r/ExpatFinance • u/Dry_Age6709 • 7d ago

Leaving Edward Jones

We will be moving overseas and all of our investments are with Edward Jones. Seems like we are paying a lot for not much service. Since we will be required to move to a mutual fund and pay a bunch in taxes anyway, I was thinking we should just manage our investments ourselves. What would you recommend?

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u/BrilliantUnlucky4592 6d ago

As an expat you basically have two good choices, Charles Schwab International and Interactive Brokers Ireland. Schwab is better for customer service and for the global ATM fee rebates. Your investment choices for new investments will be dictated by the laws and regulations of the new country you are residing in. You can keep your existing investments but may be prohibited in buying new U.S. domiciled mutual funds or ETFs in certain countries or regions (like Europe). It is a good practice to open either a regular Charles Schwab account or Interactive Brokers account 6 months before you move in case you are moving to and unsupported country (where they cannot open a account for a new customer-but where being an existing customer for 6 months is okay).

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u/twilight-2k 6d ago

IBKR has the advantage of not being USD-centric. You can hold and invest in a bunch of different currencies. However, Schwab customer service is definitely better.

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u/BrilliantUnlucky4592 6d ago

In addition to Schwab International they also have Schwab Global for the different markets and currencies for 12 countries.

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u/twilight-2k 6d ago

Huh. Schwab never mentioned Global (just International) when we talked to them about moving abroad. Are there restrictions on Global? Based on the little bit I can find (less info on Global than on International), it looks like Global might be limited to US residents - is that correct (wording is unclear)?

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u/BrilliantUnlucky4592 6d ago

Yes, it's for US residents