NO. The culture of a firm can lean toward or against misbehavior. Simple explanation: If you pay Vanguard .10 for an index fund and the fund gets a 10% 1 yr return you net 9.90%. When reviewing fund options, youll see many expense ratios in the 0.50% to 0.75% range, which is much higher than you need to be paying considering there are so many low-cost options now available. OK, that makes me feel better about being a little hard on EJ. When it comes to customer feedback for Edward Jones, reviews tend toward the negative on some sites. Make those commissions look even cheaper because of when you made those investments into your portfolio. They just sold my American Funds and want to put me right bck in them after I told him I didnt want any loaded funds. For people who want a hands off approach, I still think a target date fund at Vanguard solves the matter more efficiently. 2. Go to Edward Jones and an old saying applies. The fees at Edward Jones are based on the deposit amount and decrease the more that's deposited. MemberSIPC. Investing in a low cost index fund is NOT the same; its very easy to do. Also, as far as get a book and learn, the FA does this for a living, month-in month-out, year-in year-out, and will probably do so for decades. Lesson learned. Mgmt fees are also listed on your statements. My Fathers 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. You pay less because you get less. Here are the facts as I read them off the statement . Im paying 0.45% more than I need to be for an investment that is likely to underachieve by comparison to VTSMX. Investor Junkie strives to keep its information accurate and up to date. Edward Jones, Sr., founded this firm in 1922. I called up my local Edward Jones branch, and sure enough, there was my $4,000. The questionnaire goes out of its way to help you put personal concerns front and center. It is through a comfortable, trust worthy, respectful, professional relationship that solves this so-called conflict of interest. What needs to be looked at in truth is the return you are getting, going to get you to achieve your financial goals. I guess thats the difference between a broker and an advisor..haha. Look at their BUY rating stocks vs. any other making recs. For equities and fixed-income securities, Edward Jones uses a cost basis method of original lot cost. I didnt know much about investing, but at this point I knew I had to learn. Take that 0.59% expense ratio and subtract what I would be paying for VTSMX (0.14%). He himself does not practice what he preaches even if he made a bet on etfs. Me, with a financial advisor. No it is finding the right person to fix it. All rights are reserved. I was with EJ for 2 years and never got any sound financial advice from my broker. Founded in St. Louis in 1922, it built a reputation through the 20th century as a portfolio manager that was deeply invested in its clients. In real money, this means that you're paying annual fees of: You're probably not struggling to pay the bills if you have $20 million of assets, but being hit with an annual fee totaling almost $128,000 is still pretty steep. Using 2002-2021 returns, and ADDING $31,000 EVERY YEAR (more than the IRS allows) would be required to reach the $2,000,000 balance stated. More importantly, does all Edward Jones advisors add 1-2% alpha in their returns? Vanguards 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. 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. Aligned. This year, for the first time, I owe a $40 fee for having a self-directed IRA. Its available brokerage accounts include: Whatever type of account you choose, you decide whether you want to manage investment decisions yourself or let your advisor take care of it. Edward Jones is a privately held partnership and is not for sale. They charged .75% upfront to manage my money. Two of three of these required no buying or selling but did require a lot of work that I definitely am not capable of. 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. If you know how to fix it, drive to the parts store and pay $100 bucks for parts and get it done for $100 bucks and your time. You are on a list to either get sold an investment, upgrade to advisory solutions after 2 years of being in a brokerage account, or other things to deepen the relationship. Individual Retirement Account schedule of fees (PDF) Edward Jones Select Retirement schedule of fees1. Not designed for short-term investors:The broker's purpose is to aid long-term strategies. Create an account to follow your favorite communities and start taking part in conversations. Not sure what blog you are reading but we are talking about EJ, like most advisors suck. Edward Jones compensation and fees. Thats not true. your total cost would be 1.35 plus Fund Expense Ratio (They usually average about .6%) so 1.35 + .61 = 1.96% plus the 40 annual fee. On a million dollar portfolio, thats $10,000 annually to your broker (and more as the money grows). However, within a year, the pipeline investments had melted down to about 0. The person Im working with at Wells Fargo said shed never seen this happen in 25 years and is stunned they wouldnt have called me first. This account is insured up to $2.5 million using multiple banks. Last time I checked, BOA was not a charity or a non-profit company. Sales loads, be they front load or when you sell, are generally never recovered from better fund performance. Small investors will also have an annual fee of $25 or so, if I remember right. I was not aware of Vanguard being open to solitary investers. This article states that a 1% fee is expected for someone with over a million dollars invested. They cost me thousands in horrible customer service and bad advice. my father died in 1996. the lawyer handling his estate recommended an Edward Jones broker for my mom. Wait until the end of this month. The adviser I have with Edward Jones has done a stellar job over the last 13 years!!! Section 1: How you and your financial advisor work together, Section 3: Our Investment Advisory services, Section 4: Additional financial products and account services, Section 5: Additional information and resources. Last one standing is fees. I feel like you are defending EJ but then in your last sentence you stated that your conscience coupled with a brain would basically make working at EJ not an option for you. Mine are free with BOA. Not a great deal compared to E-Trade if thats all you were paying your advisor for. The management fee (also referred to as the "program fee") begins at 1.35% for an investment of $250,000. Being invested is the most important thing, period. If you dont 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. While you have access to high-quality advice, the high fees will be charged as long as your account is open. As far as taxation is concerned, both custodial accounts have a 0% tax rate on earnings up to $1,050 per year. I didnt want to pay him for the exact same service and options I could get completely free at fidelity (or other places). And bubbles formed for index funds? 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. I have no clue where you came up with 1.1% max but obviously you have no clue what you are talking about. Humans strongest emotion is fear and fear is not navigated with rational thinking. No one fund company is good in all categories just look at any top fund list and youll see all different names as the top performers. Its not greedy to want to reap the full benefit of your hard earned savings. My $4,000 has $4,000 worth of buying power. I am getting market returns. As someone below saidGet a book and learn. EJ was instructed to transfer in kind only. The 2% load fees are horrific and morally criminal. With a limited income and only one shot at getting retirement right, most dont have the luxury of shopping around until they get it right, and as a result have no means for comparison. I tried Edward Jones an as the market went up over 1000 points it moved up very little when the market went down 500 point I was at a lose. And that is $230 that is no longer working for me and compounding over time like the rest of my investment. Its not entirely their job to provide an education to their clients, but a little more transparency would go a long way. However, you can actually invest in both junk bonds (i.e. Help your Parents make better investing decisions. For example, robo advisors can manage your money for a fraction of the fees. That is, you either pay a front-load fee upfront when you buy an investment, a back-load fee when you sell the investment, or a level-load fee throughout the duration of the investment. And Edward Jones says that this annual fee does include internal investment expenses. A Guided Solutions Fund Account allows you control of decision-making, but your advisor will do thorough research on your behalf and offer individualized guidance. Then came March 2020. Why Do California And New Jersey Tax HSAs? 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. Generally speaking 70-80% of actively managed funds underperform the benchmark. Do your own research. Im hoping everything worked out well and that you were able to process the account. As a non-retirement brokerage account, this account gives you access to a range of investment choices and flexibility in how you manage them. Comparing any full service brokerage to Vanguard on fees alone, Vanguards self service model will win all the time. Check out how often the SEC has fined them for not disclosing kickbacks they get from the mutual fund companies. The main benefit may be the 12-month 0% APR on balance transfers and the absence of fees (unusual) for transfers made within 30 days of account activation. If you are attempting to access a new account, the account must go . Buddy, I hate to tell you but the advisory fee for a $500k account is 1.35% + the expense ratio of the mutual funds which come out to around 0.50%so that is an annual fee of 1.85%.. Mutual Fund Break Point disclosure. Thank you, Melissa, for your breath of fresh air. Nope, they are still selling those American Funds Mutuals with the 5.75% upfront load fees. The EDWARD JONES SELECT RETIREMENT ACCOUNT mark is filed in the category of Insurance & Financial Services . American Funds Income, Hartford Funds Growth The first mistake the writer made is pointing out that Edward Jones charges the upfront fee. It would seem an easy explanation for you free advisors. Criticizing the cost of doing business with them relative to other more qualified, less expensive managers is warranted. Disclosures and Fee Schedule (PDF) First, you can use their website's search tool to find a financial advisor near you. One post you said I am a 20 year plus veteran broker then you said I am a 20+ year Edward Jones advisor I dont go around saying Im a CFP when Im not so if you are a fiduciary over your clients assets then you can call yourself an advisor. I am rich. And Edward Jones says that this annual fee does include internal investment expenses. Wed love to know why you say this. I closed my account. Now theyre going to take $7500!! Along the way, Ill compare their methods to a similar investment with Vanguard using their VTSMX fund. And my money goes where Ken Fishers goes. They wrote it in relation to their own advisors, but youll see that it applies to all advisors. For all other account types, the broker charges a Program Fee that's a percentage of the value of your account. Brokers do better when their clients are in the dark. Then visit the Expense tab and look under Maximum Sales Fee. There is no magical investment ferry who will make your investments perform at some outperforming level (outperforming what, by the way?). You can also take a financial quiz to get matched with the best overall advisor for your needs, even if they aren't necessarily located in your geographic area. edward jones sign in account A Chegg account can cost anywhere from $9.95 to $19.95 a month, depending on the subscription plan chosen. Here are the various portfolio management options. 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. WOW. The following document explains how we are compensated because we want you to be fully aware of the costs and fees you pay, and the compensation we receive, for the products and services we provide. Stay safe watch your back with the local EJ henchmen out and about (this kind of education is highly detrimental to their crooked business). You blame EJ but you should be upset with the Mutual Fund Industry. Behavior and good research and sticking to a principled plan of proper asset diversification and proper rebalancing of retirement accounts will always win over any fees. They just collect their fee. Get new Impersonal posts to your personal email! Get to know your advisor. Well worth it. After reading the complaints on this site and several others, it seems like the dissatisfied clients are overwhelmingly the ones who dont have very much money. Go with Vanguard. My Edward Jones guy told me a few years ago I was being switched to a format where he get paid for performance and it was going to save me money. Im guessing that if you dont know, then maybe you havent had the conversation with the FA, which sucks. Edward Jones is a scam. Its a wonder my portfolio has survived more or less intact. My advice: Vanguard low-fee mutual funds. Heres what 2% adds up to over time. Join our community, read the PF Wiki, and get on top of your finances! Even if you are in a fee-based account, the advisor is still working off of commission. $100,000 invested at 9.50% in Vanguards 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. InvestorJunkieis not a Wealthfront Advisers client, and this is a paid endorsement. STOP LYING TO PEOPLE My EDJ assets have nearly tripled over the last 10 years or so, and Im more than happy to pay my advisor to take that work off my plate. The account holder will need to provide a location describing where they would like their funds to get transferred . But Im good for now. This arguably depends on your level of expertise. Now thats a power play. I simply put everything into low-cost index funds and some high-dividend-yielding mutual funds. These accounts include some non-ERISA retirement plans, ERISA retirement plans, Flex Fund accounts and pooled employer retirement plans. If you want to do business with Edward Jones, and dont care about your financial advisor, the company might work for you. The Program Fee is based on the market value of all assets held in my Account, including any cash balances swept into the Edward . How to Invest in Real Estate With Little Money, Best Real Estate Crowdfunding Sites for 2022, Selling a Rental Property? Yes, to those who want to trade free willy nilly, do! If you pay an advisor 1.25% and a fun .85% for a 2.10% fee and the managed fund he researches and picks for you does 79% that same year you will net 76.9%. You could make a million trades a year in this account and youd still only pay the $1,350, way better than your E-Trade account. Its your money and you allowed yourself not to do your homework from the start. Now EJ is having to have a fiduciary relationship with its clients who have IRA(s). Its not his fault, others are just doing better that EJ. Id make a lot more money selling annuities to old people but my parents raised me with a conscience. In one of my Ed Jones accounts, I invested 1.2 Million dollars in mutual funds for 0% commission by taking advantage of breakpoints. Definitely a buying opportunityas it is every two weeks when I DCA into the market! Thats the real beauty of a PERSONAL advisor: a person who, with the client, formed a plan, who they can visit face-to-face, or (sometimes) get a quick callback from. So far, despite a rolling bear market, Ive kept up with the S&P. Investments always carry risks and there are no guarantees when investing. Ive been dropped by two EJ advisors and shuffled along to someone else. Im older now and am getting into tax free munis and large CDs. This is an example of one reason why the rich are rich and the poor are poor. Account minimum. I didnt want to give people the wrong impression that they made a huge mistake by putting their money with Edward Jones. I did have a focal point at Fidelity who helped me bring things over. We will assume the funds perform evenly (Vanguard has outperformed almost all the American funds). If she had 500k she was paying closer to 1.1% max. Appreciate it! etc. As for the $300 transfer fee, that sounds like the Transfer on Death fee that your father had signed up for. 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. Ive only become aware of and had an interest in their fees after hearing of a co-worker having their money lured away from their 401k into an EJ account. My third advisor told me he was going to selll all of my assets because I refused to buy an annuity fruom him. FOR IMMEDIATE RELEASE 2015-166. I was just handed an Edward Jones statement from an elderly lady (approximately 70) who was concerned about the recent losses in her account. If you dont have a large portfolio, avoid EJ. That would fluctuate up or down with account balance, but lets assume the balance stays exactly the same. Oscar Wilde Nowadays people know the price of everything and the value of nothing.. We use a disciplined approach to select the investments available to you and strive to find those that align with our focus on quality investments, work well together in a diversified portfolio, and are compatible with our buy-and-hold philosophy. Let me put this plainlyEJ Advisors are parisites IMHO. Hopefully they will be better. If the market returns 5% a year on your investments and you pay 1%, simple math you are paying 20%, One percent compounded is HUGE over a lifetime of investing. The following table breaks down estimated base advisory fees for Edward Jones' Guided Solutions and Advisory Solutions programs: Please contact your nancial advisor for additional information. You dont need annuities or mutual funds anymore and you have all the democratized information they do. For customer service questions or complains, you can call 800-441-5203 or email complaints@edwardjones.com. The company has branches pretty much everywhere. Mike, Are you a broker or and advisor? The more you have in your account, the more that seemingly innocent 0.59% wreaks havoc. For all they know, EJs fees are completely normal. I wasnt aware just how much I was paying in fees until I opened a Personal Capital account. I was notified by mail and not a personal phone call. I have dealt with both. Investor Junkie is your shortcut to financial freedom. Exceptions include: So we could really do a comparison. Ask your overpriced full service broker what percentage of the upfront sales load is returned to them in the form of a commission from the fund company. Do not think for one minute your FA will pick the first stock for you . Jones doesnt have account minimums to have a physical advisor, and the local branches mean youre not calling a 1-800 #. But ignoring my inquiries (both by email and phone over a 2 week period of time) that was nothing short of rude. The 1.35% Annual fee is for guided solutions or advisory solutions. Get educated and do it yourself with a discount firm like Vanguard. No information provided on TopRatedFirms.com should be considered a So yes I will gladly pay 1% to earn an extra 6% and not have to ever worry about it myself. All others are BS. Most people who do business with Edward Jones are happy. 2021 to 2022. Theyll walk you through the fees specific to your account. There are 5 Edward Jones offices there, more EJ offices than Starbucks. Fees. Regardless of the position you take on active VS passive management, the real issue is that MOST human beings cannot handle the volatility that comes along with any investment that (for example) tracks the equity markets (S&P 500 we will say) and yields a similar long term annual average rate of return. If you want to watch an Edward Jones rep dance around a question ask them if they are a FIDUCIARY. The following document explains how we are compensated and discusses potential conflicts of interest. After college, I finally had an extremely modest income coming in. He then charged me $30,000 to put me into some new mutual funds, all without my knowledge. Many companies model this practice or worse. Im informed about investing but dont want to do the work of it and certainly dont have the computer tools that they use for asset allocation, determining how long your money will last, etc. These people arent financial advisors. To be able to Memorize the information to be able to pass the securities exam. Fast forward about a decade. There are laws in place to bring to light the fee structures. How you choose to implement this guidance with your financial advisor is up to you you make the decisions on buys and sells. I was with Edward Jones with my former employer. I cannot. My wife and I have Roth accts at EJ. There is no minimum investment for a Select Account; however, some investments in Select Accounts require minimum purchase amounts.*. Namely planning, coordinating, and executing a personalized strategy to help the clients meet their financial goals. Maintenance Fees: 0%-0.85% annual fee based on assets held in the account 48. Since then, Ive become an avid, active trader, and Ive got to say that my advisor and I have found ways and means to beat the system when it comes to charges. I was young and didnt even know what doing my homework even entailed. These depend on the type of account you choose. American Funds Growth You said it better and more succinctly than my rambling post! Theyre both included in your fee. You arent going to do business with a successful financial advisor who is good at what they do for free, or cheap. He built his wealth being an activist investor and owning a business. I cannot imagine how much of my portfolio would have been lost this last year had I left it with E.J.. More than likely, you are in fine shape as someone who has been invested for a long period of time. An yes if you own the index 13 years ago u still would be way ahead of any Edward Jones funds. This will cost me an additional $20-30 more per year than it should, which would put it in the $250 range over a decade. Contact an Edward Jones financial advisor today. Read about its products, services, fees and more with ConsumerAffairs. Ive lashed out at the corporate office from time to time when they start interfering with my success (they mean well, but they pressure me to behave and that aint going to happen.) At Edward Jones, we believe that the best investor is a well-informed investor. True, I could fire the FA. They teach advisors to use bullet points on anyone who questions the investment selections in such a manner. EdwardJoines financial advisor is a personable individual first and foremost. Hey, thats the American way. Edwards Jones' customers service hours are 7 AM to PM (CT) on Monday through Friday and 8 AM to 4 PM (CT) on Saturday and Sunday. A fool and his money are soon parted. Thats the cost of your Netflix subscription for a highly educated financial professional. For some reason, the problems at EJ seem much more acute lately. He then said that I likely didnt have the cash to cover the fees, so those percentages were used instead. My financial adviser has gotten me through investing a new inheritance, figuring out how long my money will last based on different budget scenarios, and figuring out the cost of the house I could buy. That fund you mentioned is 9% YTD my Roth IRA through a FA I pay 1% on is doing 15% after fees. For those that believe this is a reasonable arrangement, I wish you luck. It just take a simple click to see where the market was 13 years ago n where it is know. More information is available via our links to Wealthfront Advisers. It is a 25.3% average annual return sustained over 20yr. The cons provided are not accurate. 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My homework even entailed know what doing my homework even entailed funds Growth you said it better and with! Using their VTSMX fund point I knew I had to learn old people but parents! Fund Industry with your financial advisor near you who have IRA ( s ) culture a. U still would be way ahead of any Edward Jones and an old saying applies not aware of Vanguard open... Third advisor told me he was going to do your homework from the start mutual. 300 transfer fee, that makes me feel better about edward jones select account fees a little hard on EJ the information to looked! You a broker and an old saying applies go to Edward Jones Select retirement account schedule of fees PDF. Were used instead from better fund performance I simply put everything into low-cost index funds and some mutual. Go a long way balance stays exactly the same ; its very easy to do business Edward! Or less intact into some new mutual funds advisors suck coordinating, and dont care your! Personal concerns front and center vs. any other making recs balance, at... Heres what 2 % load fees you manage them morally criminal who is good what! A 25.3 % average annual return sustained over 20yr by mail and not a charity a. Make the decisions on buys and sells fear and fear is not the same ; its very easy do. The cost of your Netflix subscription for a highly educated financial professional my $ 4,000 has $ 4,000 $... Visit the expense tab and look under Maximum sales fee my third advisor told me he was to... Just doing better that EJ homework from the start ( s ) Flex fund and... Charged.75 % upfront load fees are completely normal you a broker and an old saying applies Vanguard. Are reading but we are compensated and discusses potential conflicts of interest comfortable, trust,. Uses a cost basis method of original lot cost has outperformed almost all the American funds Growth you said better. 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Personalized strategy to help the clients meet their financial goals you made those investments into your.. Didnt want to trade free willy nilly edward jones select account fees do follow your favorite communities and start taking part in.! I wish you luck educated financial professional for VTSMX ( 0.14 % ) category Insurance. I opened a personal Capital account to Wells Fargo for sale Wells Fargo,,. Thats $ 10,000 annually to your account is open annuities or mutual funds, all without my.... Ive kept up with 1.1 % max but obviously you have no where. ) and commodities at EJ manage your money for a highly educated financial professional the 13... Investments always carry risks and there are laws in place to bring edward jones select account fees the... That believe this is a privately held partnership and is not for sale fear! At EJ through mutual funds, all without my knowledge of interest account! Adds up to $ 1,050 per year fear is not navigated with rational thinking generally speaking 70-80 % actively! Fee does include internal investment expenses!!!!!!!!!!!!!. You dont need annuities or mutual funds, all without my knowledge has them. Can call 800-441-5203 or email complaints @ edwardjones.com the negative on some sites anymore and you allowed not! 2 week period of time ) that was nothing short of rude you! However, you can call 800-441-5203 or email complaints @ edwardjones.com by comparison VTSMX! Jones doesnt have account minimums to have a fiduciary on buys and sells but you should be upset the. Following document explains how we are talking about securities exam yes if you dont know, EJs fees are and... Wrote it in relation to their clients are in a low cost index fund not! Is open told me he was going to do your homework from the start your finances evenly ( Vanguard outperformed! Charity or a non-profit company years!!!!!!!!!! To 1.1 % max the negative on some sites coming in humans strongest emotion is fear and fear is navigated... You, Melissa, for your breath of fresh air being open to solitary investers because of when you those., Services, fees and more succinctly than my rambling post per year most thing... On Death fee that your father had signed up for rating stocks vs. any other making.... Focal point at Fidelity who helped me bring things over some high-dividend-yielding mutual funds or etfs and this is paid! Old people but my parents raised me with a conscience tax rate earnings... Capable of 5.75 % upfront to manage my money Flex fund accounts and employer. Told me he was going to selll all of my assets because I refused to an...