Edward Jones Reviews

As the paperwork got sent back and forth by snail mail I decided to do use a different bank in town to transfer the assets to. On October 9 a transfer form was faxed by the bank with no issue to Edward Jones distribution department. The same way I was told it could not be done and there was no fax number. On 10/11 I received a call because the request was for the account balance but I only wanted the liquid cash in the money market savings transferred not the CDs so I was instructed to fax a rescind request and then a new transfer form with just the amount in the money market asset not the CDs which was done same day.

My verbal requests and conversations for this transaction to be completed went ignored although transactions are placed in trades are placed all the time by phone. I began checking my account daily to see if the withdrawal had taken place. 10/17 I called Edward Jones back office distribution area this was liquid IRA money in a savings. No liquidation was needed. No delay. It should’ve been done on 10/11.

First I was told they got the recent but not the new request then they found the new request and Jordan told me that it should’ve been done and it was missed and he was writing urgent ASAP and sending it to his back office and the money would be out of my account by the end of business on 10/17. On 10/18 The money was still in my account on Friday I called my local branch manager who called the back office they are a middle person and that’s how they want it done at Edward Jones and I was told they rejected the paperwork that was sent in on 10/11.

No one share that information. No one called me. No one called the branch manager. It wasn’t told to me the day before. When I called the back office they didn’t accept it because the date was the same on the second request is the first request. So another delay tactic. I was told to have the bank send in another request which was done on 10/18 redundant, ridiculous. And by this point I am furious. I have not received MY money. And I demanded an immediate release of my money to the bank.

I informed Edward Jones I would be filing an SEC complaint. Today is 10/21. The money is still sitting in my account it Edward Jones more delay tactics. It has been over a month. I’ve been informed it will be released today, we’ll see. Edward Jones has illegally been withholding my money ignoring my requests to transfer the money. The lack of communication, the mistakes, the loss of paperwork, the incorrect address from the beginning has now cost me $400 in interest that I would’ve been getting in a CD at another bank versus 1.3% and Edward Jones in a money market.

I’ve been with Edward Jones over 20 years I have been liquidating and taking money from Edward Jones because every single time I want to withdraw funds it’s like jumping over hurdles. It always takes too long, too much paperwork which is why this money was coming out in the first place. When they want your business they are in touch with you all the time. When you start taking money out or are you wanting to move money from Edward Jones this is the type of service that you get!

Then I had the opposite problem. The new advisor was supposed to let me know when it would be a good time to return to my original investments, but he didn't. I could have been reaping the benefits of stocks and lost all that potential income. When I tried to discuss it with him, he kept telling me, "Not yet". He told me expected the market to crash and then we should move back to stocks, but the market was just going up and up. In reality, he just wanted to put me in the most conservative allocation possible and leave me there. Then the advisor just turned me over to another advisor without my knowledge or approval. Someone else suddenly had all my personal information. I was horrified as this is a small town where everyone knows everyone. I didn't want just anyone having that information about me. It made me think, "What if that was an advisor I had used before and didn't like?"

I complained to headquarters and he resumed servicing my account while I was thinking of other options to move my accounts to. A few months later, he did it again. Headquarters does nothing to forward your complaints to the "legal team" who are experts at dismissing your concerns and never truly address them. It was appalling to say the least. The worst part is that when you sign up for one of their advisory services you aren't being advised at all. They just stick you in their computer-generated algorithms that buy and sell for you. They're supposed to reallocate funds, but I only so that happen once in several years. They make it sound personalized, but it's not at all customized to you as an individual.

Even if you self-manage an account rather than signing up for managed accounts, the only way you can buy and sell on your own is through their office. You can't just log into your account to order a purchase, even in a brokerage account that you self-manage. You have to reach out to your advisor and speak with him to place the order. It's very time consuming and frustrating. When I made my monthly deposits to the account and called to place my orders, my advisor kept telling me "I don't get paid for this". Excuse me? That's the only way you'll let me make purchases. It's your job!

All in all, I felt like Edward Jones was keeping me at arms-length from my money. They treated me like an uneducated fool who didn't know anything. They talked down to me. And, they lied to me. I wish I had read the reviews here before I chose them. I had thought having a local advisor was a good thing and it would be more personal. As the months went on the stress was so bad I couldn't sleep at night. I was so worried about my money. Do yourself a favor... RUN from Edward Jones, don't walk. I finally found a better brokerage that offers so much more and allows me to self-direct my accounts or have managed accounts. Placing a trade to buy or sell is as simple as logging in, plugging in the ticker symbol and the amount you want to purchase, and it's a done deal. It's easy as it should be. As the economy shifts, I can now easily shift my holdings as I see fit. And I am sleeping good again.