Questions re: transitioning funds from Edward Jones

Hi Jeremy,

Our 401K is with Fidelity, however my Roth IRA and children’s 529’s plans are with Edward Jones. We also have my wife’s 401K we rolled over to a traditional IRA when she stopped working but have not been funding this account, and it is also with Edward Jones.

I would like to know your thoughts on Edward Jones as a whole, as I noticed it wasn’t an option during the poll in the first office hours? I did some research and it made me sick to think of the fees we have been blindly pay: $40 annual fees per account, 4.5%-5.5% charges per transaction, plus approximate 2% load fees. That is if I am understanding the statements correctly…

I ran the Expense Ratio report on my Roth account and the rates for our all of the mutual funs (5 total in Growth and Income) were from .69%-1.08%! I honestly am not even sure if these are index funds when I look over them.

My goal is to break away from Edward Jones and manage my accounts through Fidelity. I need to close the learning gap on figuring out which index funds through Fidelity! First time searching is very overwhelming and I am hoping we can during one of the upcoming office hours.

Thanks again for opening our eyes to all of this!

I’ll cover this in tonight’s office hours (10/28/2020) with the recording available afterwards on the course site!

If you’re not signed up for office hours, you can sign up here.