2.1K views
1 comment

About 3 years ago went to a financial advisor for the first time to open an IRA. Worst mistake not studying the industry and investing before going to a Financial advisor.

So if you are NEW stay clear of Edward Jones they do not truly advise what is best for you they are thinking about their commissions Period. What kind of IRA did they SELL me? a front Load fee over 5% fund that had an annual account maintenance fee of $40 that under performed to the S&P 500 by a good bit and when you take fees into account set you even farther back. So if you are New and dealing with a relatively small amount you should be getting a S&P index fund which should have low fees and any advisor telling you something else is just trying to separate you from your money in commissions and fees.

Now I do take accountability for not doing the research before proceeding but as many of you know we get busy and sometimes just pull the trigger. Biggest mistake I have made in my life was not learning about investing in my 20s. They really should be teaching investing and retirement in Highschool to everyone.

So I look at Edward Jones mistake as a Investing Class on what not to do and who not to trust. My suggestion for anyone New would be to deal with Charlse Schwab but still educate yourself the most important thing you can do for you and your family.

Location: Richmond, Virginia

Do You Have Something To Say ?
Write a review

Comments

chat-icon

Please avoid publishing any personal information and promotional content

You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment
Guest

So much fail in this complaint. First EJ does not sell IRAs.

An IRA is a type of account. EJ offers investments inside the IRA that have a sales charge. Yes, there is a $40 annual fee. That helps pay for the postage for the statements, and other administrative costs.

What you fail to realize, is that EJ never charges a dime for you to spend time with your advisor...regardless if you have $100 or $1,000,000 with them. You also recommend investing only in a S&P 500 index fund. With all of your wisdom, I'm sure you realize that doing so would expose 100% of your assets to stocks. Most portfolios are diversified with bonds or other types of investments besides just stocks.

So yes, with a well diversified portfolio, you will lag the "market" somewhat.

However, during a correction or a bear market, a diversified portfolio will save your *** from experiencing the same decline as the market. Oscar Wilde โ€” 'Nowadays people know the price of everything and the value of nothing.'

Edward Jones Reviews

  1. 53 reviews
  2. 13 reviews
  3. 2 reviews
  4. 4 reviews
  5. 1 review
Edward Jones reviews