Move funds from Edward Jones
Terry, I have an account with Edward Jones but because of their high fees I am thinking I should move to a fiduciary (after listening to you on WGN) but will I be charged by Edward Jones for moving out?
Terry Says
Good advice is worth paying for, but excessive fees and hidden costs can negatively impact your investment returns over the long run.
Your first step is to find a fiduciary advisor — one who pledges to put your interests first, and charge no commissions. YOu can find such an advisor through Wealthramp.com.
But you could also do it yourself, simply by transferring your account to Fidelity or Vanguard which have lower fees. You’d have to make the investment decisions on your own, though.
Your current broker might charge you commissions to liquidate the account and transfer the cash to a new company. If the account is after-tax money (not an IRA) then you might incur capital gains taxes when they sell your shares. Some brokers will transfer your shares to a new firm, and not sell to transfer cash. Definitely ask about this– especially if it is not a retirement account.
