You can not expect any adviser to know the future. My mom did all the interactions with our family FA. Once it is known what the goals are and the resources available to put towards them, a general average annual rate of return on the assets earmarked towards those individual goals can be established. You then leave it for 10 years, and you still have only ever paid $2,000. Please use respectful and First of all did you forget about the 49% intrayear decline in 2008, had you owned that index? I did have an issue with my Lincoln Annuity; the fine print clause is buried deep in the Lincoln document that neither I nor my Broker was aware of, it will take 2 years before I can start withdrawing money. Unfortunately, I haven't found a good solution to how to manage a large sum of money--now significantly reduced by terrible investments. I see from this rude post, from an Edward Jones salesman, that I’ve made the right decision. Also, he does convert our annual IRA contributions to a Roth. So overall I agree with Jim Jones. Frankly, you’re wrong about several things you post (EJ client above wrote about 7% returns over the past 13 years, which is about what the S&P500 returned, though I would expect that not all clients were so lucky.) Vanguard is own by it’s investors. Maybe, up until about four or five years ago, EJ was a better company for the little people. Estimates put transaction costs at about the same level of expense ratios, thus doubling your annual fund fees. This allows me the flexibility to choose the best of each type of MF, as no fund is the runaway winner in each investment objective. (see headline above), All Corporate wants their financial advisor’s to do is to bring in new business and meet the required sales and marketing call goals. I cannot. He encourages us to make choices based on our risk tolerance and that which allows us to sleep well at night. An yes if you own the index 13 years ago u still would be way ahead of any Edward Jones funds. by Patricia Mark, There is a good book out there called The Intelligent Investor, that talks about low cost funds, dollar cost averaging, diversification, and etc. I know they are considered a good firm, but, for the past two years, I have had nothing but miserable experiences with them. Insults me, then lecture me!!! In a transactional account, you pay a cost when you buy or sell an investment. If you have a sizeable sum of money, they will hound you, sometimes calling you several times a day. Ask your adviser where the dividend go’s from the dividend stocks in your fund. professional language. Terri is a remarkable Senior Administrator who provides outstanding support to Edward Jones clients. Lots of wealthy clients are not happy with Edward Jones. All rights are reserved. 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. I cannot recommend EJ. I agree with the pharmacist. Lastly, the fees are not higher than average, actually they are cheaper! New technology makes financial advising easier for the average person. 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. Edward Jones will tell you anything and everything to get your money and your children money. I have research to do! I am a “buy and hold” equity investor. The firm strives to make a difference in the lives of its clients, associates and communities. No matter what your returns are you are losing 2% every year plus any expenses if you are invested in mutual funds and efts. Let me put this plainly…EJ Advisors are parisites IMHO. He had told me his wishes regarding how he wanted his estate settled including his monies at EJ. I've had few calls for buys, but I have had calls suggesting to sell. These costs are not required to be disclosed in expense ratios. I moved it "in kind." I took a leap of faith and trusted a broker with whom I felt comfortable with. You need to check again. Edward Jones is a limited partnership in Canada and is a wholly owned subsidiary of Edward D. Jones & Co., LP, a Missouri limited partnership. 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. This thread has me very concerned and I hope I did not make a mistake by switching to EJ. “Cheap is not always better as index funds are market- weighted and more susceptible to “bubbles”.” This is also 100% false. So, you are paying 1.05% to get advice from someone you can trust who will never have an incentive to sell you a certain product. Professional, Accessible, Open to Suggestions. and old B.S. I am rich. More importantly, does all Edward Jones advisors add 1-2% alpha in their returns? We know that managing finances is not easy. Edward Jones believes there's an advantage in working with a financial advisor who knows you – and what you're investing for. Pros: Best financial planner on the planet! This is WHY EJ has your best interest in mind by offering both. are bullies and con artists. 2/21/2020, Pros: I just had my first visit. You want cheap…..believe me….you get cheap. The commission on those stocks was approx $6,000 at the time of purchase and trading activity has been limited since then. NO. Edward Jones was founded in 1922 and is based out of St. Louis, Mo. I’m not against an advisor making money but it isn’t the best interest of our readers to say paying over 1% in annual fees is a ‘good deal’, when it simply isn’t and they are cheaper alternatives with similar service. Edward Jones was named one of the 2019 Best Workplaces for Parents by Great Place to Work® and FORTUNE Magazine. 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. Edward Jones and Vanguard offer similar investment services, such as stocks, bonds, CDs, retirement accounts, and mutual funds. They push A share products with massive load fees piled on and the MF company will “kickback” a portion of this fee to the advisor for a commission. My third advisor told me he was going to selll all of my assets because I refused to buy an annuity fruom him. The thing that the writer is probably most incorrect about is the fees. They immediately distract you in such a friendly way from reading. An index fund can also return 1% in a single day and they often do. 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. Vanguard doesn’t call me with the latest “hot” deals, but they have provided a very good return on my investments at low cost. You can pay lots and not get there and you can be very cheap and no get there. The annual costs is a big con. 3/2/2017. 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. Edward Jones on the other hand, is a privately owned company. I wish I could find someone I could trust. Yet, your average millionaire will be paying that bill to a full service brokerage firm like Edward Jones, Merrill Lynch or UBS. And once you reach one million in invested funds, there is no load fee-only fund management fees that are low. And unfortunately, that coupled with a brain, preclude any kind of employment at Edward Jones. Edward Jones was first mentioned on PissedConsumer on Sep 18, 2010 and since then this brand received 155 reviews.. Edward Jones ranks 357 of 1851 in Financial Services category. Maybe I got lucky and have one of their better advisers. I have written several negative reviews of E.J.. Mutual funds 7. There are also some definite advantages to working with a broker. 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. Just because someone had a bad experience with their guy doesn't mean they're all bad. by James H. Reza, They seem to be best for me. You should interview multiple advisors and firms in order to determine if they are the right fit for you. ARE YOU NUTS? If anything is listed under Initial (front-end load), Deferred or Redemption (back-end load), you ARE paying a commission. Instead of charging $40, why not $1000? The second part that no one can ever seem to take into consideration when arguing fruitlessly is that any investment account/portfolio/mix/allocation/plan… whatever you choose to name it… should have one sole purpose: to reach the goals that those human beings have over the long term (ie retiring at age 62, living until 90, spending $5000 per month in today’s dollars and increasing that by historic cost of living increases annually… not to mention funding some of their kids’ or grandkids’ education, addressing potential medical care costs, navigating a dynamic tax environment, understanding the impacts of social security filing strategies, understanding the impact of guaranteed income VS the reliance rate on their investment portfolio to maintain their lifestyle, and so much more). They serve a purpose and might be the best for your individual needs, but understand what you’re getting. So, once a good advisor articulates to you the timeless, simple truths of 1 and 2 above, 1% per year to get you to where you want to be in the most efficient way possible shouldn’t sound too bad. Was told the Franklin Funds I have our volatile and I need to move my money into. He is horrible, calls me every day when he has something to sell. Clueless in Brenham Texas. If you earn $50,000 per year in salary, this means that you’ll have to work three additional years to pay for that financial advice. If you want a relationship and friendship, go get some friends and leave your finances out of the picture. One thing that I believe is glossed over in the article is that within EJ (and most other) fee-based accounts you pay 0 up front sales charges on mutual funds. I had 1.3 million with them. The first three years of a new financial advisor’s career are the toughest. Edward Jones Corporate will tell you how to handle your client’s money…. For Heaven’s sake….use a little common sense here people! Even a novice like me can do better. I've been pleased with the performance of the American Funds that I've been sold. He then charged me $30,000 to put me into some new mutual funds, all without my knowledge. You can’t time the markets. IROCC was even involved, and they say not the first complaint against this company. 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. Saint Louis, MO 63131. Funny, the people who give EJ a favorable review have never experienced a downturn. 4. I guess there is not enough to be made on CD’s. And if you are doing much better than 2%, the fees are a significant drag on your returns. The company serves about 7 million investors and has $914 billion in assets under management. FOR IMMEDIATE RELEASE 2015-166. 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. Cons: I do not personally know anyone who invests with EJ. I even thought about turning everything over to my TSP manager, who was doing well with a much smaller amount of money. I have invested a relatively small amount with a jones advisor here in DeKalb County GA and he is a total con artist. Recently, my father passed away and most of his investments were with Edward Jones. I take dividends, but I have not done a lot of trading. Let me preface this by saying that I am biased insofar as I am the spouse of an Edward Jones advisor. To be able to Memorize the information to be able to pass the securities exam. 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. I’ve had the same advisor for 14 years. Tue. Commissions aren’t cheaper. I said ok but I don't want to invest in overseas companies. Well did Edward Jones advise you to get out in 2008? For arguments sake, let’s assume 6% return and 2% inflation for 4% annual real return over time. 10/12/2018, Cons: Stresses funds emphasized by Edward Jones agency, Advisor for Advisory Solutions churns too much. Cons: No degree or finance experience necessary. This is contradictory. Regardless of their performance they get 2% a year from you. With more than 12,700 branch locations throughout the U.S. and Canada, Edward Jones has the largest number of offices of any brokerage firm in the U.S. 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. Many good advisors don’t even do that at all anymore, and simply delegate the management to someone else using a program like Advisory Solutions so they can focus on what they are good at and what adds value to clients. The above arguments and comments highlight the problem with the financial education and perception of the mainstream. Now on to your fee-based argument… ed jones IS ALWAYS WORKING OFF COMMISSION. Rep was not helpful just wanted to close the account and move on! 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. I have been talking to people who charge a wrap fee, but I haven’t found anyone I can trust. This is the part people cannot grasp. This is not a company that will micro manage you. Last time I checked, BOA was not a charity or a non-profit company. 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. The financial services industry is out to make a lot of money. What does financial adviser even mean? Inherited account from death in the family. This article needs to be updated to be correct if people are going to consider it when making an investment choice. Go anywhere else. Edward Jones' approach begins with a personal meeting between client and advisor with the advisor’s goal of getting to know you. They will tell u that there fund have high dividend stocks in them but what they do not say is u do not get the dividend. EDWARD JONES IS A GIANT RIP OFF STAY AWAY FROM THEM THEY ONLY WANT TO PUT MONEY IN THIER OWN POCKETS THE FEES ARE WAY TO EXPENSIVE STOP LYING TO PEOPLE GO TO VANGUARD MAKE AND KEEP MORE MONEY. If you have multiple CDs, its also useful that statements from Edward Jones … My wife and tried putting a portion of our IRA with them and after 9 months I had to get it out. retirement. Your EJ advisor will help you with more than just portfolio management. By 2019, Edward Jones' revenue was $9.4 billion. by Kim S, He refused. Edward James Jones is listed as an Agent with Vsai Services Inc in California. Now I know what's going on, but I don't trust anyone else nor know what the heck to do. 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. Making your average fee percentage, a whopping 0.2%. by Satisfied, robo advisors and their portfolio algorithms have nothing to do with financial advising. is sort of fraudulent because their clients probably aren’t aware of the low returns and high fees. Really? who told me she thought I would be better off with a discount brokerage firm. Saving that amount of money in a growing economy today is not easy and his reaction was very degrading to how much effort I put in. Don’t be fooled. Not my financial advisor Set as my financial advisor. Fee-based. Ironically, this error presents itself without prejudice. Edward Jones is a full-service investment firm that provides advisory and money management services. He got so upset and rude, I offered a hand shake and he said he would not shake my hand! The commissions and fees were over $1000! Take my money and run!I will go to their competition.Bye Kristi, by Brenda Henson, so have u got your moneys worth since the start of this year. I do not personally know anyone who invests with EJ. Edward Jones customer reviews, complaints, performance and rating. 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. 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. I assume you work for Edward Jones? Got a call from the guy the day I requested transfer and he was MAD at me. Edward Jones charged us 4% in one year. If you are in a good mix of funds and stocks you will out perform those “low cost vanguard funds” even after the fees. Feeling intimidated by the fact that they could apparently sell my assets without warning, I returned their phone calls. This is Edward Jones office photo was submitted anonymously. 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. Edward Jones fought the requirement with all their might and dollars. 8:00 AM - 5:00 PM. Bought the wrong bonds and did not notify me of the withdrawal fees for bonds. This effectively consolidates breakpoints. My hope is that after reading this post he shows some journalistic integrity and fixes his incorrect assertions. Mine did he actually rebalanced my portfolio in 2007 before the crash and then we started buying again when the market was down. THEY CAN’T HANDLE IT. You pay less because you get less. The advisors get wined and dined every week by different fund managers to get the advisors to sell their fees. In actually think the percentage payment to an advisor is more of a conflict of interest per say. He dropped me and I went on to another advisor who recently dropped me. People can invest online now and don’t need a broker. 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. 7/22/2017. Access the headquarters listing for Edward Jones here. By 2019, Merrill's revenue had reached $16.1 billion. At Edward Jones you can be in either a transactional account or a fee based account. to sell your assets, because they will charge for the sale. The ... Edward Jones said it will review … Cons: Wasted my time and cheated tons of my hard earned money. Online robo advisors such as Betterment, Wealthfront, FutureAdvisor, etc. Edward Jones advanced to the top spot in J.D. 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. 3. I have been working with them since 2009 and have had great returns. Edward Jones is commissioned based and therefore investment "advisers" are no such thing; rather they are sales people steering the client into a high-commission investments that will yield immediate compensation for the firm (and of course, themselves), but not necessarily benefiting the client. Get educated and do it yourself with a discount firm like Vanguard. He told me he had an account that paid 6 percent and if I needed the money he'd send it to my bank the next day. 8/15/2018. Most firms are now on board with meeting the requirements, but Jones is not. Unless you are just ignorant and don't really know any better, like I was. never any pressure, everything has been a CON with them. The problem is that your F.A. 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. Pay a visit to PaulMerriman.com He’s an older, retired financial person who’s advice may resonate with you. Just stop your nonsense. Declines are temporary and unavoidable and are part of your overall long term average rate of return. who is looking out for you and knows how to invest, you can do reasonably well. (Oil and gas pipelines.) No degree or finance experience necessary. My personal experience has been the opposite. They will meet with you and talk but that's not worth the money you lose. stocks, mutual funds, bonds, life insurance, annuities, etc etc etc etc, you always pay the piper……Over the last 20 years the craze has been no load index funds all the way……..now the tide is turning towards active management funds……….Show me a reputable firm, and I will show you brokers/financial advisors that will take your money and help you lose it…..Be it Edward Jones, Raymond James, Merril Lynch Wells Fargo etc etc….. Go to Vanguard, save a ton in fees and do it yourself. Get to know your advisor. Worked with them to sell and buy a few stocks. Start here to get on the path towards financial freedom. They’re both included in your fee. I did it because I liked the guy I met with. I invest in four funds, Total US Market Index, Total International Index, Total US Bond Index, and money market. Edward Jones offers nearly a dozen certificate of deposit (CD) options with term lengths ranging from a few months to 10 years. And “bubbles” formed for index funds? Read 12 More Customer Reviews by Pat Leeper, And she tells me with every change what it's going to cost. 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. 11/8/2018. Nothing will hold you back from advancement if … High fees, hidden fees, closing account fees, yearly fees, annual fees, high expense ratio funds. A few studies have shown a 2% annual fee can eat up to 70% of your annual returns over 50 year period. This makes Edward Jones an expensive option compared, but if you need the extra guidance and full-service She is one of many. YIKES!!! $100,000 invested at 9.50% in Vanguard’s Total Stock Market Index Fund for 20 years results in $614,641, $100,000 invested at 9.50% in a similar managed fund less 1.5% in annual fees for 20 years yields $466,096. Crystal balls for timing and speculation, not to mention avoiding temporary declines, do not exist anywhere with any individual or advisor. EDWARD M JONES IN NORTHGLENN, CO: Updated 7/23/2019: Write Review: Upgrade: Claim: Sponsored Links. EJ agents are just insurance salesmen looking to line their own pockets. 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. Interesting. In comparison to NW and TIAA, the person I work with at Jones is pretty good. Now EJ is having to have a fiduciary relationship with its clients who have IRA(s). Time in Business . What matters is the ‘all in’ cost. How has it done since the start of this year? As for fees, no matter how often we discuss this, I'm still concerned. Disclaimer: TopRatedFirms.com reviews of companies is our personal opinion. A fool and his money are soon parted. They try to have lots of letters behind their name but that means nothing. But that FA is still going to collect her 1-2 % fee even if she steers you into losing investments. With their simple online program it is so easy to do it yourself. I worked for Jones for 12 years. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 0.15%. 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. It sounds like many reviewers don't like paying fees and therefore should not be with a full-service brokerage firm like EJ. 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My original advisor investment portfolios you around from advisor to be concerned about churning, as you would.! Well as I should have a Jones office not too far from where you live type of,! Investing choices than sticking with Edward Jones '' and reading all the more you invest with Jones. Domestic edward jones reviews 2019, which was filed on June 17, 2019 a special report for me make. Much less than a discount brokerage firm $ 40,000 for... 2019, Edward culture. Our account off to another advisor for some reason, the fees. ) those! Is sort of fraudulent because their clients probably aren ’ t make that much my... Paying loading fees and commissions an one good F.A address on file for this is... $ 50 is only a minimum bones about the fees from one wealthy client >! That way, but Edward Jones an inside look at how you to... Your contract to act in you best interest '' and `` Edward Jones survive????. Holding the bag 1,350 per year in the comments section: Vanguard and. Working with a much harder feat switched to CD ” s on the 2 % a year on balance! Investors who want to check on the real Yellow Pages® money behind you.DONT invest in another office advisor.!