How to quit Edward Jones? Close Edward Jones account

How to quit Edward Jones?

how to quit edward jones

Edward Jones provides digital banking and financial services in America. A good customer experience is crucial for Edward Jones, whether the customer is merely opening a new account and closing it.

Obviously, investors want their money to be in trusted and reliable hands. Edward Jones provides a simple interface and top-quality reliable customer service with easy withdrawal and closing procedures.

When the investor withdraws their funds and eventually shut down their accounts, their journey as an investor comes to an end. In this post, let us learn how to withdraw your account from Edward Jones.

Know More About Edward Jones

Founded in 1922, Edward Jones is an investment service provider that offers services to both big and small sized businesses. Currently, Edward Jones is serving nearly 7 million investors with the top retail presence of financial services firms in America. Edward Jones also provides services to customers from Canada.

Penny Pennington is the CEO of Edward Jones who is the 6th managing partner. Edward Jones, a financial services platform was built with an objective to bring a positive difference in people’s lives.

Why Are Investors Not Satisfied By Edward Jones?

When it’s about investing, selecting the best investor platform to handle your investment portfolio among so many choices can be difficult. Working with a reliable investor platform can be crucial to the long-term success of your finances. Among the myriad of choices available, some companies might not be ideal for your budget and investment style.

Edward Jones is a good platform but due to the following reasons, people are quitting to use Edward Jones.

  • High Fees

A major problem with Edward Jones is their high fees which are not feasible for everyone. The fee is often high when compared to other firms which can substantially reduce your profits with time. It is not usual to see investors pay as much as 2 percent in annual charges for their portfolios through Edward Jones. However, it may not sound to be a lot to some, but it could be hundreds of dollars in time, particularly when your portfolio expands.

  • Limited Investment Options

Another major issue about the investment options offered by Edward Jones is that they offer a limited variety of investment options when compared to its alternatives. This is a huge disadvantage when you’re trying to diversify your portfolio with different investments. Edward Jones focuses more on ETFs and mutual funds. This might not be your preferred type of investment if you’re looking for individual bonds, stocks or other forms of investment options.

  • Conflicts of Interest

Next major issue that investors face concerning Edward Jones is that the company could have a conflict of interest regarding recommending specific investment options. Edward Jones with its mutual funds and ETFs, might influence clients to purchase these investments which makes it not the right choice to meet your goals in investing. Moreover, some Edward Jones FAs may receive incentives to recommend specific products, which could result in the possibility of conflicts of interest.

  • Pushy Sales Culture

Edward Jones holds a poor reputation for its aggressive sales culture which can make some investors leave Edward Jones. FAs get urged to lead clients towards certain products to achieve sales quotas which might cause harm to investors’ interests. Although there are some Edward Jones FAs who are involved in this, conduct your homework and ensure that your advisor is keeping your best interests at heart.

How to quit Edward Jones?

Reach Out to Your Financial Advisor

The very first step is to schedule an appointment with your financial adviser in Edward Jones. At this time you must make a clear intention to transfer accounts and quit Edward Jones. Make sure you inquire about any penalties or charges that you’re liable to pay. Your advisor might attempt to convince you to stay with Edward Jones, however, remember that it’s your money and you have the final say.

Transfer Your Funds

The Edward Jones account owner needs to specify an account where they wish their money to get transferred. It can be a bank account, or an independent brokerage or any other investment firm. The account holder needs to provide the appropriate account details to ensure that the process is quick without any errors.

Beyond this, the client is not obliged to provide additional details regarding the plans they have using their funds. Thanks to your advisors for your time, effort and attention and continue to move forward.

Close Your Edward Jones Account

Once your funds get transferred to your preferred account, this marks an end to your journey with Edward Jones. Make sure you check for any charges or fees not paid and ensure that you’ve received all your account statements. It is also a good opportunity to change your contact information with both of the companies.

Important Tips When You Are Withdrawing Your Financial Advisor

1. Collect Your Investment Records

It’s important to collect a copy of the transaction history before you close your account with Edward Jones. If something goes wrong during your transfer request, then you’ll be able to access the information in the file.

Some investment companies give customers access to their complete transaction history with a protected password on their website. You can download your essential data whenever you need.

2. Ask About Fees, Sales Charges, and Penalties

Certain investments come with contracts that lock them in for a certain amount of time. Before making the switch, determine the amount you will pay in costs.

3. Check Your Mutual Fund Fees

Calculate to figure out if it makes sense to hold onto the contract, or the mutual fund that you have with your advisor from the past or to pay for changing the two. If you are expecting to earn more money in the new environment A one-time payment could prove worthwhile.

Some advisors or investment firms will pay all or part of these costs as a condition of moving their business. Be sure to inquire prior to deciding whether or not to make the move.

Edward Jones Alternatives

  • Fidelity Investments – Boston based, 1946 founded, Public company.
  • TIAA – New York City based, 1918 founded, Unfunded company.
  • BlackRock – New York City based, 1988 founded, Public company.
  • Bank of America – Charlotte based, 1904 founded, Public company.
  • BNY Mellon – New York City based, 1784 founded, Public company.
  • Vanguard – Valley Forge based, 1975 founded, Series B company.
  • S&P Global – New York City based, 1917 founded, Public company.


Even though Edward Jones may work for certain investors, if you’re not happy with its services, you can quit Edward Jones by following the above-mentioned steps. And later, you can give a try to any of the Edward Jones Alternatives.

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