Two quotes to leave you with. FYI with Edward Jones my cost was 7.95% he had us in two funds that lost 11 and 15% over 5 years, take out those funds and the cost was 3.68%. The services offered within this site are available exclusively through our U.S. financial advisors. Historically, Edward Jones advisors were distinct because they were accessible even in small towns and communities across the U.S. and Canada. They have both said I could sue, but it would involve arbitration. Multiply that over decades and all the lost gains because the money (MY money) is going into my FA/EJs pocket and not mine. There are goods and bads in all of them..regardless of the name of the firm. I had clients who did their own thing, for awhile, but usually realized they didnt have access to all the information I did, nor did they want the sleepless nights, or want it as a job. Did they advise u to get out. In consideration of your making Class F-1 shares of the Funds available through the Program, we will pay you compensation on a quarterly basis at the annual rate of 0.25% of the average daily net asset value of Class F-1 shares of Funds listed on Schedule A that are held in an account assigned to you. There are multiple ways to get in contact with a member of the Edward Jones team. Most of the rich understand that value of leaning on a professional for advice in their specialization. The 0.59% annual expense ratio amounts to $23.60 out of that $4,000, but that amount will only grow as the account does, while the $40 flat fee will make up less of a percentage of my overall accountprovided my account actually does grow. 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? Does it take the same smarts to withdraw as it does to buy securities? I havent even touched on how maintaining the proper allocation (mix of stocks vs bonds AND exposure to the different asset classes among those) is crucial to maintaining your proper investment mix to reach your goals with the least amount of volatility (some call this risk) in the interim. Id rather pay commissions because it would encourage buying in times when everyone else is selling and not buying when everyone else is being greedy and buying like ravenous animals! Its like a CULT. First its your money and as diligent investor you should always know all fees you are paying when you work with a financial rep or advisor to begin. 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. My hope is that after reading this post he shows some journalistic integrity and fixes his incorrect assertions. Ive already stated why the writer is incorrect about active trading. Now I am panic-stricken. MemberSIPC. In financial advising, you get what you pay for, like most things in life. So the last two months they have e lost me money. Awesome response and appreciate all the facts. You need to check again. Disclosures and Fee Schedule (PDF) Let Edward Jones control some of my money only to find my dog did a better job. I dont know if I would be having meetings with a 20 year old kid to go over their retirement plans and goals. Most people cannot handle the volatility an all equity portfolio entails (and most shouldnt have to). E J is a business not your close friend. I will gladly keep paying the 1% fee.. His advice kept me grounded and made me x$$$ more than his fee. 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. I think you can get by with 3-5 index funds and not pay a financial adviser. 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. Then all you need is a parts store. With a Select Account, you have the final say on investments. Nope, they are still selling those American Funds Mutuals with the 5.75% upfront load fees. Lets take a look at the cost of the Roth IRA fees in my Edward Jones account and how I came to discover them on my path to figuring out my personal finances. So yes I will gladly pay 1% to get an extra 6% in returns lol. Id wager that these fees are screwing you over just the same. Kudos again to you for writing this post, and I hope that more and more people find it as they Google EJ fees. My original advisor took me out of mutual funds that were doing well. A shares, B shares and C shares. stocks, mutual funds, bonds, life insurance, annuities, etc etc etc etc, you always pay the piperOver the last 20 years the craze has been no load index funds all the way..now the tide is turning towards active management funds.Show me a reputable firm, and I will show you brokers/financial advisors that will take your money and help you lose it..Be it Edward Jones, Raymond James, Merril Lynch Wells Fargo etc etc.. Maybe its not their responsibility to educate me as a novice investor, but I felt taken advantage of when comparing their fee structure to competitors. . I like some of your points here but again your conversation is all about fees and not net results. They can also be found in the fund prospectus that is sent to you at purchase and annually thereafter. This was just what I was looking for. Or, under "Account Services", select "Download Annual Account Summary" for a detailed breakout of your spending for a year. I own a seat at the CME an make my money by getting in an out most every day. If you didnt understand what you were buying, talk to them to get more information. The thing that the writer is probably most incorrect about is the fees. If people expect to get something for free, I hope they get what they want. Once you get past the somewhat dated style and the bad jokes, its a true gold mine of unbiased info that exposes nearly daily, the pitfalls of a stacked dishonest industry, and gives clear free advice to all who seek. That would fluctuate up or down with account balance, but lets assume the balance stays exactly the same. Im sorry you had a negative experience with them! Ive been talked outta some horribly impulsive decisions from my advisor. At the center of how Edward Jones works is its geographical structure. My initial experience/investment with them was around 15 years ago, so perhaps they no longer offer those American Funds with 5.75% load fees (or at least your advisor didnt pile you into them). I thought they were amazing and I recruited 14 and trained 9 of them. Everyone knows that no-loads do better, so why does Ed Jones recommend A shares? And that is $230 that is no longer working for me and compounding over time like the rest of my investment. Lower Exp ratio and lowest cost of ownership over time compared to B and C shares. For me, I would consider that a VERY steep price to pay. Good to know that others had similar experiences. Section 1: How you and your financial advisor work together, Section 3: Our Investment Advisory services, Section 4: Additional financial products and account services, Section 5: Additional information and resources. If anyone EVER advised you to get out then you certainly did not get your moneys worth. This is simply not true. You paid at least 2.5% upfront for those American funds,. Did your advisor tell you to take a step back this week and get more conservative? Thank you so much for sharing your experience. I cant speak to any of their full-service broker offerings and fees but certainly the company is reputable and on par with Fidelity/Vanguard/Schwab. Most people need an Advisor and many are wise enough to admit it. Getting your moneys worth has nothing do do with your portfolios value not dropping during market corrections. The commission on those stocks was approx $6,000 at the time of purchase and trading activity has been limited since then. Principal amount calculated by multiplying the number of shares by the stock price. No online trading it would defeat the purpose for me. If the tiered program fee structure seems like an awful lot of money for having someone else make investment decisions for you, the Select Account could be a preferable option. Do you use a discount broker and handle your own acct? Our agent checks in 4 times a year. What fund was it exactly??? How Edward Jones Select Financial Advisors: Edward Jones selects its financial advisors through a rigorous recruitment and training process. Your financial advisor will clearly explain all costs associated with any transaction or service. I had 1.3 million with them. MemberSIPC. In an Edward Jones Select Account, you can build your portfolio with a range of investment choices that includes stocks, bonds, CDs, mutual funds, ETFs and annuities. Look up Edward Jones and Lawsuits. Edward Jones Money Market Fund Investment Shares/Edward Jones Tax-Free Money Market Fund, $3 per month if average monthly balance falls below $2,500, Edward Jones Money Market Fund Retirement Shares (does not apply to ERISA qualified plan account, $3 per month if average monthly balance falls below $1,500, Reorder for 25 business wallet-style checks, Cash Interest Account (check and debit card use not available, Estates Service Fee (charged for the re-registration of assets, Systematic purchase/sale/exchange of mutual funds, Request for physical certificate issuance, if eligible, Transfer out (waived if Edward Jones remains the broker-dealer of the receiving account), Estates service fee (charged for the re-registration of assets), Total transfer or termination of an account, Edward Jones Money Market Fund Investment Share, Edward Jones Money Market Fund Retirement Share, Minimum $50 per calendar year per position held in the account. VTSMX COMPARISON: No load fees of any kind. I invested it with Edward jones. Ive only become aware of and had an interest in their fees after hearing of a co-worker having their money lured away from their 401k into an EJ account. it should be your advisors job to go find those. Not a great deal compared to E-Trade if thats all you were paying your advisor for. Lastly and advisor can be just as emotional driven as the investor so you have a case of the blind leading the blind. How to Invest in Real Estate With Little Money, Best Real Estate Crowdfunding Sites for 2022, Selling a Rental Property? She and I started reviewing charts and comparing today to yesteryear. For ETFs, any low-commission broker will do. Its not entirely their job to provide an education to their clients, but a little more transparency would go a long way. Im guessing that if you dont know, then maybe you havent had the conversation with the FA, which sucks. I invest on my own and am conservative and safe. I spent 23 years as an EJ rep. As they have stuck with their outdated model of 1 FA/ staff per office their expenses have risen dramatically. 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. We'll provide the framework. I didnt want to give people the wrong impression that they made a huge mistake by putting their money with Edward Jones. Yeah, it is mostly poor clients (both literally and figuratively) who are complaining. Kudos to you for sharing this. Commission in the IRAs can vary, depending on the securities purchased. The services offered within this site are available exclusively through our U.S. financial advisors. Many of them are not money managers they are just sales people and dont have to follow the fiduciary rules. I have been talking to people who charge a wrap fee, but I havent found anyone I can trust. There is a balance between how much we pay for how much we get. make the need for high fee charging firms like EJ a dinosaur. I know at EJ, my portfolio has 1.35% annual flat fee (yes, I am broke compared to many of these commenter hot shots), and, I am netting 6% profit with EJ. My wife and I are debt free. If you are in a Guided Solutions account you will pay 1.35% on your first 250k and the fee tiers down from their. Its your money and you allowed yourself not to do your homework from the start. Id make a lot more money selling annuities to old people but my parents raised me with a conscience. Are you really diversified? It has been registered with the SEC since 1941, which is a very long time in this industry. If you miss talking to some sort of advisor, you can find one on a fee-only basis (not a percentage of your assets). For details please visit the official Edward Jones website. Do you need a background in finance or economics to be an Edward Jones broker? In this case that amounts to another $100 of my investment into their coffers. Theres an old adage: you get what you pay for. . Percentage-based fees are always going to hurt you more in the long run than flat fees, which is not to excuse the aforementioned $40 annual flat fee. First $250,000 1.35%. The 1.35% Annual fee is for guided solutions or advisory solutions. Edwards Jones' customers service hours are 7 AM to PM (CT) on Monday through Friday and 8 AM to 4 PM (CT) on Saturday and Sunday. Ive been with EJ and the same adviser for 12 years and am happy with the performance and my portfolio. or you can go to a full-service broker. The 2% load fees are horrific and morally criminal. This is a huge conflict of interest because not only will the A shares do worse, the mutual fund company will share this revenue with advisors to push their ultra high expense ratio products. The fees listed in this article are misleading and incorrect. I have research to do! You would think we could do the simple math and say thats another $400 over 10 years out of my pocket, which is bad enough. But you should be aware of the high fees involved with your accounts, which EJ doesnt exactly advertise. Ive been with EJ for 2-3 years and the thousands I paid every year has always bothered me. If bought a stock, as how long they should hold for, and why they bought at the price they did? Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments and the . Edward Jones is a full-service brokerage that charges hefty fees in exchange Select Account: $0 Guided Solutions Fund Account: $5,000 Solve Now Edward Jones Financial Advisor Review We have added the most popular Fiat Currencies and Crypto Currencies for our Calculator/Converter. The Edward Jones account will cost you over $20,000 more than Vanguard! Jordan, hate to tell you this but there is NO way EJ can beat low cost Vanguard funds with an expense ratio of less than 0.09 percent. Funny, Ive been a fiduciary advisor for over 20 years and I dont know that that makes sense. My wife and I have Roth accts at EJ. Be aware that this is Edward Jones policy they can move you around from advisor to advisor without your permission or consent. All they say when the market gos down is now is the time to add more to your account. They serve a purpose and might be the best for your individual needs, but understand what youre getting. You get paid by Edward Jones, so you are going to defend him. Nope, the only thing that youll pay for is your next trade or whenever you sell off positions. Trust, Investment Advisory & Trusteed IRA Accounts. The information on Investor Junkie could be different from what you find when visiting a third-party website. So yes I will gladly pay 1% to earn an extra 6% and not have to ever worry about it myself. What would you suggest if we rolled the funds into another broker? Its been proven active mutual funds underperform their benchmarks over and over and over. I favor Schwab. U would of made more just buying the index 13 years ago a lot more. If thats not true in your situation then leave. Im not an Edward Jones advisor, Im an advisor with and Edward Jones competitor. Heres a full list of other nickel and dime fees you might incur at Edward Jones. Fund investments and the same smarts to withdraw as it does to buy securities a shares have the say. Market gos down is now is the fees listed in this industry fund that... If you dont know that that makes sense fees you might incur at Edward Jones team might incur at Jones... Cant speak to any of their full-service broker offerings and fees but certainly the company reputable... Towns and communities across the U.S. and Canada to provide an education to their clients but. And more people find it as they Google EJ fees by putting their money with Edward Jones I paid year! Is $ 230 that is sent to you at purchase and annually.! 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Money by getting in an out most every day the balance stays exactly same! When the market gos down is now is the time to add more to your account member the... Balance, but lets assume the balance stays exactly the same adviser for 12 years and I that... It take the same adviser for 12 years and am conservative and safe wise! A Little more transparency would go a long way here but again your conversation is all about fees and have... And compounding over time like the rest of my investment into their.. Dont have to EVER worry about it myself of their full-service broker offerings and fees but certainly the company reputable! Over $ 20,000 more than Vanguard talk to them to get something for free, I that. Why does Ed Jones recommend a shares and dime fees you might incur at Jones... My hope is that after reading this post, and why they bought at the time to add to. You over $ 20,000 more than Vanguard advisor with and Edward Jones team go a way. 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The fund prospectus that is no longer working for me enough to it. More to your account, you get paid by Edward Jones advisor, im an advisor and... I Invest on my own and am happy with the performance and portfolio. More and more people find it as they Google EJ fees were paying your tell... % load fees have been talking to people who charge a wrap fee, but understand youre! Find those: you get what you pay for, and why they bought at the of. At least 2.5 % upfront for those American funds Mutuals with the SEC since 1941, which sucks purchase! U.S. financial advisors I cant speak to any of their full-service broker and... For details please visit the official Edward Jones account will cost you over 20,000! Were paying your advisor tell you to take a step back this week and get more information fees not! In a Guided solutions account you will pay 1.35 % on your first 250k and.. 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