Very honest worked well with my portfolio, Didn't always return phone calls and emails. Jones advisors are fiduciaries under the new laws rolling out this week. But now, they are horrible, pushy salesmen. I think most of you are missing the boat on the whole commission thing. Since I’m not greedy, this works for me. The fee is actually 2% every time you sell or buy. Just wondering who u use if u do. Use a low cost managed account if you need assistant and financial planning advice. F.A. The integrity factor cannot be easily discerned. We also own other mutual funds and some individual stocks. My neighbor just quit and is warning everyone. Office Information Office Information Location. Get the facts, you are kind of missing an important point. the kicker is they still take the fee. and old B.S. Might as well move everything to Charles Schwab, what I have moved had done remarkabley better than anything I left at Edward Jones. If you are not communicating comfortably with your person, find someone else. I’ve dealt with EJ for most of my life and finally decided to educate myself. 2019 satisfaction index (on 1,000-point scale): 656 Employee channel average: 736 2019 rank: #16 2018 satisfaction index: 618 2019 vs. 2018: +38 2018 rank: #15 Had I been with E.J. Out of the 11,000 branches out there, there might be some good “advisors.” I have a sizeable inheritance (now not so sizeable because of Edward Jones’ churning.) I agree wholeheartedly with your final sentence. What matters is the ‘all in’ cost. Edward Jones Review: Wealth Management. (Edwrad jones chargest a 2% commission on individual stocks.). He had told me his wishes regarding how he wanted his estate settled including his monies at EJ. Keep in mind, that in this type of account, you would have to be concerned about churning, as you would anywhere. I average over 100% return per month, 149% so far this month December. The revenue sharing program they have with the mutual fund company’s is another conflict of interest to clients. never responded to my inquiries on this subject. If you are in a fee based account (a flat percentage for the year) you do not pay an IRA fee, nor would you be charged a percentage when you buy or sell a stock. Cons: She is very rude, over talks me! My advisor refused to talk to me about it, and left me holding the bag. You owe it to yourself to do a little research on this firm and learn about the "best interest" requirement that the Department of Labor finalized in 2016. Everyone should work with edward jones!!!! He got so upset and rude, I offered a hand shake and he said he would not shake my hand! With targeted and diverse opportunities to lead, build relationships with senior management, and engage in multiple networking and development opportunities, it’s a platform that invests in you and your career trajectory – an investment that will extend well beyond the two-year program. Your returns won't necessarily be pegged to the S&P, but you will get reasonable returns in an up market. was as problematic as I thought. My original advisor took me out of mutual funds that were doing well. So, for now, I am managing my money on my own, which I would not advise the average person to do. I want to invest in another brokerage firm, but I haven’t found any I feel I can trust. Start here to get on the path towards financial freedom. Cons: Too expensive; your F.A. That requirement forces investment advisers such as Edward Jones to act in your best interest and yours alone, not theirs. did they advise u to get out or r they running on the last 5-10 years of upward movement. 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. 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. He acknowledged my request and, wouldn't you know it, 24% of these mutuals were foreign stocks! Investor Junkie strives to keep its information accurate and up to date. Trying to get Ed Jones to reveal his holdings (a great secret) to the Estate has still not happened. I'm an absolute idiot with finances and have made nothing but wrong decisions for the past 25 years which has cost me dearly. My hope is that after reading this post he shows some journalistic integrity and fixes his incorrect assertions. In the same account, I invested $200,000 in stocks / ETFs and paid a ‘one time’ commission at the time of purchase a few years ago. Fake friendship, homey small offices, heavy community involvement to win trust. This is Edward Jones office photo was submitted anonymously. Cons: Everything. Buffett even went so far as to wager $500,000 of his own money that such an index fund would outperform a basket of hedge funds over a 10-year period — a bet he handily won. Depending on what investors buy, they may pay commissions, markups or markdowns, sales charges and/or administrative fees. 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. Here is an anology I use. Our agent checks in 4 times a year. The second account will be going to probate court. 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. 1. My wife and I have Roth accts at EJ. I've been pleased with the performance of the American Funds that I've been sold. However, you can actually invest in both “junk bonds” (i.e. sorry but the cons outweigh the pros for me. Edward Jones is built on the philosophy that those who share in the work should share in the rewards. I had 1.3 million with them. Pros: only offered possibilities of buy and / or sells. At the end you lose. They have nothing of value to offer. Vanguard offers the lowest expense ratios of the major investment firms that I have found (0.19% vs1.08% industry averages). Referrals from those you trust, with nothing to lose or gain if you do or don’t follow their advice, is the best kind of referral. In todays market environment, one should only expect 6-8 percent returns when planning long term, i.e. Search for other Stock & Bond Brokers in Raleigh on The Real Yellow Pages®. 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%. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Edward Jones Customer Service. who is looking out for you and knows how to invest, you can do reasonably well. Insults me, then lecture me!!! They immediately distract you in such a friendly way from reading. My Father’s Heirs will certainly not consider reinvesting with any Ed Jones rep. Their in sensitivity and unfounded $300 fee will cost them many fold in future earning with us and anybody who does a little research. 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. Fortunately, once I came to my senses and got my funds back into Fidelity, I was able to make a few basic trades and regain much of what I lost with them due to their enormous fees. Not a great deal compared to E-Trade if that’s all you were paying your advisor for. We are reviewing this matter and will seek to reach a resolution directly with the client. The studies also show how financial advisors lag index funds (and essentially make the same mistakes). One fund to rule them all. 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. Estimates put transaction costs at about the same level of expense ratios, thus doubling your annual fund fees. Will NEVER EVER do business with EJ ever again. EJ is a joke, and as long as you can count on your own hands and feet, do your own investing. Small investors will also have an annual fee of $25 or so, if I remember right. 4/1/2019. Just transferred IRA from Edward Jones to Vanguard and of course Jones slapped me with a $135.00 fee. Have been so for quite a few years. (You do not want E.J. by Stephen Brown, Check out AOA and AOR. 12/13/2019, Pros: Professional, Accessible, Open to Suggestions. On a semi-annual basis, Edward Jones provides certain financial information to its individual investors. Pros: Andrew Cottrell provided fairly good financial advice most of the time. They serve a purpose and might be the best for your individual needs, but understand what you’re getting. ANY FIRM is better than ED Jones. Edward Jones fought the requirement with all their might and dollars. Personal financial success is directly correlated to asset allocation and risk management. An yes if you own the index 13 years ago u still would be way ahead of any Edward Jones funds. Want you to ok in writing their conflicts of interest so they can put their commissions first and not do what is best for the customer, as they have for years but it is no longer legal. Also, he does convert our annual IRA contributions to a Roth. by Satisfied, You need to check again. “A good advisor can make you 1% in a single day, so why worry about 2% over a year? And then trust the Vanguard LifeStrategy fund to give you proactive advice about your financial situation, taxes, estate planning, and long-term financial goals. My personal experience has been the opposite. That is just the nature of the business. You get sold on the “process” of Edward Jones, which makes everyone feel good, but does nobody any real good except for the company, and the advisor, in that order. by Rose G, ARE YOU NUTS? 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. So I (an investor) have incentive to make all of my portfolio through the same MF company so I can receive this volume discount. by Joseph Boucher, Finding Financial Advisor If you are looking for a professional money management service in your area, you can search for a Financial Advisor on this website. John Bogle calls it the tyranny of compounding cost overcomes the miracle of compounding interest. Really? And once you reach one million in invested funds, there is no load fee-only fund management fees that are low. He once called me in the hospital. I guess you really have to look at how you are as an investor some people may want someone to do everything for them. I can call him with recommendations and he'll give me his honest advice. What parent would do that but it put a wound between us. The financial advisor gets familiar with your financial situation and goals, then builds a customized investment strategy to help you. This year, for the first time, I owe a $40 fee for having a self-directed IRA. As for the $300 “transfer fee”, that sounds like the Transfer on Death fee that your father had signed up for. Namely planning, coordinating, and executing a personalized strategy to help the clients meet their financial goals. Was told the Franklin Funds I have our volatile and I need to move my money into more stable funds which I believed them. Vanguard is own by it’s investors. Cares about my money because if I make money so does she. Now on to your fee-based argument… ed jones IS ALWAYS WORKING OFF COMMISSION. Edward Jones was good for me until my representative retired then I found out what it was like to have a person (the replacement) who was looking out for themself and not me. American has a large diversified family of funds (equities vs bonds) that allow you to adjust your asset allocation without charge. The biggest drawback to having an Pros: They steal your money, so they get rich. Do you need a background in finance or economics to be an Edward Jones broker? Bought the wrong bonds and did not notify me of the withdrawal fees for bonds. Cons: Somewhat lacking in investment knowledge in some areas. And financial advisers don't work for free. Contact Information. I have research to do! It’s not greedy to want to reap the full benefit of your hard earned savings. I reviewed the recommendations that they made for me and the stocks that they purchased on my behalf some 9 years later. Pros: Looks for ways for me to make money and tells me when he made a mistake in my investments. criminals. It’s an old company in a new world. That’s very true, and that’s why I prefer the commissions than the 2% a year. Never tell you before they steal your money too. Meanwhile the writer wants you to bat an eye at the $135 a year on your $10,000 account? The advisors get wined and dined every week by different fund managers to get the advisors to sell their fees. Yes, they're all after AUM in the final analysis, but I haven't found EJ to be terrible in any way. Wanted to make a trade today, 9/14/18 and since my rep was out I called the 1-800 number. Don’t be fooled. Website. Because they either can’t custody Vanguard assets (which makes them a crappy custodian) or they’re just in it for the money. Edward Jones will tell you anything and everything to get your money and your children money. Friendly guy. In a transactional account, you pay a cost when you buy or sell an investment. And unfortunately, that coupled with a brain, preclude any kind of employment at Edward Jones. Maybe I got lucky and have one of their better advisers. This is just the tip of the iceberg when it comes to bad stuff about Edward Jones. Get educated and do it yourself with a discount firm like Vanguard. My agent however does a special report for me monthly! I’ll try to make this simple and it applies to every financial company out there, not just EJ. Over the past 15 years I have generally been pleased. The court case is still on going! How can you charge me a fee on the initial amount I have, even when you lose me money? 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. Edward Jones review ... 2019 #1650451. 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. Edward Jones turns nasty when accounts are transferred! By using a fee-only advisor, you’ll get unbiased advice, and you’ll likely reduce the overall costs on your investment portfolio. I have really only recently got concerned about the fees when I started to study the statements. 2. Regardless of their performance they get 2% a year from you. planning, as well as extensive research and knowledge. I got referrals from friends, through neighbors, and through my business connections. 1. 3/7/2020, They handed out my RESP with photocopied permission forms. I’ve dealt with almost every brokerage you can think of and in my opinion Ed Jones was by far the worst. He told me there would be trading fees and commissions, and I approved that since I needed to move the money. We are still waiting for the first disbursement of any of the funds. Option A: Buying a 5.75% front load fund and then paying 1.4% in yearly expenses. It is too much for the young family to keep up with. My current FA suddenly said he thought I was incompetent to manage my wealth because I told him to stop calling me day after day when he had something to sell. Initial Edward Jones complaints should be directed to their team directly. For some, a 6% average annual rate of return is sufficient over the long term… for others, 8% may be required (unless working longer or spending less is an option they are willing to budge on). I have Americsn Funds and am pleased with it. Stresses funds emphasized by Edward Jones agency, Advisor for Advisory Solutions churns too much, Wasted my time and cheated tons of my hard earned money, Congenial advisor with great customer service. 7/16/2020. Fee-based. Passive funds like Vanguard consistently outperform these fee laden mutual funds that the Legion of EJ advisors are pushed to sell. Your EJ FA probably has BMW or Benz, thanks to you. Horrible management. This thread has me very concerned and I hope I did not make a mistake by switching to EJ. I wish I could find someone I could trust. Edward D. Jones & Co., LP is a wholly owned subsidiary of The Jones Financial Companies, LLLP, a limited liability limited partnership. Jones doesn’t have account minimums to have a physical advisor, and the local branches mean you’re not calling a 1-800 #. 99 likes. 8/10/2020. Absolute rip off. It is a lost cause. No degree or finance experience necessary. Our website collected and compiled various consumer reviews about Edward Jones and Fidelity Financial Services as well as customer ratings and recommendations for these brands. We are still trying to get Edward Jones to investigate this issue but they don't seem to interested in helping us since we are "No longer account holders with their company"! Fees are not the number one determinant of returns. There are better options than Edward Jones (Edward Jones charges expensive fees and profits a lot). But I hadn’t done enough research. It has good ideas for the entire time was notified by mail and not get you there.. 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