Are you ready to take control of your investments and potentially grow your wealth? Buying stocks can be a rewarding journey, and if you're an Edward Jones client, their mobile app offers a convenient way to manage your portfolio. This comprehensive guide will walk you through the process, step by step, so you can confidently navigate the app and make your first stock purchase.
Understanding Edward Jones' Approach to Stock Investing
Before we dive into the "how-to," it's important to understand Edward Jones' investment philosophy, especially when it comes to individual stocks. They generally advocate for a long-term perspective, focusing on quality companies and managing risk through diversification. This means they encourage clients to invest in well-established companies with solid fundamentals and to spread investments across various sectors and asset classes rather than concentrating too heavily on a few. While the app provides direct access to your accounts, it's worth noting that Edward Jones emphasizes the role of a financial advisor in helping you make informed decisions tailored to your financial goals and risk tolerance.
Step 1: Getting Started - Do You Have the Edward Jones App and an Account?
The very first step, and probably the most obvious, is to ensure you have the Edward Jones mobile app installed on your smartphone or tablet and that you have an active account.
Sub-heading: Downloading the App
If you haven't already, head to your device's app store (Google Play Store for Android or Apple App Store for iOS) and search for "Edward Jones." Download and install the official app.
Sub-heading: Logging In or Setting Up Online Access
Once the app is installed, you'll need to log in.
- Existing Online Access Users: Simply enter your existing Edward Jones User ID and password.
- New to Online Access: If you're an Edward Jones client but haven't set up online access yet, you'll need to go through a quick registration process within the app. This typically involves verifying your identity using your account number, date of birth, and the last four digits of your Social Security number. You'll then create a User ID and password. Follow the on-screen prompts carefully.
Engagement Tip: Have you already downloaded the app? If not, pause here and get that done! We'll be waiting for you to jump into the exciting world of stock investing!
Step 2: Funding Your Account - Ensuring You Have Available Cash
To buy stocks, you'll need funds in your Edward Jones account. If you don't have enough available cash, you'll need to transfer money into your investment account.
Sub-heading: Checking Your Available Balance
Once logged into the app:
- Navigate to your Account Summary or Accounts section.
- Look for your brokerage account (e.g., Edward Jones Select Account).
- Identify the "Available Cash" or similar balance. This is the money you can use to make purchases.
Sub-heading: Transferring Funds (If Needed)
If your available cash isn't sufficient for your intended stock purchase:
- Look for an option like "Transfer Funds" or "Deposit Checks" within the app.
- You can typically link an external bank account for electronic transfers (ACH). This might take a few business days for the funds to clear.
- Some apps also allow mobile check deposits by taking a photo of the check.
- Alternatively, you can always contact your Edward Jones financial advisor directly to arrange a transfer or deposit.
Important Note: Always ensure the funds have fully settled in your account before attempting to place a trade, as unsettled funds may prevent you from making a purchase.
Step 3: Researching and Identifying Your Stock - Making Informed Decisions
Edward Jones emphasizes a disciplined approach to investing. While the app allows you to view market data and obtain quotes, for in-depth research and personalized recommendations, your financial advisor is your primary resource. However, you can still use the app to explore potential investments.
Sub-heading: Using the App for Basic Stock Information
Within the Edward Jones app, you can usually:
- Access Market Information or Quotes sections.
- Search for specific company tickers (e.g., "AAPL" for Apple, "MSFT" for Microsoft).
- View basic stock information such as current price, daily change, and potentially some historical performance data.
- You might find links to Edward Jones' daily market commentary or other relevant news within the app.
Sub-heading: Collaborating with Your Financial Advisor
This is a crucial step if you're serious about individual stock picking. Before making any significant investment:
- Contact your Edward Jones financial advisor. Discuss your financial goals, risk tolerance, and any specific companies you're interested in.
- Your advisor can provide detailed research reports, explain Edward Jones' analyst ratings, and help you determine if a particular stock aligns with your overall investment strategy. They can also discuss Edward Jones' criteria for selecting quality stocks, which includes factors like balance sheet strength, management's track record, and consistent dividend payments (if applicable).
- They can also help you understand the importance of diversification and how individual stocks fit into your broader portfolio.
Remember: Edward Jones' philosophy generally suggests owning at least 15 individual stocks to avoid overconcentration. Your advisor can guide you on this.
Step 4: Placing Your Order - Executing the Purchase
Once you've decided on the stock you want to buy and have sufficient funds, you can place your order.
Sub-heading: Navigating to the Trading Section
- Look for a section within the app labeled "Trade," "Place Order," or similar. This might be accessible from your account summary or a dedicated trading tab.
- You'll likely need to select the specific account from which you want to make the purchase if you have multiple accounts.
Sub-heading: Entering Order Details
This is where you'll specify the details of your stock purchase:
- Select Action: Choose "Buy."
- Enter Symbol: Type in the stock ticker symbol (e.g., AAPL).
- Quantity or Dollar Amount:
- You can enter the number of shares you wish to buy.
- Alternatively, some platforms allow you to enter a dollar amount you want to invest, and they will calculate the number of shares.
- Order Type: This is important and determines how your order will be executed.
- Market Order: This tells your broker to buy the stock immediately at the best available current market price. While quick, the price you get might be slightly different from the last quoted price due to market fluctuations.
- Limit Order: This allows you to set a maximum price you're willing to pay per share. Your order will only be executed if the stock reaches or falls below your specified limit price. This offers more control over the price but there's no guarantee your order will be filled if the stock doesn't hit your limit.
- Other order types (like stop orders) are generally more advanced and might require a discussion with your advisor.
- Time in Force: This dictates how long your order remains active.
- Day Order: The order is active only for the current trading day. If it's not filled by market close, it's canceled.
- Good 'Til Canceled (GTC): The order remains active until it's executed or you manually cancel it (typically for a maximum of 60 days).
Sub-heading: Reviewing and Confirming Your Order
Before submitting, the app will present you with a summary of your order.
- Carefully review all the details: stock symbol, quantity, order type, price (if a limit order), and estimated cost.
- Look for any estimated commission fees or other charges, though Edward Jones typically has a commission-based model for Select Accounts where you pay a commission when you buy and sell certain investments.
- If everything looks correct, confirm the order.
Congratulations! You've successfully placed your stock order through the Edward Jones app!
Step 5: Monitoring Your Investment - Staying Informed
Once your order is placed and executed, it's essential to monitor your investment's performance and stay informed about the company and market conditions.
Sub-heading: Tracking Your Holdings
- Return to your Account Summary or Security Holdings section within the app.
- You should now see your newly purchased stock listed among your holdings.
- You can track its current value, daily change, and overall performance.
Sub-heading: Accessing Account Activity and Documents
- The "Account Activity" section will show a record of your trade.
- The "Online Documents" or "Statements & Reports" section will contain trade confirmations and monthly/quarterly statements.
Sub-heading: Staying Connected with Your Advisor
- The Edward Jones app often allows you to securely message your financial advisor or find their contact information for quick calls.
- Regularly scheduled reviews with your advisor are crucial for discussing your portfolio's performance, making adjustments, and ensuring your investments remain aligned with your evolving financial goals.
Related FAQ Questions
Here are 10 related FAQ questions to help you further understand buying stocks on the Edward Jones app:
How to open an Edward Jones account to buy stocks? To open an Edward Jones account, you typically need to partner with a financial advisor. You can find an advisor through their website or by calling their client service. They will guide you through the account opening process, which often involves discussions about your financial goals and risk tolerance.
How to find a specific stock on the Edward Jones app? Once logged into the app, navigate to the "Market Information" or "Quotes" section. There, you can usually use a search bar to type in the company's ticker symbol (e.g., MSFT for Microsoft) or company name to pull up its current quote and basic information.
How to determine if a stock is right for me on the Edward Jones app? While the app provides market data, determining if a stock is "right" for you is best done in consultation with your Edward Jones financial advisor. They will consider your financial goals, risk tolerance, and overall portfolio strategy to recommend suitable investments.
How to set a limit price when buying stocks on the Edward Jones app? When placing a buy order, after entering the stock symbol and quantity, you'll typically have an "Order Type" option. Select "Limit" and then enter the maximum price per share you are willing to pay.
How to know if my stock order has been filled on the Edward Jones app? You can check the "Account Activity" or "Account Orders" section within the app. Once your order is executed, it will show as "Filled" or "Executed," and the purchased shares will appear in your "Security Holdings."
How to transfer money into my Edward Jones account using the app? Look for "Transfer Funds" or "Deposit Checks" within the app. You can usually link external bank accounts for electronic transfers or use mobile check deposit features. Be aware that electronic transfers may take a few business days to clear.
How to view my stock performance on the Edward Jones app? Navigate to the "Account Summary" or "Security Holdings" section. Here, you'll see a list of your investments, their current value, and often their daily or overall performance. There might also be a dedicated "Performance" section for more detailed analysis.
How to contact my Edward Jones financial advisor through the app? The Edward Jones app often has a "My Team & Messages" or similar section where you can find your advisor's contact information (phone number, email) and sometimes send secure messages directly through the app.
How to get research on stocks from Edward Jones on the app? While the app might offer basic market news or daily commentary, for in-depth research reports and analyst recommendations specific to Edward Jones' views, it's best to contact your financial advisor. They have access to proprietary research and can share it with you.
How to close a stock position (sell) on the Edward Jones app? The process for selling a stock is similar to buying. You'll go to the "Trade" or "Place Order" section, select "Sell" instead of "Buy," choose the stock, enter the quantity, and specify your order type (market or limit). Always review and confirm before submitting.