Escape While You Can: The Hidden Costs and High Fees of Edward Jones
Run, don’t walk, away from Edward Jones. The damage is kind of done already, but they will inflict more unnecessary costs and will keep steering you to high load, big fee funds. It’s ridiculous in this day and age.
Related Horror Stories
Escape While You Can: The Hidden Costs and High Fees of Edward Jones
Run, don’t walk, away from Edward Jones. The damage is kind of done already, but they will inflict more unnecessary costs and will keep steering you to high load, big fee funds. It’s ridiculous in this day and age.
What are some signs that your financial advisor is stealing from you?
He is a new friend
He is a long-lost relative
He approached you in church with a Bible in hand
He offers you a guaranteed high steady return
He is addicted to something that is expensive
The name of his company includes the name of any of the Founding Fathers, any prestigious US or British University or sounds like it is affiliated with Veterans or the US government
"Safe investments"
Just filed my taxes and I’m looking more closely at my finances. I’m pretty good with the basics but feel completely out of my depth with investments.
In 2021 I started a Morgan Stanley investment account with the financial advisor who has been managing my parents’ money for many years.
I invested $67,000 in 2021 and let the advisor choose the stocks/bonds/funds/etc, telling them that I’m extremely risk adverse and I needed safe investments. On Jan 1, 2022, the value was $71,950. On Dec 31, 2022, the value was $58,587. In 2022, I paid $1,025 in trade commissions and $984 in service/advising fees. So basically I paid my advisor $2,000 for her to lose me $13,363 over the course of 2022.
Is this normal? Every time I ask my parents or advisor they tell me “the market is down for everyone.” But my parent love their advisor and thinks the sun shines out her butt and my advisor has a financial incentive to keep me.
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