Edward Jones is a scam. Their so called sales reps pray on the weak and uninformed.
Frist, I infiltrated one of their recruiting seminars at a local hotel. Quote from EJ District Lead – “only 2 out 10 EJ reps make it for a few years”. It’s a chop shop of financial disarray. The EJ reps that are in the top 15% go on a free trip to places like Australia, Cancun, Italy etc.
(you *** know who you are). And guess who is paying for their free trip – You the consumer! EJ reps pray on the elderly and ill-informed. They have very high commission rates, and they act like it’s the norm.
Also, think about who is paying for the office space and admin assistant (hmmmm they don’t come free). My last point is the education of the EJ advisors. They only are required to pass a series 7 licenses. Nothing more than a series 7 license.
Wow the clown at your local bar could be an EJ rep. You want your rep to have a CFP or CFA and a college degree. In addition, they should have 10 years of experience. Finally, only choose a fee only advisor.
They are the best route to take. I wish more people would understand that they make their jet setting lifestyles off you.
High loads, high fees and not the best or the brightest. Trust me; they are not worth your time.
Product or Service Mentioned: Edward Jones Financial Advisor.
Reason of review: Not as described.