Edward Jones doesn't offer gold IRAs. Instead, it focuses on providing investors with a large suite of financial instruments. However, if you're looking to hedge against inflation, these financial tools might not be as effective as precious metals.
What is Edward Jones Gold IRA?Edward Jones Gold IRA Locations, Timings, Email, Phone, Services
Edward Jones is a full-service brokerage firm with offices in both Canada and the United States. It was founded in 1922 in St. Louis and has built a solid track record during the twentieth century as one of the most noted portfolio managers that invests heavily in all of its clients. Do they offer Edward Jones Gold IRA? Find out in this review.
The firm first established operations in the United States before expanding into Canada. Today, Edward Jones claims to have over 15,000 branches and nearly 19,000 qualified and experienced financial advisors.
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The percentage may appear unusual, but it is due to the company’s goal of continually connecting with clients in residences while providing high-quality services, rather than clusters of offices in major cities.
The founder, Edward Jones, was a famous personality in the field of personal finance, and he is mostly the reason why this company is still thriving after a century of trading.
This firm has almost $1.7 trillion in AUM (assets under management) and currently serves approximately 7 million clients. The firm primarily focuses on long-term investment opportunities.
However, Edward Jones does not provide a gold IRA that may hold physical precious metals.
Address: 12555 Manchester Rd, St. Louis, Missouri, 63131, United States
Timings: Mon-Fri, 8:30 a.m. to 4:30 p.m.
Phone: (314) 515-2000
People Behind Edward Jones Gold IRA: CEO, Owner, Co-Founders & MoreWho owns Edward Jones Gold IRA? What is the management team behind Edward Jones Gold IRA?
While Edward Jones has approximately 19,000 financial advisors, including an executive team, it is hard to write about everyone in depth, so here are a few key members of the company.
Penny Pennington: Managing Partner
Penny Pennington is the managing partner at Edward Jones. As Edward Jones begins its second century, Pennington, the firm’s sixth managing partner, is leading the firm through a cultural renewal and strategic change that is purpose-driven, leader-led, and team-based.
Pennington began her career as a financial advisor with Edward Jones in 2000 and was promoted to principal in 2006. She held different leadership positions in the firm’s St. Louis headquarters until she became a managing partner in 2019.
She has a bachelor’s degree from the University of Virginia and an MBA from Northwestern University’s Kellogg School of Management.
Ken Cella: Principal, Branch Development
Ken Cella currently serves on the Securities Industry and Financial Markets Association (SIFMA) Board of Directors as chair-elect. As the senior executive sponsor of the Interfaith Business Resource Group at Edward Jones, he contributes to the firm’s commitment to diversity, equity, and inclusion.
He is quite active in the St. Louis community. He is the Chair of the University of Missouri-St. Louis Chancellor’s Council, a member of the Greater St. Louis, Inc. board of directors, the board chair of Chamber STL, and a member of the Concordance Academy of Leadership Board of Directors.
Lisa Dolan: Principal, Chief Operating Officer
Lisa Dolan is the chief operating officer at Edward Jones, where she is responsible for the Operations and Service division, as well as Firm Analytics, Strategic Enablement and Planning, and Workplace Services.
Edward Jones Gold IRA Products: Bullion Coins, Bars, And Rare CoinsAll products offered by Edward Jones Gold IRA
Edward Jones does not provide self-directed Gold IRAs or any other type of self-directed account. That implies you can’t fund your IRA with actual precious metals through Edward Jones. However, the company does have the option to invest in companies that mine gold or engage with gold-related exchange-traded funds.
This kind of investment is known as “paper gold.” In which, you are not purchasing gold bullion or any other precious metals such as platinum, silver, or palladium. Instead, you’re purchasing a paper-based depiction of the precious metal of your choice. Consider it as someone selling you “shares” of gold in a secure area with strict rules in place to avoid fraud.
Beware of Gold IRA scams. Recently several scams have been charged by the authorities. Companies such as Regal Assets, Safeguard Metals and Red Rock Secured defrauded hundereds of retirees like you and me. I strongly suggest you learn how to identify gold IRA scams. You can request a free guide using the button below:
Aside from a direct paper trail to gold or other precious metals, there is also a category known as precious metals mutual funds. Custodians manage the precious metals for the funds’ brokers.
Edward Jones offers both Roth and traditional IRAs, as well as other basic investment options such as:
Unit investment trusts
Edward Jones Gold IRA Fees and Charges: Do they overcharge?What are their fees? Do they have hidden fees?
The firm charges a number of fees, including:
Management fees vary according to account type and investment strategy. This charge is calculated depending on the total amount of investments managed. The lower the percentage of fees charged, the greater the value of these investments.
Portfolio Strategy Fees
These fees are calculated based on your portfolio’s risk level and the amount you choose to invest in securities or other investments.
The firm’s portfolio strategy fees for higher-value investors can range from 0.09% for the Advisor Solutions Fund Model to an even higher 0.19% for the Advisory Solutions UMA (universal market access) Model.
The firm’s trade costs vary depending on the type of asset investment you want to make, with a fixed rate of $20 for stock and ETF trades and a maximum fee of 1.5% for mutual fund transactions.
According to their website, no minimum balances are required, and you can also purchase fractional shares, which can be useful when investing in more expensive equities.
Companies like Augusta charge ZERO fees for up to 10 years and allow you to choose your own gold & silver. Edward Jones Gold IRAon the other hand provides fewer options.
Edward Jones Gold IRA Reviews and Complaints: BBB, Trustpilot, ConsumerAffairsRead all the Edward Jones Gold IRA reviews & complaints
Better Business Bureau (BBB)
According to Better Business Bureau (BBB) website, Edward Jones received an A rating and 1.25 stars out of 5 based on 36 customer reviews and complaints. In the last three years, 33 customer complaints have been closed. The business is also not BBB accredited, despite the fact that it has been in operation for over 101 years.
Edward Jones has a 2.5-star rating on Trustpilot, a reputable consumer business review website. There are a total of 9 customer reviews, most of which are negative, complaining about too many hidden costs, fees that are extremely high for a retirement account, and bad customer support.
Edward Jones has a 3.4-star rating out of 5 on the ConsumerAffairs website, based on numerous customer reviews. There are 714 customer reviews, the majority of which are unfavourable. Customers have complained about poor customer service and being charged monthly fees for doing nothing.
After reviewing the ratings, it is obvious that Edward Jones is not so good at customer satisfaction. Customers’ complaints about their brokers raise concerns that they lack expertise in good investing strategies and are only interested in profit.
Now, let’s have a look at what customers have to say about this company:
#1. A satisfied customer stated that her Edward Jones Advisor and his team are responsive, competent, and friendly. She is kept up to date in both good and terrible times. The customer added that his advisor is an experienced specialist as well as a nice and caring man. All questions, no matter how small, are fully answered. She lastly said she would recommend him highly to anyone looking for professional financial advice.
#2. Another pleased customer expressed her positive experience, stating that her financial advisor is knowledgeable and maintains an eye on her portfolio. He interacts with her on an annual basis and keeps her up to date on market developments as well as educational seminars. He is approachable whenever a conversation is required, and his assistant is equally excellent. She said, even though her portfolio is small, they still treat her with great respect.
#3. A customer stated that he worked with two different Edward Jones brokers, one for nearly 20 years and the other for only a few months. Both are friendly, competent, and trustworthy. He went on to say that he’d highly recommend both of them to anyone looking for help with future planning.
#1. A dissatisfied client stated he has been a customer of Edward Jones for nearly four years. He has let them manage his account, and their performance has been above average until this year. This year’s performance has been awful, worsened by ever-increasing prices. He tried to set up his online access in order to keep better track of things, but things swiftly went sour.
#2. A customer advised everyone to avoid this firm at all costs, claiming that they will charge you fees when they buy your investments, monthly fees for doing nothing, and termination fees when you leave. Their advisors will request an appointment only to speak with them, and their general Client Relations phone line will keep you on hold for up to 30 minutes or more. The customer lastly added Edward Jones provides poor service and charges very high costs so there is no reason for selecting this firm.
#3. According to another customer, Edwards Jones is a big company that took his money by freezing his account. The corporate office never responds to the customer. The customer said he has not yet received a letter explaining why his account has been frozen. They are still charging him fees on the frozen account. The customer went on to say that he now must hire expensive attorneys to try to get his money back. At last, he cautioned everyone not to do business with this company.
Is Edward Jones Gold IRA Legit? Should You Invest With Them?Is Edward Jones Gold IRA scam or legit? Are they worth it?
No, I don’t think you should invest with them.
Wide Variety of Services
Low Account Minimums
Too many negative reviews & poor ratings
No Gold & Silver IRAs
While they appear to be a legitimate company, there are too many red flags also.
Edward Jones is a well-known investment firm that aims to provide excellent service in exchange for its high fees. Its focus is on wealthy individuals, and its strategy collection is obviously long-term.
The company does not provide actual Gold IRAs, but it does give a basic suite of financial products that most investors should be familiar with.
When it comes to the company, customer opinions are clearly mixed. Businesses’ opinions are divided, but tend to be negative, particularly when it comes to issues involving Edward Jones’ employees & their fees.
Also, if you want to safeguard your retirement savings from the current economic crisis, you should opt for a precious metals IRA.
If you’re eager to learn how a precious metals IRA works, check out the guide below: