Even though we're different from most traditional investing firms, we still offer the usual brokerage account types to meet your needs. Unlike an account at a bank, a brokerage account is used to own investments – like stocks, bonds and mutual funds, not just cash.
The different types of brokerage accounts are just different ways to designate who the owner of the account's investments is and how to distribute them if something happens to the owner.
This type of account is owned by an individual adult. The account owner is the only person authorized to place orders or receive any information on the account.
A joint account is an account with two owners, typically relatives, couples or business partners who have a high level of trust. This is because every person on the account can access the money and investments within it.
Custodial accounts allow adults to make irrevocable – or irreversible – gifts of cash or investments to minors. Once the child reaches the age of adulthood for that state, he or she will then have complete control over the account. Some people use custodial accounts to save for college.
In this type of account, the funds are owned by one party but managed by another (such as an agent, a bank or a trustee) for the owner's benefit. The term "fiduciary" refers to the guardian, conservator or custodian. This is different from a custodial account because the beneficiary doesn't have to be a minor. This account type may be appropriate for adults with special needs.
If your attorney set up a trust for you, you may want your Edward Jones accounts to be registered in the name of that trust. In the event of your death, an account registered in the name of your trust can help speed along the distribution of your assets according to your instructions. Or, if you or a loved one have more complex needs, the Edward Jones Trust Company can act as your trustee and pay your bills as well as manage your accounts if you are unable.
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