Edward Jones is a fiduciary only in its advisory programs. The firm is a single company registered with the SEC as both a broker-dealer and an investment adviser, and the same Edward Jones financial advisor can work with you in either role. When they act as your investment adviser, in programs like Advisory Solutions or Guided Solutions Flex, they owe you a fiduciary duty under the Investment Advisers Act of 1940. When they act as your broker, in the brokerage "Select Account," they follow Regulation Best Interest, or Reg BI. Edward Jones' own Form CRS (August 2026) says it must act in your best interest in both roles, but Reg BI is a lighter rule than a fiduciary duty: a broker can still be paid by the products they recommend. That is the difference to understand before you open, or keep, an account.
Where Edward Jones acts as a fiduciary
Edward Jones' advisory programs include Advisory Solutions, Guided Solutions Flex, and the Investment Advisory Program. In these accounts you pay an annual fee instead of commissions. According to the firm's published fee schedules, the program fee starts at up to 1.35% a year on the first $250,000 and steps down as the account grows, to 0.50% on assets over $10 million. A platform fee of up to 0.05% applies on top, and the funds inside the account have their own expense ratios.
One point in Edward Jones' favor: in advisory accounts, the firm says it credits any 12b-1 fees and similar fund payments back to you, and it does not receive revenue sharing on advisory assets.
Where Edward Jones acts as a broker
The Select Account is Edward Jones' brokerage account. Here the firm is paid per transaction. Its Form CRS lists:
- Commissions on trades, and markups or markdowns when it trades from its own inventory.
- Front-end sales charges on Class A mutual fund shares.
- 12b-1 fees and trails paid by mutual funds and annuities.
- Revenue sharing: the Form CRS says virtually all mutual fund, 529 plan, and annuity transactions involve product companies that pay Edward Jones revenue sharing.
None of that is illegal, and all of it is disclosed. But it means the firm earns more when you buy some products than others, which is exactly the conflict a fee-only fiduciary does not have.
Edward Jones' regulatory record
Edward Jones' Form CRS answers "yes" to the question of whether the firm and some of its advisors have legal or disciplinary history. One recent example: in January 2025, NASAA announced a $17 million multi-state settlement with Edward Jones covering 53 jurisdictions. Regulators said clients moving into fee-based advisory accounts had been charged front-end commissions on Class A mutual fund shares that were not credited when the money moved. You can read the firm's full record on FINRA BrokerCheck and the SEC's adviser search.
How to tell which account you have
Read the Form CRS Edward Jones gave you, then look at the account name on your statement. "Select Account" means brokerage, paid by commissions. Advisory Solutions, Guided Solutions, or the Investment Advisory Program means an advisory account with a fiduciary duty and an annual fee. Many households have both.
What this means for you
If you want advice from someone who is a fiduciary for your whole relationship and earns nothing from the products you buy, look for a fee-only Registered Investment Adviser. Edward Jones can be a fiduciary in its advisory accounts, but it is not fee-only: as a firm, it also earns commissions and revenue sharing on brokerage business. Moving to a fee-only RIA usually takes a couple of weeks, and most positions transfer in kind, so you do not have to sell to switch.
