How To Move From Edward Jones to Fidelity (Step by Step)

When it comes to moving your account from Edward Jones to Fidelity, it’s important to ensure that you’re doing what’s best for your financial future. Here are a few things you need to consider before making the switch.

Why Transfer from Edward Jones to Fidelity?

1. Fees: Many Edward Jones customers reported feeling blindsided by fees, including a 6% load fee, advisor fees, and ongoing expenses.
2. Investment options: Fidelity has zero-fee funds like FZROX and FZILX that can significantly reduce expenses compared to Edward Jones’ offerings.
3. Customer service: Fidelity provides excellent customer service, which is crucial if you have any questions or concerns about your account.

Overall, I think it makes sense to pull the trigger. This guide will walk you through each step so you can seamlessly transfer your account from Edward Jones over to Fidelity.

Step 1: Open an Account with Fidelity

The first thing you’ll need to do is open an account with Fidelity. You can do this either online or in person by visiting one of their branches. I’d recommend opening the account online for convenience reasons, but feel free to do what works for you.

To create an account with Fidelity:

1. Go to the Fidelity.com website.
2. Click on Open an Account. Choose the account type that best suits you. If you have a specific account that you want to transfer from Edward Jones, you would need to open that account on Fidelity.

   
3. Enter your personal information to create your account. You’ll need to give them your social security number and email address so they can verify your identity. Don’t worry, Fidelity does not do a credit check on you.

Once you’ve completed the signup process, you’ll be able to transfer assets over.

Step 2: Request a Transfer of Assets

Now it’s time to transfer your assets from Edward Jones to Fidelity.

Here’s the best part, Fidelity will do this for you entirely. All you have to do is fill out a request via their site. Provide your information from Edward Jones.

If Edward Jones decides to charge you for leaving their firm, Fidelity will cover your ACAT transfer fee.

How Long Does It Take To Transfer From Edward Jones to Fidelity?

It may take up to 2 weeks for the transfer to be completed, but on average, it takes about 3-5 days to transfer everything over to Fidelity.

You can use the Transfer Tracker to check on your status during that time.

Once your assets have been transferred, you can contact a Fidelity representative or log in online to review the details of the transfer, including what accounts and securities were transferred.

You’ll also be able to access detailed transaction reports, including the date of each purchase or sale.

Be sure to update your address and any other relevant information with Fidelity so you don’t miss out on account notifications.

What’s Next?

Someone asks:

I just transferred newly inherited money from Edward Jones to Fidelity.

The funds I’m looking at for the account are FZROX, FXAIX, FZLIX, and FNLIX. Do these look like good moves? What percentage should I put in each of these funds?

I was also thinking about doing a Fidelity Freedom Target Fund, but I don’t want that much bond exposure at my age (40). Any advice you guys have would be appreciated!

Community Answers:

Eric P:

I would do some research on your own. Having said that, look at ‘buying the market’. Meaning, S&P 500 (FXAIX) that basically buys the 500 largest companies. This manages your risk and keeps your expenses low. Again, do some reading and research. Best of luck.

Jeffery D:

Think about adding FBGRX and maybe a couple sector funds. I like tech, healthcare, and retailing.

Andrew G:

If you want simplicity, buy a target date fund. The ones aimed at forty-year-olds have too much in bonds for you so buy one aimed at thirty-year-olds.

FXAIX and FNILX are more or less redundant. If you want an all stock portfolio decide between FZROX/FSKAX (choose one) and FZILX/FZPSX (choose one). Those are their options for US total market and international total market.

The two large cap funds (FXAIX/FNILX) are similar and the total market includes small and mid caps which I think are worth owning. For the percentage between US/International I have 65/35 and it’s done me well.

Jason P:

FZROX follows the entire stock market, FXAIX follows the S&P 500. They are not the same. I am NOT a fan of target date funds. They have been popular for folks that do not want to actively manage their portfolio but they are notorious under-performers too. I’m 46, retiring in 10-12 years and still do not own bonds. FZROX is the easy play. Otherwise, consider a mix of growth and value funds. Once you allocate, you really don’t need to rebalance that often.