A previous coworker had an Edward Jones rep., this rep. seemed to go with the "churn" route. After the rep. worked his magic, the coworker doomed himself as well, "well, I think we should sell X and buy Y", and then turn around and chuckle that it cost him hundreds in transaction costs, fees, or thousands in taxes, etc.
So, that said to me, that AUM is meaningless or less directly compensated and "churn" is the order of the day, at EDJ, anyway.
Run, don't walk away, is the lesson I took away.
Yet, they state:
Our fees and commissions should attempt to reinforce
the Edward Jones philosophy of buying investments
and holding them for the long term.
So, that fee structure should just encourage less trading. And, if you can't fight the urge, EDJ laughs all the way to the bank. So, I don't know if it was foolish coworker, or the rep. pushing harder. I blame both. Even DCA is charged 2%.