My broker recommended the managed investors acct, which I changed to. The most important person in the relationship is you. ANY FIRM is better than ED Jones. So back I go as they double dip. Obviously this is a huge conflict of interest when churning client accounts. I was with EJ for 2 years and never got any sound financial advice from my broker. 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. 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. 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.

Looks like their trade fee for my $13K is 1.5% + $80 with a maximum fee of $455. An hourly-based financial planner is the best choice for specific tasks you want to focus on and costs less than full account management. Even if you see a Robo-advisor service offering 0 percent in management fees, they may still charge you transaction fees or custodial fees in addition to the standard expense-ratio fee of the funds themselves. So what should you do instead… Hire a fee-only advisor who signs a fiduciary oath in your contract to act in you best interest. I still would like to find that perfect wealth manager, but haven’t been able to do so, because I think my solution is not ideal. Wells Fargo Advisors, Morgan Stanley, Merrill Lynch, etc.

He or she will build a personalized strategy to help you achieve your financial goals and will partner with you throughout your life to help keep you on track. 2. Larger accounts receive lower rates, while increasing the number of asset classes (adding fixed-income, for example) will increase the broker’s fee. It can get into the weeds a little, but it has good ideas for the common investor. Got a call from the guy the day I requested transfer and he was MAD at me.

You could make a million trades a year in this account and you’d still only pay the $1,350, way better than your E-Trade account.

This is just the tip of the iceberg when it comes to bad stuff about Edward Jones. Mutual funds 7. Financial advisors usually deduct their fees automatically from your account balance or your initial investment deposit.

He specializes in financial planning, investing, and retirement. This makes Edward Jones a comparatively expensive option, but if you need the extra guidance and full-service broker features, then this could be a good option until you learn the investing ropes for yourself. For ongoing account management, hands-on financial advisors typically charge 0.65% to 1.65% annually, whereas automated Robo-advisors charge 0.25% to 0.89% annually.

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