One of the most recognizable names in the market is Edward Jones, a full-service brokerage business founded in St. Louis, Missouri. With a wide range of investment advisory services, brokerage services, and other products, Edward Jones is a one-stop shop for clients looking for personalized guidance and face-to-face interaction.
While their prices may seem high compared to other discount brokers or robo-bankers on the market today, some clients may find their financial advisers’ wide variety of services and customized approaches well worth the money.
This review will go over Edward Jones to see if it really is the best brokerage firm out there.
You’ll learn whether a brokerage firm is a right thing for you.
And at the end, you’ll find answers to some of the most frequently asked questions regarding Edward Jones and brokerage firms in general.
If you’re like most of my readers, you came across Edward Jones for one main reason:
You want to make more money than you currently make by leveraging your existing resources.
Maybe you’re even looking for a quick turnaround on some of your cash, instead of waiting years or even decades for it to double.
Well, you’re in good company – who wouldn’t want all of that?
There’s one thing you need to watch out for though: legitimate scammers.
The idea of making 10X on your money in a day is obviously something that would entice the masses, and so it naturally attracts a lot of bad actors into the financial products space.
But for purposes of this review, let’s assume these people had the best of intentions.
Even with the most sophisticated systems out there, most experts barely manage to get it right 10% of the time…
Obviously, there’s an argument to be made that 1 winning bet can outshine 10 losing ones…
But if you mess up and miss a trade even one time, your month can turn sour pretty quickly.
Suffice it to say, there’s a whole lot of stress & uncertainty.
Now don’t get me wrong, it doesn’t mean you’re guaranteed to lose money. I’m just saying that you need to be aware of what you’re getting yourself into.
But what if you could build a different income stream, and start seeing profits within your first few days?
I’m talking about a system that doesn’t require:
- Obsessively checking your phone and charts
- The emotional turmoil of loss after loss, waiting for that win
- Glorified gambling
Something that you could make anywhere from $2,000 – $10,000 with consistently, month after month?
A stream of income that you can build as high (or low) as you feel like building it, without spending every waking hour watching for alerts and pouring over charts?
If that sounds interesting, you might want to think about becoming a Digital Landlord.
If you wanna see what Edward Jones looks like on the inside, keep reading.
What Is Edward Jones?
Edward Jones is a brokerage firm that offers a full range of services. It has offices in both the US and Canada. It was established in St. Louis in 1922, and over the 20th century, it developed a reputation as a portfolio manager that genuinely cared about its clients.
Over 15,000 Edward Jones branches and nearly 19,000 certified financial advisers are currently employed by the company, which established locations across the United States and Canada. Its objective is to serve clients where they live while maintaining a high level of service rather than concentrating in major cities, even if the ratio seems unusual.
The founder, Edward Jones, was a renowned figure in the personal finance industry, which is one of the reasons why the business is still prospering after a century of trade. Brokerage advisers now make money through commission fees and revenue sharing.
In an era when customer service is increasingly automated and internet brokers frequently transfer their clients to a “Knowledge Base” FAQ page, Edward Jones’ hands-on, devoted customer service is valued by many of its loyal customers.
The business manages around $1.7 trillion in assets under management (AUM), services approximately seven million clients, and focuses on long-term investment opportunities.
How Does Edward Jones Work?
Edward Jones’s advisors stood out in the past since they could be found in even the smallest towns and villages all around the United States and Canada. This remains true. The company has offices all over the world.
However, it has expanded its services to help investors discover a trustworthy financial advisor online in keeping with the digital age. Edward Jones’s approach for matching you with an advisor is effective. First, a real adviser is immediately assigned to you and will give you a free phone call to chat.
When you initially join Edward Jones, you complete a survey to help match you with an adviser and assess your investment goals. The quiz questions are well-designed, and multiple-choice questions allow you to submit additional text if necessary. The questionnaire goes out of its way to help you prioritize personal matters. It aligns with the company’s objective of providing tailored financial advice to its clients.
Finally, even though Edward Jones is a 100-year-old corporation, it features a clutter-free, user-friendly website. The service also works well on the company’s mobile app, available for iOS and Android.
Financial Services From Edward Jones
Edward Jones offers a wide range of investment products. Customers who want to invest in different financial assets, such as equities, bonds, CDs, and other fixed-income assets, can get help from an Edward Jones financial advisor. In addition, you can diversify your portfolio using mutual funds, exchange-traded funds (ETFs), and unit investment trusts.
One of EJ’s advantages is that its financial advisors are well-respected and can help you choose the right asset mix to achieve your investment goals. Some investment advisors were named to Forbes’ list of the Best-in-State Wealth Advisors for 2021.
Edward Jones offers a variety of accounts, ranging from flex- to fund-guided solutions accounts. For a minimum commitment of $25,000, the flex account provides a hands-on approach, account notifications, and various options.
If you start a fund account with a minimum deposit of $5,000, you can work with your adviser to select from a wide variety of eligible mutual funds and ETFs. Mutual funds and exchange-traded funds (ETFs) contain diverse investments, allowing you to diversify your portfolio. The program fee begins at 1.35 percent and is tier-based, with reduced charges associated with more invested assets.
The firm provides retirement accounts, brokerage accounts, 529 programs, and cash and credit alternatives. With 401(k) rollovers when you move jobs or retire, you may choose various investment options for your retirement assets.
Edward Jones Pricing & Fees
Full-service brokers charge far more than self-directed internet stock brokers. This is the case with Edward Jones, which has a lot of costs.
These are determined by the sort of account you select. Investments in a Select Account are subject to commissions. The broker charges a Program Fee for all other account types, a percentage of the account’s value.
It’s important to note that your fees in a Guided Solutions account are fee-based, not fee-only. According to Edward Jones, this yearly charge includes internal investing expenses.
The management charge (sometimes known as the “program fee”) begins at 1.35 percent for a $250,000 investment. It gradually decreases, eventually reaching a rate of 0.50 percent for assets worth more than $10 million.
- 1.35% on the first $250,000
- 1.30% for amounts ranging from $250,000 to $500,000
- 1.25% for amounts ranging from $500,000 to $1 million; 1.00% for amounts ranging from $1 million to $2.5 million.
- 0.80% for amounts ranging from $2.5 million to $5 million
- 0.60% for amounts ranging from $5 million to $10 million
- 0.50% for amounts ranging from $10 million to $20 million
Because the method is tiered, your first $250,000 in assets will always be charged a 1.35 percent yearly cost. In actual terms, this translates to yearly costs of:
- $3,375 on a $250,000 investment
- $12,875 for every million dollars invested
- $77,875 for every ten million dollars invested
- $127,875 for a total investment of $20 million
If you have $20 million in assets, you’re not suffering to pay your obligations, but an annual charge of about $128,000 is still high. Investors with fewer assets feel the pinch the most acutely; $250,000 is a sizable portfolio for many middle-income households. And getting charged $3,375 each year for your efforts to save money isn’t ideal.
Of course, the argument goes that the Edward Jones costs are more than offset by a formidable long-term return on investment (ROI), which it claims is only possible when working with the Edward Jones team. Unfortunately, we must evaluate additional expenses before determining if this claim is valid.
Fees For Portfolio Strategies
Another tier cost for all broker-provided advising products is the portfolio strategy fee. While these fees are only collected at the top of the broker’s services and do not apply to lower-value customers, they comprise a significant portfolio.
The Advisor Solutions Fund Model starts at 0.09 percent, whereas the Advisory Solutions UMA (universal market access) Model starts at 0.19 percent. This reduces the rate through the tiers to 0.05 percent for the highest AUM band.
Financial planning firms commonly charge extra costs for premium items. However, given the amount you’re currently paying in management fees, the strategy charge seems excessive, especially at a starting rate of 0.19 percent for the UMA Model.
When Select Account Clients Purchase Or Sell Assets, They Are Charged Trade Commissions. The Fee Varies According To The Type Of Investment Purchased.
You have the last say on investments with a Select Account. If the tiered program fee structure appears excessive for having someone else make investment decisions for you, the Select Account may be a better option.
In general, Edward Jones’ fee structure is quite convoluted and enigmatic.
Edward Jones Features
Financial Advisors In More Than 15,000 Branches
Financial consultant manager talking with a female client at the bank
The geographical structure of Edward Jones is essential to how it operates. Unless you’re purposefully avoiding society, there’s a corporate headquarters nearby.
You may phone, email, or make an appointment in the office. The essence is that having someone to talk to about your investment portfolio is advantageous.
Personalized Service From A Qualified Financial Advisor
It’s not simply the availability of client service that distinguishes Edward Jones from many other prominent cheap online brokerages. It’s the quality of advice you get and how well it’s suited to your specific interests and requirements.
Your money manager is aware of your portfolio and objectives. For example, if you’re concerned about the environment and don’t want to invest in oil and gas pipelines, your adviser may ensure you don’t.
Wealth Management Services
Let’s take a look at Edward Jones’ brokerage account alternatives. It offers the following brokerage accounts:
- IRA (Traditional IRA) (individual retirement account)
- Roth IRA
- SEP IRA (simplified employee pension IRA)
- SIMPLE IRA (Simplified IRA) (savings incentive match plan for employees IRA)
- 529 savings plan (qualified college tuition plan)
- A taxable account
You pick whether you want to handle investment choices yourself or delegate them to your adviser, regardless of the kind of account you choose. The numerous portfolio management options are shown below.
There is no minimum investment requirement with this account. It provides access to a wide range of markets, including:
- Mutual funds
It would be best if you made all your choices. You have access to your advisor’s aid but not the complete research service accessible with a guided account.
A Guided Solutions Fund Account gives you decision-making power, but your adviser will research your behalf extensively and provide personalized advice. These accounts have asset-based fees, which must be included in your investing strategy.
A Guided Solutions Flex Account gives you access to more marketplaces than a Fund Account. However, the minimum investment is somewhat hefty at $25,000. Once again, you have the last word on investing decisions. The advantage of this sort of account over a Select Account is that you have access to the same markets as a Select Account, but experts guide your wealth management.
These are the least hands-on investing options. If you use advisory solutions, your adviser will also function as the executive decision-maker for your investments. While this may put you in danger of investing in an area where you have a conflict of interest, your adviser will note any possibilities you’d prefer to avoid and respect your decision.
Advisory Solutions accounts are maybe the greatest retirement account financial planning alternative. However, a minimum investment of $25,000 is required for the Fund Model, and a minimum investment of $500,000 is needed for the UMA Model.
Is Your Money Safe With Edward Jones?
When you invest with Edward Jones, the question isn’t so much “Is my money safe?” as it is “Is my money safe?” as well as “Will the ROI be worth it?” With this broker, your money is secure.
Edward Jones is regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission, and its solid reputation is built over a century of trading (SEC). Its advisers are well-trained experts the organization has properly verified before they are appointed.
However, remember that Edward Jones does not act as a fiduciary, except for retirement plans at the Plan level. This implies that their advisers are not compelled by law to prioritize their customers’ demands before their own. In addition, Edward Jones’ pay statement acknowledges that certain adviser incentives may result in conflicts of interest.
Who Should Use Edward Jones?
Hefty-net-worth investors are more likely to be able to pay Edward Jones’ high fees and may prefer the in-person assistance that its staff can provide.
Should ordinary investors, however, utilize Edward Jones? This may or may not be dependent on your degree of skill. However, suppose you understand how investments operate and don’t need a lot of guidance. In that case, you may save a lot of money on advising fees by using a commission-free stockbroker or a low-cost robo-advisor instead.
Who Is Edward Jones Not Suited For?
The common investor seeking to open a regular taxable brokerage account or a college savings account will often discover better value elsewhere. The costs don’t outweigh the rewards unless you’re in it for the long haul. When it comes to consumer comments for Edward Jones, certain sites tend to be unfavorable.
You may argue that the time it takes to learn how to invest wisely is much less expensive than the ongoing fees you pay to this broker for putting up an advising plan or investing in a mutual fund. While you will have access to high-quality guidance, you will be charged significant fees as long as your account is active. It’s worthwhile to put in the effort to learn how to handle your own money.
Are There Alternatives To Edward Jones?
Yes, there are plenty of other business models to choose from if you want to pursue this making money online. Here are just a few:
Is Edward Jones A Scam?
Alright, time for the $1,000,000 question: is Edward Jones a scam?
No, not technically. You can 100% make money with it, but it’s not NEARLY as simple as they want you to think it is.
You need to understand that you are taking a very big risk with financial products.
So while it’s entirely possible that you hit the big leagues and retire to a vineyard… the path to get there is so stressful, it might just shave a decade off your life… IF you even get there.
A friend of mine actually writes advertisements for one of the largest financial program advertisers in the world… so believe me when I say most of the “awesome” numbers they use in their ads & landing pages are borderline false.
What they conveniently leave out are the dozens of losing bets and trades that came before the big win you’re reading about.
Now, most people don’t have the emotional bandwidth to stick out 3 months of back-to-back losses before (hopefully) getting a big win.
I’d rather use that 3 months of work (in my spare time) building Digital Rental Properties, and then collect a handful of nice little $500-$2,000 checks every single month afterward (AKA passive income).
And the cool part is that you can do it in a lot less time than 3-months (I personally did it in my first 2 weeks of being a Digital Landlord).
You can do it from anywhere in the world, so it’s a genuine “laptop-lifestyle” business.
All you need is a laptop and an internet connection.
Some of my friends are Digital Landlords that run their 6-figure businesses from:
- Camping trips at national parks
- Beachfront in Hawaii
- On the road in a camper van (with a pet pig!)
They focus on living an enjoyable life first, and focus on income second. All thanks to this program.
They can take weeks or months off, and money keeps rolling in.
Living happily is the top priority.
If the thought of living perpetually at your dream vacation spot interests you, being a Digital Landlord might be for you!
What Is My Top Recommendation For Making Money In 2022?
I’ve personally tried all of the major online business models:
- I’ve traded crypto & purchased a bunch of fancy “insider stock tip” newsletters
- I’ve sold fidget spinners through Amazon FBA
- I’ve drop-shipped a toilet bowl putting green on Shopify
- I’ve sold women’s health supplements via Clickbank affiliate marketing
And I made money with all of them, so trust me when I say: there is no “perfect” business model.
That being said, my #1 recommendation for making real money online is, hands-down: being a Digital Landlord.
Whether you’re a complete newbie, or you’ve been around the block before but have never had that “big win” to propel you forward, becoming a Digital Landlord is for you.
1)Time: If you’ve got a spare hour or two each day, you can do this. If you want to drop everything and go all in, you can do this. More time obviously means faster results, but even putting in a few hours per day is enough to see real success.
And because of that flexibility, you don’t need to trade your time for money. Once the income starts, it’s recurring.
That means you can take a month off, travel the country, pursue a passion project, chill on the beach, or charter a boat across the world.
But you can only do that once you’ve created an income stream that doesn’t require YOU to be there all day, every day.
2) You Own & Control EVERYTHING: When it comes to the markets, nothing is in your control. You have zero influence over market-shifting macroeconomic trends.
The number of people that have ACTUALLY beat the market consistently can be counted on one hand.
Why pour your soul into a business that you realistically have zero control over?
When you’re a Digital Landlord, you literally own all of the assets, which means you have ultimate control.
3) It’s Effectively Copy-Paste: Here’s my favorite part: once you have your first Digital Rental Property up, you can literally copy-paste another version of it and find another willing “renter” in a few days. DOUBLING your income doesn’t get much easier than that…
If you wanted to double your income in the markets, you would need to make twice as many winning trades, or double your profit on each trade. And I can guarantee you that’s a lot harder than a few clicks & a phone call.
4) Make Money Helping Real People: When you make money in the markets, you’re not really helping anyone but yourself. There is a loser on the other end of that trade.
But when you’re a Digital Landlord, you’re helping solve REAL problems that people are ASKING for help with:
Small local businesses around the world need one thing: customers. Without them, their business would fall apart. If you can provide those customers, they’re going to be really happy – and they’re going to pay you for it.
You’re helping a struggling mother or father put food on the table for their families, put their kids through college, or simply live life a little bit more comfortably.
Having this type of impact on the world is what will help you sleep soundly at night.
So, the rest is up to you. You could keep looking at other programs like Edward Jones, which might make you money if you luck out.
You could keep researching and researching for the next few months (or few years), never making a concrete decision.
OR, you can look deep inside, think about those dreams, hopes, & desires, and make the decision to ACTUALLY make it happen, just like it has for thousands of other students before you.
Making a fortune while actually helping real people that need it.
If this sounds like you, click here to see how it all works.