Edward Jones is a business. 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. That this guy had the audacity to send me a card of his kids in the WDW stockade from a vacation they took each year just galled me! 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. So yes I will gladly pay 1% to get an extra 6% in returns lol. Good advice. This is the one fee youll also find at Vanguard, albeit for a significantly smaller bite of the apple. When you first sign up for Edward Jones, you take a quiz to help match you with an advisor and determine your investing goals. Edward Jones is a privately held partnership and is not for sale. Find your financial advisor today . When my mother passed her assets were at EdwardJones. No offense but the CFP is basically a designation to get more sales, it doesnt make them any more qualified in the thing that matters, which is investment management. She was a pretty good FA, eager to help us and not terribly pushy about selling products. Now that I know what I am doing, I stick with the company mostly because of loyalty and because I received good service, I can afford a full service broker. You do realize that 2% per year eats dramatically into your returns? No matter where you put your money i.e. And of course, dont worry about that pesky fiduciary duty to your clients, you dont have one! Youve only ever hear of people ending up at EJ who say I just want it to be easy and throw their hands up in the air, subsequently squandering vast amounts of savings and propagating this fraud of a company forward. If you are a commissioned broker then you are a broker (salesman). I didnt want to give people the wrong impression that they made a huge mistake by putting their money with Edward Jones. Edward Jones is a scam. Interestingkeep us posted! The fees are not hidden! Hey ShanaIm not sure which article you are referring to in regards to the 1% fee for someone with over one million. Unfortunately, we've got more fees to consider before examining whether this claim holds up. Wow! 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. What are the expense ratios on those funds? THEY CANT HANDLE IT. 26 kwi 2022 . Most people who do business with Edward Jones are happy. My wife and I use Edwards Jones as a CFP (Certified Financial Planner). This account is insured up to $2.5 million using multiple banks. Well touch on that later. Ha! Helping make finance easy. Its the mutual fund company, not the advisory firm. They do things I consider criminal, or in any other industry would be considered criminal. Like I said, you are still invested, and thats the most important thing. If they dont get you results OK, but Jones seems to outperform in down markets regardless. Their high fees are guaranteed whether you make money or not. Merrill Lynch killed us with fees and churning. Your advisor may have just earned a nice commission and has some good news for you: that fund youre now in is up X% year-to-date. Note: Data is loaded on a monthly basis and should be available by the 5th business day of the month. Two quotes to leave you with. Its counter factual to assume that you wouldnt have received a higher return, that more than pays for the fees, if you used an advisor rather than choosing your own investments. Id wager that these fees are screwing you over just the same. I was well on my way to becoming a responsible adult. This method is based on the KISS principle of investing (Keep It Simple Stupid). Expense ratios of funds vary, but index funds that simply track the behavior of a particular sector or set of investments are generally the lower cost option. Between lies of omission and pursuits of commissions, your best interests are not always your brokers top priority. Its actually protecting the assets and the beneficiaries, by not allowing anyone access until all legal documents are in to prove who has legal rights to the information. 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. 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. Thank you Susan, and you are rightit was an early enough lesson. Her prediction: the market was going to have a giant correction soon. Im not against an advisor making money but it isnt the best interest of our readers to say paying over 1% in annual fees is a good deal, when it simply isnt and they are cheaper alternatives with similar service. Fidelity is not charging me any fees to speak of. Please note that not all of the investments and services mentioned are available in every state. He is calm, well versed, explains everything to me and I consider him a good, trusted friend. I was notified by mail and not a personal phone call. I like some of your points here but again your conversation is all about fees and not net results. Look up Edward Jones and Lawsuits. I actually beat the market by avoiding some of the downturn and buying low. It can get into the weeds a little, but it has good ideas for the common investor. Select Retirement Account: $5,000 in individual retirement assets or $10,000 for purchases of annuities; Advisory Solutions Fund Model: $25,000; . Yes, to those who want to trade free willy nilly, do! I thought Id tell you what happened when I transferred my accounts from Edward Jones to Wells Fargo. Customer support. They teach advisors to use bullet points on anyone who questions the investment selections in such a manner. Let's examine the competition. People who day-trade for a living are rarely successful at it. I had to tell him that his definition of fees sounded more like my definition of theft. 10 year annualized return of 14 percent. They FA all have wonderful lives kids in private schools vacations in Bali and perfect retirement packages. For mutual funds, I recommend Vanguard. First of all did you forget about the 49% intrayear decline in 2008, had you owned that index? Edward Jones charged us 4% in one year. The problem is that people CANNOT deal with the inherent and recurring temporary declines, even though those declines are simply a means to an end of their long term performance. If you didnt understand what you were buying, talk to them to get more information. For those that believe this is a reasonable arrangement, I wish you luck. So we could really do a comparison. Transactional accounts are a joke, you can trade stocks and etfs and many MFs for free at Schwab, TD, Fidelity, etc. Vanguard is own by its investors. The annual account fee for individual plans is $40 per calendar year. If you are in a standard brokerage account you will pay 2% buy and sell on stock, Front Load on mutual funds up to 5.75 % plus 2% on reinvested dividends and capital gains up until 250k AUM. If your returns after expenses are 10 percent a year annually, and paying that 1.25 percent and a small amount for ETFs and mutual funds, then Id say its worth it. How you choose to implement this guidance with your financial advisor is up to you you make the decisions on buys and sells. I like your thinking. Most people need an Advisor and many are wise enough to admit it. Go to morningstar.com and get a Quote for your mutual funds. So back I go as they double dip. For some reason, the problems at EJ seem much more acute lately. American Funds Balanced The thing that the writer is probably most incorrect about is the fees. If you are in a good mix of funds and stocks you will out perform those low cost vanguard funds even after the fees. He also attempted to slam me against my express wishes into fee based account. I can see why this is such a popular article. Hard to blame them for this one. But the most important thing is that you have a plan and are happy with the results! Vanguard gets very deep. But of course, past performance is no guarantee of future results. However, the strategy fee seems a little gratuitous with the amount you're already paying in management fees, especially at an opening rate of 0.19% for the UMA Model. Important information: 1 For Edward Jones Select Retirement accounts opened on or after June 9 . Warren Buffett has famously said that the best investment most Americans can make is a low-cost S&P 500 index fund that will simply track the markets performance over time. 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. I find all the article and comments irrelevant to my experience with EJ. Shouldnt that investment have increased a little bit more? VALUE OF ASSETS $10.00 per month. Section 4: Additional financial products and account services; Section 5: Additional information and resources; Read additional information about the services, fees and agreements that are part of your relationship with us: Read about its products, services, fees and more with ConsumerAffairs. a. Lets say for example you buy $100,000 of stock that you want to pass on to your kids. Take the word of a company that has been brought up multiple times in the comments section: Vanguard. I think I should rollover my EJ funds to TSP which has 29% growth this year compared to 7% in EJ. It is all about the personal touch, not the making money. Then held and held. Call their customer service number. You missed his point: hes doing what he wants, has advice, said his fees were pretty good, and hes happy. So in a down market of 10% you would lose an additional 3% or more. 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. Get to know your advisor. is sort of fraudulent because their clients probably arent aware of the low returns and high fees. More often than not, passive management outperforms active management. I have a Fidelity account and was reviewing some old funds that Ive owned for 15 years that are non Fidelity. By the time she could liquidate and move to Vanguard, she has paid over $1,000 in transaction fees which, by the way, are not showing up on her statement AT ALL! Can anyone comment and let me know what I am missing? Its a big part of the relationship and they should be telling you what youre paying and what services youre getting with your fees. Copyright 2023 Edward Jones. MemberSIPC. That, not commissions or fees, is the reward of giving people the advice they need. Edward Jones Corporate will tell you how to handle your clients money. And after 20+ years at the firm, Ive yet to have seen the rates/percentages/fees mentioned, but unverified, here. My frustration with Edward Jones was the lack of transparency about their fees, but being invested in equities over the last 10 years has worked out very well for everyone involved, fees or not. All they say when the market gos down is now is the time to add more to your account. !, How have they done versus the market over the past 13 years? Im older now and am getting into tax free munis and large CDs. EJ may make more sense if you need the full range of their services, are really poor with money, and/or dont want to do the research to find better options. Maybe not every month or quarter. Holy cow, the number of *people* defending EJ here is probably a good testament to how entrenched they are in our society! Lastly and advisor can be just as emotional driven as the investor so you have a case of the blind leading the blind. Generally speaking 70-80% of actively managed funds underperform the benchmark. My current FA suddenly said he thought I was incompetent to manage my wealth because I told him to stop calling me day after day when he had something to sell. Id never do business with this firm again. It should have been a thank you card! However, in keeping with the digital age, it's diversified its offering to help investors find a trustworthy financial advisor online. We may, however, receive compensation from the issuers of some products mentioned in this article. Commission in the IRAs can vary, depending on the securities purchased. Criticizing the cost of doing business with them relative to other more qualified, less expensive managers is warranted. Not a great deal compared to E-Trade if thats all you were paying your advisor for. 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. Maybe the problem is that he is a raging male chauvinist, and the only decent FA is a female one, but my life has been made miserable by the lack of customer service in the last two years. 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. Join our community, read the PF Wiki, and get on top of your finances! Yeah, keep it simple. So as an Edward Jones advisor do you give clients to new advisors as my wifes does? IROCC was even involved, and they say not the first complaint against this company. Haha you are right that not doing my homework was part of my problem! The revenue sharing program they have with the mutual fund companys is another conflict of interest to clients. I would appreciate help with how to find the fees I am charged so that I can compare them to Vanguard. Please review the applicable Edward Jones Guided Solutions Brochure for more information. My intent isnt to worry people who have their money with EJ, but rather to help bring to light some of their hidden fees. Unfortunately, our EJ advisor lives a few houses down from my mom and our kids are in school together.But several hundred thousand in thirty years? All products are presented without warranty. That sounds like an exceptionally bad advisor operating within an already broken model. I am sorry to hear that for your neighbor, but good on you for helping out Jane! Plus good Fiduciary advisors dont have 1000 accounts like Jones clones do. He never really pressured me, only gave me encouragement from time to time to reinvest. Anything over one percent is purely criminal. 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. If one does not understand that temporary, sometimes large, declines will always exist then he/she either needs more education on the topic. 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