Good to know that others had similar experiences. In an age where customer service is increasingly automated and online brokers often redirect their clients to a Knowledge Base FAQ page, the hands-on, committed customer care offered by Edward Jones is considered priceless by many of its loyal customers. Youre welcome. For arguments sake, lets assume 6% return and 2% inflation for 4% annual real return over time. Thx for the tip on vanguard. The have developed a great strategy and local ground game. My hope is that after reading this post he shows some journalistic integrity and fixes his incorrect assertions. Edward Jones also doesnt offer tools that allow the CFP to work any differently than an advisor who is in the business for a few days. For reference the best recent 20 year window for annual S&P500 returns was 1980-1999, where $22,000 grew to just under $300,000, not $2,000,000. If you want/believe in the face to face value of having an advisor to talk to then pay the higher fees. By arbitrarily assuming specific percentage returns and a rate of inflation you have no clue about. Number 3 was exactly why I helped my mom move from EJ to a much more transparent RIA. The writer incorrectly says that EJ doesnt provide investment advice on penny stocks, junk bonds, options or commodities. Copyright 2023 Edward Jones. I mean, how does Edward Jones survive???? The annual account fee for individual plans is $40 per calendar year. . Thank you, Melissa, for your breath of fresh air. There are other people who can and do use economies of scale to manage investments much less expensively. 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. What are the expense ratios on those funds? Custodial Individual Retirement Accounts. The FAs are not investors; they are salesmen who do not have clients best interests at heart. Many companies model this practice or worse. In today's investment world there are much better lower-cost options. Im having a headache and belly ache reading this. Historically, Edward Jones advisors were distinct because they were accessible even in small towns and communities across the U.S. and Canada. Press question mark to learn the rest of the keyboard shortcuts. Despite the fact that I hadnt heard from an Edward Jones rep in a decade before finally reaching out to them on my own, EJ collected an annual $40 fee out of my investment account for the service of managing my portfolio. Over the last 30 years, Ive been with American Express, Salomon Smith Barney, Smith Barney, and for the last 11 years..Edward Jones. As a non-retirement brokerage account, this account gives you access to a range of investment choices and flexibility in how you manage them. Yet, your average millionaire will be paying that bill to a full service brokerage firm like Edward Jones, Merrill Lynch or UBS. The down side of Vanguard is you do not sit across the table from them like Edward Jones. Referrals from those you trust, with nothing to lose or gain if you do or dont follow their advice, is the best kind of referral. These accounts charge asset-based fees, so you need to factor that into your investments. That is, you either pay a front-load fee upfront when you buy an investment, a back-load fee when you sell the investment, or a level-load fee throughout the duration of the investment. VTSMX is the same thing as VTSAX, but for investors with fewer than $10,000. They should be ashamed of themselves. I figured I couldnt do worse than EJ, and, in fact, I am doing quite a lot better. During the 2020 COVID-19 stock market crash..So many ppl I know got scared..cashed out..lost $$$$$. Have been so for quite a few years. If one assumes that this should be any part of an advisors value proposition, he or she is gravely mistaken. More than likely, you are in fine shape as someone who has been invested for a long period of time. If youre comfortable with what youre getting from Edward Jones, so be it. You'll get a high level of customer service and your investment decisions will be informed by experts. However, in keeping with the digital age, it's diversified its offering to help investors find a trustworthy financial advisor online. Overview. Keep in mind, you get what you pay for, folks. NO. Additional fees and expenses may apply, Systematic purchase/sale/exchange of mutual fund. Charging a young and dumb 18-year-old a 5.75% load fee to get into an American Funds offering is borderline criminal in my mind. Where did my money go? Its a big part of the relationship and they should be telling you what youre paying and what services youre getting with your fees. However I do know people that are not very good with money and would be better off with Edward Jones than doing investing themselveseven though Vanguard makes it really simple. I think they are a good investment firm; however, they did not work for me. If thats not true in your situation then leave. Investors with a high net worth are more likely to be able to afford the high fees that Edward Jones charges and may prefer the in-person advice that its team can offer. A few studies have shown a 2% annual fee can eat up to 70% of your annual returns over 50 year period. Heres a full list of other nickel and dime fees you might incur at Edward Jones. 6. Making your average fee percentage, a whopping 0.2%. There is simply not enough time in the day for an Edward Jones advisor with 3-400 clients to actively manage clients investment portfolios. Investor Junkie does attempt to take a reasonable and good faith approach to maintain objectivity towards providing referrals that are in the best interest of readers. For Heavens sake.use a little common sense here people! It's not just the availability of customer support that makes Edward Jones different from many popular discount online brokerages. Your returns are being eroded day in, day out while the super friendly EJ advisor is snow skiing with the family on your dime. Our agent checks in 4 times a year. The adviser I have with Edward Jones has done a stellar job over the last 13 years!! My American Funds investment carried a 0.59% fee, which is actually on the low end of their offerings. I think I should rollover my EJ funds to TSP which has 29% growth this year compared to 7% in EJ. 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. This is the one fee youll also find at Vanguard, albeit for a significantly smaller bite of the apple. 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! Smart man. One thing that I believe is glossed over in the article is that within EJ (and most other) fee-based accounts you pay 0 up front sales charges on mutual funds. They FA all have wonderful lives kids in private schools vacations in Bali and perfect retirement packages. Im hoping to retire within 12 months (SS FRA for me) but now I feel so insecure about my understanding of my money, I feel like I should keep working and hope my health in OK to enjoy a bit of life after reaching 70. Then be specific on which model you want them all to use. You can go to a Wal-Mart financial advisor (Vanguard, E-Trade, etc.) Then, because he would no longer talk to me, I moved over to another advisor. This guy was an out flim flam person. The more you have in your account, the more that seemingly innocent 0.59% wreaks havoc. 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. Have you ever read your prospectus and I am 100% sure that you received this and every year since you owned your fund. My investment advisor does get money from American Funds, but not me. I know they are considered a good firm, but, for the past two years, I have had nothing but miserable experiences with them. Thats specially true at the cost of 5.75% that I paid upfront. Let's find out with a complimentary consultation. Vanguards Total Stock Market index fund has had an annual return of 9.63% since inception in 1993 diversified over 3,800+ stocks with an annual expense ratio of 0.17. This is not an Edward Jones only thing. 1% fee + mutual fund fees means you are getting screwed badly. New comments cannot be posted and votes cannot be cast. Were seriously trying to get educated here. He is calm, well versed, explains everything to me and I consider him a good, trusted friend. Just transferred IRA from Edward Jones to Vanguard and of course Jones slapped me with a $135.00 fee. So yes I will gladly pay 1% to earn an extra 6% and not have to ever worry about it myself. 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. It just take a simple click to see where the market was 13 years ago n where it is know. 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. There is a huge difference. 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 . After college, I finally had an extremely modest income coming in. Edward Jones is a scam. Of course, the only reason to work with my EJ FA would be so that she could try to talk me out of leaving. The first mistake the writer made is pointing out that Edward Jones charges the upfront fee. My funds are divided into what I call delivery systems. What I mean is, I can transfer cash and stocks between different accounts, depending on how I feel about them. Edward Jones is a full-service brokerage firm operating across the U.S. and Canada. Edward Jones Advisory Solutions Fund Models Fee Schedule . The fees simply don't justify the benefits unless you're in it for the very long term. Nope, they are still selling those American Funds Mutuals with the 5.75% upfront load fees. Firstly, most advisors wouldnt take a $4,000 account. Ill try to make this simple and it applies to every financial company out there, not just EJ. People can invest online now and dont need a broker. your total cost would be 1.35 plus Fund Expense Ratio (They usually average about .6%) so 1.35 + .61 = 1.96% plus the 40 annual fee. Im going to make a guess: 98.5%? All things considered equal, here's what the difference looks like after 30 years: That 1% expense ratio could be the difference of over $176,000! Trust, Investment Advisory & Trusteed IRA Accounts. I have never shelled out anywhere near $10K in tips to waitresses in a single year or even over some multiple of years. Once it is known what the goals are and the resources available to put towards them, a general average annual rate of return on the assets earmarked towards those individual goals can be established. 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. That would be nearly double my original investment. Hate to change have been friends with advisor for years at EJ but its about the dollar.. For the young 18 year old with only $4,000 to invest, a low cost ETF at an institution like Vanguard is an excellent option. Id wager that these fees are screwing you over just the same. They arent worth paying. The average expense ratio at Vanguard is 0.18%. I had to tell him that his definition of fees sounded more like my definition of theft. Exactly. Online robo advisors such as Betterment, Wealthfront, FutureAdvisor, etc. Overall, Edward Jones has an impressive setup for matching you with an advisor. Not only can it manage your money, but Empower has a free personal finance app that's top notch. Many investors take the load (for example 5.75%) and then claim that paying a fee-only advisor for 6 years is more expensive. A Guided Solutions Fund Account allows you control of decision-making, but your advisor will do thorough research on your behalf and offer individualized guidance. I favor Schwab. 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. The Edward Jones Select Account is a transactional (brokerage) account. Youre right about those feeseven with the market down 20+%, the fund managers are getting paid an extra percentage out of your pocket. $500K-749K 2.0% I think you need to elaborate on your process and show proof or stay off this site. But I know people who panic sold during covid crash at older ages that had control of their stuff directly. My advisor always keeps some cash on hand in case the market goes down and we have a buying opportunity. This arguably depends on your level of expertise. They need to earn more money from the clients so they can keep sending the EJ cult members on their fabulous trips around the World twice a year. Some times I think I have over a million in EJ funny money because I dont know how much I would have if all the assets were suddenly sold, which one FA threatened to do. they prey on desperate people. The cost to us is worth it and in this sense, they do a great job. Your financial advisor will clearly explain all costs associated with any transaction or service. Do you use a discount broker and handle your own acct? Break away brother.you are just throwing good money away with the fees. He moved me over to another office, which essentially did much the same thing: churned my portfolio and put some of the money into sketchy investments. 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. And that is $230 that is no longer working for me and compounding over time like the rest of my investment. Minimum commission is $50. You only have to worry about reverse-churning. He built his wealth being an activist investor and owning a business. I have a Fidelity account and was reviewing some old funds that Ive owned for 15 years that are non Fidelity. They wrote it in relation to their own advisors, but youll see that it applies to all advisors. Edward Jones Revenue Sharing (PDF) Trust, Investment Advisory & Trusteed IRA Accounts. Its interesting to read the comments above about fees and expenses, but whats more interesting is the lack of talk about what time in the market does for your portfolio. Even a day trader cannot make that returnare you sure you are not 2 extra zeros there? Assuming the market returns of the nearly decades-long time that passed, my portfolio should have landed somewhere in the neighborhood $7,000 through the power of compound interest. I invested all my savings with him. b. And having to be on constant guard against a commission-based advisor who will sell you an annuity the first chance he gets; Option B: Hiring a fee-only advisor for 1% in annual fees. Collecting a fee for management and then not doing anything. Interested in Edward Jones's financial planning and wealth management services? Best of luckyoure in great shape! . Estimates put transaction costs at about the same level of expense ratios, thus doubling your annual fund fees. Edward Jones compensation and fees. Awesome response and appreciate all the facts. The fact is you came to a professional for a reason, because not everyone has the time to be an expert on everything. Disbursement fee due upon death of account holder and deducted from the account. However, if you run the numbers on an investment calculator over a 20 year horizon the variances are staggering. And Edward Jones says that this annual fee does include internal investment expenses. World diversification. Along with what EJ provides advises on and sells, thats 3 out of 4 thats wrong. But of course, past performance is no guarantee of future results. Not a great start! History has proven that over time, how many fees you pay is the number one determining factor in returns achieved. Avoid. These accounts include some non-ERISA retirement plans, ERISA retirement plans, Flex Fund accounts and pooled employer retirement plans. It is asset allocation. The services offered within this site are available exclusively through our U.S. financial advisors. True, I could fire the FA. You can call, you can email, you can book an appointment at the office. My 2nd EJ guy (branch keeps getting passed along) used to send me birthday cards of his kids on the annual week-long Disney World vacation. $25K-49K 5% Definitely a buying opportunityas it is every two weeks when I DCA into the market! But you are right that the most important person in the relationship is the client. As compared to any actively managed fundsand most of the offerings your broker will sell youindex funds are a great deal. Additional IRAs of the same individual are $20 per year. I took my modest fortune of $4,000 to my parents financial advisor. Pretty sophisticated stuff for an 18-year-old with no investing knowledge. No matter where you put your money i.e. In other words, go with someone who charges say, $200 as opposed to 1% of your investment account. All they say when the market gos down is now is the time to add more to your account. A program that puts a discipline in place, automatically rebalances, and removes emotion from the investment decision is easily worth a percent or two to most investors. Ill defer to JL Collins stock series or his excellent book, The Simple Path to Wealth, for a much better explanation than I can provide. The system is tiered, meaning that your first $250,000 of assets will always be charged a 1.35% annual fee. I would not recommend using their service to an one. 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%. A Select Account incurs commissions on investments. If your investment goals include being ripped off then Edward Jones is the place for you. From the end of December 2021 to 11/04/2022 I interviewed with them and RAN out the door when I heard what they do. I told him that those fees were itemized on the statement. These depend on the type of account you choose. The historic annualized rate of return on equities is about 10% (which really doesnt mean anything since most people dont need that kind of return to reach their long term goals which also means they dont need to deal with the greater volatility (ups and downs) that an all equity portfolio will entail) The average investors rate of return is about 5%, mostly because they make terrible emotional short term decisions and try to time the market which is consistently impossible. Personal financial success is directly correlated to asset allocation and risk management. 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. Have fun on your ed jones paid for vacation to the Bahamas this year. Thanks! 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). My advisor charges me a wrap fee of less than 1% for his advisory services. He himself does not practice what he preaches even if he made a bet on etfs. Ive been with EJ for 2-3 years and the thousands I paid every year has always bothered me. 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. The agent checks in, because he has set a to do in his computer system to call clients quarterly. And higher fees, over the years, add up to a huge difference. And yes, those front-load fees come from the mutual fund company American Funds which Edward Jones invested my money into. This will cost me an additional $20-30 more per year than it should, which would put it in the $250 range over a decade. If its such a great idea why doesnt he buy index ETFs with his company instead of multibillion dollar purchases of individual stocks? There are studies showing that investors do not get the return that various asset classes have returned, basically, because they buy high and sell low. Read or print the latest version of this document: Individual Retirement Account schedule of fees, Edward Jones Select Retirement schedule of fees1, Unit Investment Trust (UIT) compensation schedule. Sadly I have been with EJ for decades so I will not be sleeping tonight. Edward Jones is a full-service investment firm that provides advisory and money management services. Edward Jones Stock and ETF Commissions. The average investor looking to set up a regular taxable brokerage account or a college savings account will often find more value elsewhere. First, you're immediately matched with a real advisor who will speak to you on a telephone without having to spend one cent. So no, buyer beware is not a valid excuse for sketchy business practices. Also, he does convert our annual IRA contributions to a Roth. But keeping my mutual fund in addition to the stock for diversification. Traditional and Roth IRAs at Edward Jones have a annual account fee. I cannot. Do you need a background in finance or economics to be an Edward Jones broker? Got a call from the guy the day I requested transfer and he was MAD at me. You'll have a range of investment choices to work with and flexibility in how you manage them and how active you want to be. Please review the applicable Edward Jones Guided Solutions Brochure for more information. Im sure my husband would also be happy to speak to you if you would like to write a more accurate article and better understand what services an advisor really provides. Again, full service brokerage is for someone that just does not want the extra hobby of managing their money. Anything over one percent is purely criminal. who told me she thought I would be better off with a discount brokerage firm. Plus, 1.3% annual fees and 2% on reinvested dividends. If you have money (~$500k+) you will probably get good service and the fees will most likely be low to moderate and competitive with other similar companies in the industry. Get to know your advisor. Here are the five most common ways you might be getting screwed by Edward Jones broker fees. Now EJ is having to have a fiduciary relationship with its clients who have IRA(s). Feeling like youre getting a raw deal can be the loneliest place on Earth, but clearly I am not alone in that with regards to my EJ experience. I have Americsn Funds and am pleased with it. In order to just break even in your annual returns, you must at least equal the fees. American Funds Growth At any given time, 75% of passive funds will outperform. And you can find an advisor who suits your interests. Despite all of this Im considering leaving EJ because of the fee increase and reading all the comments here. Im confused by your comment. Established company:Edward Jones has been trading for 100 years. She was a pretty good FA, eager to help us and not terribly pushy about selling products. How many people do you think piled into the technology euphoria in the late 90s (not to mention, companies with no earnings) only to soon witness a collapse of that particular sector and then decide to sell what they owned at a staggering loss of 40, 50, 60%, etc? I discovered that Edward Jones fees were eating away at my returns. The information on Investor Junkie could be different from what you find when visiting a third-party website. Net result : Return minus fees = net result. Im willing to bet a heck of a lot of people saying use a discount broker dont understand those critical terms. Its more common to find garbage reviews like this, which are garbage because of the misinformation, then it is to find garbage reviews from sources that co rain factual information. Most of the rich understand that value of leaning on a professional for advice in their specialization. But Im good for now. the kicker is they still take the fee. . Edward Jones is, by far, one of the most ethical firms in the industry. I was not aware of Vanguard being open to solitary investers. I transferred assets into Edward Jones and it was a big regret. For mutual funds, I recommend Vanguard. One fund to rule them all. Guessing you'll find them on those. For all other accounts, Edward Jones will charge a percentage of assets under management that varies by account size. Edward Jones' U.S. financial advisors may only conduct business with residents of the states for which they are properly registered. My little town of 13,000 people has 8 EJ Financial advisor offices. For anybody reading this, actually do your homework compare Vanguard and EJ, say and you wont end up at EJ, trust me. But say you do NOT know how to fix it. * 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. 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. would you not want to of sold your account into a money market then reinvest 2000 point lower? If you arent comfortable managing your own money then a 1% fee is probably in line with what youll pay an advisor. But this comment is referring to it as an unnecessary 1% fee. Maybe too much in one holding for most people? For me, I would consider that a VERY steep price to pay. Most people cannot handle the volatility an all equity portfolio entails (and most shouldnt have to). For all other account types, the broker charges a Program Fee that's a percentage of the value of your account. I think I had an advantage in that my first EJ agent was my moms cousin. Their customer service metrics are all very good. The investment of time to learn to manage your own funds is worthwhile. 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. Available securities. Such fee shall be paid within 30 days . I agree wholeheartedly with your final sentence. I wish the EJ model worked for me, because I really dont know how to get from here to there. THEY ONLY WANT TO PUT MONEY IN THIER OWN POCKETS Im sure there are plenty of who do. (it will be a company rehearsed answer) Do they know the managers tenure without looking, what high concentration of stocks are in the fund? I have no idea where that money went. Theyre putting you into lower-fee institutional shares of mutual funds, which have lower expense fees than A-shares and do not have load-fees. Ha! This was just what I was looking for. cons I am and have been a Vanguard S&P 500 investor for life. They partner with you throughout your life to help you on track. Many good advisors dont even do that at all anymore, and simply delegate the management to someone else using a program like Advisory Solutions so they can focus on what they are good at and what adds value to clients. They cost me thousands in horrible customer service and bad advice. Depending on the long term average rate of return needed to reach your goals, volatilty cannot be avoided and is simply a means to an end. 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