How Can I Avoid the $95 Edward Jones Account Closing Fee? (2024)

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Topic Author

WEL
Posts: 61
Joined: Sat Jun 29, 2013 11:03 am

How Can I Avoid the $95 Edward Jones Account Closing Fee?

Postby WEL »

At this point, I only have a few American Funds left at Edward Jones. Soon I will finish selling them and buying Vanguard funds instead. You may remember me from this thread: http://www.bogleheads.org/forum/viewtop ... 6#p1739046

I called Edward Jones and they said there is a $95 fee to close an account.

Here is my question as the title of this thread may hint at...

A) Is there a way to forego the Edward Jones fee?

B) If there is not a way to avoid the fee, is there a place to park a little cash (maybe as part of an emergency fund of cash or Money Market) within the account so it can remain open and therefore avoid the fee?

Please don't scoff too much at this 23-year-old's desire to avoid spending $95. I've already paid enough to Edward Jones. This would be a moral victory as much as monetary.

Thank you for reading!

P.S. I would call Edward Jones directly for suggestions but I'm guessing they would not be too helpful. How Can I Avoid the $95 Edward Jones Account Closing Fee? (1)

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How Can I Avoid the $95 Edward Jones Account Closing Fee? (2)

BolderBoy
Posts: 6356
Joined: Wed Apr 07, 2010 12:16 pm
Location: Colorado

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby BolderBoy »

Probably not. Even if you try to be sneaky, they'll out-sneak you. Just make sure you are only charged ONE closing fee.

In the REALLY grand scheme of things (at age 23), you'll make the $95 back many times over in your career as a Boglehead. Licks your wounds and move on.

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heyyou
Posts: 4320
Joined: Tue Feb 20, 2007 3:58 pm

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby heyyou »

Please don't scoff too much at this 23-year-old's desire to avoid spending $95. I've already paid enough to Edward Jones. This would be a moral victory as much as monetary.

You are not the first EJ customer to bail out. They get you coming and going. You are going. Good luck with trying to avoid paying fees to a Wall Street brokerage. You can leave a low balance in the account and they will have some other fee that will take your money away from you. That is what they do, they have worked smart and hard for many years at perfecting fees.

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mathwhiz
Posts: 897
Joined: Tue Jul 01, 2008 7:58 pm

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby mathwhiz »

If you have a large account balance, you can ask your new brokerage to reimburse you the $95. Fidelity did this to me when I switched assets to them. I have no clue if Vanguard does this.

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expat
Posts: 787
Joined: Mon Mar 10, 2008 9:07 pm

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby expat »

WEL wrote:P.S. I would call Edward Jones directly for suggestions but I'm guessing they would not be too helpful. How Can I Avoid the $95 Edward Jones Account Closing Fee? (3)

I think you're wrong there. Call them and politely ask them to waive the fee as a courtesy. It works for me.

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Default User BR
Posts: 7502
Joined: Mon Dec 17, 2007 6:32 pm

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby Default User BR »

mathwhiz wrote:If you have a large account balance, you can ask your new brokerage to reimburse you the $95. Fidelity did this to me when I switched assets to them. I have no clue if Vanguard does this.

They do not.

Brian

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How Can I Avoid the $95 Edward Jones Account Closing Fee? (4)

frugaltype
Posts: 1952
Joined: Wed Apr 24, 2013 9:07 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby frugaltype »

expat wrote:

WEL wrote:P.S. I would call Edward Jones directly for suggestions but I'm guessing they would not be too helpful. How Can I Avoid the $95 Edward Jones Account Closing Fee? (5)

I think you're wrong there. Call them and politely ask them to waive the fee as a courtesy. It works for me.

It didn't work for me when I closed my Schwab accounts and got dinged $50 for each one. Guarantees I won't do business with Schwab in the future tho.

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How Can I Avoid the $95 Edward Jones Account Closing Fee? (6)

DaleMaley
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Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby DaleMaley »

I helped my mother, mother-in-law, and sister-in-law close their Jones accounts, and they did not charge any fees for closing the accounts (these were done at various times over the last 10 years).

Jones also stalled a long time moving my dad's IRA from Jones to Vanguard. I checked the law at the time, and was surprised there is no legal deadline (e.g. 60 days) requiring a firm to give up the IRA for transfer. After several calls pestering the Jones broker, they finally transferred it.

I would call and ask them to waive the fee, like the previous poster suggested.

Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. – Warren Buffett

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How Can I Avoid the $95 Edward Jones Account Closing Fee? (7)

Rainier
Posts: 1708
Joined: Thu Jun 14, 2012 5:59 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby Rainier »

Is this your Roth or the taxable account?

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Electronic funds transfersHow to Withdraw Money From a Brokerage Account | The Motley Fool3 Mistakes to Avoid When Making a Large Portfolio WithdrawalHow to Get Your Money Out of the Stock Market | Angel One

If its taxable and you are selling the funds anyway just convert to cash and extract all the cash, don't close the account.

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How Can I Avoid the $95 Edward Jones Account Closing Fee? (8)

nisiprius
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Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby nisiprius »

I don't know whether polite asking would work, but I once got a closing fee refunded by writing a high-quality complaint letter to the CEO. My success rate on this sort of thing has been pretty good, and the key elements seem to be:

  • paper, mailed letter, not email, not telephone;
  • get CEO's name and corporate headquarters address from annual report, using Wikipedia or "shareholder relations" from their website;
  • less than a page long; state exactly what you want them to do in the first sentence;
  • do not make any references to any legalisms whatsoever. Instead use language like "I do not feel this is fair," so that in responding to it they are responding to a one-off request and not setting any precedent;
  • no fibs, it is all but certain that you have a signature or e-signature on file somewhere over a thick wad of fine print that says you knew all about the fee;
  • no hostility, no threats of any kind, cordial tone is that of asking a favor, I am a long-standing customer who is disappointed and if you did this I would now be happy;
  • no long complicated stories;
  • enclose just enough documentation to make it easy for the person who gets the letter to do their work; in this case, a copy of the final statement showing all your ID and account numbers and the closing fee (which you would circle).
  • limit your goal is to getting your own problem taken care of, in this case refunding the closing fee; your goal should not be to teach them a lesson or change their policy or acknowledge their sleaziness.

Yes, it takes an hour or so of time to do. And, yes, you need to steel yourself in advance for the possible sting of rejection.

Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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Faith20879
Posts: 1135
Joined: Fri Mar 02, 2007 9:16 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby Faith20879 »

I agree. It doesn't hurt to ask - you have nothing to lose. But always be prepared for rejection.

When I was leaving Fidelity, I asked nicely and I begged but the outcome was the same. They took $75 from my pre-tax dollars. I'll definitely take a chapter from nisi next time.

Regards,
Faith

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JW-Retired
Posts: 7189
Joined: Sun Dec 16, 2007 11:25 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby JW-Retired »

WEL wrote: I called Edward Jones and they said there is a $95 fee to close an account.

A) Is there a way to forego the Edward Jones fee?

B) If there is not a way to avoid the fee, is there a place to park a little cash (maybe as part of an emergency fund of cash or Money Market) within the account so it can remain open and therefore avoid the fee?

Please don't scoff too much at this 23-year-old's desire to avoid spending $95. I've already paid enough to Edward Jones. This would be a moral victory as much as monetary.

After paying 5.75% loads and 1% ERs, is fixating on a $95 closing fee moral victory worthwhile? If you think so, then l would just keep one of your least expensive EJ funds in the account to keep that option open. If you have cap gains, keep the one with the highest gains for tax reasons. Transfer everything else.

You know, you don't need to talk to EJ at all to do a transfer of assets. You just fill out Vanguards transfer of assets forms per the form instructions, and it happens in like 3 or 4 working days (using the US mail). I've done this many times without talking to either the old fund company or with Vanguard at all. For your first time doing it talking to Vanguard first would be a good idea. No reason whatsoever to talk to EJ. The IRA and the taxable transfers are separate forms.
JW

Retired at Last

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rotorhead
Posts: 576
Joined: Wed Mar 17, 2010 3:59 pm
Location: Florida

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby rotorhead »

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Post by JW Nearly Retired » Wed Jul 03, 2013 10:45 am
You know, you don't need to talk to EJ at all to do a transfer of assets. You just fill out Vanguards transfer of assets forms per the form instructions, and it happens in like 3 or 4 working days (using the US mail). I've done this many times without talking to either the old fund company or with Vanguard at all. For your first time doing it talking to Vanguard first would be a good idea. No reason whatsoever to talk to EJ. The IRA and the taxable transfers are separate forms.

This is exactly what I did when I transferred my account from Schwab to Fidelity. Schwab did charge the $50 account closing fee; but Fidelity immediately credited me for it without hesitation when I asked them about it.

Conduct the transaction exactly as JW Nearly Retired has suggested. It works.

Edited to add: At no time did I have any direct correspondence with Schwab; and in fact never heard from them after, except for the 1099 at year end. It's all pretty impersonal, so don't take it so.

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just_trailing
Posts: 33
Joined: Sun Jan 08, 2012 9:32 pm

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby just_trailing »

You can make up this fee if the brokerage you are transferring to gives you a bonus. Schwab usually has such bonuses from time to time. You can buy vanguard ETFs at Schwab. It's trading costs are lesser than Vanguard Brokerage.

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Default User BR
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Joined: Mon Dec 17, 2007 6:32 pm

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby Default User BR »

frugaltype wrote:It didn't work for me when I closed my Schwab accounts and got dinged $50 for each one. Guarantees I won't do business with Schwab in the future tho.

I guess I don't understand. Almost every brokerage does this, and you knew (or should have known) about it going in. Also, almost any brokerage besides Vanguard would reimburse you for fees if the portfolio is of reasonable size. This is part of what pays the freight so that you can have reduced fees elsewhere.

Brian

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Topic Author

WEL
Posts: 61
Joined: Sat Jun 29, 2013 11:03 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby WEL »

nisiprius wrote:I don't know whether polite asking would work, but I once got a closing fee refunded by writing a high-quality complaint letter to the CEO. My success rate on this sort of thing has been pretty good, and the key elements seem to be:

  • paper, mailed letter, not email, not telephone;
  • get CEO's name and corporate headquarters address from annual report, using Wikipedia or "shareholder relations" from their website;
  • less than a page long; state exactly what you want them to do in the first sentence;
  • do not make any references to any legalisms whatsoever. Instead use language like "I do not feel this is fair," so that in responding to it they are responding to a one-off request and not setting any precedent;
  • no fibs, it is all but certain that you have a signature or e-signature on file somewhere over a thick wad of fine print that says you knew all about the fee;
  • no hostility, no threats of any kind, cordial tone is that of asking a favor, I am a long-standing customer who is disappointed and if you did this I would now be happy;
  • no long complicated stories;
  • enclose just enough documentation to make it easy for the person who gets the letter to do their work; in this case, a copy of the final statement showing all your ID and account numbers and the closing fee (which you would circle).
  • limit your goal is to getting your own problem taken care of, in this case refunding the closing fee; your goal should not be to teach them a lesson or change their policy or acknowledge their sleaziness.

Yes, it takes an hour or so of time to do. And, yes, you need to steel yourself in advance for the possible sting of rejection.

First off, thank you all for the very helpful replies.

nisiprius: $95 an hour works for me! I have used this same basic format for the letters I have written in the past to various companies and it has yielded positive results for me as well. Thank you for taking the time to type it all out!

Bolderboy: Sounds like a challenge How Can I Avoid the $95 Edward Jones Account Closing Fee? (9)

JW Nearly Retired: I have switched my Roth IRA to Vanguard without ever speaking if the company holding my account (American Funds). For some reason my taxable was always held at Edward Jones while my Roth was at AmFunds. I called Vanguard and they asked me about half a dozen easy questions and then had me approve the form from my online Vanguard Investor page. It indeed was quick and easy. They said the funds should be at Vanguard within 4 days.

This forum needs a multi-quote feature!

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JW-Retired
Posts: 7189
Joined: Sun Dec 16, 2007 11:25 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby JW-Retired »

WEL wrote:JW Nearly Retired: I have switched my Roth IRA to Vanguard without ever speaking if the company holding my account (American Funds). For some reason my taxable was always held at Edward Jones while my Roth was at AmFunds. I called Vanguard and they asked me about half a dozen easy questions and then had me approve the form from my online Vanguard Investor page. It indeed was quick and easy. They said the funds should be at Vanguard within 4 days.

WEL wrote: This forum needs a multi-quote feature!
WEL Posts: 7Joined: 29 Jun 2013

Good with the quick and easy transfer.

You can do multiple quotes by copying the text, clicking on "quote" at the top of the frame, pasting the text, and then filling in the quotee, ="WEL" in my post here.
JW

Retired at Last

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Topic Author

WEL
Posts: 61
Joined: Sat Jun 29, 2013 11:03 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby WEL »

Moments ago I got off the phone with what seemed to be a well-versed Investor Relations Representative. She said the Edward Jones $95 account closing fee only applies to Roth IRAs held at Edward Jones. Taxable accounts are not penalized at closing.

See Also
Move Money | Robinhood

Tomorrow I will call my Edward Jones advisor and give him a chance to convince me to stay with him. I believe that's fair. I predict he will make a weak argument. I will then have him liquidate all my funds and close my account. The funds will be transferred into my bank account which is linked to my Vanguard account. Once available, I will use the cash to purchase Vanguard funds inside my lazy portfolio.

Thank you for all the help, everyone. I hope this thread helps someone else in the future.

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How Can I Avoid the $95 Edward Jones Account Closing Fee? (10)

LAlearning
Posts: 1365
Joined: Wed May 09, 2012 12:26 pm
Location: Los Angeles

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby LAlearning »

WEL wrote:Moments ago I got off the phone with what seemed to be a well-versed Investor Relations Representative. She said the Edward Jones $95 account closing fee only applies to Roth IRAs held at Edward Jones. Taxable accounts are not penalized at closing.

Tomorrow I will call my Edward Jones advisor and give him a chance to convince me to stay with him. I believe that's fair.Really? Is it really fair? You should ask him to guarantee your returns will at least match the market if not exceed them UNTIL YOU RETIRE if you keep the accounts with him. That seems fair. I predict he will make a weak argument. But you still want to waste your time? I will then have him liquidate all my funds and close my account. Just let Vanguard do it. You just need to sign the form and its done. The funds will be transferred into my bank account which is linked to my Vanguard account.Make sure you are transferring "in-kind" as much as possible. Didnt read the thread or see what your moving. Once available, I will use the cash to purchase Vanguard funds inside my lazy portfolio.

Thank you for all the help, everyone. I hope this thread helps someone else in the future.

I know nothing!

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MN Finance
Posts: 1879
Joined: Sat Dec 22, 2012 9:46 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby MN Finance »

Since you're trying to be fair, I would spare the FA his/her time and just leave if that's the decision. I'd be pretty annoyed if someone who was already leaving asked me why they should stay and wasted my time.

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Topic Author

WEL
Posts: 61
Joined: Sat Jun 29, 2013 11:03 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby WEL »

LAlearning wrote:

WEL wrote:Moments ago I got off the phone with what seemed to be a well-versed Investor Relations Representative. She said the Edward Jones $95 account closing fee only applies to Roth IRAs held at Edward Jones. Taxable accounts are not penalized at closing.

Tomorrow I will call my Edward Jones advisor and give him a chance to convince me to stay with him. I believe that's fair.Really? Is it really fair? You should ask him to guarantee your returns will at least match the market if not exceed them UNTIL YOU RETIRE if you keep the accounts with him. That seems fair. I predict he will make a weak argument. But you still want to waste your time? I will then have him liquidate all my funds and close my account. Just let Vanguard do it. You just need to sign the form and its done. The funds will be transferred into my bank account which is linked to my Vanguard account.Make sure you are transferring "in-kind" as much as possible. Didnt read the thread or see what your moving. Once available, I will use the cash to purchase Vanguard funds inside my lazy portfolio.

Thank you for all the help, everyone. I hope this thread helps someone else in the future.

I understand your frustration and I'm frustrated as well with my Edward Jones "advisor". I think it would be rude to just up and close my account with no prior voiced concern (besides me stopping new investments for the past 6 months). Seeing him around town will at least be less uncomfortable this way.

Vanguard can't liquidate my EJ funds and transfer them to Vanguard in a taxable account.

I called EJ client services and they said I need to contact my advisor. My only tiny worry is that EJ will drag their feet. I will stay on him to get it done though.

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rustymutt
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Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby rustymutt »

If you're tranferring this over to another institution, ask that institution to pay the fee. Can't hurt to ask them.

Even educators need education. And some can be hard headed to the point of needing time out.

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jlawrence01
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Location: Southern AZ

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby jlawrence01 »

I had to open up an account at Merrill Lynch to exercise my incentive stock options. I had the same feeling that there would be an exit fee. When I exercised the options, I made sure to deposit $1 more than I needed to buy the stock.

When I received the stock, I immediately transferred the stock to E*trade. When I tried to close the ML account, they wanted to hot me with a $95 fee. I said to keep it open. I will let ML hold on the $1 and spend $$$ sending me statements each quarter. I have NO INTENTION of closing the account or using those clowns again.

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cdogg44
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Joined: Sat May 25, 2013 11:51 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby cdogg44 »

I left EJ for Fidelity two months ago. I had two account, a taxable investment account and a Roth IRA. I called and told them that I didn't mind the fees but I wanted to pay for both of them, $195, out of the taxable account so I didn't lose the value in my Roth. They said no problem.

It didn't happen and they charged me $95 out of each account. I called, complained, and they waived the fee on the Roth account and reimbursed me the money.

Everybody charges account termination fees. Just pay it and go on, but make 100% sure that you DON"T pay it out of an IRA account. And also make sure that for the foreseeable future they broker you switch too will cover all your needs. I researched them all and Fidelity is what works best for me and my family. Two months in and I couldn't be happier.

EDIT: I would not liquidate the EJ account to cash prior to transferring. Their commissions can be very high. Plus most brokers give you free trades which are great to allow you to sell off EJ investments and get to where you want to be.

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mathwhiz
Posts: 897
Joined: Tue Jul 01, 2008 7:58 pm

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby mathwhiz »

I understand your frustration and I'm frustrated as well with my Edward Jones "advisor". I think it would be rude to just up and close my account with no prior voiced concern (besides me stopping new investments for the past 6 months). Seeing him around town will at least be less uncomfortable this way.

Eh, this is part of the EJ business model. They hire "sales" guys with no financial experience and then train them in the basics to go door to door and make personal relationships with people so they become their clients. He might be a nice guy but feeling bad seeing him around town should be the last of your considerations. Your financial future is much more important. Politely but firmly ask to leave.

Last edited by mathwhiz on Wed Jul 24, 2013 3:25 pm, edited 1 time in total.

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Default User BR
Posts: 7502
Joined: Mon Dec 17, 2007 6:32 pm

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby Default User BR »

rustymutt wrote:If you're tranferring this over to another institution, ask that institution to pay the fee. Can't hurt to ask them.

There's no point in asking Vanguard. They won't.

Brian

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Default User BR
Posts: 7502
Joined: Mon Dec 17, 2007 6:32 pm

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby Default User BR »

WEL wrote:Vanguard can't liquidate my EJ funds and transfer them to Vanguard in a taxable account.

No, but you can transfer in-kind and sell once you get to the new custodian. That's the preferred method by many. You aren't out of the market and you don't need to wait on a custodian that has no incentive to do things quickly.

Brian

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How Can I Avoid the $95 Edward Jones Account Closing Fee? (11)

Duckie
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Joined: Thu Mar 08, 2007 1:55 pm

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby Duckie »

Default User BR wrote:

WEL wrote:Vanguard can't liquidate my EJ funds and transfer them to Vanguard in a taxable account.

No, but you can transfer in-kind and sell once you get to the new custodian. That's the preferred method by many.

Check before you move anything "in-kind" because many funds at EJ have no "commission" when sold. If you hold any of those it would be cheaper to liquidate them at EJ.

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How Can I Avoid the $95 Edward Jones Account Closing Fee? (12)

abuss368
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Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby abuss368 »

It never hurts to ask....

John C. Bogle: “Simplicity is the master key to financial success."

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Topic Author

WEL
Posts: 61
Joined: Sat Jun 29, 2013 11:03 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby WEL »

My Edward Jones advisor is out of town for the next 10 days on a "diversity trip". Sounds enlightening. I had his admin. assistant liquidate the funds and transfer them to my bank account. Once the transfer is complete (I was told 3-5 business days), I will bring the funds into my Vanguard taxable. I asked many times about Edward Jones fees for doing this process and I was told there will be zero fees for selling A share American Funds and closing my Edward Jones account completely.

I will post back if there are any hiccups.

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How Can I Avoid the $95 Edward Jones Account Closing Fee? (13)

LAlearning
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Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby LAlearning »

What taxes are you going to owe?

I know nothing!

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How Can I Avoid the $95 Edward Jones Account Closing Fee? (14)

Abe
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Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby Abe »

WEL wrote:

LAlearning wrote:

WEL wrote:

I understand your frustration and I'm frustrated as well with my Edward Jones "advisor". I think it would be rude to just up and close my account with no prior voiced concern (besides me stopping new investments for the past 6 months). Seeing him around town will at least be less uncomfortable this way.

Vanguard can't liquidate my EJ funds and transfer them to Vanguard in a taxable account.

I called EJ client services and they said I need to contact my advisor. My only tiny worry is that EJ will drag their feet. I will stay on him to get it done though.

Before I converted to Bogleheadism, I had an account with Wells Fargo Advisors. I received a letter from my "financial advisor" at WF saying the demands for his time had increased and he would like to transfer my account to (name of another WF advisor). I had an account with this man for over 25 years and he did not even give me a call. The reason he didn't want my account anymore was because I would not let him churn my account anymore. These people are sharks. They care nothing about you. All they want is the money. I would not worry about being rude to them.

Also, I had a small business and did credit business. When a customer left, most of the time they would just disappear and stiff me for any money they owed. I sure would of been nice to charge them almost $100.00 to close their account.

Slow and steady wins the race.

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Topic Author

WEL
Posts: 61
Joined: Sat Jun 29, 2013 11:03 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby WEL »

LAlearning wrote:What taxes are you going to owe?

I planned my taxes for 2013. Unless I earn more this year than I expect, I won't have to pay any capital gains.

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Stonebr
Posts: 1472
Joined: Wed Jan 21, 2009 10:19 am
Location: Maine

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby Stonebr »

This is how full service brokers make money nowadays -- by losing customers. A little sympathy for the devils...

"have more than thou showest, | speak less than thou knowest" -- The Fool in King Lear

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leonard
Posts: 5993
Joined: Wed Feb 21, 2007 10:56 am

Re: How Can I Avoid the $95 Edward Jones Account Closing Fee

Postby leonard »

WEL wrote:At this point, I only have a few American Funds left at Edward Jones. Soon I will finish selling them and buying Vanguard funds instead. You may remember me from this thread: http://www.bogleheads.org/forum/viewtop ... 6#p1739046

I called Edward Jones and they said there is a $95 fee to close an account.

Here is my question as the title of this thread may hint at...

A) Is there a way to forego the Edward Jones fee?

B) If there is not a way to avoid the fee, is there a place to park a little cash (maybe as part of an emergency fund of cash or Money Market) within the account so it can remain open and therefore avoid the fee?

Please don't scoff too much at this 23-year-old's desire to avoid spending $95. I've already paid enough to Edward Jones. This would be a moral victory as much as monetary.

Thank you for reading!

P.S. I would call Edward Jones directly for suggestions but I'm guessing they would not be too helpful. How Can I Avoid the $95 Edward Jones Account Closing Fee? (15)

Try leaving $1 in the account.

Leonard | | Market Timing: Do you seriously think you can predict the future? What else do the voices tell you? | | If employees weren't taking jobs with bad 401k's, bad 401k's wouldn't exist.

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35 posts• Page 1 of 1

How Can I Avoid the $95 Edward Jones Account Closing Fee? (2024)

FAQs

Does Edward Jones charge a lot of fees? ›

The Program Fee is 1.35% and the Portfolio Strategy Fee begins at 0.19%. These fees are tiered so additional invested assets are subject to lower fees. These fees do not include internal investment expenses.

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Can you cancel Edward Jones account? ›

(c) You may cancel Online Access and revert to U.S. mail delivery, by contacting Online Client Support at 800-441-5203. Any changes will be active within 30 days, unless you are otherwise notified by Edward Jones.

Read More ›
What is the minimum account balance for Edward Jones? ›

Jones & Co., L.P. (“Edward Jones”), in its capacity as the Fund's transfer agent, may charge you a $3.00 fee for any month in which you fail to maintain a $2,500 average monthly balance for Investment Shares or a $1,500 average monthly balance for Retirement Shares.

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Why not to use Edward Jones? ›

Cons: Edward Jones' fees are higher than the national median advisory fee. The firm has brokerage partnerships established with the mutual funds, 529 programs, and annuities it represents. That means it'll receive revenue sharing payments when it makes purchases on behalf of its clients.

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Why does Edward Jones charge so much? ›

Edward Jones has a lot of sales reps/ brokers/ advisors and real estate. This is one of the primary reasons that fees are so high for clients. Most of their advisors are not a fiduciary for clients. Edward Jones also uses a lot of expensive mutual funds like American Funds and other companies that have 12b-1 fees.

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Is Edward Jones more expensive than Fidelity? ›

Edward Jones centers its services around personalized financial advice, so its fees may be a little higher than Fidelity Investments' fees. Fees change depending on which service you choose and how much you invest.

Continue Reading ›
How much does it cost to close an investment account? ›

Brokerage fee
Brokerage feeTypical costHow to avoid
Account closing or transfer fees$50 to $75Most brokerages charge a fee to transfer or close your account. Some brokerages will offer to reimburse transfer fees incurred by new customers.
5 more rows
Mar 31, 2023

Find Out More ›
Is there a penalty for withdrawing from Edward Jones account? ›

If you are younger than 59½, the IRS will generally consider the payout an early distribution, and you could be assessed a 10% early withdrawal penalty in addition to federal and state income taxes. Even if you are 59½ or older, by cashing out, you will typically pay income taxes on all the assets at once.

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Does it hurt to close investment account? ›

But the money you earn on your investments can also be subject to taxes once you sell your holdings, especially if you sell less than a year after purchasing a security. And that's also true if you close your brokerage account. It's considered a sale and you may owe taxes.

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How do I cash out my Edward Jones account? ›

Simply call your financial advisor or transfer funds online through Online Access, and the transaction usually settles in one business day. Fees may apply.

Tell Me More ›

What bank is associated with Edward Jones? ›

Edward Jones has arranged with BNY Mellon Investment Servicing Trust Company for PNC Bank, N.A., to issue Visa® cards to Edward Jones clients. When you use your cards, you will be accessing the available balance in your Edward Jones account.

Learn More Now ›
Is Edward Jones owned by Wells Fargo? ›

Edward Jones is a subsidiary of The Jones Financial Companies, L.L.L.P., a limited liability limited partnership owned only by its employees and retired employees and is not publicly traded.

Learn More Now ›
Is Edward Jones losing advisors? ›

A year after Edward Jones suffered its first loss in U.S. financial advisor headcount in a decade, the firm's attrition rate is tapering off and it's deploying an ambitious hiring plan.

Get More Info ›
What are the best alternatives to Edward Jones? ›

Morgan Stanley is a financial services firm that advises, originates, trades, manages, and distributes capital. Goldman Sachs (also known as The Goldman Sachs Group) is an investment banking, securities, and investment management company. Vanguard is an investment management company.

Find Out More ›
Who is better Charles Schwab or Edward Jones? ›

Compare company reviews, salaries and ratings to find out if Charles Schwab or Edward Jones is right for you. Charles Schwab is most highly rated for Work/life balance and Edward Jones is most highly rated for Work/life balance.
...
Overall Rating.
Overall Rating3.93.8
Management3.53.4
Culture3.83.6
3 more rows

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What is the average amount in an Edward Jones account? ›

What is the average client balance at Edward Jones? While Edward Jones advises clients across a variety of portfolio sizes, the average client balance is currently $200,213. In total, Edward Jones manages $654.2 billion in assets.

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Who gets paid the most at Edward Jones? ›

The highest-paid job at Edward Jones is a team leader.

These professionals earn an average salary of $100,487, which works out to about $ 48.31 per hour.

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What is the average return from Edward Jones? ›

Since inception in January 1993, the Edward Jones Stock Focus List has provided an average annual total return of 9.6% compared to 9.5% for the S&P 500. Total returns assume reinvestment of dividends, capital appreciation and an annual management fee of 0.30% (prior to 2009 a transaction fee of 1% was assessed).

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How do Edward Jones advisors get paid? ›

Your financial advisor generally receives between 36% and 40% of the compensation Edward Jones receives from asset-based fees, transactional revenue, ongoing 12b-1 fees, trail commissions and revenue from premiums generated by activity in your financial advisor's clients' accounts.

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What brokerage do most millionaires use? ›

What brokerage firms do billionaires use? Many very wealthy individuals use the top brokerage firms, such as Fidelity, Schwab, Vanguard, and TD Ameritrade, among others. They invest in private equity and hedge funds.

Know More ›

What is the success rate of an Edward Jones financial advisor? ›

The success rate for an advisor in the Goodknight plan (the firm started 636 Goodknight partnerships last year) is about 80 percent compared to about half that when advisors start from scratch at the firm.

View More ›
How can I avoid high investment fees? ›

Choosing low-cost mutual funds, going with passive investments like an ETF or an index fund, and being aware of how much you are paying in fees can go a long way toward reducing the amount you pay to invest.

Keep Reading ›
How do you avoid fees when investing? ›

To avoid or reduce investment fees, start out with no fee brokers. Most online brokers now do not charge fees or commissions for transacting buy and sell orders of stocks. Utilize low-cost index funds with low expense ratios. Similarly, choose no-load mutual funds.

Get More Info ›
How do I get rid of brokerage fees? ›

Here are three ways to do so:
  1. Invest in exchange-traded funds (ETFs) rather than mutual funds. The expense ratios are almost always lower for an ETF versus a comparable mutual fund. ...
  2. Avoid products with front-end loads, back-end loads or 12b-1 fees. ...
  3. Seek out ETFs with no trading fees.

Read More ›
Does Edward Jones have a good reputation? ›

Does Edward Jones have a good reputation? A 2021 J.D. Power study ranked Edward Jones above average in overall investor satisfaction, with customers praising the firm's people, products, and fees. 8 However, customer complaints frequently center on difficulties accessing funds and receiving company support.

Get More Info ›
Are you taxed when you withdraw from brokerage account? ›

Taxable Accounts

Unlike an IRA or a 401(k), with a brokerage account, you can withdraw your money at any time, for any reason, with no tax or penalty.

View More ›
Can I leave cash in my brokerage account? ›

What Are Some Examples of Low-Risk Things To Do With Brokerage Cash? Investors can leave the money where it is and it will earn a tiny rate of interest similar to that of a bank savings account. Still, it will be insured if it's swept into an FDIC-covered account.

Read More ›
Is it better to close an account or let it close? ›

Closing an account may save you money in annual fees, or reduce the risk of fraud on those accounts, but closing the wrong accounts could actually harm your credit score. Check your credit reports online to see your account status before you close accounts to help your credit score.

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Should I withdraw money before closing account? ›

If you still have money in the account after everything clears, withdraw the money or transfer it to your new account. If your bank account has a minimum balance requirement, only transfer money out of the account when you're ready to close it so that you're not charged a monthly maintenance fee.

Get More Info ›
How much cash you should keep in an investment account? ›

Cash and cash equivalents can provide liquidity, portfolio stability and emergency funds. Cash equivalent vehicles include savings, checking and money market accounts, and short-term investments. A general rule of thumb is that cash and cash equivalents should comprise between 2% and 10% of your portfolio.

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How do I remove money from my investment account? ›

You can transfer the money to a bank account, wire it, or request a physical check. Most brokers, even the best online brokers that don't have many fees, do charge fees for wire transfers. This type of transfer is faster than a standard electronic funds transfer.

See Details ›
What happens when you cash out an investment account? ›

Cashing out mutual funds from an IRA or other qualified retirement account could trigger income tax on earnings, as well as an early withdrawal tax penalty. Withdrawing money from your investments to pay debt means missing out on future growth from compounding interest.

Read On ›
How long does it take to get a check from Edward Jones? ›

Newly deposited checks less than $100,000 have a three-business-day hold before deposited funds may be disbursed. Newly deposited checks equal to or greater than $100,000 have a five-business-day hold before deposited funds may be disbursed.

See More ›
Who are the top 5 financial advisors? ›

Key Takeaways. BlackRock, Vanguard, Fidelity, State Street Global Advisors, and J.P. Morgan Asset Management are the five largest financial advisory firms in the United States, ranked by assets under management (AUM).

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Is Edward Jones a fee only fiduciary? ›

Is Edward Jones a Fiduciary? Edward Jones does not serve as a fiduciary except for at the Plan level of retirement plans. This means that their advisors aren't legally required to put their clients' needs ahead of their own.

Read More ›
What is Edward Jones interest rate? ›

Please visit the Federal Deposit Insurance Corporation or contact your Edward Jones financial advisor for additional information. Subject to availability and price change.
...
FDIC-Insured Certificates of Deposit.
TermAnnual Percentage Yield* (%)
1-year4.95%
18-month4.80%
2-year4.70%
30-month4.650%
8 more rows

Show Me More ›
Who are the top 10 financial advisors? ›

  • Woodley Farra Manion.
  • Dana Investment Advisors.
  • Albion Financial Group.
  • Heritage Investment Group.
  • Edgemoor Investment Advisors.
  • Salem Investment Counselors.
  • Leavell Investment Management.
  • Halbert Hargrove Global Advisors.
Oct 4, 2022

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Are employees required to move their investments to Edward Jones? ›

Yes they are. FINRA does not require you to transfer your assets from one firm to another. However the hiring firm can require that you do as a condition of employment as is the case with Ed Jones.

Get More Info ›
Is Wells Fargo better than Edward Jones? ›

Edward Jones scored higher in 8 areas: Overall Rating, Culture & Values, Work-life balance, Senior Management, Career Opportunities, CEO Approval, Recommend to a friend and Positive Business Outlook. Wells Fargo scored higher in 1 area: Compensation & Benefits. Both tied in 1 area: Diversity & Inclusion.

Tell Me More ›
Who is the risk leader at Edward Jones? ›

Christopher Ruck - Operations Risk Team Leader - Edward Jones | LinkedIn.

See More ›

Why advisors are quitting? ›

Financial advisors are leaving the industry for all sorts of reasons, but in most cases, the root cause can be traced to the same origin: failed training programs. The result is that many advisors struggle to build an enduring practice.

Learn More ›
Why choose an Edward Jones financial advisor? ›

Edward Jones financial advisors help people plan for life's big moments. By taking time to understand clients' unique needs, they're able to present personalized investment solutions that are designed to help meet lifetime goals. Best of all, it doesn't take an expert.

Discover More Details ›
Does Edward Jones charge high fees? ›

Some of the products Edward Jones sells come with high fees, such as life insurance and annuities. But that will be true at any other firm for those same financial products. EJ says that 36% to 40% of these commissions go straight to the advisor.

Read On ›
Is Edward Jones under investigation? ›

Edward Jones is the latest firm swept up in the SEC's wide-ranging investigation into communications with clients via unauthorized personal devices. The firm disclosed the Securities and Exchange Commission inquiry in its annual report filed Friday with the SEC.

Continue Reading ›
What is the best brokerage firm to use? ›

NerdWallet's Best Online Brokers for Stock Trading of April 2023
  • Fidelity.
  • Merrill Edge.
  • Interactive Brokers IBKR Lite.
  • J.P. Morgan Self-Directed Investing.
  • Webull.
  • Robinhood.
  • Ally Invest.
  • Firstrade.
Apr 3, 2023

Read The Full Story ›
Who is Edward Jones biggest competitor? ›

Goldman Sachs (also known as The Goldman Sachs Group) is an investment banking, securities, and investment management company. Vanguard is an investment management company. BlackRock is an investment management company providing investment and technology services to institutional and retail clients.

Show Me More ›
What is the highest paid Edward Jones advisor? ›

The highest-paid job at Edward Jones is a team leader.

Department Lead – $98,600. Investment Advisor – $95,148.

Explore More ›
Can you take money out of Edward Jones without penalty? ›

If you are younger than 59½, the IRS will generally consider the payout an early distribution, and you could be assessed a 10% early withdrawal penalty in addition to federal and state income taxes. Even if you are 59½ or older, by cashing out, you will typically pay income taxes on all the assets at once.

Learn More ›
Is financial advisor worth 1 percent? ›

While 1.5% is on the higher end for financial advisor services, if that's what it takes to get the returns you want then it's not overpaying, so to speak. Staying around 1% for your fee may be standard but it certainly isn't the high end. You need to decide what you're willing to pay for what you're receiving.

View More ›
How do I get money out of my Edward Jones account? ›

Simply call your financial advisor or transfer funds online through Online Access, and the transaction usually settles in one business day. Fees may apply.

Discover More ›

Which company pays financial advisors the most? ›

In May 2022, Financial Planning listed Edward Jones as the number one firm for Best Advisor Pay for $2M, $1M and $600K producers and second for the $400K producer.

View More ›
What is a good average rate of return? ›

Most investors would view an average annual rate of return of 10% or more as a good ROI for long-term investments in the stock market. However, keep in mind that this is an average.

Discover More ›
Does Edward Jones have good returns? ›

Our expectations are for fixed-income returns to average 3% to 4.25%. Therefore, if your portfolio objective is Balanced Growth and Income, for example, you can expect a long-term average return between 4.5% and 6.5%.

Discover More Details ›
How much interest will $250 000 earn in a year? ›

Many high-yield savings accounts from online banks offer rates from 2.05% to 2.53%. On a $250,000 portfolio, you'd receive an annual income of $5,125 to $6,325 from one of those accounts.

Keep Reading ›
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