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Edward Jones Investments / poor service, raped with fees

United States Review updated:

We moved all of our investments to Edward Jones after dissatisfaction with our original broker. We had lengthy discussions about how we were looking for someone who would pay attention to our investments and keep us informed when and what to buy/sell and have a hands on approach. I work offshore and don't have time to deal with this. I do understand the processes though and can participate in and understand the advice.

First they did not want to use email, which should have been my first clue. I tried to set up meetings but they were too busy to accommodate my busy schedule; never working outside of the fixed box of time.

Finally tired of being ignored, we transferred all of our investments out. Now comes the worst part. All of the investments are in "Edward Jones" name and they have to sell them to move them, with a 5% minimum commission on everything. This was thousands of dollars.

Pros:
Nice tie and detailed reports when they bother to produce them

Cons:
They put your money in THEIR name! 5% or $50 on EVERYTHING they sell of yours. Once you are in, you are trapped as leaving will cost you BIG.

They never paid any attention to our investments, called except to try and sell an issue. Sometimes we wouldn't hear for over a year! I would lose track of time and trusted them to keep me informed; foolish I know. But they did agree to provide this service.

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Comments

  • Gr
      Mar 26, 2011

    We moved all of our investments to Edward Jones after dissatisfaction with our original broker. We had lengthy discussions about how we were looking for someone who would pay attention to our investments and keep us informed when and what to buy/sell and have a hands on approach. I work offshore and don't have time to deal with this. I do understand the processes though and can participate in and understand the advice.

    First they did not want to use email, which should have been my first clue. I tried to set up meetings but they were too busy to accommodate my busy schedule; never working outside of the fixed box of time.

    Finally tired of being ignored, we transferred all of our investments out. Now comes the worst part. All of the investments are in "Edward Jones" name and they have to sell them to move them, with a 5% minimum commission on everything. This was thousands of dollars.

    Pros:
    Nice tie and detailed reports when they bother to produce them

    Cons:
    They put your money in THEIR name! 5% or $50 on EVERYTHING they sell of yours. Once you are in, you are trapped as leaving will cost you BIG.

    They never paid any attention to our investments, called except to try and sell an issue. Sometimes we wouldn't hear for over a year! I would lose track of time and trusted them to keep me informed; foolish I know. But they did agree to provide this service.

    0 Votes
  • Cu
      May 19, 2011

    Tips from a happily EX EJ stockbroker: 1.) EJ is a full commission biz-they charge for practically everything whether or not YOU benefit (EJ is not alone in this custom; the traditional wirehouse Wall Street firms all do this. 2.) when you ever ask a broker to "watch" your stuff, what do you really mean? Bird-dog them? Babysit them? From day 1, the poor sap "advisor" must get out & sell, sell, sell, or get fired. When will they ever have or take time to "watch" someone's stuff? Never or rarely. 3.) what does one mean by "hand-on"? Returning calls? I'm always amazed that average investors (like me) commonly mistake "active trading and selling" as productive when all that's happening is market timing (blah), stock-picking (sheer gambling) and past performance tracking (rear-view mirror driving). Give yourself a much needed break. Read "The Investment Answer" - Goldie/Murray, and get off the Investor Nightmare Highway.

    0 Votes
  • Di
      Dec 06, 2011

    BEWARE ... The lack of attention for the $40 annual 'service fee' is not worth it ... and hold on to your wallet ANYTIME you want to make a change, move funds, etc ... averages $95 a pop unless you're storing $500, 000 with them!!! OUCH. I will take my lumps and get away from Edward Jones as quick as I can. Lesson learned!

    0 Votes
  • Mi
      Aug 25, 2015

    Edward Jones will not let go of trust that is losing money like a sieve. They are not following court order to let this go without more signing of release that are nutty and dangerous at this point. They are acting as bullies. Lost me 27, 000. at this point and want to take another about 7, 000.00 out of the account to pay their attorneys. The account is now at 76, 000. I am attaching some of the documents. Any advice from others is welcome

    0 Votes

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