Question concerning Edward Jones?

Question

I have an account at Edward Jones because i knew that they were good in investing...i started working and saved up to $1000. what i wanted to do is keep 500 but with the other half put it in a ROTH IRA...my question is Edward Jones, is it only for investment? can they give me financial advice without me committing myself even more?

Answer 1

Buy $500 in scratch off lotto tickets-you'll be rich!

No, seriously my aunt works at an Edward Jones and it is strictly for investing. You can get your IRA at your bank.

Answer 2

Edward Jones is an excellant company.

Yes.... they give advice.

Yes they're good for Roth IRA's.

Don't use banks or insurance companies for any investments.

Read a book or two on Mutual Funds. Start with "Mutual Funds For Dummies". Learn about "asset allocation" & no-load Mutual Funds.  You'll pay much less in fees & get the same or better performance. If you're not at ease doing this on your own.... stick with Edward Jones.  They're better than most.

Answer 3

You decided to have someone help you with your financial planning and you have selected a firm that has a good reputation, so why are you coming to Yahoo answers to get the opinions of many amatuers who know less about you than your advisor.

The firm is out there to help you, to give you FREE information and to make your invesment decisions easier and to provide for your future.  There's no need to ask others the advice, they don;t know your background, you current position and for them to give their opinons would be totally wrong and improper and for you to take their advice would be foolish.

Take all the advice they give you, it's free and you don't have to committ to anything and that's the law.

Just like all things you may do in life - If you don't trust the people you do business with, don't do business with them

Answer 4

First of all, I am a small investor with Edward Jones; my brother is a financial advisor with the company (although I have kept my investments with a different Edward Jones advisor who I used before my brother become an advisor).  

My brother has told me that he makes approximately $20 if somebody invests $1000 into a mutual fund and approximately $200 if $10,000 into a mutual fund.  In other words, the fees in which your rep may be receiving is quite small in relation to the amount of work he may be doing for you.  My brother in fact states that many of his brokerage firm competitors will not accept a client unless they have at least $100,000 to $250,000 in assets to invest; Edward Jones does not have an account minimum.  I think you need to really focus on how much the person you are working with at Edward Jones is focused on financial planning.  Ensure that your advisor tries to look at the whole picture including estate planning, debt pay-down planning, insurance planning, etc.  In conclusion, ensure that your Edward Jones rep is holistic in approach and is somebody who you feel communicates well with you.  The small amount you will pay in fees will be worth it if your advisor is holistic in nature, versus product/investment focused.

Answer 5

Edward Jones does do IRAs. Most investment firms do. However... Most firms also charge a yearly fee of anywhere between 75-150. so your money may get eaten up if you don't contribute more.

My question is... Why a Roth IRA? There are no tax benefits to contributing to it?

Conversely, there is no tax penalties if you take it out early either.

My advice is, if your young, and nearly positive the money isn't going to make it (i.e. your going to pull it before retirement) then just put it in a CD.

Answer 6

I'm not sure what you mean when you say Edward Jones is 'good in investing'. How?

Of course Edward Jones gives people financial advice. But be aware: Using financial advice is usually very expensive. Look at the chart on this site:

http://www.saveyournestegg.com/scam.html

Also be aware that Edward Jones has been in trouble with the SEC and has conflicts of interest with their clients:

http://www.sec.gov/news/press/2004-177.h...

Answer 7

They can probably do an IRA but watch for fees.