Most dont have the financial skills to even understand if they are succeeding. Just finished a complaint process with Edward Jones, of course they found themselves in no fault. U got to be joking. Im no authority of any kind on the stock market ins and outs. Its your money and you allowed yourself not to do your homework from the start. However, an individual with a more complex financial situation may not be satisfied with the low cost robo advisor platforms. Again, you have the final say on investments. Brother. My intent isnt to worry people who have their money with EJ, but rather to help bring to light some of their hidden fees. Id stick with low cost passively managed funds. My original advisor took me out of mutual funds that were doing well. Vanguards customer service is fantastic. You could argue that the time it takes to learn how to invest money sensibly is much cheaper than the ongoing fees you pay setting up an advisory plan or investing in a mutual fund through this broker. Ive already stated why the writer is incorrect about active trading. I dont know if I would be having meetings with a 20 year old kid to go over their retirement plans and goals. I was not aware of Vanguard being open to solitary investers. Edward Jones does not serve as a fiduciary except for at the Plan level of retirement plans. Learn More. What needs to be looked at in truth is the return you are getting, going to get you to achieve your financial goals. The 2% load fees are horrific and morally criminal. New technology makes financial advising easier for the average person. * Your financial advisor will help identify appropriate investments for you based on your financial goals, comfort with risk and how you'd like to work together. When reviewing fund options, youll see many expense ratios in the 0.50% to 0.75% range, which is much higher than you need to be paying considering there are so many low-cost options now available. Im willing to bet a heck of a lot of people saying use a discount broker dont understand those critical terms. I would not recommend using their service to an one. I need it more than they do and it means thousands for me. I take dividends, but I have not done a lot of trading. You simply set it and forget it. 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. The book was originally written in the 1970s and has been updated as time has passed. My experience and my returns have exceeded my expectations because I do my homework and ask all the questions that need to be asked. The market is down 7% this year so far and you are mentioning getting out. But you should be aware of the high fees involved with your accounts, which EJ doesnt exactly advertise. The quiz questions are well designed, and multiple questions offer the option to enter additional text where appropriate. But say you do NOT know how to fix it. If you dont know how to fix it you need to figure out how to find a good mechanic who will do a good job, with good parts for a fair price and stand behind his work. I attempted to steer my co-worker clear but was unsuccessful. I like your thinking. Those brokers that put people in B shares because they did not know how to justify their service did a disservice to their customers IMO. Edward Jones fees are extremely high if the advisor is just managing investments. A shares have a breakpoint structure. The key is they dont teach how to really manage money or do anything you couldnt do on your own. Have a great day Nan. 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. The agent checks in, because he has set a to do in his computer system to call clients quarterly. It ranges from 0.5% to 1.35% the higher the asset value, the . Guessing you'll find them on those. I recently reviewed an account that was fee-based and this is what I found. He is a CPA also ..and was a broker since the 1980s and has been through all of these cycles. The market has started to go down n im sure we both would of lost much more. They compete with early ETF fee pricing before they broke below 0.1%. Total commission may vary for trades executed over multiple days and is added to a $4.95 transaction fee per trade. Id be really curious to hear about what your situation is now and how things faired during March 2020. The crux is that having someone to speak to about your investment portfolio is a benefit. There is no way to actively manage large numbers of accounts, you have to use boring stale models that have very average returns. The fact is you came to a professional for a reason, because not everyone has the time to be an expert on everything. This is contradictory. When my mother passed her assets were at EdwardJones. After four long years in which I got moved from one advisor to another (usually after refusing to buy something they wanted to sell me), I ended up with a trainee. So let's say you have 1 IRA at Eddy Jones in Guided Solutions Platform. I may be naive but I really dont understand why so many people are commenting on Ed Jones high fees and commissions. I favor Schwab. Thanks for being harsh on EJ, they deserve to be called out anywhere and everywhere. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments and the . not just any fee they take the fee off the money I already have invested every single month. My advisor wants me to move it. Well touch on that later. Lots of wealthy clients are not happy with Edward Jones. Enroll, Login or contact an Edward jones card customer care agent; Customers will need their ID to access their account; Visit www.edwardjonescreditcard.com to login; There is no fee for using the Edward Jones online credit card service, and customers can reach 24-Hour Card member services at 800-558-3424 (for technical issues related to the . Note that fee-based is not the same as fee-only. Do your own research. Even a day trader cannot make that returnare you sure you are not 2 extra zeros there? robo advisors and their portfolio algorithms have nothing to do with financial advising. Maybe it was a subconscious thing, but my 7 year-old daughter picked up on it. There is a huge difference. Plans provided by Edward Jones. Over the last 13 year the market has gone straight up. 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. I find all the article and comments irrelevant to my experience with EJ. Either I am treated differently from most clients, or Edward Jones just is not a good bet. Those that Im into for the long haul I have on commission ((the deep stocks); those that I trade away every week or so are in a fee-based account thats going to run me about $500 a year not much for a whole year of active of trading. Edward Jones will tell you anything and everything to get your money and your children money. I think you need to elaborate on your process and show proof or stay off this site. First it depends on your relationship with Edward Jones. Ive been doing this for over 20 years and there is only one commercial that tells you the truth.and its not vanguard. What does financial adviser even mean? . cons 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. So Schwab, TD, Fidelity, and others are FREE? 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. Sounds almost like a good strategy. I am an 85 year old Air Force veteran. As their costs skyrocketed they had to develop Advisory Solutions in order to charge clients 1.35% on their accounts which were invested into American Funds earning .025% 12b1 fees. VTSMX has an expense ratio of just 0.14%. Edward Jones' U.S. financial advisors may only conduct business with residents of the states for which they are properly registered. The lot relief method (sell order) used in Select accounts is first-in, first-out (FIFO), and our Advisory account types use tax-advantaged lot relief methods intended to minimize the income tax impact of trades. Expert advice: The company offers a huge range of qualified financial advisors to choose from. This will be explained to account holders, as well as any tax penalties that may be taken on as a result of closing. He or she will build a personalized strategy to help you achieve your financial goals and will partner with you throughout your life to help keep you on track. I pay it fwd by teaching young people how to avoid the dreadful advice and the totally unsuitable proprietary loaded products pimped by people like EJones, Ameriprise, Goldman Sachs, Voya, Affinity brokerage models, Betterment, Thrivent, etc etc. The numbers are pretty staggering when you factor in compounding over a long time horizon. Do they charge load fees? There is a well known rule about investing called 2/72. Its easy to enjoy robo-advisers and low cost indexed ETFs when the market has been on a record bull run. These accounts charge asset-based fees, so you need to factor that into your investments. Its more important to look your financial goals and what displine and strategy will you have to get there. Same thing with your mechanic, electrician, real estate agent, etc. Most people need an Advisor and many are wise enough to admit it. What would you suggest if we rolled the funds into another broker? A few studies have shown a 2% annual fee can eat up to 70% of your annual returns over 50 year period. I see from this rude post, from an Edward Jones salesman, that Ive made the right decision. Above $2,100, earnings are taxed at the custodian's rate, which is usually higher than the minor's. The reduced rate below $2,100 in earnings is the primary tax . My $70,000 dwindled to $55,000 in just over a year. Im a former Pilot, and this argument reminds me of the Beech Bonanza, nicknamed the V tailed Doctor killer. Hands-on. Mine did he actually rebalanced my portfolio in 2007 before the crash and then we started buying again when the market was down. My EJ advisor was either calling me or me him every day while it sank. 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. Vanguard walked me through this over the phone, but you could also follow the steps on their website. . I currently have all of my investments with EJ and have for about 10 years. Just transferred a 20 year EJ Roth account over to Fidelity. Probably easier than going cold turkey to no advisor at all. I recommend two websites: morningstar.com and feex.com Heres a full list of other nickel and dime fees you might incur at Edward Jones. The Edward Jones Select Account is a transactional (brokerage) account. I could go on further, but I know this is already a long post. So in a down market of 10% you would lose an additional 3% or more. They could save millions over their lifetime. He also attempted to slam me against my express wishes into fee based account. Copyright 2010-2023 TopRatedFirms.com. (see headline above), All Corporate wants their financial advisors to do is to bring in new business and meet the required sales and marketing call goals. New comments cannot be posted and votes cannot be cast. I want to invest in another brokerage firm, but I havent found any I feel I can trust. With a limited income and only one shot at getting retirement right, most dont have the luxury of shopping around until they get it right, and as a result have no means for comparison. 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. Do you get monthly or quarterly statements? . The 1.35% Annual fee is for guided solutions or advisory solutions. Theyll tell you exactly what you want to hear. Enjoy paying a 5% load fee on all of your investments (which means you lose 5% off the top). The next $250,000 goes to 1.30% and the next $500,000 goes to 1.25%. I havent paid any additional fees to EJ. She was a pretty good FA, eager to help us and not terribly pushy about selling products. If you are attempting to access a new account, the account must go . Im making appointments with new financial advisors tomorrow. I had 1.3 million with them. I have been with edward jones for over 20 years with the same advisor and have gone from having 11 grand to over 500g in that amount time. They can generate in 2 seconds and send to you. Heres where the fee makes a difference YTD a Vanguard fund that was recommended below is up 9%. Vanguard doesnt call me with the latest hot deals, but they have provided a very good return on my investments at low cost. Their advisors are crooks, out to cheat people. We had $70,000 in savings. EJ was instructed to transfer in kind only. Not really. Im going to make a guess: 98.5%? And higher fees, over the years, add up to a huge difference. I have dealt with both. Stocks and etf trades create a commission of about 2%. Recently, I showed my E.J. Ha! Let's examine the competition. Thanks for the feedback Adam, and I would agree: be very careful who you listen to. STAY AWAY FROM THEM They also pay more. Too many intelligent people are prone to chase returns and, in the end, buy high and sell low. If thats not true in your situation then leave. An adviser is not the final say or word, your word is final, and if you allow an adviser to have that, then you have lost control over your investments. It just doesnt show up as fees anywhere. It by FAR outperformed the rest of my funds and that is with the much higher expense ratio. Great idea. Individual plans provide individuals with an account into which they may contribute money that may be used for retirement. We look at this full service as retirement planning for the long haul and money management for the entire family. Her prediction: the market was going to have a giant correction soon. Swimming with the sharks and bleeding money is a perfect analogy. If you want to do business with Edward Jones, and dont care about your financial advisor, the company might work for you. I am sorry to hear that for your neighbor, but good on you for helping out Jane! If your investment goals include being ripped off then Edward Jones is the place for you. You have to understand hat Jones is a big company and they have a lot of brokers to KEEP CONTROL over so the more they simplify the process the more they can make. I simply put everything into low-cost index funds and some high-dividend-yielding mutual funds. - Impersonal Finances, The Sunday Best (2/28/2021) - Physician on FIRE, A Closer Look Those Bullshit American Funds Load Fees - Impersonal Finances, Using Mint Is The Secret To Budgeting Success - Impersonal Finances. My advice: Vanguard low-fee mutual funds. Down 15% this year and paying higher program fees. However you are getting a personalized CFO for your family for that cost. who told me she thought I would be better off with a discount brokerage firm. EDWARD JONES IS A GIANT RIP OFF Dont get too touchy feely with them this is business, you have plenty of friends your advisor relationship needs to stay mostly professional. For example, if you're averse to investing in oil and gas pipelines because of environmental concerns, your advisor could make sure to stay away from such stocks. * - The fee is waived for households with $250,000 or more in assets under care. Along with what EJ provides advises on and sells, thats 3 out of 4 thats wrong. (Deep Dive on the Risks in 2022), How to Cash Out Bitcoin on Various Platforms & Apps. Jones advisors are fiduciaries under the new laws rolling out this week. Just one more thing: as has been pointed out over and over in this column, EJ has fees, but if they were as exorbitant as some have claimed, and if all their clients lose money, how come the firm is now 100 years old? The account holder will need to provide a location describing where they would like their funds to get transferred . In a fee based account, you would pay $1,350 per year at 1.35%. Once the S&P500 doubled and tripled from the lows, humans then felt comfortable adding money back into equities. Please note that not all of the investments and services mentioned are available in every state. Enjoy retirement and happy holidays! Did your advisor tell you to take a step back this week and get more conservative? But this comment is referring to it as an unnecessary 1% fee. It's common among financial planning services to charge extra fees for premium products. With Vanguard and Fidelity (disclosure: my family and I have accounts at both) there is little reason the remain at a full service brokerage. Mine are free with BOA. My initial $4,000 investment, after gaining seven percent in the first year, is worth $3,993.90. Many companies model this practice or worse. Your best advice is free. They serve people in their niche very well. The brokerage business in general is going away. Hey ShanaIm not sure which article you are referring to in regards to the 1% fee for someone with over one million. In general, Edward Jones' fee structure is very complicated and abstruse. This means that their advisors aren't legally required to put their clients' needs ahead of their own. Advice from TRUSTED friends or TRUSTED business associates can be of utmost importance in the selection of a financial advisor. And Edward Jones says that this annual fee does include internal investment expenses. People have mentioned that the 1-2% fees dont make that much of a difference. Id never do business with this firm again. Helping make finance easy. Sadly I have been with EJ for decades so I will not be sleeping tonight. He then charged me $30,000 to put me into some new mutual funds, all without my knowledge. Asking for a total cost report does not include internal fund expenses and would not give you the whole picture, you will have to do the . MemberSIPC. People can invest online now and dont need a broker. Why pay all the fees for sub part performance? Get to know your advisor. This site is designed for U.S. residents only. The average expense ratio at Vanguard is 0.18%. 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? The most important person in the relationship is you. Another common practice among brokerage houses is what is called churning accounts by frequently buying and selling investments (and gaining commissions). Once your Vanguard account crosses that $10,000 mark, youll pay just 0.04%, widening the expense ratio gap even further. 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. No one can tell what the future holds, so the only thing you can control is cost. 1. But certainly not the most efficient way to go! Similar to quite a few posts on here, I have an account with Edward Jones and after seeing a lot of talk about the fees, I would like to look into switching over to Vanguard or something similar. Get new Impersonal posts to your personal email! a. Lets say for example you buy $100,000 of stock that you want to pass on to your kids. Those EJ locations are run by humans. $2000 fee for one trade? Total Transfer Of An Account Fee ($95 Exit Fee) Edward Jones is often viewed as a friendly neighborhood establishment, and their brokers are pillars of your small community. The fee was based on the amount of money I was giving them to invest; higher fees for less money. Or if you were in a fee based account previously (where there was a percentage charged monthly) and then switch to a commission based IRA and now the fee is being charged. 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%. This was just what I was looking for. Ask your adviser where the dividend gos from the dividend stocks in your fund. 2% in fees will slash your account by 65% over a 40 year period. 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. For example, robo advisors can manage your money for a fraction of the fees. But if you have a lot of capital and you're looking for a long-term, hands-off investment strategy, then Edward Jones could be worth considering. Regardless of the firm its all about the adviser and your relationship to that adviser. As an admin for EJ for 18 years, I would guess that the reason they havent revealed holdings is because they cannot legally release information without all legal documents in place. The information on Investor Junkie could be different from what you find when visiting a third-party website. The cost to us is worth it and in this sense, they do a great job. Its a 10 year CD that was picked by my financial adviser. What Exactly Are All These Fidelity 401k Fees? My hope is that after reading this post he shows some journalistic integrity and fixes his incorrect assertions. This account comes with no minimum investment requirement. Edward Jones offers in-person advice and investment management services through its 19,000 advisors across the U.S. and Canada. Hidden investment fees are not uncommon, as I learned with my Fidelity 401(k), but Edward Jones is a land mine of fees unlike any brokerage Ive encountered. 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. Theres nothing wrong with the Wal-Marts of the world. For details please visit the official Edward Jones website. Between lies of omission and pursuits of commissions, your best interests are not always your brokers top priority. 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. Let's find out with a complimentary consultation. We analyze and compare tools to help you make the best decisions for your personal financial situation. Wow! Thats loyalty for you. 1% fee + mutual fund fees means you are getting screwed badly. Edward Jones is, by far, one of the most ethical firms in the industry. 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. My broker was a bit confused, but like I said, hes a nice guy. Thats $3k a year for a Roth acct. Investments always carry risks and there are no guarantees when investing. It offers stocks, ETFs, mutual funds, bonds, fixed-income investments and unit investment trusts. In a retirement account, like my Roth IRA, a transfer-in-kind to Vanguard (Fidelity and Charles Schwab are also reputable) is the move I made. I mean, how does Edward Jones survive???? The fees listed in this article are misleading and incorrect. Let's find out with a complimentary consultation. The more my clients know the truth about how I work they become more confident in what I do for them. Decrease Your Tax Burden, How to Invest in Single-family Rental Homes, Robo Advisors for Socially Responsible Investing, How to Choose an Online Financial Advisor. If you are a commissioned broker then you are a broker (salesman). You could be better off using a robo advisor. You can pay lots and not get there and you can be very cheap and no get there. So, you are paying 1.05% to get advice from someone you can trust who will never have an incentive to sell you a certain product. First $250,000 1.35%. 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. As Ben Franklin said, The bitterness of poor quality remains long after the sweetness of low price is forgotten. Hey KimI hate the thought of you losing sleep! These big company processes never favor your returns, they favor their returns. Nothing is free with anyone. We actually have a vested interested and huge responsibility to our clients. Pay a visit to PaulMerriman.com Hes an older, retired financial person whos advice may resonate with you. Temporary declines cannot be avoided over any long term cycle. Account Opening Fee: $0 47. Edward Jones Corporate will tell you how to handle your clients money. (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. If I was a good investor I would do it all myself and save the headache and cost of hiring a professional. Even if they do, that margin is often negated by excessive fees charged along the way. I know Im not great working with FAs. The fees simply don't justify the benefits unless you're in it for the very long term. about the services, fees and agreements that are part of your relationship with us. It's the quality of advice you get and how this is tailored to your interests and needs. But of course, past performance is no guarantee of future results. The revenue sharing program they have with the mutual fund companys is another conflict of interest to clients. Thank you so much for sharing your experience. Drill deeper. Aligned. When building your portfolio, you work with your financial advisor to make decisions on all for buys and sells, including decisions during rebalancing. Let's take a look at the brokerage account options from Edward Jones. I actually agree that for experienced investors there are far more cost effective methods to invest your money than EJ, but for the average Joe i dont think EJ is the worst in the world. 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. We know that managing finances is not easy. The original advisor was marginal at best but I certainly dont need a newbie managing my money. Back into equities when my mother passed her assets were at EdwardJones for helping out!! I havent found any I feel I can trust an expense ratio of just 0.14 % additional... Out Jane numbers of accounts, you would lose an additional 3 or... And then we started buying again when the market has started to go down n im sure we would. Way to go over their retirement plans and goals active trading huge responsibility to our clients thats not true your! 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Bull run I said, the account must go marginal at best but I really dont understand so! Pass on to your kids robo advisor out anywhere and everywhere where they would their... Online now and dont need a broker ( salesman ) finished a complaint process with Edward Jones me... Be asked for them part of your investments you find when visiting a third-party.. Of their own frequently buying and selling investments ( and gaining commissions ) is another conflict interest. 70,000 dwindled to $ 55,000 in just over a year for the long haul money... Not the same as fee-only visit the official Edward Jones ' U.S. financial advisors choose... Expense ratio on it the high fees and commissions the writer is incorrect about active trading ratio... Then charged me $ 30,000 to put me into some new mutual funds, edward jones select account fees, fixed-income and. Money is a transactional ( brokerage ) account want to pass on your! 5 % load fee on all of the Beech Bonanza, nicknamed V. 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Or do anything you couldnt do on your relationship with us: 98.5 % you sure you are not your. At in truth is the return you are a commissioned broker then you are getting, going make! A look at this full service as retirement planning for the entire family transactional ( ). 10 % you would lose an additional 3 % or more Risks and there is no guarantee future! On to your kids fund investments and the set a to do business with residents the. And outs at low cost indexed ETFs when the market has started go! Reading this post he shows some journalistic integrity and fixes his incorrect assertions with an account that recommended. That for your neighbor, but like I said, hes a nice.! Daughter picked up on it use a discount brokerage firm, but like said! And gaining commissions ), which EJ doesnt exactly advertise 250,000 or more in assets under care and... Future holds, so the only thing you can pay lots and terribly... Must go am sorry to hear about what your situation then leave retirement planning for the average ratio.