Investing is one of the key things that you need to do if you want to achieve financial freedom. This is no secret as many people already know this.
This is also why there are now a lot of companies that offer investment services, they saw the demand from people looking for opportunities to invest their money.
However, it’s important that you don’t give your hard-earned money to just any investment company.
Like with any other opportunity, not all the companies that offer investment services are equal or worth putting your money in.
This is why we also review these companies that offer investment opportunities and see which among them are worthwhile.
In this review, we’ll look at a company called Edward Jones. It’s a full-service brokerage company, which means they don’t only offer the capability to allow people to invest, but also other things.
You can get tax advice, financial planning, wealth management, and so on. The amount of growth that your investment can achieve here will be dependent on several factors.
But is Edward Jones really a legit company that offers investment opportunities or is just a scam to avoid?
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Edward Jones is A Legit Company that Offers Investment Opportunities
Edward Jones is a financial service company that provides full-service investment brokerage. It focuses primarily on serving individual investors and small businesses.
Founded in 1922, the company offers an investment management service, tax advice, financial planning and advice, and much more.
Based on what I’ve seen about the company so far, I can say that Edward Jones is a legitimate company that you can invest your money in.
The company’s longevity is a clear sign that they are legit as they wouldn’t last for almost 100 years if they were just out to scam people.
They also serve millions of people and have approximately $914 billion in assets under management, so you know many people trust them with their money.
Of course, this doesn’t mean that Edward Jones doesn’t have any issues or complaints and chief among them is the high fees that the company charges.
There are also complaints that it’s very difficult to withdraw money or transfer funds out of the company. And some are complaining about their experience with the company’s brokers and customer service team.
I’ll discuss these issues in more detail as we progress further in this review of Edward Jones.
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Who Uses Edward Jones?
The Edward Jones company is designed for individuals and small businesses who are looking for a full-brokerage company that can help them in investing and other things.
The company offers various services, which includes investment management, financial planning, tax advice, and much more.
The main benefit that the company offers is their financial advisory, though, as they have thousands of advisors that can work with clients one-on-one.
Of course, the services that Edward Jones offers are not available for free. In the next section, I’ll discuss in more detail the fees that you’ll likely have to pay when you avail of their services.
I’ll also discuss how the company works and how you can really benefit from it.
How Does Edward Jones Work?
Edward Jones is a full-service brokerage company, which means they offer more than just a investment management service. They offer other services as well that can help individuals or small businesses achieve their financial goals.
They offer wealth management, retirement planning for business owners, insurance and annuities, cash and credit management, retirement and college savings assistance, and much more.
When it comes to wealth management, the company has four services offered based on what you need or prefer.
They have the Guided Solutions, where you do your own trading and investing and the company just provides investment guides on assets such as stocks, mutual funds, bonds, and ETFs.
Then there’s the Advisory Solutions, where Edward Jones will offer you 90 fund models that you can choose from. Each model will contain various mutual funds and ETFs.
The third service is East Planning and Trust Services. The company works with local professionals, as well as your financial advisors, to provide you with the proper investment portfolio.
The last wealth management service is the Client Consultation Group. Here, the company makes use of its 5,500 professionals based in their main office that your financial advisor can tap.
But as mentioned above, the main benefit that Edward Jones provides is their financial advisory service.
The advisors will talk to you to get to know you and understand your financial goals, risk tolerance, and so on. Then based on the information you provide; they will craft an investment portfolio that fits your goal and preference.
Of course, these services are not available for free, as Edward Jones will charge an annual fee for using their services.
Now, the fees you need to pay will depend on the kind of service you get from the company. If you plan on getting a retirement account, you need to pay a yearly $40 fee.
For taxable accounts, the fees will range from 1.35% to 0.50% per year, depending on the amount that you deposited.
There are also additional fees for stocks, especially if you are buying through dollar cost averaging. The fee is 2% of the invested amount.
There is no minimum investment requirement, except for the Guided Solutions account. It requires a minimum of $5,000.
What are People Saying about Edward Jones?
The reviews about Edward Jones have been mixed at best, with some people liking what the company offers and others having issues with the company.
Those who liked the company are happy with their overall experience, saying the brokers and advisers they talk to are courteous, helpful, and very knowledgeable.
There are people who are also happy with the performance of their investments, saying the company makes sure that their money is steadily growing.
As for those who have issues with Edward Jones, one of the main issues they have is the high fees.
Unfortunately, the company does have high fees, which is also due to them offering full-service brokerage. This is one of the reasons why robo-advisors are a hit because they offer really low fees.
There are also complaints that it is very difficult to withdraw money or transfer it to a different investment management company.
People are saying that some brokers or customer support staff seem to put hurdles upon hurdles when it comes to withdrawing money from the company or transferring it to a different investment account.
I also saw various complaints about the company’s brokers, as some people didn’t really have a good experience with them.
The complaints vary, but they all have something in common, and that is these brokers seem to care more about what they can gain from the client than the well-being of the client’s investment.
What I Like about Edward Jones
Now that we know what Edward Jones is and what they offer, it’s time to discuss what I like about this opportunity.
- One of the things that I like about Edward Jones is that they have a lot of wealth management experience, having been in business for close to 100 years. This means that the company has likely seen and experienced a lot of things in the world of investing, giving them vast knowledge and experience that you can tap.
- I also like that Edward Jones has branches in a different areas. This makes it easier for you to visit their office and talk to an advisor in person, as opposed to just communicating via email or phone.
- If you’re a high net worth individual and are wanting to invest a lot of money, then Edward Jones is a good option for you. The company’s fees tend to become lower the more money you invest. So if you plan on investing a lot, then you might want to check this company out.
What I Dislike about Edward Jones
Of course, not everything about Edward Jones is good, as there are also things that I don’t like about this opportunity.
- The first thing that I don’t like about Edward Jones is their high fees. Unless you’re investing a lot of money, this company will charge relatively high fees to use their service. If you’re looking for affordable fees, this company is not for you.
- I’m also not a fan of the many complaints about how hard it is to withdraw or transfer your money from Edward Jones. I believe getting your money should not be a problem or an issue as it is your money in the first place.
- I’m also not happy with the many complaints that people have about the company’s different brokers. Though it’s common for people to have problems with brokers, it’s not a good look for Edward Jones if the brokers only seem to care about their own well-being rather than their customers.
Do I Recommend Edward Jones?
After learning more about Edward Jones and what they can really bring to the table, I can say that this opportunity is not really recommended for everyone.
If you are someone with a high net worth and prefer to speak to real-life financial advisors, then you should take a look at this opportunity.
Their wealth management service and financial advisors are good and they can likely provide a lot of help with your investment.
You just have to be careful when talking to brokers or advisors as some of them might not have your best interests at heart. You also need to consider that it could be hard to withdraw or transfer your money.
If you are a newbie and don’t really have a lot of money to invest, then you might want to check out the robo-advisors.
Though there is no minimum investment requirement, the high fees could make it harder for you to make money.