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We found Steve Mood's office due to an inheritance, it all was handled well and timely. So, we reinvested the inheritance, and moved some of our own funds to the account. There are several years worth of results to check back on, and all is the way it should be. So far returns are very nice and even better than expected, of COURSE we do not allow "churning", basic logic. The CD rates are good, set up the way we want them, the stock funds are handled well and when we tell them to move the funds to our account, they are there the same day. Way things should be, those with poor experiences need to do like we did. Research! We know who our agent is, where he lives, in fact, we know just about everything about him. To those who have a bad experience, do your research.
My father who was in management most of his life moved his investments to Edward Jones after he retired. Before and after he died I had to deal with the Edward Jones advisor. His knowledge and advice prompted us to change our investments over to Edward Jones. Even with the ups and downs of the stock market, our investments have done well over the last 15 years. We will continue to have our investments with Chad at Edward Jones.
This is a hard area to please and I can understand many reviews but I have found the Financial Adviser (KH) and the Edward Jones services (Antigo Wisconsin) and offerings to be reliable and structured. I invested a lot there, and my advice to all others with bad experiences is to know your Financial advisor well, especially his or her character, and the client must hold the reins.
If you, or perhaps your parent, use Edward Jones to manage your investment and retirement accounts, BEWARE! Let me make this short. If you consider investing a lump sum of $20,000, for a period of 20 years (1999 to 2019) with a TOTAL Return of less than $10,000, then this company is for you. If, on the other hand, you realize that over the course of the last 20 years that the market has made record setting gains, then stay AWAY! The above example of a 20,000 dollar investment that was worth a total of just over 29,000 20 years later is real. It is just one of the investments my mother made through Edward Jones over the course of more than 26 years.
This firm makes investments for you based upon the commission they will receive. While most people nearing retirement age understand the buy and hold theory of investing, Edward Jones chooses a churn, churn, churn process. They make money through front load fees and commissions they receive by pushing the funds that benefit the broker and firm, not the investor.
As another example, my mother had a qualified account and a non-qualified account with this (in my opinion) ethically challenged firm. Once she reached the age where she had to take a RMD (required minimum distribution) annually, they convinced her to take the required distribution, transfer the funds to the non-qualified account, and in turn EJ invested those funds into the American Fund Mutual Fund product. They also convinced her to take the $10,000 principle returned after a 12 month CD matured and invested it totally in the American Fund.
If you don't know, the American Fund is a front load investment, charging you an upfront rate of 5.75%. That means for every $1,000 you commit to invest, you hand Ed Jones $57.50, leaving only $942.50 to purchase shares. This front load fee is on top of the expense ratio of about .68%. It looks like my mother invested a total of more than $30,000 into this fund over a period of about 9 years, ending up with a grand total of less than $37,000 at the end, which was 18 years after her first investment in this fund. Oh, did I mention that she reinvested all dividends and capital gains from this fund?
These abysmal gains, are just two examples of the types of investments that this firm advised my mother to invest in. I realize we all make our own decisions, but since 2015 my mother was not making changes to her investments, as she had Alzheimer’s, but someone was making changes. Changes that reduced the value of her investments tremendously. Thank God my mother was not dependent upon these funds for her monthly expenses, which averaged more than 8 grand a month over the last year or so of her life. We failed to keep an eye on her investments. We would check every couple of years, but we never dreamed that someone was able to make changes to her investments without her knowledge or approval.
We have no idea how much Ed Jones gained in fees and front loads over the last 26 years. You see, they do not show these fees or front loads on any statement. We have looked over more than 20 years of statements and now realize that they have no disclosure requirements. I guess if you have signed a form, which has fine print stating the fee schedule, even if the broker did not cover the fees with you, they do not have to provide a detail on your statement of the fees collected by EJ, which resulted in the reduction of value of your investments. It leaves one to believe that the fact that your investments lost $1400 in value over the previous 3 months that the reduction was simply based on market fluctuation.
I feel like I failed my mother in some way. She had a wonderful heart and trusted everyone. I had no idea that any company could operate in this manner, without being required to provide statements showing how much of the dip in value of your investments was due to market fluctuations and how much was paid to Edward Jones. Please beware. Your experience with Edward Jones may be totally different. I seriously doubt that every broker associated with this firm fails to provide full disclosure and transparency to their clients, but based upon the large volume of disparaging reviews against Edward Jones, I do not believe that our experience is an isolated incident.
The purpose of my post it to remind everyone that you alone are responsible for fully understanding the terms and conditions associated with any transaction you make with another person. And, to remind those of us whose parents have reached the age where, they may not want help, but it's become evident to you that they need help, don't forget their investments. Keep an eye on their investment accounts, just like their bank statement.
Awful, frustrating, theft, lies. I invested almost all of the money I have. Donn ** told me no fees. I invested in 2 IRA’s & a CD plus other investments. A week after my investment I received a statement indicating I had invested app. $500.00. less in each account. I visited with Donn and was told the lesser amount would be only if I drew it out early. The investment were for 1 year. 9 month later the account were rolled over without my permission plus they withheld over $ 250.00 in each acct & I was told it was because I withdrew early. The accounts were less when I opened "if I were to make an early withdrawal" then again when they chose to rollover my account because of the early withdrawal. Their monthly statement are just numbers, try to get what the statement indicates, good luck... They take your investment & give you back what they choose for you to have, they will steal you blind. Please stay away from Edj. I am just sick.
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A few weeks ago I received an email from our Edward Jones financial advisor asking for a "favor." In order to win a trip from the company, based on her sales record, she needed us to invest a substantial sum immediately -- by noon the next day. I didn't open the email until it was past her "deadline," which saved me from saying no. The following day she emailed me again to say the deadline was extended. I ignored her. We were shocked and embarrassed at her audacity, and are seriously considering quitting Edward Jones and finding someone we're more comfortable with. Am I overreacting?
Edward Jones is a pathetic organization. They funneled my money into very high fee based mutual funds that maximized their profits and minimized my returns. They frequently churned my account to artificially generate more fees when the account was relatively inactive. The rate of return was abysmal during a span of years that the overall market was setting a blistering pace. The account was shuffled amongst advisors several times without so much as a notification. Robert ** in particular deserves to be called out. He was a family friend and totally abused his position as such, torching my account with misguided investments, inefficient transactions, and after 15 years of managing my account there wasn’t even a phone call to notify me the account was transferred.
“Graham” took his place, a man who demonstrated as much rudeness as incompetence, who had no useful strategic knowledge or advice - and when I made it clear I was planning to move my money from the firm he became incredibly uncooperative. Regarding minor items, he told me to “take it up with my accountant”, and refused to offer even basic assistance with the handling of the account. The secretary was far more useful and helpful by comparison. These people are unqualified, uneducated as to their craft, and you would do yourself a favor - just buying Vanguard S&P 500 Index through an online account and passing them right by. You’ll end up with a lot more money in the end.
My mother passed with all her assets in Edward Jones. I didn't even have enough to bury her. They made a big deal about giving me my own inherited money (as if it were a big favor) but they would not give me the funds for a service. (I suppose I should have put the ashes out with the garbage). This is the normal Christian discrimination we are enduring these days. I was told I would have access to MY money in a few days. I have jumped through one hoop after another for almost 2 months, finding documents, getting the rest of the family members in there, several all day visits to the office, etc... Today, I think I was told that we have to start all over. (Not sure because the secretary hung up on me). Once they have your money, they think it is theirs and will not part with it. When I get my money, and I will, I will never trust them to watch a goldfish.
Melanie ** and Shaina ** in Suffolk, VA. Stay away from these two, and keep your money away from Edward Jones. My mother held an account here, and when she passed, the stocks were to pass to her children. It has been an absolute nightmare trying to get my money back from this company. And forget trying to get in touch with the Financial Advisor, Melanie. She only takes appointments to talk, "two weeks in advance." Her assistant Shaina is very rude and unhelpful. I will NEVER use this company again.
Victim of this absolutely fraudulent company. So many things wrong with the way they have handled my money, I would have to write a book. Because I didn't understand all the financial hubbub and never found it interesting enough to learn, this company made me out to be an even stupider person because they raped me and got away with it. I'm trying to sort out what my actual value of my accounts is so I can decide whether I have enough to make a pipe bomb and blow up my branch (nobody will get hurt because NOBODY IS EVER THERE). Don't mess with banksters because they are all out gangsters. FINRA can't help you because they are just another arm of the same beast. My advise: keep your money in a fire safe and out of the hands of the creeps that created it!
Had an annuity in my portfolio managed by Prudential. EJ advisor was charging me a fee to manage it, however they were not authorized to manage and I was paying a management fee to Prudential already. I was lied to. Talking to customer service... Got wrong info, multiple times. Taking over 6 weeks to transfer/close my accounts. NIGHTMARE COMPANY.
I will not recommend Edward Jones in Lambertville Michigan to anyone. I had two phone conversations yesterday alone, trying to close out my account with them and Diane put up one roadblock after another. Then after I drove there with my bank statement she was very rude and condescending to me. But she was always nice when I went there to annual reviews and such. I guess they can’t stand giving people their money back. BEWARE!
I am being truthful and this review represents my opinions and feelings about my experience with Edward Jones. I had an EJ salesman talk me into turning over some of my investments to him, in 2017. He said he could help me manage my money. I let him handle my IRA and several other plans. He became frustrated because he wasn't making much money from me, though.
They only get a small AUM fee from IRAs. So he kept pressuring me to give him more money. He'd ask me about my various assets and accounts. He would call or drop by my house, unannounced, every week. He'd ask me for contact information of family members. I did not wish to give out that information. I felt increasingly uncomfortable with the queries about my house, what I owned, what was in my bank account. I'm in the process of transferring my remaining funds out from Edward Jones and will be putting a block on my phone. I do not care for a business model that allows brokers to put such constant pressure on clients. Again, my opinion.
Don't let the fancy TV ads fool you. They have only one interest to protect: THEIRS. Once they got your money, you are on your own. Do not think their adviser will advise you anything to improve your portfolio or avoid potential costly mistakes. I learned it the hard way when I consolidated my mother's retirement accounts to EJ when she granted me POA so I could take care of her. The EJ adviser neglected to designate the beneficiary for the accounts and never told me about it. I was under the wrong assumption that the beneficiaries which were set on those accounts I transferred would continue with the new accounts at EJ.
It was only after my mother passed away that I found out about the negligence and all her remaining funds were tied up in probate. After spending over 5000 in legal fees (paid to the lawyer they recommended) I am still waiting for the final court order to close the estate after 15 months. Transferring funds out of EJ was also a nightmare.
My 401K went from a $25/month investment (initially with my "management" and later, EJ reinvesting dividends) to several hundred thousand. In 2017, I was advised to go into a "guided" account for "safety" reasons. "If things start to go South, holdings can be moved to minimize losses." I don't recall any mention of a fee, unless it was 'minimal'. I (foolishly) trusted my FA and actually said as much to him. Later, it occurred to me that he had a sheepish look on his face when I said that, but I didn't pay attention, then. Later, I noticed $400 deducted from my account/monthly for 'program fee'. I'm investigating other companies and am going to have to move. My account has done well, without this expensive 'guidance'.
I would give this experience minus ten stars if I could. My Edward Jones advisor recommended their ccard to me as a way to transfer debt with no interest. I followed their advice and the ccard charged me 3% transfer fee plus more than 17% apr. The advisor called the ccard company, which is separate and the ccard did nothing to fix this. Said I applied for the wrong card. I would sue if I could find a pro bono lawyer.
They took my 401k rollover before taxes and then drafted my contribution out of my bank account after taxes and combined them. Never sent me or let me know that I was supposed to deduct my contribution on my taxes every year. I recently changed jobs and my employer offered a good retirement plan and I wanted to roll it over. They bs around for a few weeks and finally told me that I can pay taxes on it and put it in a Roth or leave it as is. They screwed up but I have to pay. Total morons. Closing out my account because if I have to pay taxes I might as well get my money back.
My mother died when I was 17, given that I was underage, a family friend invested my inheritance which was approximately 1 million. I am now 44. The money has now accumulated to 5 million, which is part of the trillion they advertise. 4 months ago I requested a withdrawal, which was approximately 1/3, after 2 months of runaround claimed it had to clear fraud and I had to resign everything. Now after 4 months still nothing. Seems to me all they are doing is stalling until the new year if they even release at that point, after the long wait I have now requested to withdraw all, to use another investment company.
OK. I wasn’t sure they were going to allow what I said to be print it because I use words then I might not be acceptable. But let me go on stopping fault. Stop letting these people take advantage of me and my bandanna right now as it gets. Edward Jones sucks. They suck. I want to reach as many people as possible at your branch. Edward Jones calls me up one day and says, "Well how about I give you a $13,000 loss that we ** you out of if you stop telling people we suck." Where should I accept your offer and sell all you people out so they can keep calling you. If you believe me they’re going to make money for you know. ** you Edward Jones.
No that’s stupid language. It just means in a nice the language. No way I would Jones. No way I would. Bottom line stayed a ** away from Edward Jones and most brokers they’ll steal your ** money in the stock market is **. It’s all **. Maybe at this point short term CD guaranteed over three or five years you’d be better off. Tell you the truth there is no best way. I’ll tell you this. Edward Jones is the worst way. Let me say that again Edward Jones is the worst way seven.
I met a woman working as an advisor for Edward Jones who encouraged me to consolidate my accounts with her at Edward Jones. Because of her misinformation, I signed up for the Guided Solutions fee of 1.35%. After a terrible experience, I spoke with several representatives regarding the issues but got a mediocre response lacking an apology but giving me the bare minimum I asked for: a refund on my termination fees from when I transferred my money over to Vanguard. Here's the story:
When I was considering transferring my retirement savings to Edward Jones, I sat down with the advisor to ask her several questions. One of those questions was, “Are there any fees I will be charged from either you or any of my current firms if I switch to Edward Jones, and if so, how do I avoid them?” I made it clear that I was no expert in these matters (shame on me for not doing more research and trusting someone trained to tell me the truth), which is why my money was held in the many original accounts I opened over the course of several years and several jobs. Erroneously, she said there would be no fees (I had never paid a termination fee so didn't know that they existed; I figured it was like opening a new bank account -- move MY money). So, I was charged with several of what I now know as termination fees to close my several accounts. Because of her error, my trust in this agent's expertise was eroded.
Having lost faith in her as a financial advisor, I began to do research on Edward Jones. First of all, I began to question my (former) advisor's global claim that Edward Jones’ fees were in line with competitors like Vanguard, Charles Schwab, and Fidelity -- all firms I was at prior. She assured me that I was “already paying the same fees” but Edward Jones just “put the 1.35% fee up front while others charge on the back-end.” It turns out she was wrong, and, according to representatives at Vanguard, Charles Schwab and Fidelity, her claim was "laughable". In fact, they all assured me that the 1.35% is only justifiable by the receipt of sage advice from a capable advisor.
My advisor was not that kind of advisor, both because she not only gave me misinformation to get me to sign on with her -- whether out of manipulation or incompetence – but also took MONTHS to finish transferring all of my money after asking me several times to carve out time from my schedule to request documents my other firms said did not exist and then realizing she didn’t actually need them. This includes having several thousand dollars in limbo when she failed to tell me she hadn't received a check from one of my firms; I noticed on my monthly statement. So, that cash sat in limbo earning nothing, not even any minor interest from a money market account.
Once most of my money was transferred, I wanted to talk to my advisor about the other fees I was being charged since it was unclear what the fees were; 1.35% was one thing, but what was this $10 per month fee?! I also wanted to get a better idea of Edward Jones’ performance over time, so I could compare it to how my other funds had performed over the past decade or so. I set up a call with my advisor to go over this information, but her assistant canceled this call less than five minutes before it was supposed to begin because, “She forgot and double-booked.” I’m not entirely sure why my call was the cancelled call, but I allowed a reschedule.
On our rescheduled call, my advisor started the call without a willingness to explain the fees or provide the information on Edward Jones' performance over time -- all things other firms were willing to do without me even being a customer. Instead she told me I was asking too many questions and she didn’t want me as a client any longer. She also asked me never to call her again and hung up on me without explaining what I do next. I mean, to transfer my money to her, I had to talk to each of my other firms over and over.
How was I going to transfer my money out without talking to her? I wasn't sure. But, I started calling other firms, asking all the questions I had asked her, and received such a transparent and kind response that I knew that regardless of how my former advisor handled me, the problem was with her and not me. She did not provide information that other firms willingly did. In fact, two firms took my questions, researched them, and called me back with trends over time for accounts similar to my size for clients similar to my age to give me the best estimate on their earnings over 1-, 3-. and 5-year periods.
Upon shifting my money back to Vanguard from Edward Jones, I learned several additional things that my former EJ advisor never told me. For example, she did not make it clear that there would be fees for selling off back-end loaded funds, nor did she give me the option to liquidate my money to a money market fund rather than doing an in-kind transfer. These were the first topics covered when I talked to Vanguard and Charles Schwab about transferring my funds to them.
Overall, my former advisor with Edward Jones did not act on my behalf. She gave me misinformation on what other firms consider the most basic matters -- such as termination fees -- while encouraging me to sign up with her and Edward Jones. She tried to upsell me to products for the money I still had liquid even though I told her several times I wanted it liquid to buy a house. And, she provided poor customer service in terms of forgetting a call we had scheduled, failing to answer my questions about fees, and dropping me as a client without any instruction on the next steps – and asking me to never call her again even though she still had control of my money.
I understand laws about fiduciary responsibilities are a bit unclear at the moment, but she acted in no way like a fiduciary; she acted in no way with a “duty to care” nor did she act in my best interest. If I had known how this EJ worker would be as an advisor, I would have never moved my money over to Edward Jones. For this reason, I asked for all fees back as if it never happened, including termination fees for closing both my accounts, the Guided Solutions fees, the mysterious $10 fees charged to my account, and fees charged as expense ratios. They refunded the termination fees, although the letter states the money was added into my EJ accounts, which are closed -- so hmmm, where's the money? Time will tell. Never again will I use Edward Jones.
Out of three agents, the first was incompetent, who forgot to invest my initial deposit for four months, then tried to blame me for it, the second just did nothing. Neither of them even asked me for a beneficiary and the third, who started out helpful and responsive, eventually became disrespectful. When the third helped me move my money out of my 401K into a Guided Solutions IRA without first sharing the interest rate and changes from my previous Traditional IRA, then became upset and angry when questioned about it, I was thoroughly shocked. I decided to give it one year to see if it lived up to his promises, which were steady 5 to 6% earnings. Instead, my portfolio experienced overall loss from Jan 2018 until the time I transferred to Vanguard and approximately 50% of that loss was Edward Jones fees.
These unfortunate situations provided me with motivation to research and learn how to manage my own money. I am managing my husband’s IRA, which was moved from EJ to Vanguard as well. We find this change to be less stressful, less time consuming and less expensive, with positive financial benefits. Our association with Edward Jones was a monumental waste of time and money. I would have been much better off if I had simply left the money in my 401K.
I had a small Roth IRA at Edward Jones and really had not paid a lot of attention to it over the 10 years it was there. Well I recently realized they were charging me an annual fee amounting to almost 5% of the investment. Ordered my account closed immediately at which time I was charged approximately 10% of the account value to close the account.
I am the Executor of my late Mother's Estate. For 3-1/2 months I have been trying to obtain her account records without success. Her local Account Executive says that the records are in the hands of their St. Louis headquarters and that he has called them "40 to 60" times to try to obtain them for me. He has stated twice to me that the Edward Jones Legal Department is "incompetent." Add to that my 30 to 40 phone calls, written requests, emails, correspondence and five personal visits to try to get the records. Not only have I not obtained them, but neither the national headquarters or the Legal Department has seen fit to call or email me!
My Edward Jones account was hacked into. Edward Jones has done nothing about retrieving the money I lost! People used a voice recording of my voice to get out my money making deposit into my Chase Bank account of which the money went missing from my Chase Bank the very next day Without me knowing that that amount of money was in there!
I'll make this quick. We have been with EJ for 19 years. All this time we have had to ride out some bad times. Never have we lost a large amount of money, until now. Over the last 45 days we have dropped over $11,000.00. I am still waiting for an explanation as to where the money went. WE recently moved from WI. to FL. I hope that this didn't impact our investments adversely. Over the last 19 years we have had 4 advisers. Could it be that EJ is having a problem keeping employees? It does seem strange that we just got a new adviser since we moved to FL. Hope that isn't affecting our investments.
When I was 20, I ran into an inheritance. My father brought me to an EJ salesperson in Windsor, Ontario, by the name of Sean **. I remember filling out a form asking me about my financial knowledge. That was about the extent of what they needed, I guess, legally, to say "you signed a form saying you knew your stuff." At 20 years old, I did not.
They put my money into various stocks, to which the salesperson, told me that "Out of 5, 1 would do badly." Indeed, but more like a few went badly. MCI Worldcom was one of the stocks that, less than 1 year later, went bankrupt. Before that, he had been pressuring me by phone to buy other stocks claiming they were "undervalued" and I complied. The other stocks were not "blue chip" as the advisor assured me of. What went on years later was horrible. They claim they "lost my address" and "EJ doesn't have email addresses." Years later, he also claimed he did not remember various information. At 20 years old, what am I supposed to know? I was more busy trying to figure women out, going to bars, trying to have a good time. They take advantage of people at EJ.
I asked my Edward Jones representative to buy 1000 shares of Ford (F) stock and my fee was $1000!!! Yes, you read that right, $1000 for a transaction that would cost $9.99 with Ameritrade. I was told that I would make it up in earnings... Even though I was the one that instigated the purchase!!! Total ripoff... No creative counseling... You'll just get the regular Blue Chip recommendations. Find anyone else!
Annual fees to the tune of $40 and continues to lose money every quarter. I keep calling and emailing them and finally after six months to finally get someone to contact to roll over my funds to my bank. Finally they email me that and I quote "our Traditional IRA account is now handled out of St. Louis by Dave ** (BOA is Karmann)." Tony ** office out of Richmond, VA. The WORST CUSTOMER SERVICE ever!
As a single mom, bought house after renting. Took out a large amount of money from IRA to keep monthly payments down. Broker did not take out enough taxes and left me owing the IRS $52,000. I had to refinance new house with 1.5% higher rate and $400 more per month and still only received 30,000 loan toward this Edward Jones mistake. What can I do about this? Would not recommend this company to anyone.
Ok, at first I was told my rep that there are no hidden fees and I was told no at the time of my visit. But once I opened up an account I had found out that I should've been making more money than what I was making. I checked into and found out that Edward Jones WAS TAKING $100 PER MONTH TO MANAGE MY ACCOUNT (Notice the caps). And a 40% commission from whatever they made a profit on. I was stuck over 4 years into that account when I realized I was making no money. I can go on forever but to make things short they are RIPPING YOUR ** OFF.
My advisor ALAN ** at the Westfield, NJ office basically told me, "If you do not like how I'm handling your account then go someplace else." REALLY!!! I wish not to curse but I got **. IF YOU DON'T BELIEVE ME OPEN UP AN ACCOUNT. In the 5 years I was there I did not make 1 DOLLAR because what I made I had to pay in FEES. THEY SUCK!!! Personally someone needs to check into the way they do business.
Edward Jones expert review by Barbara Friedberg
Edward Jones, a Fortune 500 company, is one of the largest financial services firms in the country. With 11,000 offices, Edward Jones has served nearly seven million clients for over 90 years.
Services: The company provides a wide-range of services, including wealth management, retirement and college savings planning and investing guidance. Edward Jones representatives are competent in handling various financial planning services for individuals and business owners. Edward Jones is one of the few financial services firms dedicated to the individual investor.
Products: The firm offers clients access to a wide range of investment and money management products including stocks, bonds, mutual funds, insurance and annuity products. They also offer cash and credit solutions to their clientele.
Investment philosophy: Edward Jones believes in a long-term approach to wealth building with regular meetings between the client and advisor. The company focuses on quality and diversified investment products and features a personalized approach.
Educational and client resources: Assistance with statements, taxes, fraud awareness and protection are available. Edward Jones’ clients receive easy account access and management with mobile apps, online account access and bill pay.
Best for: Clients looking for a personal financial advisor dedicated to their financial needs, the newly wealthy, those experiencing family and/or household changes, the financially unsavvy and business owners.
Edward Jones Company Information
- Company Name:
- Edward Jones
- Year Founded:
- 12555 Manchester Road
- St. Louis
- Postal Code:
- (800) 441-2357