My holy grail solution is to find two or three advisors (dont tell them) and split your money three ways and let them manage it for about 3 years and listen to their approach and services and then have them use the same model 90/10 or 80/20 or if youre older maybe 60/40 depending on your situation. These article is missing vital information off the Form CRS about their fiduciary arrangements, and many comments have no experience with EJ or its experience from at least 10-15 years ago before the modern fee-based account programs were setup. Copyright 2023 Edward Jones. PS: In all fairness to EJ, when I asked several years back exactly what % I paid in fees, the response was I understand that this is in exchange for the 1.35% you may pay annual, but it doesnt tell the whole story. If you dont then shame on you for not doing your homework before doing business with them. 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. I am guessing far worse, especially when adding in the 5.75% load fees (that come out of your investment). Nice cheap shot there. You get sold on the process of Edward Jones, which makes everyone feel good, but does nobody any real good except for the company, and the advisor, in that order. Can anyone comment and let me know what I am missing? Just transferred someone away from those thieves. Im amazed when people think Edward Jones is a viable alternative. However, within a year, the pipeline investments had melted down to about 0. So happy we got out. *Certain brokerage accounts may not be part of the Select Account program. I tried Edward Jones an as the market went up over 1000 points it moved up very little when the market went down 500 point I was at a lose. Then visit the Expense tab and look under Maximum Sales Fee. I was a Financial Advisor for over 40 years, Dr. and can say that its a very rare person who can educate themselves well enough to handle their own investments. Vanguards Total Stock Market Index Fund 2020 20.68% not bad. Have been with EJ for 6 years they use to recommend that when you do start drawing on you 401 that you take no more than 5% now thats down to 4% because they cant grow your account I guess not with them getting 2% plus all the trades they do on your behalf in the advisory solutions account. It just take a simple click to see where the market was 13 years ago n where it is know. And being charged $3,375 per year for your hard work saving money doesn't feel great. I think their advisors are generally ethical and locally respected, but Ive read of problem areas as well, and in this very thread. Disbursement fee due upon death of account holder and deducted from the account. Not sure that I believe any of the figures here. I just want to make sure Im not being taken advantage of. Haha there have been a few suspiciously similar comments, now that you mention it! They did a white paper showing just how much value a financial advisor brings: https://www.vanguard.com/pdf/ISGQVAA.pdf. And yes, those front-load fees come from the mutual fund company American Funds which Edward Jones invested my money into. Lesson learned. 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. See Jones corporate and partner structure for more info. She stated out loud what I had been fearing. Buffett even went so far as to wager $500,000 of his own money that such an index fund would outperform a basket of hedge funds over a 10-year period a bet he handily won. At the end you lose. Mutual Fund Break Point disclosure. And I love that all you CFPs talk about FREE accounts (but mention you are also fee-based). You must be an Edward Jones advisor. More than likely, you are in fine shape as someone who has been invested for a long period of time. VALUE OF ASSETS $10.00 per month. Even then, your advisor could technically move you into a Guided Solutions account when you start liquidating, if the monthly fee breakdown ends up being lower than your selling costs. They should be ashamed of themselves. Just wondering who u use if u do. I just met with an edward jones financial adviser yesterday the quote that I got was 5.75% fee to purchase a mutual fund We were talking specifically about setting up a roth IRA, but I am pretty sure she said the 5.75% applies to basically all purchases of mutual funds. Theyre no longer stock-brokers like youre treating them. Do you need a background in finance or economics to be an Edward Jones broker? If and when you are invested in a fund that is underperforming the market, as many funds do, it is not uncommon for an advisor at a financial institution to move you into something that has been outperforming the market. Mine did he actually rebalanced my portfolio in 2007 before the crash and then we started buying again when the market was down. Opinions are the author's alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser. The market has started to go down n im sure we both would of lost much more. Also ask what they pocket quarterly while you are in the fund (12b-1 fees too). Brother. Edward Jones is a full-service investment firm that provides advisory and money management services. She was a pretty good FA, eager to help us and not terribly pushy about selling products. I am impatient and my FA is holding the reigns (sp). He lies through his teeth. I say all this as someone who has money outside of Jones, but many family members who swear by them. As for the conflict of interest, if your adviser and you dont see eye to eye, and you continue to stay with him or her, then its your own fault. Yes to those who want to put all your eggs in one basket and hope they dont crack, please do! I dont think anyone would want their being eaten by an advisor thats really not looking after your best interest because hes making a killing off you and your high net worth portfolio. I must have struck a nerve with this one as it is far more read/commented than anything else on this here site haha. Now thats a power play. You can invest in Vanguard for about 0.15% if you go for the lowest fee funds (.010% for your plan, .005% for your funds). Very few managed mutual funds outperform total stock market index funds over 10+ years (>3-5%). Last one standing is fees. You arent going to do business with a successful financial advisor who is good at what they do for free, or cheap. Investor Junkie is your shortcut to financial freedom. Edward Jones' U.S. financial advisors may only conduct business with residents of the states for which they are properly registered. All of their FAs flout SEC and FINRA regulations, big time. They explained that this is common at EJ. I do not study my statements but maybe there are hidden fees? ! Small investors will also have an annual fee of $25 or so, if I remember right. GO TO VANGUARD MAKE AND KEEP MORE MONEY. Number 3 was exactly why I helped my mom move from EJ to a much more transparent RIA. Guess I didnt have enough money in to rate his attention. Nothing is free and the cheap will not get you there sooner. Investor Junkie does attempt to take a reasonable and good faith approach to maintaining objectivity towards providing referrals that are in the best interest of readers. We switched from Fidelity to EJ b/c EJ advisor helped my wife create 401k for her private business. 1/5. The fees I couldnt deal with either. However you are getting a personalized CFO for your family for that cost. Whats the Difference Between Saving and Investing? Yes, to those who want to trade free willy nilly, do! Minimum commission is $50. Theyll tell you exactly what you want to hear. 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. This is the part people cannot grasp. That sounds like an exceptionally bad advisor operating within an already broken model. Im retired. But I hadnt done enough research. Let's find out with a complimentary consultation. Your EJ advisory funds have performed HORRIBLYFar worse than SP, and RUS2000. I cannot wait to get the assets away from them! But Im good for now. That is their niche, they know it, and they are very good at it. For people who want a hands off approach, I still think a target date fund at Vanguard solves the matter more efficiently. 0.60%: Over $10 million: 0.50%: For clients who choose the hands-off Advisory Solutions accounts, giving Edward Jones discretionary authority to make transaction decisions, you'll owe an additional fee, with the rate depending on the size and type of account . How has it done since the start of this year? I mean, how does Edward Jones survive???? For the first $250,000, investors will have an annual fee of 1.35%. Average 100% return per month. Its YOUR money! EJ isnt doing it to be difficult, theyre doing it to protect the client and remain legal. The annual account fee for individual plans is $40 per calendar year. That, not commissions or fees, is the reward of giving people the advice they need. !, How have they done versus the market over the past 13 years? Stifel is in negotiations to buy Edward Jones, and that will change everything. I think the problem is that I am a single woman, somewhat older, with no one to help out. All Edward Jones graphs and plans are hyperbole. Fidelity is not charging me any fees to speak of. "Auto Complete" Disabled I thought they were amazing and I recruited 14 and trained 9 of them. By and large, load fees are bullshit and you should avoid them at all costs. Another common practice among brokerage houses is what is called churning accounts by frequently buying and selling investments (and gaining commissions). So the last two months they have e lost me money. 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. non-investment-grade bonds) and commodities at EJ through mutual funds or ETFs. So back I go as they double dip. Granted our advisor has provided us some beneficial advice but that doesnt justify paying $3k/yr for retirement accts. Ive used Edward Jones for a little over 20 years, and have seen my portfolio grow from an initial contribution of about $22,000 to a little under $2,000,000. Transferred out after 3 months and minimal fees. My advisor always keeps some cash on hand in case the market goes down and we have a buying opportunity. retirement. Take the word of a company that has been brought up multiple times in the comments section: Vanguard. They have both said I could sue, but it would involve arbitration. Sales loads, be they front load or when you sell, are generally never recovered from better fund performance. Do you invest with Edward Jones? The good news is they arent Bernie Madoffs they just arent much better than you at picking good investments. In an Edward Jones Select Account, you can build your portfolio with a range of investment choices that includes stocks, bonds, CDs, mutual funds, exchange-traded funds (ETFs) and annuities. After college, I finally had an extremely modest income coming in. First $250,000 1.35%. Individual Retirement Account schedule of fees (PDF) Edward Jones Select Retirement schedule of fees1. Thanks for the comment, Johnny. 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. Is that something we could do with any broker as well? The jig is up, so they might as well squeeze one last drop out of that lemon. 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