Edward Jones Account Closing Fee
Edward Jones has account closure fee of $95 for both taxable and non-taxable (IRA) accounts.
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Edward Jones Account Transfer Fee (ACAT)
Edward Jones' account transfer out fee to another brokerage company is $95 for both taxable and non-taxable (IRA) accounts.
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Edward Jones IRA Fees
A selection of Individual Retirement Accounts is available at Edward Jones. The firm provides Traditional, Roth, and Rollover accounts. There is a $40 annual fee for a retirement account held with the broker. For each additional IRA you have, the broker only charges $20.
There is no fee to setup a retirement account with Edward jones, and there is no minimum level of activity required. There is also no low-balance fee. The brokerage house does charge a $95 fee to transfer or close an IRA.
Edward Jones IRA: Cost of Portfolio Management
Edward Jones is a full-service broker. As such, there are no self-directed accounts. The firm charges 0.85% to 2.50% of assets under management to buy and sell securities for its clients. In return for this fee, customers pay no commissions.
The percentage-based fee varies based on a variety of factors and can be negotiated. Larger accounts receive lower rates, while increasing the number of asset classes (adding fixed-income, for example) will increase the broker’s fee.
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Edward Jones IRA Fees Comparison
Edward Jones is much more expensive than a self-directed on-line discount broker. Paying 1-2% or even more will add up over the lifetime of an account. The firm’s management fee is similar to Raymond James’ fee, which varies from 1.0% to 2.25%. However, Raymond James charges for commissions. Stocks and ETF’s are $9.95 per transaction. The broker’s IRA closeout fee is $100, $5 higher than Edward Jones.
Several discount firms have started offering managed accounts at lower rates. M1 Finance, for example, offers free investing.
Fidelity offers both managed and self-directed accounts. On the managed side, the company’s advisory fee starts at just 0.35% for a computer-traded system; while human advisors cost between 0.20% and 1.7%.
Despite the increased cost of investment advice, Edward Jones would be a good choice for retirement savers who need extra assistance, or otherwise don’t want the burden of financial management. The company operates a large chain of branch locations. There are more than 12,700 offices in North America, making it one of the largest chains in the world.
A $40 annual fee, or even $20, is more expensive than the yearly IRA fees that discount brokers charge. Firstrade, Merrill Edge, and Schwab don’t charge any on-going fees for retirement accounts. Other brokers may charge an annual IRA fee but provide ways to avoid it.
Charging $95 to close or transfer an IRA is rather steep, judged by industry norms. Firstrade and Schwab both charge $50 to transfer an account, while OptionsHouse clients pay $60 to close an IRA. Vanguard and TD Ameritrade charge nothing to close a retirement account.
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Edward Jones Account Closing Fee Disclaimer
For the most recent information on broker fees, including Edward Jones closing fees for terminating an account, visit their website.
Updated on 1/16/2019.
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