The headline read: “Edward Jones makes unexpected leap into proprietary products”. This was Investment News this past week, August 13, 2013 to be exact. Maybe the number “13” is significant here….
To give full disclosure, I left Edward Jones several years ago after months of discussion and “digging in my heels” about “new things” Jones was doing. I left because of what was found as a “wrongful termination” by the State of Ohio. Interesting, yes it was.
The point is that Jones has prided itself on not offering proprietary products. It set itself apart from the competition in this regard.
The point is “independent investment advisers routinely tout the absence of proprietary products from their platforms as being in the best interests of clients.”
They began watering down their key messages at Jones at least 4-5 years ago. They are going against what they historically have said they believed at Jones, and it is something that should be watched carefully.
There is more to the Edward Jones story…someday, more will be told by others who used to believe their story. In the meantime, FAST MONEY is slowly becoming okay with Edward Jones it appears.