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Vince rosenack, financial advisor (Ha). Moved my ira to edward jones april 2008; told vince (3 times) I was tired of loosing $ and would rather make a little vs loosing monthly. Sure we can do that, so I figure i'm safe while everyone else is loosing $. Well, his good investing lost me 20% of my ira in 8 months. Vince said i'm doing good and making $, what a _ _! Don't invest with him!
The complaint has been investigated and resolved to the customer’s satisfaction.
As a happily former EJer, here's my "look behind the curtain", if you will. Less than 5% of all Fncl. Advisors anywhere know anything useful about prudent investing; they're product salespeople! All (we) ever learned about standard deviation (rate of risk), we leaarned just to pass the series 7. After that, we get sucked into a maelstrom of sell. sell. sell. (Our) "intent" for the client's financial well-being may have started out good, but face it, wirehouses and brokerages are in business to make "your" net worth, "their" net worth. Fire your broker! Hire a coach. Here's simple, prudent advice that'll yield you benefits right away: get and READ the book "The Investment Answer" by Goldie/Murray asap.
@eli5 you seem to ignore that brokers, FA and FP will do and say what they want to make a living. Most of these people do not talk about this when you go to them to invest money. They will not tell you, this is a risk your taking, and you may make money, but you may lose money, but I will still get a commission of ...if these advisors would say this, many people will understand totally, (they may walk out of the door to0), but they will understand, and would proabably take their money elsewhere, like scwab, who will just place the money in a no load money market mutal fund, until you are ready to take some risk and there are others like vanguard also. But investors will shop around now, and since the econmony has left many, many people without anymoney at all or really counting pennies, WE will now think twice, investigate, ask around, and found out who never NEVER to take your money too, and memory serves well when money is involved, so Edward Jones will be rememberd for their greed. I was too rob by a so call FA, who only work for edward jones two years after working at home depot, and invest my life savings in a way that benefited her and her family. Her name is Anita Bowman of Houston, Texas...STAY AWAY
Why diod you wait 8 months before notifying him? As soon as the investment went down, you should have called hima nd asked him what was going on. There are investments liek bank cds and cash funds where your principal is guaranteed. I dont know why you accepted something that had risk if you didnt want any and why he would have put you into something that did.
Sounds like Edward Jones should stop trying to help middle america investors and focus on clients that understand risk.
I see that this is a very annoying situation, and the investor in question more than likely didn't help, but you can never be sure that the investments will earn money, thats the gamble that you take when you invest. There is the possibility, and aim of investment, that your bonds/shares etc. will earn you loads of money and grow into huge amounts but this isn't always the case and i'm afraid that's just something that you will have to risk if you do invest. I'm sory about your loss of money but I don't think that you can soley blame this on the investor.