Edward Jones-Any 1 Use Them? (rollover, cash, 401k, investment)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Edward Jones is second to none in their industry. A key reason is because their investment platform does not incentivize the broker to recommend anything unsuitable. They have no proprietary products. If you go to ABC Brokerage you'll probably get ABC Mutual Funds. If you go to XYZ insurance company, they'll sell you XYZ annuities. Edward Jones has none of their own products, they just scour the industry for the highest quality products on your behalf. Yes, there are commissions, but the Edward Jones reps have no conflict of interest other than helping you get what's best for you.
Edward Jones is second to none in their industry. A key reason is because their investment platform does not incentivize the broker to recommend anything unsuitable. They have no proprietary products. If you go to ABC Brokerage you'll probably get ABC Mutual Funds. If you go to XYZ insurance company, they'll sell you XYZ annuities. Edward Jones has none of their own products, they just scour the industry for the highest quality products on your behalf. Yes, there are commissions, but the Edward Jones reps have no conflict of interest other than helping you get what's best for you.
LOL, oh really? Do you realize that EJ receives "revenue sharing" for selling funds from 8 particular mutual fund families? Want to guess how many of their client's funds are from those 8 fund families? That's right, a very large percentage. Now, do you think that's because those 8 fund families have a monopoly on all of the good funds in the world or is it because EJ has a financial incentive for selling them?
Besides that, like any full-service broker, EJ is going to sell you LOAD funds only (ignoring any good no-load funds available) because the load goes into THEIR OWN pocket.
Edward Jones is second to none in their industry. A key reason is because their investment platform does not incentivize the broker to recommend anything unsuitable. They have no proprietary products. If you go to ABC Brokerage you'll probably get ABC Mutual Funds. If you go to XYZ insurance company, they'll sell you XYZ annuities. Edward Jones has none of their own products, they just scour the industry for the highest quality products on your behalf. Yes, there are commissions, but the Edward Jones reps have no conflict of interest other than helping you get what's best for you.
You are joking, right?? No conflicts of interest???
Not everyone on this forum just fell off the turnip truck.
I have no need for companies like this.....they can find a sucker somewhere else...
Edward Jones is second to none in their industry. A key reason is because their investment platform does not incentivize the broker to recommend anything unsuitable. They have no proprietary products. If you go to ABC Brokerage you'll probably get ABC Mutual Funds. If you go to XYZ insurance company, they'll sell you XYZ annuities. Edward Jones has none of their own products, they just scour the industry for the highest quality products on your behalf. Yes, there are commissions, but the Edward Jones reps have no conflict of interest other than helping you get what's best for you.
EJ will sell you whats best for them and that means loaded funds so they can make money. They don't care about you although the AF's have good returns.
Sadly, many are fooled by EJ, they are truly the Amway of investing. The fees are high, and all hidden. if they were not, they would implode. They blatantly lie, non stop.
Ask an EJ guy to give you a complete and total fee break down of ALL fees, internal, and external charged by EJ or someone else, for a year, in writing, and see if you get it.
Ask why they are not on fiduciary standard, and if they claim to be, get a plain language disclosure in writing and then head straight to an arbitration hearing cause they will lose and you will win.
No way EJ has an ounce of "main stream" ethics. Maybe they believe in their own mind they are ethical, but that is the only place that is believed.
Sorry to resurrect this old thread... I just couldn't resist not to share my two cents about EJ.
To answer the original question -- NO, DO NOT invest into EJ. Run as far away from them as you can!
And if you're already an account holder (like me), if you want to make your blood boil sift through their financial statements and see how much money is deducted from your account toward their fees and commissions... those are well hidden and are never disclosed up front. (You lose most money by making "transactions," which basically involves any new purchases. I bet your FA called you recently suggesting that operation?)
I currently have 2 accounts: Roth IRA and Single account with $50k+ in both. Their fees and commissions are outrageous. Just recently to buy 30 shares in a single stock, they charged me $62.99 (commission) + $4.95 (transaction fee) on $2.5k invested. And I totally agree that fees and commissions are completely hidden. It took me some time to get these numbers above from their badly designed web site.
Another thing that rubbed me the wrong way -- about a month ago I got a statement that they sold 20 shares in one of my mutual funds. I called them to ask what's going on and my financial adviser told me that they sold those shares to pay for their annual maintenance fee. Can you imagine? No prior notice, nothing.
Anyway, the reason I'm posting here is to ask whoever went through this:
Does anyone know how much would it cost to get my money out of EJ?
There are no hidden fees. Everything is on the table. You have to read the small print on each you invest in.
I think it is like $90 to transfer the Roth elsewhere. Not sure.
Which funds do you own? Why do you have a Single Account there? That is after-tax.
They won't make any transactions until you tell them to.
Quote:
Originally Posted by dc2000
Sorry to resurrect this old thread... I just couldn't resist not to share my two cents about EJ.
To answer the original question -- NO, DO NOT invest into EJ. Run as far away from them as you can!
And if you're already an account holder (like me), if you want to make your blood boil sift through their financial statements and see how much money is deducted from your account toward their fees and commissions... those are well hidden and are never disclosed up front. (You lose most money by making "transactions," which basically involves any new purchases. I bet your FA called you recently suggesting that operation?)
I currently have 2 accounts: Roth IRA and Single account with $50k+ in both. Their fees and commissions are outrageous. Just recently to buy 30 shares in a single stock, they charged me $62.99 (commission) + $4.95 (transaction fee) on $2.5k invested. And I totally agree that fees and commissions are completely hidden. It took me some time to get these numbers above from their badly designed web site.
Another thing that rubbed me the wrong way -- about a month ago I got a statement that they sold 20 shares in one of my mutual funds. I called them to ask what's going on and my financial adviser told me that they sold those shares to pay for their annual maintenance fee. Can you imagine? No prior notice, nothing.
Anyway, the reason I'm posting here is to ask whoever went through this:
Does anyone know how much would it cost to get my money out of EJ?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
