Edward Jones review: Agent complaint

To Whom This Concerns:

Around four months ago, I called Edward Jones citing a complaint. Your representative took the information, suggesting that I also write Jones about the issue although it wasn’t necessary because he had the information. I was assured that I would be hearing from you.

I followed up July 14th. The representative confirmed the facts of the original phone call are on record, apologized I’d never heard back and was referring the case to your attorneys. I’d hear from them within the next two days. I’ve heard from no one.

My Complaint and Request:

The Complaint:
Craig Heuton was my financial advisor for years.

Craig Heuton
1904 South Street, Ste. 103
Blair, NE 68008
402.426.3408

Craig Heuton was also my parent’s financial advisor. Upon my father’s death on December 17, 2017, their assets reverted to me. Craig and I set up automatic payments to my account with the understanding that THE PRINCIPLE MUST NEVER BE TOUCHED. This wish/ demand was stressed several times over the years. Craig, my attorney/ accountant and I would do a group ZOOM call twice a year. This “No Touching of Principle” mandate would always be reinforced during these meetings – at times, Craig himself would bring it up.

The Automatic Payments
It was set up that I receive $2700 a month from my accounts plus a one-time installment of $36,000 annually. I would typically request the latter in March.

Purchasing the Condo
I had been watching a property for 3 years and it came on the market for $475,000. I asked Craig if I could afford this. He said yes, but that Edward Jones could no longer give me the $2700.00 a month. Since I would make that up in rent, I found that agreeable. My income would essentially thus remain the same.

I always reminded Craig of the $36,000 influx in the first quarter of the year. When I asked for the installment in March 2025, he said I would not be receiving the $36,000 because of the withdrawn funds used for the condo. HE HAD NOT TOLD ME THIS or I would not have made the purchase. This was a significant reduction in income and I put the condo on the market that day. I also “fired” Craig over this (letter below). I moved all my accounts to another Edward Jones advisor, David Matz.
The Quandary
I did sell my condo for virtually the same amount and reinvested the proceeds into my Edward Jones account. I thought all would be restored, i.e., I’d be receiving the $2700 monthly and the $36,000 once a year.

1. Mr. Matz said that simply couldn’t be done; I didn’t have the assets to do this without touching the principle.
2. I got a second opinion who said the same thing.
3. I had Mr. Matz call Craig and ask how he’d done this. Craig said it came from the farm income. I personally had received the checks for the farm income since 2017 and deposited them in my own bank. What he is saying cannot be true.

How then was I getting the installments of money? Where was it coming from? Was the principle indeed being touched?

The Rub
I live off the farm income, but my monthly stipend was now only 30% of what it had been. We had been hit by Hurricane Helene, my home sustained significant damage and now I was struggling to cover expenses with this large reduction in income.

All Craig had had to do was to completely explain the ramifications of my buying the condo when I first broached him about it. This he did not do and thus I entered an extremely stressful time in my life. So highly unnecessary and all because of Craig’s failure to communicate.

My Formal Complaint
I would like the following to be addressed:

1. Where was the annual $36,000 and monthly $27,000 coming from? Which accounts? Was principle being touched?

2. A formal complaint issued against Craig for his negligence in not explaining all the ramifications in my purchasing the condo.

My son uses Mr. Matz and I would have left Edward Jones if it were noMatzr him. He is extremely knowledgeable, meticulous, communicative and proficient.

Yet, I also wonder about Edward Jones as a corporation. WHY DOES NO ONE CONTACT ME? I’ve been waiting months now for help on this issue. That’s unacceptable. Again, my information:

Debra Maddox
18 Shackleford Drive
Asheville, NC 28806
712.642.2650
[protected]@charter.net
1 of 5 Account #s: [protected]

The Craig Heuton Termination Letter

Hello Craig,
It is with deep regret that I have chosen to transfer all my funds to another Edward Jones agent. This decision did not come lightly. I took much time to think about this, weigh things and consult with others. The reasoning:

When I came to you requesting funds for the condo, you rightfully informed me that this would impact my getting the $2700 monthly check from Edward D Jones. I figured that rents received would make up for that. What you neglected to tell me was that I would no longer receive the $36,000 a year. I take ownership that I didn’t ask the right questions, i.e., asking about the full impact of the withdrawal, but sometimes a person doesn’t know what they don’t know to be able to ask those questions. I think we’ve worked together closely enough for you to understand that I am the type of investor who doesn’t really keep track of things, e.g., I had never checked on my personal stocks in 40 years and was content to just let things roll on. I trusted you to then tell me everything I needed to know. This very much included the impact of the fund withdrawal and the resulting loss of the additional $36,000 a year.

This result has been catastrophic for me. The loss of that $36,000 and then losing rental income while the condo is on the market has resulted in my now living on 30% of what was my monthly income. With the present volatile market, I don’t want to access my stocks, Dad’s IRA or mine so it’s a lot of unforeseen stress. Had I known the full ramifications, I would never have purchased the condo, realizing it would so substantially diminish my income.

I thank you for your friendship, kindness and stewardship throughout the years we’ve worked together and wish you nothing but the best.

The transfer will take place today, Tuesday, April 15, 2025.