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Edward Jones
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Edward Jones
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84 complaints
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Edward Jones
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Edward Jones reviews & complaints 121 - 84

Edward Jones complaints 84

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The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - elder abuse misuse of funds embezzlement

Shane Jennings, Investment Representative/Thief- Has misused, mishandled, and embezzled money from my elderly mother. He has taken it upon himself to fire her attorney as soon as all funds were...

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Edward Jones - incompetency

I had used these guys for many years, and as I was approaching retirement, I wanted to consolodate my holdings. I asked Edward Jones for assistance and they were most helpful; however, for one account, they sent the paper work to the wrong address, which caused a significant delay and cost me nearly $5, 000. When confronted with this, their response was: 'not our problem...' I suggest using another firm. (they did offer to provide me with the information to go to arbitration, but it never arrived.)

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The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - dishonest - self serving advisor

My complaint to the complaint department email was rejected and sent back - scam artists.. Complaints Department Edward Jones Canada To whom it may concern: I have a complaint to raise...

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S
Aug 16, 2011
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The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - forged document accepted

Investments cashed in by edward jones agent jim ward because he accepted a proven forged document without any knowledge of account holder. After abundance of phone calls, letters to both plano, il. Office and corporate office - no results!

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G
Jul 21, 2011

Edward Jones - poor service, raped with fees

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.

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

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.

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!

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.

S
Feb 05, 2011
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - arrogance, fraud and elder abuse

The broker was given a power of attorney protecting an elder that is not able to make sound financial decisions and it took hell and high water to get her to recognize it. Rather than respect the...

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Edward Jones - illegal & unethical practices

Edward Jones Company has more crooks on their payroll than the mob. You name it, they do it: churning, negligence, breach of fiduciary duty, misrepresentation, failure to supervise employees, and fraudulent actions to deprive payments. I am currently halfway finished with my extensive narrative on the abuses I have sustained by mistakenly trusting this band of con artists. They have raped me repeatedly, but I refuse to go down in flames without taking some of them with me! The final retribution will be mine, and I will have the last laugh! Caveat Emptor investors, dismiss my warning at your own financial peril.

T
Sep 16, 2013

3 years ago, an EJ agent persuaded me to rollover funds into some "A" shares. He did this after I repeatedly emphasized that the
firm I was currently with, screwed me over and I lost a lot of $. I was very insistent that I wanted to be low on the risk scale and did
not want heavy fees. He turned right around and put me into 5 different "A" share funds, but neglected to tell me there
was an upfront load fee of 4.5% for each share. When I went online to check my funds, there was $1300.00 missing, which were the fees. When I called him, he handed me a line that he didn't realize I was unaeare of the load fees.
1 year later, this agent is no longer with EJ, [I wonder why] and my funds got transferred over to another office with another agent who was a bigger gouger than the first. For 2 more years, I stayed with EJ and I did get the load fees plus a little gain. I recently retired, and was going to roll my work related 403b into these EJ funds because they were doing OK. Well, guess what? Any "NEW" money that is put into an existing fund with EJ, pays ANOTHER load fee. Of course, again, this newer agent neglected to tell me that until AFTER we
did the rollover transaction. These fees were $2700.00. I told him there was no way I was doing that, and he suggested I leave the money with his firm until I decided where to put it. The joke was on him. I called the other firm that my work related funds were with and I stopped the transaction dead in its tracks. Then I emailed him and told him I did not trust him. Haven't heard from him since. What a SCAMMER! All he was interested in was getting that $2700.00 fee. I want to report him, because he was not upfront with me...I had to ask him 3 times, how much the load fees were. He kept changing the subject until I got in his face.

Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - misrepresenation

John Cravens of the Laguna Hils office does a poor job. Not monitoring every clients account and not communicating with them daily. No response from customer service from main Edward Jones office. I asked to close my account and they failed to respond and continued to withdraw funds from my bank. I asked to end it before and they ignored my message. Please investigate since there will be other victims.

S

As far as risk is concerned, you need to predetermine the AMOUNT of money that you are willing to risk before you call it quits . As an EXAMPLE : Ifyou have $100 000.00 and you PREDETERMINE a 7% to 8% risk, then if the account drops to $92 000.00 to $93 0000.00 you SELL and your position becomes flat !

OR you can use a certain amount of money as insurance by hedging through the use of derivatives .

If a good financial advisor knows what he's/she's doing then they don't need to keep on finding new clients . The advisor will make enough profit in commissions based on profitable returns for their clients through well managed positions taken in the market cycles . You just need a good client base . And if you're good, those clients will stick with you for a lifetime ...

When you start running into unattended conflicts with financial advisors as the person who is complaining above, you need to get a lawyer involved . Don't wait until things get out of hand . The moment you feel that you're being neglected(unanswered), get the law involved .

This always made me laugh. Advisor says, "We'll be looking at your investments to make sure all's well". Bal-a-oney! As a happily EX EJ stockbroker, let me give you a tip on reality. From day #1, the poor sap "advisor" must get out and sell, sell, sell, or face getting fired for not meeting ever rising profit performance (how'd ya think they paid for those cute offices and even cuter assistants?). If you so-called 'advisor ever tells you the "We're watching your stuff..." baloney, run away, fast, after he responds to your question, "What, exactly, are you watching?!" Get ready for the soft-shoe, mind-numbing drivel that's coming. It's widely known, but never, ever disclosed that less than 5% of all so-called "advisors" know the first real thing about prudent investing. Has anyone ever questioned those stupid "Risk Tolerance" questions they ask? What BULL. Does anyone even know the true ramifications of a 40% drop in asset values, or can the average mind fathom what or how it'll feel and doo if this happens?!? Come on, now...

K
Sep 09, 2010

Edward Jones - stay away

Broker summoned me to his office under false pretenses saying he had "a couple of recommendatins for me" on September 3rd, one day after I was in his office with my mother and brother who were transacting business. Mr. Kedley approched me in a threatening manner to say I was not longer welcome in his office and that I had gone to "inappropriate areas of his office" the day before. I was at a total loss and could not understand. He said he saw me crouching down behind his front desk. I was with my mother and brother and asked only to the secretary "what is the market doing" she said, "let's look" I was not behind the desk at all. Mr. Kedley kept saying I saw what I saw. I said you are wrong Jerry and are making a mistake. I can't believe that someone who holds a brokers license and is managing my money for over 5 years would act in such a disoriented way. He seemed wild and almost scary in his approach to me. I just want him to be notified of his unprofessional behavior and that I would like to transfer my funds without a problem or more hostility from him.

Please disregard the comment above that I just made.I posted it in the wrong section. Sorry

Well they closed the account and charged a $200 or $250 fee to review the death certicate and set up the accounts for us as beneficiries. My brother is getting the statements and doesnt understand how to read them.
I called the boker and he was out, but his assistand said that that their trust department charges for having to split it into accounts for the heirs. I guess they will probably charge another fee to close out the account they just opened for all of us too. This is crazy since I had other accounts that I was beneficiary on at 4 other banks and was able to close them without any fees or problems, In fact Etrade transferred the IRA account and offerred me $1000 as a bonus if I opened a regular account with them. It seems too good to be true, so I am going to check it out, since it jsut may be a scam too. This is the first time I have dealt with Edward Jones and it will be the last. I worked in the banking industry and it is sad to see that so many banks are fee hungry [censored]s. I think Bank of America is the worst, but I have found some good credit unions and local banks that are not out to rob you. People please shop around and ask questions before you invest. Greedy places realize that a bunch of people dont know better and will not question or realize all the fees that are involved. They depend on this to make income instead of doing business in an honest and truthful manner. I have no problem with the broker at Edward Jones, he is jsut doing his job and did not try to force me to keep the money their. He is just the lure that the big fishes there are using when they are trollling for your money.

Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - unauthorized trade

The broker, Ed Sernoski, did purchase in one of my accounts, 400 shares of BP without discussion or authorization on May 27, 2010. When I complained, I was stalled off by their compliance department and told to complain to IIROC, which is another delaying tactic. Apparently, IIROC will not order restitution.

I have subsequently filed a small claims action for my losses of about $9, 000. Edward Jones lawyers actually filed a statement of Defence which basically states that I am only complaining because the investment has fallen in value.

In 40 years of investing, nothing like this has ever happened to me before. Needless to say, I removed the account. These guys are major bad news. I only hope I get my money out of them before they crash and burn.

S

If you gave them permission to manage your funds and signed a disclaimer, then unfortunately you have no case since they did nothing wrong .

If you didn't sign permission for them to manage your funds, then their lawyer's claim doesn't stand based on '' speculation '' . They don't have proof that you are complaining simply based on a loss, it's only their opinion and that makes it speculative . Facts are what wins court cases ...

Wise choice to have closed your account ...

P
Feb 01, 2010
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - stocks

To any of you out there that might be thinking of investing, stay as far away from Edward Jones as you can possibly get. I invested with them and decided that I needed to close the account. I’ve emailed them, written them, talked to them on the phone for three weeks now and can’t get them to close my account. I’ve lost $3000.00 since I tried to close my account. I’m contacting an attorney now hoping he can do something. Edward Jones seems to be using the Bernie Madoff method of making money.

I find both of the above complaints to be bogus. The first one didn't say anything about talking to his broker to make a sale. That's all there is to selling any investment. By law they can't take emails or even voice mails.

The guy with the indexed annuities has his facts wrong too. Edward Jones doesn't charge management fees AND commissions. If you think he was going to do the family a favor with Indexed annuities they need to research the complaints on them. They are designed to make the insurance company and the insurance agent (aren't licensed brokers) a lot of money and has long surrender charges for the customer.

H

Ed Jones is notorious for keeping their rat claws in your money for as long as they can. Not only do they get paid quarterly for "managing" your money, but they also get paid every time you ask them to move it. They are instructed by headquarters to tap into your emotions, and if necessary, bring religion into it. The Ed Jones advisor in my area just made my grandmother cry this morning! My husband and I are retirement planners and sell the number one retirement product in the country. We took the steps to transfer all of their funds from Ed Jones stocks, IRAs, a trust, and mutual funds to a fixed indexed annuity. We do this every day for clients and it takes very little time to do the actual transfer. This is day EIGHT of messing with this as their Ed Jones advisor conveniently isn't available, is out of the office, is on the other line, and finally after speaking with him, he tells them he's going to Haiti for 18 days to adopt two orphans. As if that doesn't pull at an 80 year old's heart strings. Did I mention how much he bashed us? It was incredible how elaborate the lies were. We work with contractual guarantees, black and white. Numbers don't lie - people do. Don't leave your money with Ed Jones! It would be better invested in hundreds under your mattress.

S
Jan 10, 2010
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - door to door sales in neighbood

The manager of that office came to my neighborhood going from house to house trying to drum up business. I would expect Avon reps, deliveries from UPS, Fedex or US mail, family and friends, and even...

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Edward Jones - deceptive trade practices

My, Robert Charles Casey's father Billy Robert Casey Died in May 15 1991. I received a fivety thousand dollar inheritance at that time I was twelve years old. There were problems between my dad and...

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S
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The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - sales charges

Edward Jones fires Putnam for poor performance. I guess they need someone to blame. I know
the economy is bad so I am not blaming anyone. But here is the problem. Edward Jones now has to
rollover my 529 plans into a new fund. We are forced by Edward Jones's hand to move this investment. Wouldn't you think that there should not be sales charges? Well, I get the welcome packet from the new fund company and we were charged 5.75% for "sales charges". This came to approximately $500.00 of my son's college savings. These investments among others have lost a large amount of value already. I already paid sales charges when I bought them through Edward Jones. Edward Jones should pick up the tab on this. Complaint with the SEC to follow.

As a happily EX EJ stockbroker, I have to say, "Point well taken!" Not in defense of, but rather as a candid explanation, these salespeople (so-called "advisors"), according to public record, know little if anything about the true workings of what they do for a living. I mean, look, 5.75% sales charge? How much does the hyperactive fund manager have to make his fund perform just to overcome that expense? Not to mention all the "other" fees & expenses eroding the investor's assets. Best bet is to fire the broker, and start by first reading the awesomely short but honest book "The Investment Answer" by Goldie/Murray.

Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - free surprise gift

I received a card today along with my Readers Digest telling me to go to www.rd.ca/freegift for complete offerings, howver, upon doing so I was unable to find any information. Why send these things out if they are not relevant?

G
Apr 05, 2010

NEVER, EVER INVEST WITH EDWARD JONES...I am in the middle of a huge law suit with them right now as they scammed me out of $60, 000 of my own money. The more I read about them, the worse it gets. Numerous class action law suits against them, selling lousy funds for huge paybacks to themselves and exorbient losses to their customers, poor service and information (they're basically used car salesmen), horrendous fees and commissions, again at huge losses to their customers, etc. They're out for themselves and their clients' best investment wishes are the least of their concern. Even in the recession, all their top executives made multimillion wages when everyone else lost, because they stole your money from under your nose. They are white collar crime and should be jailed for their actions. I personally know of 2 of their salesmen who've had their licences revoked after ripping off elderly, retired people who lost most of their life savings to these selfish scums. And even though every salesman (they call themselves "advisors"... lol!) is different, there seems to be a lack of leadership and quality control with EJ. Many of their offices often only have 1 salesman and 1 secretery with no "boss" to crack down on the fraud they pull off, obviously to keep their own expenses down for greater money to themselves and once again, at huge losses to their clients.
There are numerous other, much better and more reputable places to invest with, even the government backed banks would give you better returns and guaranteed no losses and no fees to pay out (My EJ salesman never even told me about all the extra added fees, in addition to his commission, and he of course got paid highly even though he lost me 60K...dispicable.)
If I can save even 1 person from what I've been through with this JOKE of a company, it's worth it. Get the word out however you can...twitter, facebook, myspace, emails, whatever...tell who ever you can about this horrible company...EDWARD JONES IS A SCAM, A FRAUDULENT COMPANY...NEVER TRUST YOUR HARD EARNED MONEY WITH THEM.
honest citizen
ontario, canada

Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - worst investor ever

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...

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Edward Jones - irresponsibility

Irresponsibility of the investment advisor. We lost $93, 000.00 of our retirement money and no one accepts responsibility. We asked at every statement to move the money into a safer environment and...

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Edward Jones - employment

Pursued possible employment with Edward Jones. One of the pre employment hoops is for you to go out and do a "survey" which is a door-to-door exercise, I believe, to see if you have the will to make one-on-one cold calls or not. In the two neighborhoods I chose, I ran into to people who had just spoken to someone with the exact same survey questions in the last few days (Edward Jones gives you a script). It is my impression that this firm wants to flood the market with brokers and see who sinks or swims. In all fairness, if you do pass muster they set you up in an office and pay you for a year or so until you can support yourself with commissions . If you've sold anything on pure commission with this shotgun approach, this might be a home for you but it was not for me.

Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Edward Jones - misrepresntation, fraud, seedy stock brokers

My Parents passed away leaving me a generous trust account plus a life insurance policy. Dave Hunt, a independent stockbroker in NC has done everything possible to obfuscate every bit of all...

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S
Nov 11, 2008

Edward Jones - breach of binding agreement

David C. Bray from Edward Jones became my financial advisor in June of 2007. He promised me he would watch my funds and suggested against placing them in a no loss investment. In Jan 2008 I asked him...

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