I would like to sell approximately $35000 in stocks currently held at Edward Jones. My total portfolio is approx. 1.5 million. Edward Jones will charge me 1% of the sale. Would it make sense to transfer those stocks to another company and then sell them at $10 per trade?

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    Have you determined whether you would be charged for the transfer and if so, how much?
    – JimmyJames
    Commented Nov 29, 2016 at 15:00
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    I read this title as, "Can I sell my stocks for less" rather than, "Can I sell my stocks for less" Commented Nov 29, 2016 at 20:31

1 Answer 1


TLDR: Yes you can.

That is quite a steep price to pay for a trade. I've used TradeKing previously, which would charge you $5 for that same trade. Some other brokers are more or less expensive, and it is normally representative of the service one receives. One option would be Scottrade. While they are much more expensive than TradeKing, they offer a much higher level of service. Even at $17 a trade, you'll save a lot of money over the Edward Jones trade.

A big question here is who does your investing now? Most people are pretty horrible at managing their own investments. Some professional advice is probably in order. For most they discover this when their investments are small, mitigating any mistakes made. You don't have that luxury. I would highly recommend making sure you have people that can help you make good decisions.

The more I think about it the more I like the move to Scottrade (no affiliation) or one like that (Charles Schwab is another option). With Scottrade you can go into a local branch and talk things over. I think they offer some professional management as well. Schwab will offer the latter but not the former. However you can call them up and talk on the phone. Another option is to go with Fidelity and have them manage at least part of your money. Of course you can always just do a professional, independent money manager.

Another option is to renegotiate with Edward Jones. Something like: "Sorry but this is ridiculous, you need to do much better or I am moving all my money." Its much cheaper to charge you $100 for that same trade than lose the whole account.

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    I was looking fees a little while ago and I believe Vanguard will do trades at $0 if you hold $1 million with them.
    – JimmyJames
    Commented Nov 29, 2016 at 15:07
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    Your answer was great, but I'm confused by the comment. If I have a $1.5M portfolio, and retire, taking out $60K/yr, $600 is a high price to pay each year. (I assume the withdrawal requires a sale of stock) This is in addition to whatever trades are happening that year. Commented Nov 29, 2016 at 16:12
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    @JimmyJames - OP has $1.5M with this broker. I'll agree, if he's a buy and holder, the occasional transaction shouldn't keep him up at night. But, even a long term investor might have 10-15% turnover. That can be $2000 in trading fees eating into his profit. Commented Nov 29, 2016 at 18:31
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    @PeteB. - funny we both commented, seconds apart, and both picked $2000 as the example. I respect your opinion, but will also squeeze out costs that provide no value. $2000 can be better spent frivolously, extra dinners out or tickets to Hamilton.... Commented Nov 29, 2016 at 18:36
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    :^) @JoeTaxpayer. I think we can both agree that 2K is a small price to pay if it prevents day trading away a significant portion of the portfolio. However, if that is not an issue paying 0 is a much better choice.
    – Pete B.
    Commented Nov 29, 2016 at 18:44

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