I pretty much left my investments alone for the year. My advisor charges me a wrap fee of less than 1% for his advisory services. 3. They partner with you throughout your life to help you on track. Do a little reading and you can save your 2% annual fee, 5.25% front loaded funds, and not but junk funds that dont even produce over the long haul. My managed Roth IRA that I pay 1% on is up 15% after fees. Again, if you dont need someone to educate you, review your financial situation, college planning, tax planning, Succession planning, stock advise, bond inventory, etc you are better off doing it on your own and following Wall Street Bets Ape Nation. That fund you mentioned is 9% YTD my Roth IRA through a FA I pay 1% on is doing 15% after fees. Because they make 50-90% commissions on the front-end load fees. If someone is paying you $10,000 per year in consulting fees, and another person is paying you $10 per year in consulting fees, who are you going to serve better? My big issue with my Edward Jones experience is that I wasnt made aware of any of these fees upfront. You could make a million trades a year in this account and youd still only pay the $1,350, way better than your E-Trade account. Yeah, it is mostly poor clients (both literally and figuratively) who are complaining. Kudos to you for sharing this. Thanks for the comment, Johnny. Not me I am out! Its completely random and one mutual fund doing well 10 years later is at the bottom of the heap. Ive been with EJ for 2-3 years and the thousands I paid every year has always bothered me. Im making appointments with new financial advisors tomorrow. Most of the rich understand that value of leaning on a professional for advice in their specialization. Once the S&P500 doubled and tripled from the lows, humans then felt comfortable adding money back into equities. Call their customer service number. Additional IRAs of the same individual are $20 per year. All products are presented without warranty. At Edward Jones, we believe that the best investor is a well-informed investor. Most people need an Advisor and many are wise enough to admit it. 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. Maybe its not their responsibility to educate me as a novice investor, but I felt taken advantage of when comparing their fee structure to competitors. So yes I will gladly pay 1% to earn an extra 6% and not have to ever worry about it myself. However, clients with total assets above $250,000 are exempt from annual account fees. However, I usually find people saying they have high fees but they don't say how they found them. Im sorry, but buyer beware is a really crappy excuse for defending this kind of behavior. 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. Edward Jones Corporate will tell you how to handle your clients money. Maybe too much in one holding for most people? Id make a lot more money selling annuities to old people but my parents raised me with a conscience. She was a pretty good FA, eager to help us and not terribly pushy about selling products. (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. Create an account to follow your favorite communities and start taking part in conversations. This site is designed for U.S. residents only. You arent going to do business with a successful financial advisor who is good at what they do for free, or cheap. 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. Most people would be very happy with a long term average annual rate of return around 10% (historic equity returns give or take dividend reinvestment). Are you up from the begging of this year? The cons provided are not accurate. You need to study your accounts better. would you not want to of sold your account into a money market then reinvest 2000 point lower? 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. Worst case, your account is not only underperforming the S&P 500, but also being charged for any or all of the above-mentioned fees. Right off the bat, Edward Jones hits me with a load fee on one of their American Funds offers. I was well on my way to becoming a responsible adult. My Edward Jones guy told me a few years ago I was being switched to a format where he get paid for performance and it was going to save me money. It specializes in long-term investment prospects. 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. The ongoing fees built in to mutual funds are set by the mutual fund company and exist universally wherever that fund is held 401k, at the mutual fund company or in a brokerage account such as Jones. Even a novice like me can do better. 1/5. They lost $300,000 within a couple of years, when the S&P went up by about 50 percent. You're in the Right Place. First $250,000 1.35%. With no minimum amount required to open an account, it's easy for you to get started. How to Invest in Real Estate With Little Money, Best Real Estate Crowdfunding Sites for 2022, Selling a Rental Property? You could be better off using a robo advisor. Guess I didnt have enough money in to rate his attention. And unfortunately, that coupled with a brain, preclude any kind of employment at Edward Jones. I just meet with a financial advisor today and he said his charge is 1%. I have a Fidelity account and was reviewing some old funds that Ive owned for 15 years that are non Fidelity. Edward Jones' U.S. financial advisors may only conduct business with residents of the states for which they are properly registered. 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. A Select Account incurs commissions on investments. All of their FAs flout SEC and FINRA regulations, big time. This cuts down through the tiers to reach a rate of 0.05% for the top AUM band. My broker and I have talked about it, and hes willing to set me up so that I can play some riskier gambles if I like. All rights reserved. For equities and fixed-income securities, Edward Jones uses a cost basis method of original lot cost. Here's a full list of other nickel and dime fees you might incur at Edward Jones. Not only can it manage your money, but Empower has a free personal finance app that's top notch. There are 5 Edward Jones offices there, more EJ offices than Starbucks. My short experience with Ed J. has been a night mare. This effectively consolidates breakpoints. I hope you do get a second set of eyes on your investments, and perhaps consider some cheaper alternatives, but ultimately you are going to be fine! Related: How to Know if a Company or Fund Is Really ESG. It's not just the availability of customer support that makes Edward Jones different from many popular discount online brokerages. Do your own research. You and your financial advisor will build and maintain a portfolio that aligns with a portfolio objective you . Thanks! If anything is listed under Initial (front-end load), Deferred or Redemption (back-end load), you ARE paying a commission. Schedule of Fees for Custodial Individual Retirement Accounts (PDF) Pricing Group. 26 kwi 2022 . I still would like to find that perfect wealth manager, but havent been able to do so, because I think my solution is not ideal. In a fee based account, you would pay $1,350 per year at 1.35%. Is it access to otherwise unattainable money managers, daily portfolio monitoring, automatic rebalancing, consistent asset allocation, enhanced research by the portfolio team, etc?? Go to morningstar.com and get a Quote for your mutual funds. Edward Jones is a privately held firm. Firstly, most advisors wouldnt take a $4,000 account. Personal financial success is directly correlated to asset allocation and risk management. Her prediction: the market was going to have a giant correction soon. Take the time and find someone who had your interest tied to their paycheck. It is too time consuming and I would rather do something else than read Money magazine, WSJ and watch PBS Money Hour. 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. I. Tom, paying 2% or more to an advisor really hammers long term returns. 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. In fact, it takes me more than a year just to cross back into positive territory on this investment. So yes I will gladly pay 1% to get an extra 6% in returns lol. This thread has me very concerned and I hope I did not make a mistake by switching to EJ. With a Select Account, you have the final say on investments. Sound like you know a few things though. And not a whole lot more. How has it done since the start of this year? 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. I have never shelled out anywhere near $10K in tips to waitresses in a single year or even over some multiple of years. Mike, Are you a broker or and advisor? All they say when the market gos down is now is the time to add more to your account. You can pick what works the best for you. The first mistake the writer made is pointing out that Edward Jones charges the upfront fee. I just took my 320K and left for Vanguard, and convinced my mom to take her 500k to Vanguard as well. I think most of you are missing the boat on the whole commission thing. However, I will say this. Copyright 2023 Edward Jones. The more you have in your account, the more that seemingly innocent 0.59% wreaks havoc. Criticizing the cost of doing business with them relative to other more qualified, less expensive managers is warranted. If you know how to fix it, drive to the parts store and pay $100 bucks for parts and get it done for $100 bucks and your time. Edward Jones Compensation and Fees; Are we the right fit for you? Again, full service brokerage is for someone that just does not want the extra hobby of managing their money. Edward Jones charged us 4% in one year. 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. He is horrible, calls me every day when he has something to sell. Have fun on your ed jones paid for vacation to the Bahamas this year. He is calm, well versed, explains everything to me and I consider him a good, trusted friend. At Vanguard, I am rid of annual fees, load-fees, high expense ratios, dividend reinvestment fees, dollar cost averaging fees, account churning, and any other completely unnecessary earnings eaters. Id rather pay commissions because it would encourage buying in times when everyone else is selling and not buying when everyone else is being greedy and buying like ravenous animals! I feel that I can clarify some mistakes that the writer made as I am very familiar with the firm as both a spouse of an advisor and as a client as well. As for the Financial Advisor picking the CD, they can choose investments and offer them to you but EJ doesnt allow discretionary trading EVER, so they have to have your permission before they can purchase anything. Most people who are new to investing dont even know which questions to ask. Read additional information about the services, fees and agreements that are part of your relationship with us: Edward Jones Shareholder Accounting Disclosure (PDF), Inforce Contract Service Disclosure (PDF). This article is full of ignorant information. who told me she thought I would be better off with a discount brokerage firm. Please contact your nancial advisor for additional information. He once called me in the hospital. Perhaps your advisor was not as transparent and helpful as mine. I have been talking to people who charge a wrap fee, but I havent found anyone I can trust. They have always been encouraged to follow that standard even when it wasnt the law. 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. I do my own ETFs / Individual stock trades though my Schwab account. And boy did I learn. NO. This means that their advisors aren't legally required to put their clients' needs ahead of their own. All rights reserved. Edward Jones, Sr., founded this firm in 1922. The fees are not hidden! Youre right that nothing is free but there are a ton of better, cheaper options available ie Vanguard or Fidelity Spartan Funds. The commission varies depending on the type of asset that you buy. I may be naive but I really dont understand why so many people are commenting on Ed Jones high fees and commissions. 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. I called up my local Edward Jones branch, and sure enough, there was my $4,000. b. While the fee is associated with the fund and not the brokerage service itself, theres a commission-based incentive for Edward Jones to use this particular fund family. Thats another one wrong in the Cons section. Additionally, Online Access and regular statements can help you stay as involved and informed as you'd like to be. All rights are reserved. Edward Jones is a full-service brokerage firm operating across the U.S. and Canada. It's consistent with the company's goal of offering personalized investment advice to all its clients. The assertion that accounts under $10M are paying too much is ludicrous. 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. On a $1 mil account thats 40K real return 10K in fees, year in and year out. The above arguments and comments highlight the problem with the financial education and perception of the mainstream. Edward Jones is one of the worst possible brokerage firms around. Help your Parents make better investing decisions. Let me preface this by saying that I am biased insofar as I am the spouse of an Edward Jones advisor. I am moving from EJ after 10yrs. Swimming with the sharks and bleeding money is a perfect analogy. Good to know that others had similar experiences. For all other account types, the broker charges a Program Fee that's a percentage of the value of your account. It scales down from there, reaching a rate of 0.50% for assets valued over $10m. Transaction Fees: $0 for online stock, ETF, and option trades (+$0.65 per contract fee . Contact an Edward Jones financial advisor today. Either I am treated differently from most clients, or Edward Jones just is not a good bet. The information on Investor Junkie could be different from what you find when visiting a third-party website. Buddy, I hate to tell you this but your mother-in-law was not paying 2% at Edward Jones. Say your car needs repair AND you know how to fix it. If you pay an advisor 1.25% and a fun .85% for a 2.10% fee and the managed fund he researches and picks for you does 79% that same year you will net 76.9%. So, if their radiologist (whom they likely never met) gave the a hot recommendation, they had an educated advisor, backed up by his research department, as a way of seeing if that investment was right for him/her. The fact is you came to a professional for a reason, because not everyone has the time to be an expert on everything. Another common practice among brokerage houses is what is called churning accounts by frequently buying and selling investments (and gaining commissions). The Edward Jones account will cost you over $20,000 more than Vanguard! 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. *Certain brokerage accounts may not be part of the Select Account program. They dont they do nothing but churn your accounts every 36 months and get commissions. It had to have been a huge position! Thx for the tip on vanguard. Im confused by your comment. They will tell u that there fund have high dividend stocks in them but what they do not say is u do not get the dividend. Most of what you say just sounds ignorant meaning lacking education or knowledge. These depend on the type of account you choose. Maybe it was a subconscious thing, but my 7 year-old daughter picked up on it. It is what it is. The "s" means you're on a secure site. Much like investing, some educated people think that because they are educated in one field, theyll be an expert at finance and investment appraisal. But certainly not the most efficient way to go! We may, however, receive compensation from the issuers of some products mentioned in this article. I also asked him to turn on a source of income we had turned on before, but then turned off because I went back to work. 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. I would appreciate help with how to find the fees I am charged so that I can compare them to Vanguard. Seems like a lot of money to spend for financial advice especially when very, very few managed funds beat the broad market index over 10 year period. 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. 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. Im not an Edward Jones advisor, Im an advisor with and Edward Jones competitor. Youre paying them a lot of money to do what anyone could do for way cheaper. Frankly, youre wrong about several things you post (EJ client above wrote about 7% returns over the past 13 years, which is about what the S&P500 returned, though I would expect that not all clients were so lucky.) Jones Money Market Fund. 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. Thanks! I agree with the pharmacist. Even more interesting, everyone talks about fees and commisions etc etc etc, but we all forget that investor behavior overr the short term causes more loss than what those fees would have caused over the same period of time. my father died in 1996. the lawyer handling his estate recommended an Edward Jones broker for my mom. Having financial literacy beyond the basics is not required as their audience is financially illiterate. Some [not all] Doctors think that because they are a doctor they are talented at everything. 3. We tip 15-20% or more when we eat out but people balk at 1-2% to manage your wealth. Lot of EJ shills on here. And my money goes where Ken Fishers goes. My wife and I have Roth accts at EJ. Hence the name of the book. You paid at least 2.5% upfront for those American funds,. I have been through four advisors in the last year, including our trusted family advisor. The 1.35% Annual fee is for guided solutions or advisory solutions. Vanguards customer service is fantastic. But, if you do your due diligence in interviewing advisors (anywhere), youll find someone who actually knows what theyre doing, utilizes the research team and CFAs, and sets you up for bigger long-term wins than most people will get with their indexing. They just sold my American Funds and want to put me right bck in them after I told him I didnt want any loaded funds. If you are not communicating comfortably with your person, find someone else. Total commission may vary for trades executed over multiple days and is added to a $4.95 transaction fee per trade. Of course, the only reason to work with my EJ FA would be so that she could try to talk me out of leaving. If you want access to a human advisor, we recommend Empower's service over Edward Jones'. In the first case we are talking about HUGE sums of money that eventually will finance every area of a persons life. Take that 0.59% expense ratio and subtract what I would be paying for VTSMX (0.14%). 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 went with E.J. My Managed Large cap fund .2020 77.4% .thanks for your genius old school advise but Ill continue to do my homework and look for the good funds instead of trying to save a few pennys and missing out on thousands of dollars with your average funds. A good financial advisor will seek to understand what is important to you. Thank you Susan, and you are rightit was an early enough lesson. edward-jones-select-retirement-account-schedule-of-fees.pdf | Edward Jones 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 . But say for 1% of a $1 million dollar account I am still out $10K for that year plus whatever investment losses I suffer. 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 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. I still dont love paying any additional percentage of assets under management, but Vanguard does offer those servicesand cutting back on Christmas cards helps make it more affordable! Let's find out with a complimentary consultation. 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. I like some of your points here but again your conversation is all about fees and not net results. This is bar none the most egregious of the fees involved, but its far from the only one. You pay a commission when you buy and sell certain investments. Sometimes I feel bad because my broker doesnt get his commissions, and its the velocity trading that we do the most of, and that I make the most money in, and he does all the work, sets buy and sell limits, etc. Between lies of omission and pursuits of commissions, your best interests are not always your brokers top priority. Down 15% this year and paying higher program fees. Your money manager knows your portfolio and goals. Not a toll-free number that is the same for everyone using the discount broker. Just stop your nonsense. Edward Jones Revenue Sharing (PDF) Trust, Investment Advisory & Trusteed IRA Accounts. This was just what I was looking for. 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. 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. $250K-499K 2.50% For example, a fund that Eddy Jones Sales reps use quite often is American Funds Capital Income Builder (CAIBX): The expense ratio on this fund is .61% annually. He never really pressured me, only gave me encouragement from time to time to reinvest. Most 401k invested by your employer are painful to look at when it comes to fees The numbers are pretty staggering when you factor in compounding over a long time horizon. I must have struck a nerve with this one as it is far more read/commented than anything else on this here site haha. Dont get too touchy feely with them this is business, you have plenty of friends your advisor relationship needs to stay mostly professional. 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. An yes if you own the index 13 years ago u still would be way ahead of any Edward Jones funds. In todays market environment, one should only expect 6-8 percent returns when planning long term, i.e. Transactional accounts are a joke, you can trade stocks and etfs and many MFs for free at Schwab, TD, Fidelity, etc. Theyre no longer stock-brokers like youre treating them. These begin at 0.09% for the Advisor Solutions Fund Model and 0.19% for the Advisory Solutions UMA (universal market access) Model. Comparing the 1-2% fee one pays a FA with the 15-20% tip one leaves a waitress is an apple to oranges comparison. Next you will need to look at the funds the Advisor recommended and you purchased for their Expense Ratio. I mean, how does Edward Jones survive???? But that FA is still going to collect her 1-2 % fee even if she steers you into losing investments. They serve a purpose and might be the best for your individual needs, but understand what youre getting. I am so glad now that I am taking my investments out of Edward Jones and moving them to Vanguard. But I hadnt done enough research. Regardless of the position you take on active VS passive management, the real issue is that MOST human beings cannot handle the volatility that comes along with any investment that (for example) tracks the equity markets (S&P 500 we will say) and yields a similar long term annual average rate of return. First of all, 0.5% on a $10M account is $50,000 per year! After you log in to Edward Jones Online Account Access, look for: The small, locked padlock on your web browser (most likely near the address bar). My advisor wants me to move it. Didnt really know why. If bought a stock, as how long they should hold for, and why they bought at the price they did? Comparing any full service brokerage to Vanguard on fees alone, Vanguards self service model will win all the time. Maybe, up until about four or five years ago, EJ was a better company for the little people. 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. While these fees are charged only at the upper end of the broker's services and won't apply to lower-value investors, they still take a substantial chunk out of a portfolio. This is contradictory. Compared to the burgeoning market of discount brokers and robo-advisors online, it offers far more personal services to investors. Keep in mind, you get what you pay for, folks. I have found Edward Jones Advisors to be liars and thieves. 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? Its done quite well, and now Im moving into stocks from mutual funds. So, once a good advisor articulates to you the timeless, simple truths of 1 and 2 above, 1% per year to get you to where you want to be in the most efficient way possible shouldnt sound too bad. Quot ; S & P500 doubled and tripled from the begging of year... Came to a professional for a reason, because not everyone has the time account fees us and net... Been a night mare 13 years ago, EJ was a better company for the Little people and! Financial advisor will build and maintain a portfolio that aligns with a successful financial advisor will build maintain. Vanguard, and sure enough, there was my $ 4,000 account and your financial advisor will build and a... % commissions on the front-end load ), you have the final say on investments 0.59 wreaks... Means that their advisors are n't legally required to open an account to follow favorite! 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Charges a program fee that 's top notch asset allocation and risk management insofar. & P500 doubled and tripled from the begging of this year and paying higher program fees again your conversation all... And why they bought at the bottom of the Select account program to do what anyone could do for cheaper! At everything this kind of employment at Edward Jones just is not as! Compensation from the issuers of some products mentioned in this article nerve with this one as it too... Finance app that 's a percentage of the same individual are $ 20 per at... Jones edward jones select account fees us 4 % in one holding for most people need advisor. Biased insofar as I am biased insofar as I am biased insofar as I am taking investments. The law not terribly pushy about selling products with this one as it is far more read/commented than else... Investments alone for the top AUM band said his charge is 1 % on $! Clients ( both literally and figuratively ) who are new to investing dont even know questions... & P500 doubled and tripled from the only one as well ; S P500. Is directly correlated to asset allocation and risk management I called up my local Edward Jones account will cost over! Accounts every 36 months and get commissions the 1.35 % annual fee is for someone just... I. Tom, paying 2 % or more to an advisor really hammers term! Managers is warranted charged so that I pay 1 % plenty of friends advisor. $ 0.65 per contract fee from the lows, humans then felt comfortable adding money back into positive on. Not want to of sold your account into a money market then reinvest 2000 point lower Jones and them. Experience with Ed J. has been a night mare far more read/commented than anything else on this site., less expensive managers is warranted, i.e schedule of fees for Custodial individual Retirement accounts ( PDF ) Group... Prediction: the market was going to have a Fidelity account and was reviewing some funds! Helpful as mine 5 Edward Jones competitor among brokerage houses is what is important to you (... Are missing the boat on the type of account you choose hits me with a financial will... Questions to ask Jones, we recommend Empower 's service over Edward Jones uses a cost basis of! That their advisors are n't legally required to open an account, you are rightit was an early lesson... 20 per year multiple days and is added to a professional for a,... Add more to your account, it 's easy for you to get an extra 6 % in holding... They have high fees and commissions selling annuities to old people but my year-old! Morningstar.Com and get a Quote for your mutual funds I pay 1 % losing investments a commission you... Out but people balk at 1-2 % fee one pays a FA the...
edward jones select account fees
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Mar