truths at the foundation of the argument that you are failing to integrate here. This article is outdated but I have with Edward Jones works is its geographical structure just... Investment brokers and services mentioned are available in every state thing, period managed fundsand of. Your kids do realize that 2 % per year pay far less than a discount firm. Online stock brokers always aware of the Beech Bonanza, nicknamed the V tailed killer! 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Third-Party website the final say on investments only driven investor, comparing VTSMX to the comparable American funds.! A brain, preclude any kind of employment at Edward Jones is a 25.3 average... Checks in, because he has set a to do in his computer system call! Investment with Vanguard using their VTSMX fund focusing on a single KPI, fees! A little bit more more expensive than self-directed online stock brokers investor, comparing VTSMX to comparable! Is available via our links to Wealthfront Advisers client, and past does. Reach your financial goals advisor will clearly explain all costs associated with the fees when I was aware! An account, you have access to a similar investment with Vanguard their... Solutions or the Edward Jones, Sr., founded this firm in 1922 on top of your investment goals being... But Jones seems to outperform in down markets regardless our community, read the fine.! A client is, by far, one of the relationship and they should be aware investment! 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