Are you ready to take control of your financial future? Opening an investment account is a fantastic first step, and Edward Jones offers a personalized approach with local financial advisors to guide you. This comprehensive guide will walk you through every step of setting up an Edward Jones account, from understanding your options to funding your investments. Let's get started on this journey together!
Setting Up an Edward Jones Account: A Step-by-Step Guide
Edward Jones emphasizes a personalized approach to financial advising. While you can initiate some aspects online, the core of their service involves working closely with a dedicated financial advisor. This guide will cover both the online and in-person aspects to ensure a smooth setup process.
Step 1: Discover Your Financial Goals and Connect with an Advisor
Before you even think about forms or account types, the most crucial first step is to understand what you want your money to achieve. Do you dream of a comfortable retirement, saving for your child's education, buying a new home, or simply growing your wealth?
- What are your financial aspirations? Take a moment to jot down your short-term, mid-term, and long-term financial goals. Be as specific as possible!
- Assess your risk tolerance: How comfortable are you with market fluctuations? Are you a conservative investor who prefers stability, or are you willing to take on more risk for potentially higher
returns? Your advisor will help you solidify this, but having an initial idea is beneficial. - Finding your Edward Jones financial advisor: Edward Jones prides itself on its local presence. You can find an advisor near you by:
- Visiting the Edward Jones website and using their "Find an Advisor" tool.
- Asking friends or family for recommendations if they are Edward Jones clients.
- Calling their general customer service line for assistance in locating a local office.
Once you connect, your advisor will schedule an initial consultation. This meeting is a critical opportunity to discuss your goals, assess your current financial situation, and build a relationship. Don't hesitate to ask questions!
Step 2: Understanding Edward Jones Account Options
Edward Jones offers a variety of account types tailored to different financial needs and investment styles. Your financial advisor will help you determine the best fit based on your goals, risk tolerance, and how involved you want to be in managing your investments.
Sub-heading: Types of Accounts You Might Consider:
- Edward Jones Select Account (Brokerage Account):
- Approach: This is a transactional account where you choose your investments, and your financial advisor provides advice based on Edward Jones guidance. You decide when and how to make changes.
- Investments: Offers a wide range of choices including stocks, bonds, Certificates of Deposit (CDs), mutual funds, Exchange-Traded Funds (ETFs), and annuities.
- Fees: Primarily commission-based; you pay commissions and sales charges when you buy and sell investments. There is typically no account minimum for opening, though some investments may have minimum purchase amounts.
- Edward Jones Guided Solutions® Fund Account:
- Approach: Offers a hands-on approach with guardrails. You and your financial advisor build and maintain a portfolio within Edward Jones' asset allocation guidance. Includes built-in rebalancing.
- Investments: Focuses on mutual funds and ETFs.
- Minimum: Generally requires a $5,000 minimum initial investment.
- Fees: Fee-based, typically starting as a percentage of assets under management.
- Edward Jones Guided Solutions® Flex Account:
- Approach: Similar to the Fund Account but with more flexibility in investment choices.
- Investments: Includes stocks, mutual funds, ETFs, as well as bonds and CDs.
- Minimum: Similar fee structure to Guided Solutions Fund Account.
- Edward Jones Advisory Solutions® Fund Models:
- Approach: Designed for those who prefer to delegate day-to-day investing decisions to professionals. You and your advisor select a portfolio objective, and Edward Jones' research analysts manage the account.
- Investments: Invests in a diversified portfolio of mutual funds and ETFs.
- Minimum: Generally requires a $25,000 minimum initial investment.
- Fees: Fee-based, often a wrap fee program based on a percentage of assets under management.
- Edward Jones Advisory Solutions® Unified Managed Account (UMA) Models:
- Approach: The most comprehensive delegated option. Combines multiple investment strategies within a single advisory account, offering access
to separately managed accounts (SMAs), ETFs, and mutual funds. Can potentially benefit from tax efficiencies. - Investments: Diverse range, including mutual funds, ETFs, and separately managed accounts (SMAs).
- Minimum: Often requires a $300,000 minimum for select portfolio objectives.
- Fees: Fee-based, generally a wrap fee program based on a percentage of assets under management, with potential additional portfolio strategy or SMA manager fees.
- Approach: The most comprehensive delegated option. Combines multiple investment strategies within a single advisory account, offering access
- Retirement Accounts (IRAs, 401(k) Rollovers, etc.): Edward Jones also offers various retirement account options like Traditional IRAs, Roth IRAs, and assistance with 401(k) rollovers. These accounts come with specific tax advantages and regulations that your advisor will explain.
- Custodial Accounts (UGMA/UTMA): For those looking to invest for a minor.
Your advisor will guide you through the pros and cons of each account type and help you select the one that aligns perfectly with your financial strategy.
Step 3: Gathering Necessary Documentation
Once you and your advisor have decided on the appropriate account type, it's time to prepare for the application. Having these documents ready will significantly speed up the process.
Sub-heading: Essential Documents You'll Likely Need:
- Proof of Identity:
- Government-issued photo ID (e.g., Driver's License, Passport, State ID).
- Proof of Address:
- Utility bill, bank statement, or lease agreement (dated within the last 60-90 days).
- Social Security Number (SSN) or Taxpayer Identification Number (TIN):
- This is mandatory for tax reporting purposes.
- Bank Account Information (for funding):
- Bank name, account number, and routing number for electronic transfers (ACH). A voided check can also work.
- Current Investment Statements (if transferring funds from another institution):
- Statements from your existing brokerage or retirement accounts will be crucial for a smooth transfer process.
- Employment Information:
- Employer name and address, and possibly your occupation.
- Beneficiary Information:
- Names, dates of birth, and Social Security numbers for those you wish to designate as beneficiaries.
Your Edward Jones financial advisor will provide a comprehensive checklist specific to your chosen account type and personal situation.
Step 4: Completing the Application Process
This is where you formalize your account opening. Edward Jones offers a mix of in-person and online capabilities.
Sub-heading: The Application Journey:
- In-Person with Your Advisor (Recommended):
- Your financial advisor will typically guide you through the application forms in their office. This allows for direct clarification of any questions and ensures all information is correctly entered.
- They can help you fill out the necessary paperwork, explain legal disclosures, and ensure compliance with regulatory requirements.
- You'll likely sign documents physically or via electronic signature (e-signature). Edward Jones supports e-signature for many documents.
- Online Access Sign-Up:
- If you've already had an initial meeting and established an account number, your advisor might send you an invite to sign up for Online Access. You can also visit
edwardjones.com/signup - You'll verify 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 for your online account. This online portal will allow you to view statements, documents, and potentially initiate some transactions once your account is fully active.
- If you've already had an initial meeting and established an account number, your advisor might send you an invite to sign up for Online Access. You can also visit
Regardless of the method, accuracy is key. Double-check all information before submitting.
Step 5: Funding Your Edward Jones Account
Once your application is submitted and approved, it's time to put your money to work! There are several ways to fund your new Edward Jones account.
Sub-heading: Methods to Fund Your Account:
- Electronic Funds Transfer (ACH):
- This is often the easiest and quickest method. You can link your bank account to your Edward Jones account.
- You can initiate transfers through your Edward Jones Online Access or by contacting your financial advisor.
- Transactions usually settle in one business day.
- Check Deposit:
- You can mail a check to Edward Jones or drop it off at your local branch.
- Edward Jones also offers mobile check deposit through their app for added convenience.
- Wire Transfer:
- For larger sums or quicker transfers, a wire transfer from your bank can be an option. Be aware that banks may charge fees for wire transfers.
- Transfer of Assets (TOA) from Another Institution:
- If you're moving existing investments from another brokerage or retirement account, your Edward Jones advisor will assist you with initiating an Asset Transfer form. This process involves coordinating with your previous institution and can take some time (typically 2-6 weeks depending on the complexity).
- This is a common and often advantageous method as it keeps your investments in the market.
- Direct Rollover (for Retirement Accounts):
- If you're rolling over a 401(k) or other qualified retirement plan, your advisor will guide you through the direct rollover process, ensuring the funds move directly from your old plan to your new Edward Jones IRA without being distributed to you personally (which could trigger taxes or penalties).
Your financial advisor will explain the specifics of each funding method and help you choose the most suitable one for your situation.
Step 6: Initial Investment and Ongoing Management
With your account funded, the real work of investing begins!
Sub-heading: Your Investment Journey:
- Initial Investment Selection:
- Based on the goals and risk assessment from Step 1, your financial advisor will recommend specific investments (mutual funds, ETFs, stocks, bonds, etc.) that align with your personalized strategy.
- They will explain the rationale behind these recommendations and answer any questions you have.
- Portfolio Review and Rebalancing:
- Edward Jones emphasizes ongoing relationships. Your financial advisor will schedule regular reviews (at least annually, but often more frequently) to assess your portfolio's performance, discuss any life changes, and make adjustments as needed.
- They will also monitor your portfolio to ensure it stays aligned with your chosen risk tolerance and goals, rebalancing it when necessary.
- Accessing Your Account Online:
- Utilize the Edward Jones Online Access portal or mobile app to:
- View your account balances and holdings.
- Access statements and tax documents.
- Track your progress toward your financial goals.
- Communicate securely with your Edward Jones team.
- Potentially initiate certain transactions.
- Utilize the Edward Jones Online Access portal or mobile app to:
- Staying Connected:
- Don't hesitate to reach out to your Edward Jones financial advisor with any questions or concerns that arise. They are your primary point of contact and resource.
Frequently Asked Questions (FAQs) about Edward Jones Accounts
How to choose the right Edward Jones account for me?
The best way to choose the right account is to have a detailed discussion with an Edward Jones financial advisor. They will assess your financial goals, risk tolerance, time horizon, and desired level of involvement to recommend the most suitable account type (e.g., Select, Guided Solutions, Advisory Solutions, or a specific retirement account).
How to find an Edward Jones financial advisor?
You can find an Edward Jones financial advisor by using the "Find an Advisor" tool on the Edward Jones website, asking for referrals from friends or family, or calling Edward Jones customer service for assistance in locating a local office.
How to prepare for my first meeting with an Edward Jones financial advisor?
Prepare by thinking about your financial goals (retirement, home purchase, education), your current financial situation (income, expenses, savings), and any existing investments. Gather basic financial documents like recent pay stubs, bank statements, and any existing investment statements.
How to transfer an existing investment account to Edward Jones?
Your Edward Jones financial advisor will assist you with this process. You'll typically need to complete an "Asset Transfer" form, which authorizes Edward Jones to request the transfer of your assets from your current institution. This process can take several weeks.
How to fund my Edward Jones account after opening?
You can fund your Edward Jones account through electronic funds transfers (ACH) from your bank, by mailing or mobile depositing a check, or by initiating a wire transfer. For existing investments, you can transfer them directly from another institution.
How to access my Edward Jones account online?
Once your account is set up and you've received your account number, you can sign up for Edward Jones Online Access at
How to understand the fees associated with Edward Jones accounts?
Edward Jones' fees vary depending on the account type. Brokerage (Select) accounts are generally commission-based, while advisory programs (Guided Solutions, Advisory Solutions) are fee-based, usually a percentage of assets under management. Your financial advisor will provide a clear breakdown of all applicable fees.
How to make changes to my Edward Jones account information?
You can update personal information like your address, email, or phone number through your Edward Jones Online Access by navigating to your profile settings. For more complex changes or to modify account features, it's best to contact your Edward Jones financial advisor directly.
How to withdraw money from my Edward Jones account?
To withdraw funds, you can typically initiate an electronic funds transfer (ACH) to a linked bank account through your Edward Jones Online Access or by contacting your financial advisor. For larger or specific withdrawals, your advisor will guide you through the necessary steps.
How to contact Edward Jones customer service?
You can contact Edward Jones customer service by calling their toll-free number, typically 800-441-5203, during business hours. However, for specific account-related questions or transactions, your dedicated Edward Jones financial advisor and their local office team are usually the best point of contact.
