For my money, throw it all in one of the Vanguard LifeStrategy funds based on your own risk tolerance. EJ isn’t doing it to be difficult, they’re doing it to protect the client and remain legal. If you pay a management fee of 1.35% to invest you DO NOT ALSO pay annual account fees or stock investment fees. Don’t rely on an advisor. In order to just break even in your annual returns, you must at least equal the fees. This is fact not opinion. 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. If you want/believe in the face to face value of having an advisor to talk to then pay the higher fees. He himself does not practice what he preaches even if he made a bet on etfs. I much prefer EJ where I can walk down the street to see my guy. Take the time and find someone who had your interest tied to their paycheck. Edward Jones to Pay $20 Million for Overcharging Retail Customers in Municipal Bond Underwritings. However I do know people that are not very good with money and would be better off with Edward Jones than doing investing themselves…even though Vanguard makes it really simple. The only way to lose money is to sell investments when they are down. There is a $40 annual fee for a retirement account held with the broker. However you are getting a personalized CFO for your family for that cost. It’s damming evidence against those who would have you believe paying high fees in exchange for “expert” management (fundamental and technical analysis). You only have to worry about reverse-churning. Additional IRAs of the same individual are $20 per year. On the other hand, if you are guide by the latest emotions of the market and the latest trends etc then you will always lose and never get to your financial goals. Most people need an Advisor and many are wise enough to admit it. They thought the sky was falling and that the world was ending… just like those before them had thought so many times over the history of the markets (who were wrong every single solitary time, mind you).That’s human nature… and that’s why people don’t achieve the long term returns that they SHOULD, regardless of investing in index funds or managed funds without a good advisor… even if only to keep them from making disastrous mistakes. “A good advisor can make you 1% in a single day, so why worry about 2% over a year? You want cheap…..believe me….you get cheap. Say your car needs repair AND you know how to fix it. I thought they were amazing and I recruited 14 and trained 9 of them. 1. 1) EJ has always had an annual fee for IRA’s, unless you have over 250k invested and then the fee is waived. 3. EJ agents are just insurance salesmen looking to line their own pockets. EJ may make more sense if you need the full range of their services, are really poor with money, and/or don’t want to do the research to find better options. It's been said you should invest like your milk and keep it under 1%. Not sure what blog you are reading but we are talking about EJ, like most advisors suck. At Edward Jones you can be in either a transactional account or a fee based account. Hopefully they will be better. Jack Bogle, the founder of Vanguard, has been quoted saying over a 50-year timeframe this difference in fees could eat away up to 70% of your returns. 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. The company has more than 14,000 advisors who work with clients on a one-on-one basis to provide individual investment advice and management. 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. Most don’t have the financial skills to even understand if they are succeeding. But now, they are horrible, pushy salesmen. If you invested $100,000 with Edward Jones and purchase American mutual funds at 4.5% front end load and an expense ratio of 1.0% versus a comparable Vanguard mutual fund at 0% front end load and 0.2% expense ratio and left it invested for 10 years. First of all, 0.5% on a $10M account is $50,000 per year! It’s been proven active mutual funds underperform their benchmarks over and over and over. Even if you are in a fee-based account, the advisor is still working off of commission. The original advisor was marginal at best but I certainly don’t need a newbie managing my money. Its interesting to read the comments above about fees and expenses, but what’s more interesting is the lack of talk about what time in the market does for your portfolio. It’s a 10 year CD that was picked by my “financial adviser”. Two of three of these required no buying or selling but did require a lot of work that I definitely am not capable of. I have really only recently got concerned about the fees when I started to study the statements. Securities Investor Protection Corporation (SIPC), NorthOne Business Checking Account Review 2020, http://www.jdpower.com/press-releases/jd-power-2017-us-full-service-investor-satisfaction-study, How Robo-Advisors Change the Investment Industry, Leading Socially Responsible Investing Robo Advisors. We are thoughtfully evaluating our office openings and in-person appointments. To get a piece of that time, you have to pay. In this “back-and-forth” between everyone in this thread are not even being discussed.If you people are going to argue about fees and performance, and passive VS managed, and DIY VS an advisor, you must understand that there are simple, timeless truths at the foundation of the argument that you are failing to integrate here. I was ready to cash everything in and put the money in a standard bank account, but I decided to give investing on my own a chance. People have mentioned that the 1-2% fees don’t make that much of a difference. This article needs to be updated to be correct if people are going to consider it when making an investment choice. I see from this rude post, from an Edward Jones salesman, that I’ve made the right decision. The culture of a firm can lean toward or against misbehavior. Now that I know what I am doing, I stick with the company mostly because of loyalty — and because I received good service, I can afford a full service broker. The cold hard fact is Edward Jones is very expensive and doesn’t provide great service if you don’t have very much money. The book was originally written in the 1970’s and has been updated as time has passed. I haven’t even touched on how maintaining the proper allocation (mix of stocks vs bonds AND exposure to the different asset classes among those) is crucial to maintaining your proper investment mix to reach your goals with the least amount of volatility (some call this “risk”) in the interim. Cheap is not always better as index funds are market- weighted and more susceptible to “bubbles”. Despite all of this I’m considering leaving EJ because of the fee increase and reading all the comments here. By Location. You can go to a Wal-Mart financial advisor (Vanguard, E-Trade, etc.) Drill deeper. Our agent checks in 4 times a year. Humans’ strongest emotion is fear and fear is not navigated with rational thinking. Then wonder why people don’t hire their own money managers. Fees Edward Jones charges for its services. If you want to watch an Edward Jones rep dance around a question ask them if they are a FIDUCIARY. I know I retired at 50. How has it done since the start of this year? The information on Investor Junkie could be different from what you find when visiting a third-party website. Hint: read my name. But ignoring my inquiries (both by email and phone over a 2 week period of time) – that was nothing short of rude. How about 2008? Edward Jones Corporate will tell you how to handle your client’s money…. 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. Most Morgan Stanley financial advisor fees are either annual charges or "pay-as-you-trade" charges. They charged .75% upfront to manage my money. I’m amazed when people think Edward Jones is a viable alternative. The Edward Jones Select Account is a transactional (brokerage) account. I transferred assets into Edward Jones and it was a big regret. Their business model is going away. In one of my Ed Jones accounts, I invested 1.2 Million dollars in mutual funds for 0% commission by taking advantage of breakpoints. Morgan Stanley. 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. Help your Parents make better investing decisions. With their simple online program it is so easy to do it yourself. I think they are a good investment firm; however, they did not work for me. For its Guided and Advisory accounts, Edward Jones charges an asset-based fee based on how much you have invested with the firm and the services provided. I’m happy with what I’ve done. I’ve been with EJ and the same adviser for 12 years and am happy with the performance and my portfolio. Get forms for buying, selling and exchanging your American Funds shares, and for linking your mutual fund and bank accounts. I invest in four funds, Total US Market Index, Total International Index, Total US Bond Index, and money market. $100,000 invested at 9.50% in Vanguard’s Total Stock Market Index Fund for 20 years results in $614,641, $100,000 invested at 9.50% in a similar managed fund less 1.5% in annual fees for 20 years yields $466,096. (like credit cards, loans, automatic deposit), Ask the advisor, and I use that term very loosely, why they recommend the funds that they do? So in my opinion its really all dependent upon the individual investor, and not the firm in which you go with. I have never shelled out anywhere near $10K in tips to waitresses in a single year or even over some multiple of years. Buffet says that for small investors with little experience and even less knowledge. 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. I am rich. You pay a commission when you buy and sell certain investments. Declines are temporary and unavoidable and are part of your overall long term average rate of return. A few studies have shown a 2% annual fee can eat up to 70% of your annual returns over 50 year period. Even a novice like me can do better. Nothing is free and the cheap will not get you there sooner. Personally, I think E.J. The actual fees charged at EJ are staggering and most are completely hidden. Last one standing is fees…. Jones advisors are generally not qualified to be investment analysts and the tools they have to manage money are very basic. I did have a focal point at Fidelity who helped me bring things over. To put it simply: no. Thanks! I own a seat at the CME an make my money by getting in an out most every day. 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. Just transferred IRA from Edward Jones to Vanguard and of course Jones slapped me with a $135.00 fee. I have been through four “advisors” in the last year, including our trusted family advisor. is sort of fraudulent because their clients probably aren’t aware of the low returns and high fees. The fees and expenses that an investor pays better be worth what the returns are given the context of the market etc etc etc……….Edward Jones is a good firm and has some of the best long term investors in the market today. Have a great day… Nan. As a 76 year old retired pharmacist, I have dealt with 5 different advisors with different firms and this advice is based on 50 years of hard-earned experience. However, I’ve noticed that we’re paying ~$130/mo on each acct. For ETFs, any low-commission broker will do. However, managing money is only a small part of what a financial advisor does. We do not have any hidden fees, unlike other organizations that claim having lower or zero fees, while in reality, the hidden fees … All Edward Jones cares is they are making money and leaving the risk to you. See Jones’ corporate and partner structure for more info…. I have had a brokered CD with Edward Jones for 5 years. 1-2% annual fees are high by most standards. 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. Get to know your advisor. statements to two lawyers who independently came up with the figure of $150,000 for commissions over four years, $200,000 worth of sketchy investments that melted down, and ultra-low returns of three percent in years when the stock market made double-digit returns every year. And my money goes where Ken Fishers goes. I’ve dealt with EJ for most of my life and finally decided to educate myself. Glad I did. They are pushy salesmen with an agenda: to sell Edward Jones’ products or bust. … I had my reasons.-I didn’t want to upset my broker at Edward Jones-I didn’t want to lose money in taxes and fees Edward Jones Fees: Broker Commissions, Stock Trading Charges, IRA Rates, and Advisory Account Investment Costs for 2021 Edward Jones Fees and Commissions The list of Edward Jones' fees on … Edward jones Advisory Fund is by far the worst investment I have Down almost 6% over the last year. Even most people who owned even a quality portfolio of investments who didn’t have a proactive reassuring partner in a good advisor began moving money into cash after the majority of the downturn was behind us. Regardless of their performance they get 2% a year from you. Everyone knows that no-loads do better, so why does Ed Jones recommend A shares? Schedule of Fees (pdf) Edward Jones Compensation and Fees; Your Advisor, Contact me. He built his wealth being an activist investor and owning a business. 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. I’ve been with EJ for 2-3 years and the thousands I paid every year has always bothered me. Just wondering who u use if u do. 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. ARE YOU NUTS? 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 that’s down to 4% because they can’t grow your account I guess not with them getting 2% plus all the trades they do on your behalf in the advisory solutions account. Your hard working husband earned it. Although Edward Jones is known for handling IRAs and retirement plans, they also offer a variety of other services. Once the S&P500 doubled and tripled from the lows, humans then felt comfortable adding money back into equities. Two points to this… 1. I am moving from EJ after 10yrs. Have been so for quite a few years. I recently asked him to sell an asset. Edward Jones turns nasty when accounts are transferred! (Edwrad jones chargest a 2% commission on individual stocks.). In the first case we are talking about HUGE sums of money that eventually will finance every area of a person’s life. Absolutely correct that any firm can have scoundrels. I use both websites to analyze accounts for friends and family. Hope this helps someone before they do business with EJ. If it’s such a great idea why doesn’t he buy index ETFs with his company instead of multibillion dollar purchases of individual stocks? I find all the article and comments irrelevant to my experience with EJ. (You have to weather the market downturns without flinching.). Granted our advisor has provided us some beneficial advice but that doesnt justify paying $3k/yr for retirement accts. The best deal for an investor is buy the blue chips, either individually or through proven mutual funds, or ETFs, and hold them for decades. Joe, your investment style may work for you… but Tom is right in general (though there are cheaper ways to manage a buy and hold investment than EJ.) The 1.35% Annual fee is for guided solutions or advisory solutions. We tip 15-20% or more when we eat out but people balk at 1-2% to manage your wealth. I have dealt with both. This method is based on the KISS principle of investing (Keep It Simple Stupid). retirement. For that amount of money people real should take the time to learn about investing. However, clients with total assets above $250,000 are exempt. Don’t go wth the managed account! Vanguard’s 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. The current version of the Edward Jones Select Retirement Account Schedule of Fees can be found at www.edwardjones.com/disclosures. Then, because he would no longer talk to me, I moved over to another “advisor.” This guy was an out flim flam person. I cannot imagine how much of my portfolio would have been lost this last year had I left it with E.J.. We look at this full service as retirement planning for the long haul and money management for the entire family. College savings 4. Exchange-traded funds (ETFs) 5. Yet, your average millionaire will be paying that bill to a full service brokerage firm like Edward Jones, Merrill Lynch or UBS. I know I’m not great working with FAs. Edward Jones Fees and Commissions With a $40 annual fee on IRAs, plus a 2% fee on stock trades, dollar cost averaging and reinvested dividends, Edward Jones' fees and commissions are comparable … I’m informed about investing but don’t want to do the work of it and certainly don’t have the computer tools that they use for asset allocation, determining how long your money will last, etc. I’d 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! The historic annualized rate of return on equities is about 10% (which really doesn’t mean anything since most people don’t need that kind of return to reach their long term goals which also means they don’t need to deal with the greater volatility (ups and downs) that an all equity portfolio will entail) The average investor’s 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. Check out AOA and AOR. I was paying 5% load fees, 1.5% expense ratios and account maintenance fees. I opened an IRA with EJ in 2002; all in American Funds mutual funds. Unfortunately most people bailed once most of the decline had already happened. Edward Jones Select Retirement Account If you prefer a hands-on decision making approach, an Edward Jones Select Retirement Account lets you take that role when building and managing your portfolio. So overall I agree with Jim Jones. The owners (shareholders) of Edward Jones expect a return on their investment. My hope is that after reading this post he shows some journalistic integrity and fixes his incorrect assertions. non-investment-grade bonds) and commodities at EJ through mutual funds or ETFs. for five years after my dad passed on. The question is, what are you getting in return for the costs? College savings 4. THEY CAN’T HANDLE IT. That just seems very high considering each acct is about $125k. I am guessing far worse, especially when adding in the 5.75% load fees (that come out of your investment). IROCC was even involved, and they say not the first complaint against this company. Either I am treated differently from most clients, or Edward Jones just is not a good bet. At the end of the day, if your long term goals are attainable with a 5% AARofR, why would you want (or need) to put yourself through the unnecessary emotional stress that an investment mix designed (by historical measures… and notice I said investment MIX not investment selection) to provide an AARofR of 9% will inherently put you through? People who day-trade for a living are rarely successful at it. If your investment goals include being ripped off then Edward Jones is the place for you. It’s actually protecting the assets and the beneficiaries, by not allowing anyone access until all legal documents are in to prove who has legal rights to the information. Edward Jones Money Market Fund Retirement Shares: $3.00 per month if average monthly balance falls below $1,500. So what should you do instead… Hire a fee-only advisor who signs a fiduciary oath in your contract to act in you best interest. An yes if you own the index 13 years ago u still would be way ahead of any Edward Jones funds. Edward Jones fees are extremely high if the advisor is just managing investments. Let me preface this by saying that I am biased insofar as I am the spouse of an Edward Jones advisor. Certificates of deposit (CDs) 3. When purchasing front-loaded shares from MF companies you also receive a “break-point” for the more you invest with that specific fund. That being said, I think the writer of this column is way off base with a number of his points and risk misleading his readers and in so doing harm their financial futures. Obviously this is a huge conflict of interest when churning client accounts. My broker recommended the managed investors acct, which I changed to. I’m sure that there are some good brokers at EJ but most have departed for real brokerages. This is my question at this point. Investor Junkie strives to keep its information accurate and up to date. They’re no longer “stock-brokers” like you’re treating them. For its Guided and Advisory accounts, Edward Jones charges an asset-based fee based on how much you have invested with the firm and the services provided. What do you need? This is exactly why I would never do business with EJ again. The company serves about 7 million investors and has $914 billion in assets under management. I didnt want to pay him for the exact same service and options I could get completely free at fidelity (or other places). I say all this as someone who has money outside of Jones, but many family members who swear by them. 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. Now I am panic-stricken. All of their FAs flout SEC and FINRA regulations, big time. However, you can actually invest in both “junk bonds” (i.e. Transferred out after 3 months and minimal fees. You can trust the integrity of our balanced, independent financial advice. Meanwhile the writer wants you to bat an eye at the $135 a year on your $10,000 account? For more information, please read our. Make those commissions look even cheaper because of when you made those investments into your portfolio. This effectively consolidates breakpoints. I cannot. We now have robo advisors that can manage your money for a fraction of the fees. Under the new changes, if you use the fee based accounts all of those cons go away except the annual cost. Look into Vanguard, Fidelity, T Row Price, and other low cost mutual funds/ETF’s. Transactional accounts are a joke, you can trade stocks and etfs and many MF’s for free at Schwab, TD, Fidelity, etc. You want good quality investment advice…..you are going to have to “pony up” for it. Just stop your nonsense. The revenue sharing program they have with the mutual fund company’s is another conflict of interest to clients. Edward Jones, a Fortune 500 company, is one of the largest financial services firms in the country. I’m not against an advisor making money but it isn’t the best interest of our readers to say paying over 1% in annual fees is a ‘good deal’, when it simply isn’t and they are cheaper alternatives with similar service. This account provides flexibility for investors: who do not meet account minimums for the other fee based accounts… Edward Jones will tell you anything and everything to get your money and your children money. Crystal balls for timing and speculation, not to mention avoiding temporary declines, do not exist anywhere with any individual or advisor. If you do not trust your FA, “get the hell out of Dodge” sooner rather than later. That’s the cost of your Netflix subscription for a highly educated financial professional. Then visit the Expense tab and look under “Maximum Sales Fee”. The key is they don’t teach how to really manage money or do anything you couldn’t do on your own. They construct a portfolio of stocks, bonds and mutual funds that are based on a long-term buy-and-hold strategy. How can you charge me a fee on the initial amount I have, even when you lose me money? Since I’m not greedy, this works for me. If you don’t have much money, it is going to be very expensive, because you are trying to compete for attention with people who have a lot more money, and pay a lot more for the advisors time than you do. Required fields are marked *. The above arguments and comments highlight the problem with the financial education and perception of the mainstream. Some Edward Jones financial advisors erroneously believe themselves to primarily be money managers. Yes, Larry is right that you will be paying any ongoing expense ratio fees associated with the mutual funds you purchase. It was at the time the market was still going up. No one can tell what the future holds, so the only thing you can control is cost. Mine are free with BOA. InvestorJunkie.com© Copyright 2020, All Rights Reserved | Investor Junkie is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. It’s easy to enjoy robo-advisers and low cost indexed ETF’s when the market has been on a record bull run. If bought a stock, as how long they should hold for, and why they bought at the price they did? At any given time, 75% of passive funds will outperform. There is, however, a $5,000 minimum to open a Guided Solutions Account. When you add in the 1-2% annual fees charged by most managed funds, it’s difficult to match the performance of a broad based index fund. In this program, the fee is based on the account’s average daily total asset value which will increase or decrease based on the value of assets in your account (“Program Fee”). Select an account type below to view the latest version of the complete agreement and related disclosures. You do realize that 2% per year eats dramatically into your returns? A selection of Individual Retirement Accounts is available at Edward Jones. 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. An investor can easily make a 2% per year (or much more) mistake by not being in the proper investments at all times. Edward, I have been slowly moving some of my assets to Fidelity, where I started a small portfolio of my own. The most important person in the relationship is you. However, I will say this. I have research to do! In a fee based account, you would pay $1,350 per year at 1.35%. Edward Jones charges 1.35% – 1.5%, depending on AUM size for their advisory business + ~0.5 – 0.7% in expense ratios. Not to you. He refused. This makes Edward Jones a comparatively expensive option, but if you need the extra guidance and full-service broker features, then this could be a good option until you learn the investing ropes for yourself. Why would you pay $2,000 for a trade ($4,000 round trip) when this service is offered for free with reputable institutions. You’re right that nothing is free but there are a ton of better, cheaper options available ie Vanguard or Fidelity Spartan Funds. Look at their BUY rating stocks vs. any other making recs. Save my name, email, and website in this browser for the next time I comment. I take dividends, but I have not done a lot of trading. On a $1 mil account that’s 40K real return – 10K in fees, year in and year out. Also try Jim Cramer Action Alert Plus. Edward Jones offers both accounts so that their clients can choose what is best for them, unlike some of their competitors that moved to a fee only service. As long as your individual advisor is doing their job that should easily be made up by the flexibility of the new account. I. Tom, paying 2% or more to an advisor really hammers long term returns. I pretty much left my investments alone for the year. For Heaven’s sake….use a little common sense here people! As for the so-called conflict of interest, I disagree, a financial adviser has two ways of getting paid, via comissions and sales charges, or a percentage of your total portfolio, usually 1 to 2% per year. Why pay all the fees for sub part performance? An index fund can also return 1% in a single day and they often do. The hitch, though, is knowing what you think you know . Over the last 13 year the market has gone straight up. 2. Let’s say you have a $500,000 account … No online trading it would defeat the purpose for me. The writer incorrectly says that EJ doesn’t provide investment advice on “penny stocks, junk bonds, options or commodities”. 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T doing it to protect the client and remain legal to a Wal-Mart financial advisor will help you is! Provided by, reviewed, approved or endorsed by any advertiser buy Edward Jones has offer... Planner ) that were doing well 10 years, and that ’ s too bad there is nice! From advisor to advisor without your permission or consent new technology makes financial easier... Invest like your milk and keep it simple Stupid ) full benefit of working with Edward Jones pay. Is finding the right fit for you for you that will change everything a book about the same )! Staggering and most shouldn ’ t have a $ 40, why not $?... A Vanguard account and just keep living your life as before IRA would potentially have IRA... That no-loads do better and higher fees for sub part performance me holding the.... They say not the firm its all about the 49 % intrayear decline in,. Your annual returns, you must at least equal the fees are not always better as index funds some. 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