I used to work for a fee-only fiduciary firm, and you wouldn’t believe the load-adjusted returns on Ed Jones portfolios even in great markets. A good advisor can make you 1% in a single day, so why worry about 2% over a year? In the writer’s column, he list IRA fees and stock fees as additional costs and that’s a bit of a misnomer. didn't know a dam thing except how to take my money! Make those commissions look even cheaper because of when you made those investments into your portfolio. Declines are temporary and unavoidable and are part of your overall long term average rate of return. 1/17/2018. A full-service broker is someone who not only provides the capability to invest, but many other things like tax advice and retirement I got referrals from friends, through neighbors, and through my business connections. A full-service broker is someone who provides not only the capability to invest but also many other things like tax advice and retirement planning, as well as extensive research and knowledge. People have mentioned that the 1-2% fees don’t make that much of a difference. $200,000 had been put into oil and gas pipelines by my family advisor, ostensibly to provide high dividend yielding investments. In todays market environment, one should only expect 6-8 percent returns when planning long term, i.e. As a 25 year EJ vet, I can tell you our culture leans against misbehavior. I usually accumulate several thousand dollars in my bank account yearly and I asked my EJ account if I could invest it in some account in EJ. Say your car needs repair AND you know how to fix it. They do things I consider criminal, or in any other industry would be considered criminal. Might as well move everything to Charles Schwab, what I have moved had done remarkabley better than anything I left at Edward Jones. Recently, I showed my E.J. There are also some definite advantages to working with a broker. But, don’t take my word for it. We are still waiting for the first disbursement of any of the funds. They serve a purpose and might be the best for your individual needs, but understand what you’re getting. Mutual funds 7. The overall rating of the company is 1.4 and consumers are mostly dissatisfied.. They then waited until things felt better and decided to get back into the market after it had doubled or tripled from those lows, completely undermining their performance because of the emotional decisions. Shown in this photo: 2019 Women's Conference Despite all of this I’m considering leaving EJ because of the fee increase and reading all the comments here. Huge fees on every transaction compared to what you could do on your own. Got a call from the guy the day I requested transfer and he was MAD at me. Market returns are all detailed on my Fidelity statements, so, in a down market like what we've had in the last two months, it's easy to see where my money is going. never responded to my inquiries on this subject. Today, the account has grown to 50 grand and I get 278 bucks a month! Her adviser, Ulana Berenda Emerson who works out of her Port Jervis, N.Y. office became very nasty and started harassing my 66 year old Disabled mother in law over the phone and via Facebook. I much prefer EJ where I can walk down the street to see my guy. Absolute rip off. You only have to worry about reverse-churning. 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. Edward Jones needs to run credit checks and full drug testing on all their employees. to sell your assets, because they will charge for the sale. All are doing +7% average compounded annually over the long haul (>15 years). Fake friendship, homey small offices, heavy community involvement to win trust. Jones model discourages trading, promotes investing. Thus I moved the remaining $1,000,000 over to Fidelity. Take the lose n wait until the next bull market 10 year from now. Your returns won't necessarily be pegged to the S&P, but you will get reasonable returns in an up market. Look at their BUY rating stocks vs. any other making recs. I’ve been with EJ for 2-3 years and the thousands I paid every year has always bothered me. I was notified by mail and not a personal phone call. My hope is that after reading this post he shows some journalistic integrity and fixes his incorrect assertions. It’s an old company in a new world. They wrote it in relation to their own advisors, but you’ll see that it applies to all advisors. I'm surprised that the SEC allows this company to get away with apparent fraud. Was told the Franklin Funds I have our volatile and I need to move my money into. the kicker is they still take the fee. I lost a small fortune doing business with them. Just google "best interest" and "edward jones". Silly me did not do my research as I should have. $311,986,498,067. It's been said you should invest like your milk and keep it under 1%. I even thought about turning everything over to my TSP manager, who was doing well with a much smaller amount of money. 116 E Market St. Elkin, NC 28621. Please use respectful and That’s another one wrong in the “Cons” section. I opened an IRA with EJ in 2002; all in American Funds mutual funds. Based on my findings (hidden loads + high expense ratios in every case), many switched brokerages. However, I keep some in the bank to pay monthly bills! It’s not his fault, others are just doing better that EJ. by K. Anderson, Edward Jones Review: Wealth Management. And she tells me with every change what it's going to cost. 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%. Research their history and business model. No new # to call just an address to a vacant house???? Single account throws off +50K in long term dividends. We now have robo advisors that can manage your money for a fraction of the fees. account at Edward Jones (and the other “full-service” brokerage firms like Merrill Lynch and Wachovia) is that your financial advisor is paid on commission. I interviewed more than 30 fee-based, fee-only, and commissioned advisors, only to feel more confused than ever. But that FA is still going to collect her 1-2 % fee even if she steers you into losing investments. All products are presented without warranty. Most other firms charge about a $4.95 flat fee for any transaction, any amount. Cons: High fees, hidden fees, closing account fees, yearly fees, annual fees, high expense ratio funds. Get the facts, you are kind of missing an important point. I did have a focal point at Fidelity who helped me bring things over. I think the problem is that I am a single woman, somewhat older, with no one to help out. If you didn’t understand what you were buying, talk to them to get more information. Let's face it. Cons: No cons with the broker, but the Edward Jones website was not user friendly when I started with them in 2012 and the most recent changes they made have rendered it practically useless. Reviews of your favorite robo-advisors, stock brokers, and personal finance software. Below are the fees for taxable accounts. Because Edward Jones offers brokered CDs, there are a few elements that work differently than CDs from traditional banks. The problems came after my dad died and I lost my family EJ advisor. Since I’m not greedy, this works for me. EJ will provide advice on any of these in regards to their relative merits and risks in a portfolio and why they chose not to sell some of the above. by Jerry Town, Everyone? I never bought and sold much so my fees were pretty low, now they want over 1% a month. But we've been in a bull market and I consistently invest every month. by anonymous, I needed to sell the stocks and move them to another account, so I asked him to liquidate everything. If you see yourself knowing and understanding better than any adviser, then its pointless to have a financial adviser. https://www.edwardjones.com. 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. My friend n I both got sucked into Edward Jones both lost money. Confront the advisor at a meeting and he gets really mad. Fees are not the number one determinant of returns. 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. what are my market returns? The have developed a great strategy and local ground game. Not aggressive. The commission on those stocks was approx $6,000 at the time of purchase and trading activity has been limited since then. Under the new changes, if you use the fee based accounts all of those cons go away except the annual cost. There is a good book out there called The Intelligent Investor, that talks about low cost funds, dollar cost averaging, diversification, and etc. Here is an anology I use. Honestly, I've made a fair chunk of change. F.A. Like all full service firms, Edward Jones is charging a percentage of all client's assets EVERY year as a fee — anywhere from 0.50% to 1.50%, plus an annual fee of $300. If you didn’t give the okay, you can report them. They have nothing of value to offer. This company is a total and unequivocal ripoff. is only motivated to generate income for E.J. They are pushy salesmen with an agenda: to sell Edward Jones’ products or bust. Fees, fees and lots and lots of hidden fees, Knowledgeable about certain aspects of investing, only offered possibilities of buy and / or sells. All of their FAs flout SEC and FINRA regulations, big time. The actual fees charged at EJ are staggering and most are completely hidden. Steal all your money, way better alternatives that are not as expensive, I just had my first visit. I recently had my meeting with my Edward Jones representative in Halifax NS and was very disappointed with his demeanor towards the amount of money I was willing to invest, referring to it as a 'small' amount. They just choose not to tell you how you are paying. by suckered, In our opinion, Fisher Investments is a better option (full review here). In today's investment world there are much better lower-cost options. My wife talked me into trusting Edward Jones. Year one passed, markets thru the roof and we are not making money. We won’t sugarcoat it. As an admin for EJ for 18 years, I would guess that the reason they haven’t revealed holdings is because they cannot legally release information without all legal documents in place. If you pay a management fee of 1.35% to invest you DO NOT ALSO pay annual account fees or stock investment fees. Unless you are just ignorant and don't really know any better, like I was. As for annual review increases, it is entirely up to the FA to rate you. Edward Jones is, by far, one of the most ethical firms in the industry. Saint Louis, MO 63131. Sad that this company works the way they do. One lawyer told me that I would probably end up with about 20% in sales fees.) We have worked with the same advisor and staff the entire time. Fees are spiking and they hit $95 withdrawal fee on every account.DO NOT INVEST WITH EDWARD JONES!!!! I live in Shippensburg Pa. by Caroline Akt, Bonds 2. ; commission-driven; branch offices can pass you on to another branch without explanation. Passive funds like Vanguard consistently outperform these fee laden mutual funds that the Legion of EJ advisors are pushed to sell. Find an Advisor. The company is a California Domestic Corporation, which was filed on June 17, 2019. Wait until the next debacle and see how their tune changes... and think how much further ahead they would be had they taken care of business themselves. Good sales people, knows nothing about making money. 2/3/2017. If you want a relationship and friendship, go get some friends and leave your finances out of the picture. Their advisors are crooks, out to cheat people. Vanguard is own by it’s investors. The address on file for this person is 23115 Samuel St #32, Torrance, CA 90505 in Los Angeles County. I have invested a relatively small amount with a jones advisor here in DeKalb County GA and he is a total con artist. They have all of the resources, but, in the end, you are on your own. I can call him with recommendations and he'll give me his honest advice. ONE value that an advisor provides is implementing a proper mix of investments (relative to your emotional capacity to deal with temporary declines AND the long term average annual rate of return needed to reach your goals) and then rebalancing the mix annually to maintain the proper mix going forward. We believe regular reviews are one of the most important ways we can help ensure we are working in … The key is they don’t teach how to really manage money or do anything you couldn’t do on your own. I’m hoping everything worked out well and that you were able to process the account. 7/11/2017. Don't take my word...if you compare what you end up with to another firm, you will see you are losing a lot of money with them. The envelope, please… Edward Jones advanced to the top spot in J.D. Opinions are the author's alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser. As a young woman, I did not appreciate him speaking to me about the $10,000 I was willing to invest like it was just enough to buy a coffee with. My short experience with Ed J. has been a night mare. They did a white paper showing just how much value a financial advisor brings: https://www.vanguard.com/pdf/ISGQVAA.pdf. by Damien, By the way, if you retire they fight against you drawing any more money than required by tax laws and want you to live on Social Security (after working so hard and saving all those years) so as not to cut into their money. The company serves about 7 million investors and has $914 billion in assets under management. and old B.S. Stifel is in negotiations to buy Edward Jones, and that will change everything. make the need for high fee charging firms like EJ a dinosaur. Either I am treated differently from most clients, or Edward Jones just is not a good bet. He himself does not practice what he preaches even if he made a bet on etfs. I didn't and found out a lot of interesting things when I woke up. Get to know your advisor. Take my money and run!I will go to their competition.Bye Kristi, by Brenda Henson, Depending upon the size of the portfolio under management, the first is ultimately cheaper. Not aggressive. by Doug Texter, 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. Edward Jones salary increases are non existent practically. Edward Jones Brokerage Account Fees Schedule Choosing Edward Jones as your wealth-management company customers pay the cost for each investment that buy. After 14 years, my advisor reassigned me to someone in his office (someone I did not like) and refused to return my calls when I wanted to discuss my concern. You need to study your accounts better. Unlike many discount brokerages available online, Edward Jones is a full-service broker. But that’s a fee that you’re gonna eat no matter how you own the mutual fund as it’s a fee taken directly out of the fund. He had told me his wishes regarding how he wanted his estate settled including his monies at EJ. The biggest drawback to having an Edward Jones believes there's an advantage in working with a financial advisor who knows you – and what you're investing for. Edward Jones is a huge rip off. No matter where you go to invest your money whether it be Edward Jones or a robo advisor there will always a fee to be paid and those fees do add up over time. Several of the stock recommendations that they made went completely bust, many others were dogs. The second account will be going to probate court. Even a novice like me can do better. I am moving from EJ after 10yrs. This review was posted by a verified customer. New technology makes financial advising easier for the average person. With Edward Jones, you’ll have to pay a yearly account fee of $40 for all retirement accounts, which can be withdrawn directly from either your investment account or your bank account. Nothing is free and the cheap will not get you there sooner. I retired and left fidelity as the arrogant advisor lost me money every month.Since I had just retired, my instructions to the EJ representative was to make me more than the 3 percent cost of living increase and their comissions. Cons: It’s all about monthly commissions. IROCC was even involved, and they say not the first complaint against this company. I always left the meetings with the advisors feeling as if I was being conned. We analyze and compare tools to help you make the best decisions for your personal financial situation. After reading the complaints on this site and several others, it seems like the dissatisfied clients are overwhelmingly the ones who don’t have very much money. Not to add insult to injury, my last part of the EJ saga is almost the worst: my advisor gave my account (worth more than what most people have) to a trainee who doesn’t know how to even make trades. We consider them our friends and hope the feeling is mutual. It is too much for the young family to keep up with. 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. Do you agree? How has it done since the start of this year? The reason was a couple of weeks ago I asked to get out of my Guided Solutions account and since I'm not out of that account yet, don't know why it takes so long, they wouldn't let me make the trade. Both Edward Jones and Vanguard offer the following investments: 1. The Edward Jones account will cost you over $20,000 more than Vanguard! Edward Jones will tell you anything and everything to get your money and your children money. Your Details Done. Hint: read my name. Any help making sense of that, based on the 2% quote mentioned in this article? There is also no potential to churn accounts. by mandy, Not a lot of talent in selecting funds to make you money. It’s easy to enjoy robo-advisers and low cost indexed ETF’s when the market has been on a record bull run. Most people cannot handle the volatility an all equity portfolio entails (and most shouldn’t have to). An yes if you own the index 13 years ago u still would be way ahead of any Edward Jones funds. Cons: Dropped with no warning and given to another broker. What does financial adviser even mean? College savings 4. The whole business is predicated in using your money to make them money, regardless of the risk that puts your portfolio at. There's a branch office in every strip mall, Someone has to pay for all those branches (mostly the customer). You need to check again. I do sometimes use some as a core but would never use entirely. Our advisor actually turns down clients if he feels they will be doing a lot of buy/selling individual stocks because he knows they will not be happy. A good financial advisor will seek to understand what is important to you. I have never shelled out anywhere near $10K in tips to waitresses in a single year or even over some multiple of years. For example, in 2004, Edward Jones was hit with allegations that it didn't disclose important conflicts of interest. I guess there is not enough to be made on CD’s. The $6.3 billion in revenue seen in 2015 flows largely from this source. planning, as well as extensive research and knowledge. So overall I agree with Jim Jones. 4/25/2017. My advisor now wants to move and sell. Frist, I … By using a fee-only advisor, you’ll get unbiased advice, and you’ll likely reduce the overall costs on your investment portfolio. Warren Buffett has famously said that the best investment most Americans can make is a low-cost S&P 500 index fund that will simply track the market’s performance over time. 4/1/2019. The problem is that your F.A. I’d never do business with this firm again. They are so blatant, but so friendly while they're doing it:) It is not worded so many understand it, and many don't read what they so cavalierly ask you to sign. Meanwhile the writer wants you to bat an eye at the $135 a year on your $10,000 account? Their training is off the charts amazing and their support is fabulous. How can you charge me a fee on the initial amount I have, even when you lose me money? If you want to do business with Edward Jones, and don’t care about your financial advisor, the company might work for you. It can get into the weeds a little, but it has good ideas for the common investor. Honestly, I am not sure I would have done as well as i have without an Edward Jones broker. Absolutely you get what you pay for! 3. Edward Jones is built on the philosophy that those who share in the work should share in the rewards. This thread has me very concerned and I hope I did not make a mistake by switching to EJ. Cons: Somewhat lacking in investment knowledge in some areas. 7/22/2017. This method is based on the KISS principle of investing (Keep It Simple Stupid). It allows for Individual accounts to move directly to the beneficiary/beneficiaries that were put into place by the account owner and avoid the expensive probate process. Your hard working husband earned it. The advisor very friendly but struck me as a pushy salesman, wants ALL my accounts. Made a lot of money with him, he tells you what and when. The information on Investor Junkie could be different from what you find when visiting a third-party website. No one can tell what the future holds, so the only thing you can control is cost. But ignoring my inquiries (both by email and phone over a 2 week period of time) – that was nothing short of rude. An investor can easily make a 2% per year (or much more) mistake by not being in the proper investments at all times. But I've worked with people at TIAA (my employer sponsored plan) and Northwestern Mutual. I've read a lot of reviews online about EJ. Please note that not all of the investments and services mentioned are available in every state. Pay a good fee-only advisor for some portfolio advice, and you are likely to be far ahead of the game. Yet, your average millionaire will be paying that bill to a full service brokerage firm like Edward Jones, Merrill Lynch or UBS. First of all did you forget about the 49% intrayear decline in 2008, had you owned that index? At the present, he's considering several stocks I've shown to him LOL!!! I am not going to lie, it is hard work but, if you're willing to work hard and follow their training, you can succeed. Once you get +1M in American funds there are no overt fees, I am sure there are fees under the covers, but they seem minimal. Unfortunately, being a broker also means they do not have to follow the fiduciary standard. We tip 15-20% or more when we eat out but people balk at 1-2% to manage your wealth. Investing in stocks is outside of my comfort zone. It appears that a few of these responses are due to either a lack of understanding regarding market volatility or fee structures. On a $1 mil account that’s 40K real return – 10K in fees, year in and year out. Wanted to make a trade today, 9/14/18 and since my rep was out I called the 1-800 number. 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. So happy we got out. 539 reviews from Edward Jones employees about working as a Financial Advisor at Edward Jones. In actually think the percentage payment to an advisor is more of a conflict of interest per say. by Plurimus, I'm not really sure why anyone would put their money with them. I offered a hand shake and he is doing - none seems very high considering edward jones reviews 2019! 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