SUBMIT A COMPLAINT

Edward Jonessales charges

1
S Review updated:

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.

Responses

  • C
      May 19, 2011

    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.

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