Edward Jones Market News Navigation for this site. All in -I pay 1% including mutual fund fees. They try to have lots of letters behind their name but that means nothing. However, you can actually invest in both “junk bonds” (i.e. My adviser is very knowledgeable and trustworthy. Fees are everything when it comes to mutual funds. Plus, 1.3% annual fees and 2% on reinvested dividends. Was told each transaction fee was $50. Is it access to otherwise unattainable money managers, daily portfolio monitoring, automatic rebalancing, consistent asset allocation, enhanced research by the portfolio team, etc…?? 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. I have written several negative reviews of E.J.. And she tells me with every change what it's going to cost. 7/17/2017. I purchased the municipal bonds then they told me there is 2% mark up price then I said ok.Now Every day there are showing loss of huge amount, when I asked them about the breakdown of the loss then they told me that they can't disclose it.I told him to sell the muni bonds then they had given 5% mark down price.DON'T INVEST AND NEVER TRUST THEM. NOT AS ADVERTISED, by karin, Thirty years ago, having a financial advisor that gave you stock advice may have been a good deal for my grandma, but now that we can look up the performance of any stock online and trade commission free at other brokerages, I wouldn't recommend the Edward Jones model. The envelope, please… Edward Jones advanced to the top spot in J.D. criminals. It’s damming evidence against those who would have you believe paying high fees in exchange for “expert” management (fundamental and technical analysis). It's extremely discouraging. Wanted to make a trade today, 9/14/18 and since my rep was out I called the 1-800 number. 1% fee + mutual fund fees means you are getting screwed badly. They seem to be best for me. This company is a total and unequivocal ripoff. 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. Thus I moved the remaining $1,000,000 over to Fidelity. The $6.3 billion in revenue seen in 2015 flows largely from this source. After using both Web portals, the lack of info available at EJ is obvious they don’t want you to get too much info. My advisor refused to talk to me about it, and left me holding the bag. That’s the cost of your Netflix subscription for a highly educated financial professional. Cons: Dropped with no warning and given to another broker. That’s $3k a year for a Roth acct. Investment selection strategy. He encourages us to make choices based on our risk tolerance and that which allows us to sleep well at night. At the present, he's considering several stocks I've shown to him LOL!!! Suffice to say there’s a reason why EJ is consistently rated as one of the top financial advising firms based on customer satisfaction: http://www.jdpower.com/press-releases/jd-power-2017-us-full-service-investor-satisfaction-study. 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. 1 finish in a row, gave way to Edward Jones in 2019. 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. Bought the wrong bonds and did not notify me of the withdrawal fees for bonds. Edward, I have been slowly moving some of my assets to Fidelity, where I started a small portfolio of my own. Either I am treated differently from most clients, or Edward Jones just is not a good bet. Though in the back of my mind, I think it could be better. I was very concerned about going the self-managed route, but, for now, it appears to be a workable solution. (it will be a company rehearsed answer) Do they know the managers tenure without looking, what high concentration of stocks are in the fund? Depending on how active a client is, they could pay FAR less than a discount brokerage firm. Get reviews, hours, directions, coupons and more for Edward Jones - Financial Advisor: C Dean Howard at 2019 Fairview Rd Ste 101, Raleigh, NC 27608. How many people do you think piled into the technology euphoria in the late 90’s (not to mention, companies with no earnings) only to soon witness a collapse of that particular sector and then decide to sell what they owned at a staggering loss of 40, 50, 60%, etc? 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. What would you suggest if we rolled the funds into another broker? Inherited account from death in the family. professional language. So in a down market of 10% you would lose an additional 3% or more. However you are getting a personalized CFO for your family for that cost. 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. Depending on what investors buy, they may pay commissions, markups or markdowns, sales charges and/or administrative fees. I favor Schwab. My advisor presents options for us at our meetings. On a $400,000 trust we paid $15,500 in “administrative costs” n one year which works out to almost FOUR PERCENT. I need it more than they do and it means thousands for me. They are theives. And if you are doing much better than 2%, the fees are a significant drag on your returns. Somewhat lacking in investment knowledge in some areas, Very knowledgeable about where our investments should be after just retiring, Never helped, never met, just phone appointments, Broker is clueless and only concern about fees. One of the largest broker-dealers in the United States, it … by James H. Reza, Not a lot of talent in selecting funds to make you money. But we've been in a bull market and I consistently invest every month. You then leave it for 10 years, and you still have only ever paid $2,000. Say your car needs repair AND you know how to fix it. never responded to my inquiries on this subject. Cons: Investing With Edward Jones. 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. If you do that, whether you paid $7 or 5.75% to get in, it really won’t matter. Nothing was said about index funds and I had to find out about them rather late and by trial and error. Help your Parents make better investing decisions. Vanguard is the cheapest. You will do fine. Edward Jones review ... 2019 #1650451. The aim is to provide face-to-face services in as many locations as possible, in contrast to the growing industry trend of engaging clients with an all-online experience. My EJ advisor did!!! Though I'm concerned that AF does appear to be a main commodity that EJ sells; only recently there's been a gradual shift towards Hancock and Franklin. Edward Jones gives you all that you need to be successful. I average over 100% return per month, 149% so far this month December. Absolute rip off. Why does ed jones recommend expensive A shares instead of Vanguard funds which do better? But that FA is still going to collect her 1-2 % fee even if she steers you into losing investments. On a $1 mil account that’s 40K real return – 10K in fees, year in and year out. Yes, they're all after AUM in the final analysis, but I haven't found EJ to be terrible in any way. Both Edward Jones and Vanguard offer the following investments: 1. Unless you are just ignorant and don't really know any better, like I was. 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. He dropped me and I went on to another advisor who recently dropped me. 1,608 reviews from Edward Jones employees about Edward Jones culture, salaries, benefits, work-life balance, management, job security, and more. Go with Vanguard. For my money, throw it all in one of the Vanguard LifeStrategy funds based on your own risk tolerance. I wish the EJ model worked for me, because I really don’t know how to get from here to there. Start here to get on the path towards financial freedom. I had managed my whole portfolio for 20 years before I switched over to EJ. No regrets. The original advisor was marginal at best but I certainly don’t need a newbie managing my money. American has a large diversified family of funds (equities vs bonds) that allow you to adjust your asset allocation without charge. Helping make finance easy. I have invested a relatively small amount with a jones advisor here in DeKalb County GA and he is a total con artist. He acknowledged my request and, wouldn't you know it, 24% of these mutuals were foreign stocks! Funny, the people who give EJ a favorable review have never experienced a downturn. Here is an anology I use. Rep was not helpful just wanted to close the account and move on! I worked for Jones for 12 years. I’ve been with EJ for 2-3 years and the thousands I paid every year has always bothered me. I always left the meetings with the advisors feeling as if I was being conned. It would have been nice if Andrew Cottrell would have met with us in person to explain his reason for passing us off to another advisor instead of just notifying us by mail and moving our account. 7/16/2020. Mon. Personally, I think E.J. If you do not trust your FA, “get the hell out of Dodge” sooner rather than later. The Edward Jones account will cost you over $20,000 more than Vanguard! F.A. In actually think the percentage payment to an advisor is more of a conflict of interest per say. Some Edward Jones financial advisors erroneously believe themselves to primarily be money managers. That is just the nature of the business. 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. The advisor bases his recommendations on the company's analayst's recommendations which of course EJ has a vested interest in selling. They use four different wealth management services based on your own needs and preferences: Unlike Edward Jones, a discount brokerage might be a better alternative to control your own investments. I’m hoping everything worked out well and that you were able to process the account. Pros: Congenial advisor with great customer service. They have huge turnover because some people still balk at setting aside morals and ethics to line their, and company, pockets. My mother in law actually had to file for, and was granted a restraining order against Ulana Berenda Emerson in family Court in Orange County, N.Y. We contacted Edward Jones about her conduct but never heard back from them about the issue! I didn't and found out a lot of interesting things when I woke up. I've been investing with Edward Jones for just over a year now and I have found my guy to be everything stated in the Pros. It’s not his fault, others are just doing better that EJ. All products are presented without warranty. A successful Edward Jones advisor makes hundreds of thousands of dollars per year managing the financial affairs of several hundred wealthy households and their time is extremely valuable. Fee Structure. I live in Shippensburg Pa. by Caroline Akt, There is a good book out there called The Intelligent Investor, that talks about low cost funds, dollar cost averaging, diversification, and etc. You only have to worry about reverse-churning. Very honest worked well with my portfolio, Didn't always return phone calls and emails. Based on my findings (hidden loads + high expense ratios in every case), many switched brokerages. 6/27/2017, Cons: Sales and fee-driven, they do NOT act in the best interests of the client. Edward Jones… Lol.It was a life lesson learned. I. Tom, paying 2% or more to an advisor really hammers long term returns. I now get about 400 bucks a month and the fund has grown to 65 thousand. So I don't mind paying someone to manage my money. While at first glance you might not think Edward Jones 1.35% starting fee per year is much, keep in mind that's not including mutual fund fees that in total can put you at 2% or more. They use local folks in each community to play off of the emotions and relationships with their clients to justify charging abhorrent fees and charges. Required fields are marked *. Clearing Agency — Depository Trust Clearing Corporation (DTCC). So we ended up losing a couple of thousand dollars to their fees, while seeing very anemic growth. You want cheap…..believe me….you get cheap. 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.) Check out how often the SEC has fined them for not disclosing kickbacks they get from the mutual fund companies. It just doesn’t show up as fees anywhere. Assets Under Management. non-investment-grade bonds) and commodities at EJ through mutual funds or ETFs. However, I’ve noticed that we’re paying ~$130/mo on each acct. 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. Edward Jones' U.S. financial advisors may only conduct business with residents of the states for which they are properly registered. Since I've been with EJ for the past seven years, I have never felt that I was being steered into an investment for the sole purpose of EJ making more money from me. by Joseph Boucher, The agent checks in, because he has set a to do in his computer system to call clients quarterly. Temporary declines cannot be avoided over any long term cycle. Won't even come out even at the end of the year will probably end up owing them money ! They will work with your CPAs to develop specialize tax plans, your estate attorney to create the legacy that you want for your family, hold your hand through down markets to keep you from making mistakes, knowing and caring for your family, etc. I am a “buy and hold” equity investor. Choose an asset allocation that you can sleep with at night. They try to sell you products that will make them money; that's how I got put into oil and gas pipelines that melted down. Declines are temporary and unavoidable and are part of your overall long term average rate of return. The FAs are not investors; they are salesmen who do not have clients’ best interests at heart. I could write a book about the pitfalls of investing with a firm like EJ. Stifel is in negotiations to buy Edward Jones, and that will change everything. Honestly, I've made a fair chunk of change. You can go to a Wal-Mart financial advisor (Vanguard, E-Trade, etc.) I was notified by mail and not a personal phone call. The revenue sharing program they have with the mutual fund company’s is another conflict of interest to clients. Invested $49K over a year in mutual funds, made only $500 and paid $650 in "management expenses". The Financial Industry Regulatory Authority censured Edward Jones and fined the St. Louis-based brokerage firm $40,000 for ... 2019, 7:42am CDT. My neighbor just quit and is warning everyone. Advisory Solutions' advertised return range has been much less than advertised although respectable. These fees are never shown in your portfolio and are always hidden, no itemization of them at all. A full-service broker is someone who not only provides the capability to invest, but many other things like tax advice and retirement Find a local office and then find people who have dealt there personally. Wait until the end of this month. Steer clear of these thieves, it will cost you a lot more in the long run. 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. Two perennial champions retained their top ranks in 2019 — but the aging demographic poses challenges for all firms, according to J.D. Cons: Bought the wrong bonds and did not notify me of the withdrawal fees for bonds. I say all this as someone who has money outside of Jones, but many family members who swear by them. I'm not really sure why anyone would put their money with them. How do they arbitrarily start charging an annual fee that was not part of the initial agreement. They are too expensive.Their robo-advisor is not a bad product, but, because of all of the fees associated with it, I got much better returns from my Fidelity Go account. 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. That’s $13,500 over ten years. Thanks! This is exactly why I would never do business with EJ again. If you are not communicating comfortably with your person, find someone else. Then he said I was going to get charged 5% for withdrawing my money.......Don't trust these people like I did! You might be better off using a robo advisor. Any help making sense of that, based on the 2% quote mentioned in this article? I have tried several. 2/21/2020, Pros: I just had my first visit. 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. So far, despite a “rolling bear” market, I’ve kept up with the S&P. Sure beats me having my money in the bank. I would not recommend using their service to an one. Just transferred IRA from Edward Jones to Vanguard and of course Jones slapped me with a $135.00 fee. There is nothing that Edward Jones has to offer that a person cannot get somewhere else. There is, however, a $5,000 minimum to open a Guided Solutions Account. 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. I could go on further, but I know this is already a long post. I have my funds managed by Kelly ** with Edward Jones. Keep in mind, that in this type of account, you would have to be concerned about churning, as you would anywhere. Be aware that this is Edward Jones’ policy – they can move you around from advisor to advisor without your permission or consent. 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. EJ agents are just insurance salesmen looking to line their own pockets. My advice: Vanguard low-fee mutual funds. This method is based on the KISS principle of investing (Keep It Simple Stupid). 2. The whole business is predicated in using your money to make them money, regardless of the risk that puts your portfolio at. If you didn’t understand what you were buying, talk to them to get more information. 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. Join the club. If you want a relationship and friendship, go get some friends and leave your finances out of the picture. My father who has been with them more than twenty years has seen his investments grow from one hundred twenty thousand to over a million and that is with no dividend reinvestment. If I have a fee-based account, I’m not paying that up front sales charge anyways but I’ll still get the volume discount for dollars invested in that account as a whole. Because you are actually getting CDs from other banks, through Edward Jones, you can spread out your savings and gain more FDIC insurance. While we like the professional and personal investment advice, be aware that it doesn't come cheap. I much prefer EJ where I can walk down the street to see my guy. Agreed. The 41 year old Ulana Emersom actually physically and verbally attack my mother in law at a school play for her granddaughter in front of the children and their parents and relatives! The cost to us is worth it and in this sense, they do a great job. There are better options than Edward Jones (Edward Jones charges expensive fees and profits a lot). DRIVING HIM NUTS! But, don’t take my word for it. These ratings and price targets were collected from public media reports and are believed to … I don’t mind paying a 2% annual fee if I feel like I am getting my money’s worth. But say for 1% of a $1 million dollar account I am still out $10K for that year plus whatever investment losses I suffer. I was in a terrible car accident and they transfered all my money over to a relative without my knowledge.I tried several times to get my money back. Instead of charging $40, why not $1000? He then charged me $30,000 to put me into some new mutual funds, all without my knowledge. New technology makes financial advising easier for the average person. We consider them our friends and hope the feeling is mutual. I own a seat at the CME an make my money by getting in an out most every day. Most of the rich understand that value of leaning on a professional for advice in their specialization. On a semi-annual basis, Edward Jones provides certain financial information to its individual investors. Look into Vanguard, Fidelity, T Row Price, and other low cost mutual funds/ETF’s. Silly me did not do my research as I should have. An EJ “advisor” could live off the fees from one wealthy client. I won’t go into what he did, but he sold me some stocks I didn’t want. 16,984. Your email address will not be published. I blame Lincoln. 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. Plus customer service very reluctant to answer a question always want to refer you to agent but they are not always available. After years with that broker received a letter indicating my account would be transferred to another broker in another office. World diversification. The adviser I have with Edward Jones has done a stellar job over the last 13 years!!! Comparing the 1-2% fee one pays a FA with the 15-20% tip one leaves a waitress is an apple to oranges comparison. Note that fee-based is not the same as fee-only. 10/23/2017, Pros: Very knowledgeable about where our investments should be after just retiring, Have been with Edward jones for many years. They do not increase for inflation every year, except this year where they increased our salary's by 2%. 2/3/2017. As Ben Franklin said, “The bitterness of poor quality remains long after the sweetness of low price is forgotten.” Oscar Wilde — ‘Nowadays people know the price of everything and the value of nothing.’.