Key Takeaways
• Advisory and brokerage accounts can both be opened at either Ameriprise or Edward Jones.
• All accounts at both firms are full service, so there are no commission-free, self-directed brokerage accounts.
• Beyond investing, both financial powerhouses offer various cash-management services.
Ameriprise vs Edward Jones
For a traditional investment experience, there are Edward Jones and Ameriprise. These full-service brokerage firms offer securities, insurance, and much more.
Services
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Edward Jones and Ameriprise: none
Insurance and Securities
For long-term planning, Ameriprise and Edward Jones offer their clients insurance and securities. The former category includes policies for life insurance, long-term care insurance, annuities, and disability insurance. In the latter category, there are assets like stocks, bonds, and mutual funds.
At either firm, securities will be held inside investment accounts, and these will come in two varieties: brokerage and managed. In the latter setup, an investment advisor representative with the firm decides what to buy and sell in the account and is generally responsible for overseeing it. In the former, the client decides what to trade in consultation with the financial advisor. Accounts of either type are opened through that financial advisor. There is no self-directed trading at either brokerage firm.
Because Edward Jones and Ameriprise are both full-service firms, an account of either type, brokerage or managed, comes with an investment advisor who is capable of providing a range of financial-planning services. These may include:
- Employee benefits planning
- Estate settlement
- Retirement planning
- Education saving
- Income tax related planning (tax advice is not available, however)
Winner: Pretty even overall
Cash Management
Ameriprise customers can open a variety of bank or bank-like accounts for their everyday cash needs. The company operates its own FDIC-insured bank that delivers between 3.25% and 4.25% APY, depending on the account’s balance. Then there is the company’s FDIC sweep that moves idle cash from investment accounts into multiple banks. These don’t pay nearly the same interest rates, although there is 10 times the normal amount of FDIC insurance.
The company’s Ameriprise ONE account is a hybrid bank-brokerage account that adds banking features, such as checkwriting, bill pay, and a debit card, to an investing account.
Edward Jones clients can use checks and debit cards, too. Business accounts have to pay $35 per year to use a debit card. Like Ameriprise, Edward Jones has partnered with multiple FDIC-insured banks to create a sweep program that delivers many times the normal rate of protection. Interest rates are pretty low, although cash-management perks like bill pay are available.
Both financial conglomerates also have credit cards that provide all sorts of perks. These cards require an existing relationship with the respective firm.
Winner: Once again, it’s a draw
Margin
Brokerage clients at both Ameriprise and Edward Jones can use leverage in their accounts to increase
gains and losses. Both firms use tiered margin schedules for interest charges. Ameriprise’s starts at
13.25% and ends at 10.25% (for balances above $500k). Edward Jones’ scale begins at 9% and terminates at 5.75% (for balances above $10 million).
Both broker-dealers have securities-based lending programs that let their clients borrow money using
their investments as collateral.
Winner: Edward Jones
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
Visit Wiser Advisor
Websites
Ameriprise has a website with various tools for a wide range of functions. These include downloading statements, looking over account performance, and funds transfer. The site also has trading tools that can be used by some brokerage clients (look under the Trade & Research tab).
Edward Jones skips the trading portion of the experience, which is a pretty big oversight. Nevertheless, its site does have some useful gadgets. These include a message center, an interactive chart that displays a portfolio performance history that is combined from multiple accounts, and various cash-management tools.
Winner: Ameriprise
Mobile Apps
Both investment firms have updated to the 21st century, so it goes without saying that they have mobile software. The Ameriprise app loses the trading tools we found on its website, although there are some really useful account-management features. For instance, there is a mobile check-deposit widget, and asset allocation is shown in pie-chart format. The app also displays important balance metrics, such as long and short positions and the account’s margin debit.
Over at Edward Jones, we find a similar picture. There is no trading software, but there is a suite of useful features, including a blue button to connect an external bank account for quick transfers. This button will be found under the Banking tab in the bottom menu. Other tabs down here include Goals, Accounts, and Snapshot. This last one displays the client’s portfolio return over one year.
Winner: Pretty even
Added Services
Recurring Mutual Fund Investing: Available inside an Edward Jones account (for stocks, too).
IPO Access: Ameriprise investors can purchase primary offerings of preferred securities and closed-end funds.
Extended Hours: Trades are placed in the regular session at either firm.
Individual Retirement Accounts: Both firms have IRAs and both firms charge IRA fees that are avoidable.
DRIP Service: Cash dividends can be reinvested as additional shares in the securities that paid them at either firm. The service may not be available in all account types or for all equities.
Fractional-Share Trading: Only whole shares can be purchased at Edward Jones and Ameriprise (although the DRIP system will earn fractional shares).
Fully-Paid Securities Lending Program: Neither brokerage house offers it.
Winner: Draw
Our Recommendations
Small Accounts: Because both investment firms are full-service outfits, neither one is very
good for small investors. We suggest Robinhood instead.
Beginners: Edward Jones and Ameriprise are both good places for novices.
Frequent Equity Trading: Neither outfit is a great place for active stock traders. There is no
commission-free trading, for example. Charles Schwab would be a better idea.
Retirement Savers and Long-Term Investors: Either company will do.
Mutual-Fund Trading: Ditto.
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
Visit Wiser Advisor
Edward Jones vs Ameriprise Judgment
For traditional full-service investing, Edward Jones and Ameriprise both do a decent job of providing a lot of guided services. Self-directed traders should opt for Ameriprise or look elsewhere.
Updated on 4/8/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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