Their advisors are crooks, out to cheat people. Hopefully they will be better. Total commission may vary for trades executed over multiple days and is added to a $4.95 transaction fee per trade. Recently, I showed my E.J. My short experience with Ed J. has been a night mare. 4. For arguments sake, lets assume 6% return and 2% inflation for 4% annual real return over time. 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. Interesting. Did your advisor tell you to take a step back this week and get more conservative? For all other accounts, Edward Jones will charge a percentage of assets under management that varies by account size. U got to be joking. The Edward Jones Select Account is a transactional (brokerage) account. I invest on my own and am conservative and safe. There is a reason Buffet offered $1M to any firm that can beat S&P over ten years.you cant. You do realize that 2% per year eats dramatically into your returns? This is also 100% false. Edward Jones offers both accounts so that their clients can choose what is best for them, unlike some of their competitors that moved to a fee only service. Ive learned a lot by watching others with their portfolios and their advisors and have watched how their value has grown because of the amount of time they spent in the market in good quality stocks, mutual funds, etc. Plans provided by Edward Jones. But I know people who panic sold during covid crash at older ages that had control of their stuff directly. 3. Im retired. I like some of your points here but again your conversation is all about fees and not net results. At the end of the day, if youve taken a bunch of finance courses yourself, perhaps invest by yourself, if you havent, ask yourself if youd fly an aircraft after Googling a few tips on flying an aircraft. Comparing any full service brokerage to Vanguard on fees alone, Vanguards self service model will win all the time. VALUE OF ASSETS $10.00 per month. Edward Jones posts a closure fee of $95 for both traditional and Roth IRA accounts and $95 for account transfers. I will gladly keep paying the 1% fee.. His advice kept me grounded and made me x$$$ more than his fee. Im surprised you didnt mention the kickbacks EJ gets for pushing their clients into specific funds. With the governments stated economic policy of holding inflation to between 2-3 percent, that leaves you with a real return of 4-5 percent. The following document explains how we are compensated and discusses potential conflicts of interest. I like the security, the options available. Small investors will also have an annual fee of $25 or so, if I remember right. I mean, how does Edward Jones survive???? Most people who do business with Edward Jones are happy. Im a former Pilot, and this argument reminds me of the Beech Bonanza, nicknamed the V tailed Doctor killer. You must be an Edward Jones advisor. My investment advisor does get money from American Funds, but not me. As a more traditional brokerage, Edward Jones charges comparatively high fees on trading and account management. Edward Jones Credit Card Login is to sign in online account Edward Jones, advisory and guided solutions, enrollment. On a $1 mil account thats 40K real return 10K in fees, year in and year out. the broker wanted to sell ALL her assets and have her buy load funds with 6% front end loads. It should have been a thank you card! We are helping an elderly neighbor on limited income to sort out her finances. ANY FIRM is better than ED Jones. They have zero purchase and redemption fees on most all mutual funds. . IMO the firm is shady, the trust department is dishonest and there are many better firms. We had $70,000 in savings. Here are the various portfolio management options. 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. There are many of them out there. EJ isnt doing it to be difficult, theyre doing it to protect the client and remain legal. Haha there have been a few suspiciously similar comments, now that you mention it! I have come across multiple comments in various stories trying to discredit the author. However, an individual with a more complex financial situation may not be satisfied with the low cost robo advisor platforms. Isnt that the point of investing money? b. I have Americsn Funds and am pleased with it. My buddys wife that worked there called it The FIRM as in you had to drink their Koolaide. And I love that all you CFPs talk about FREE accounts (but mention you are also fee-based). IROCC was even involved, and they say not the first complaint against this company. There is no way to actively manage large numbers of accounts, you have to use boring stale models that have very average returns. Been with EJ for over a decade and often see articles like this that make me wonder if I am paying too much.thank you! I have a funny feeling that there is one EJ guy using multiple emails to make some of these comments. Custodial Individual Retirement Accounts. I qualified finance 3yr degree (like CFP) in UK been in US for 20 years now. Im older now and am getting into tax free munis and large CDs. This is still true. I know Im not great working with FAs. Pay a good fee-only advisor for some portfolio advice, and you are likely to be far ahead of the game. If Edward Jones were simply a brokerage firm, they would be obscenely overpriced. What did they do instead? Most of the people making comments above are not legally allowed to give advice per Series 66 regulations, so please take their advice with a grain of salt, and dont give your money to a cheap, underperforming marketing guru like Vanguard. That said, once you know about compound interest, youre acutely aware of how much that 1% can hurt you in the long run. Nice backstop. For additional details regarding costs, fees and expenses associated with an Edwards Jones Select Account, please see important information (PDF) . Look up Edward Jones and Lawsuits. You need to check again. Shouldnt that investment have increased a little bit more? Comparing the 1-2% fee one pays a FA with the 15-20% tip one leaves a waitress is an apple to oranges comparison. No, EJ isnt perfect. So who should you invest with if not Edward Jones? Ask your adviser where the dividend gos from the dividend stocks in your fund. Wed love to know why you say this. Shes beenmoved to 2 different people because her advisor is too busy and the new people need accounts. Go with Vanguard. And my money goes where Ken Fishers goes. I had to tell him that his definition of fees sounded more like my definition of theft. Thats $3k a year for a Roth acct. Edward Jones is often viewed as a friendly neighborhood establishment, and their brokers are pillars of your small community. We may, however, receive compensation from the issuers of some products mentioned in this article. My original advisor took me out of mutual funds that were doing well. I closed my account. If you do transfer out of these funds, its important not to withdraw this money directly out of your Roth, but rather to sell the investments within your Roth. The next $250,000 goes to 1.30% and the next $500,000 goes to 1.25%. Focusing on a single KPI, (fees), in the absense of other context will result in a very poor outcome. Youre right about those feeseven with the market down 20+%, the fund managers are getting paid an extra percentage out of your pocket. However, clients with total assets above $250,000 are exempt from annual account fees. Copyright 2023 Edward Jones. Just switched to Vanguard. You are on a list to either get sold an investment, upgrade to advisory solutions after 2 years of being in a brokerage account, or other things to deepen the relationship. First, you can use their website's search tool to find a financial advisor near you. If you are not communicating comfortably with your person, find someone else. At the center of how Edward Jones works is its geographical structure. It can get into the weeds a little, but it has good ideas for the common investor. 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. Ask your broker or advisor to show you the exact portfolio they will be using for you and if all or most of the funds have the same name.RUN. Yes, Larry is right that you will be paying any ongoing expense ratio fees associated with the mutual funds you purchase. I went with E.J. I havent paid any additional fees to EJ. The EDWARD JONES SELECT RETIREMENT ACCOUNT mark is filed in the category of Insurance & Financial Services . Id wager that these fees are screwing you over just the same. I decided to dig deeper and look at the performance. Make those commissions look even cheaper because of when you made those investments into your portfolio. Ive already stated why the writer is incorrect about active trading. 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. Sure, an educated customer is always helpful. Do you invest with Edward Jones? Thats very true, and thats why I prefer the commissions than the 2% a year. 1.35%. We'll provide the framework. Ive been doing this for over 20 years and there is only one commercial that tells you the truth.and its not vanguard. etc. She and I started reviewing charts and comparing today to yesteryear. There are 5 Edward Jones offices there, more EJ offices than Starbucks. Also, he does convert our annual IRA contributions to a Roth. I dont know whats going on with the firms management, but they are taking advantage of the small investor left and right. 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