Raymond James vs. Edward Jones: which is right for you?
Raymond James and Edward Jones both connect clients with financial advisors, but the main difference lies in their service structures.
Feature | Raymond James | Edward Jones |
|---|---|---|
Service type | Advisor-led planning, consulting, and managed advisory programs | Advisor-led brokerage, advisory programs and financial planning |
Fees | Hourly up to $400 | Brokerage |
Minimum account size | Planning/consulting: minimum not disclosed; advisory programs range from $5,000 to $2M+, depending on program. | No firm-wide minimum for the select account; advisory program minimums vary by account type |
Best for | Investors with broader or more complex advisory needs | Investors who want a more familiar advisor-led relationship with clear brokerage, planning, and managed advisory paths |
Raymond James vs. Edward Jones: Key services
Here is a breakdown of the key services offered by both Raymond James and Edward Jones.
Raymond James:
- Financial planning: Comprehensive or goal-specific planning covering areas such as retirement, estate, education, insurance, cash flow, and business planning.
- Investment consulting: Portfolio review, asset allocation review, investment strategy recommendations, and security or manager research.
- Managed advisory/wrap programs: Raymond James advisors can recommend wrap programs, including AMS-managed, IAR-managed, and outside-manager options, depending on client needs and eligibility.
- Client-directed or managed account options: Some arrangements are non-discretionary, while certain managed programs allow discretionary portfolio management.
Edward Jones:
- Brokerage/select account: Advisor guidance with client-directed buy and sell decisions. Investments can include stocks, bonds, CDs, mutual funds, ETFs, and annuities.
- Guided Solutions: A client-directed advisory option with ongoing guidance and an asset-based fee.
- Advisory programs: Asset-based advisory options with ongoing monitoring; some programs allow Edward Jones or the advisor to manage day-to-day investment decisions.
- Financial Planning Plus: Planning across goals, cash and income, portfolio allocation, risk and protection, and estate and wealth transfer; eligibility applies.
Raymond James vs. Edward Jones: Fees
Raymond James fees:
Raymond James fee type | Fees |
|---|---|
Financial planning | Hourly or fixed fee; hourly fees generally up to $400 |
Investment consulting | Asset-based consulting fee up to 2.25% of assets under advisement |
Wrap advisory programs | Disclosed rates decline as assets rise, from 2.25%–2.75% at the lowest tier to 1.25%–1.75% at $10M+ |
Edward Jones fees:
Edward Jones account type | Fees |
|---|---|
Select account | Commission-based and sales charges generally range from 0.75% to 5.75% |
Edward Jones advisory solutions/guided solutions | Annual program fee begins at 1.35%, and annual platform fee starts at 0.05% |
Unified Managed Account (UMA) models' schedule of fees
Value of assets in account | Program fee | Platform fee |
|---|---|---|
First $250,000 | 1.35% | 0.05% |
Next $250,000 | 1.30% | 0.05% |
Next $500,000 | 1.20% | 0.04% |
Next $1,500,000 | 1.00% | 0.03% |
Next $2,500,000 | 0.80% | 0.02% |
Next $5,000,000 | 0.60% | 0.01% |
Over $10,000,000 | 0.50% | 0.00% |
- SMA manager fees: Range from 0.00% to 0.40%, depending on the SMA strategy.
- Generations financial planning: The first-year annual fee typically ranges from $5,000 to $45,000 and can rise to $100,000 based on complexity. Business-interest planning can add up to $25,000.
Overall, the cost comparison depends on the service selected.
Raymond James vs. Edward Jones: Minimum account sizes
Raymond James
Raymond James service/program | Disclosed minimum |
|---|---|
Financial planning | No required minimum disclosed for individuals; advisor-level requirements can apply |
Freedom | $5,000–$25,000, depending on strategy |
American funds | $5,000 |
Russell | $25,000 |
Ambassador | $25,000 |
RJCS | $25,000–$5 million, depending on strategy |
RJRP | $100,000 |
Outside manager platform | $100,000–$200,000, depending on outside manager |
Portfolio select UMA | $200,000+ |
Multiple | $300,000–$500,000, depending on strategy |
Freedom UMA | $300,000–$2 million, depending on strategy |
Edward Jones’s account-level requirements
Edward Jones service | Minimum account size |
|---|---|
Select account | $0 minimum investment |
Select account annuities | May require at least $10,000 |
Guided solutions fund | $5,000 |
Guided solutions flex | $25,000- $50,000 |
Advisory solutions fund models | $25,000 minimum |
Advisory solutions UMA models | $300,000 minimum; $500,000 and $1 million for additional options |
Raymond James vs Edward Jones: Pros and cons
The main trade-off is that Raymond James offers a broader range of advisory programs, while Edward Jones provides investors with a simpler account framework.
Pros of Raymond James:
- Broad advisory and wrap program menu
- Tailored planning and investment consulting
- Options for both lower-minimum and higher-balance clients
- SMA, UMA, advisor-managed, and outside-manager access
- Discretionary and non-discretionary account options
Cons of Raymond James:
- More complex fee structure
- Minimums vary widely by program and strategy
- Some advanced programs require a much larger balance
- Total cost can include wrap fees, manager fees, fund expenses, and account charges
Pros of Edward Jones:
- Clearer brokerage, planning, and advisory account paths
- No-minimum Select Account brokerage option
- Broad planning support for eligible clients
- More visible fee and minimum disclosures
Cons of Edward Jones:
- Layered costs across brokerage, advisory, planning, fund, and account fees
- Higher threshold for ongoing financial planning
- Multiple account types require careful comparison
- Primarily advisor-led rather than digital-first
Raymond James vs Edward Jones: Technology and security
Category | Raymond James | Edward Jones |
|---|---|---|
Client access | Online access and mobile app | Online access and mobile app |
Reporting | Statements, performance reporting, and advisory account tools | Holdings, performance, activity, statements, and goals |
Client communication | Advisor contact, phone/email, and office access | Advisor/team contact, online support, contact forms, and branch locations |
Asset custody | Raymond James & Associates (RJA) or an affiliated custodian | Edward Jones |
Security disclosure | Privacy, cybersecurity, account protection, fraud prevention, and limited online-access loss reimbursement | 24/7 monitoring, encryption, MFA, access controls, employee training, and physical safeguards |
Final verdict: Raymond James vs Edward Jones
Raymond James may be better suited to investors who want a broader range of advisory program options, including planning, consulting, and higher-balance managed account options.
Edward Jones may be better suited to investors who want a simpler, advisor-led structure with brokerage, planning, and managed-account paths.
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