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I have a great financial advisor. I have my MBA and other post graduate education. When I contacted Kate ** to discuss my Sister's account, I was treated rudely and Kate was very condescending. My sister was on her death bed and as the Executor of her Will, there was information that I needed in order to carry out my dying sister's wishes. Kate insulted me by asking if I knew what "superseded" meant. I have only written Contracts, negotiated Contracts, Software Licensing agreements for 30+ years, so yes I knew what "superseded" meant. She would not allow me to talk, but continuously talked over me.
Out of the blue, she asked me, "Well, how long do you want your sister to live?" I don't know if she was agitated because I called her only the one time to ask a question or if she is just an outright rude person. However, the question was very inappropriate for what our family was going through at the time. Had I had time to think about the off the wall question, I would have said, "forever!" However, since I was so taken aback that I just said that is up to God. Although I am not one to leave negative reviews, I felt it necessary to forewarn people and families of her non-professional, arrogant, and rude manner. I would never use her as a Financial Advisor and hope that I do not have to deal with her in any manner in the future.
Stupidly I went to use a financial adviser to see if I can retire. They now have over 22000 of my money. Because of the virus and all I should help with (and all bills to pay) I asked for my money back.... Nope. They keep saying oh TAX TAX TAX and keep saying no won't give me my money because of tax. So, what the hell? I cannot pay my tax AND not pay my mortgage or help my daughter who has is unemployed. So yeah I guess I'll end up living on the road not in the home. And may never EVER see my 22000. So don't lose your money by using them.
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I went into my advisor in January 2020 and told my advisor with her secretary right there that I felt the market was too high and that I wanted 80% CDs and 20% stock market twice to make sure it was done. I got back off vacation in March and had lost big!!! Confronted my advisor and she only said sorry!!! She hadn't done it!! When I started an investigation she and her secretary lied about it!!
I wanted to feel them out, so I called to ask if I needed to make an appointment, thinking about what questions they might ask & how I would answer...just as I thought, pompous & arrogant. The question of how much I was able to invest was EARLY in the conversation. Now, I have quite a bit more than $1000, but I needed to know if I was dealing with human beings, before committing. How sad, as I said "up to $1000", the "person" I was speaking with, repeated "up to $1000", putting strong inflection on "up to", then said I'd be better off with Charles Schwab. My opinion: Those who worship $ & care not for the rise of their fellow man, are nothing but pure evil, being only the shell of a man themselves.
Updated on 05/30/2020: They had a decent amt of money than just half of that (dont want to say obviously). They traded so much they made "financial gains" = to 1/4th then almost 50% of what I had yet I never saw a dime in the amount my account was worth. Nevertheless that is considered "income" so my tax es went up almost 4000$. I lost state assistance because they considered the "financial gains" income as well. I am a senior on a very fixed income and because of their complete mishandling of my account I have to struggle to take care of some things that the state would help with me but for the "income" from Edward Jones "financial gains. 2 moths ago I made a complaint. Was emailed they were looking into it and never heard another word. In my opinion from my experience they are untrustworthy.
Original Review: I went with them and they were told I am on a very fixed income and my investments all the money I have. Come tax time I find they bought and sold so much. Got the "financial gains" =ed 1/5th of all my money Even though I never saw that kind of money added to my account (account grew but little) it cost me thousands in taxes, which as one on very fixed income I have never had before. Ever.
I now find that because of the financial gains amount I am unable to get prescription help so cant afford some of my prescriptions, Based on my income I was eligible but the because of the "financial gains" which is considered income I am ineligible. Finding same with home repair help from state and private help groups. They have totally screwed me up and they dont seem to care. I am not allowed to tell you if they did or did not make any effort at some sort of settlement per them but can tell you that when I emailed their rep about the inability to get the financial stat/private help I need. They could not even be bothered to reply.
I requested rollover (from EdJ to my new opened 401(K) - simple act of consolidating accounts to lesser expense related one). They initiated distribution! Funds lost in tax and penalties - none due to my fault. Incompetent and irresponsible - please spare yourself the hell I am going through. Account opened and managed by Huntsville AL offices (two of them) - both incompetent; the 1st one messed up my initial transfer/account opening (due to divorce proceedings). The 2nd one the minute I said I want to roll over my $$ showed the true revengeful side and did not fulfill my rollover request. Same ignorance and irresponsiveness from the email@example.com - the ONLY way to file complaint. No protection as consumer so do your diligence (wish I did mine) and AVOID THIS COMPANY.
In 2018 my FA notified me that I would have to sign up for EJ's Guided Solutions program as the "federal government" was requiring the company to convert all accounts. He did not tell me that it would cost $100 monthly to do so. And, the government had no such requirement. For approximately 10 months I paid the fees unknowingly until I reviewed my account online. I was shocked to find that the pennies I made were all erased.. and then some.. by the roughly $1,000 I lost by trusting I was not being taken advantage of. Additionally, returns over several years were meager. What a scam. Stay away from this company and their corrupt advisors who have only their self-interest at heart. I should have known. The FA lives in a trailer!
Six months after opening a 401k with my company, I switched companies to one that uses a different 401k company. I contacted EJ and was told I needed to wait until this month, this year. Diligently I began the process to get my funds transferred on the 6th of this month. My calls and emails went unanswered longer than really is acceptable. Finally!! I got a reply and was told they would send me the form in the mail. Then that took almost 2 more weeks. When it came, it was glued to the inside of the envelope, so it ripped. I called the local EJ office and got a voice mail. Because I have a job, I was unable to accept their calls when they called me back. Then they text me saying they couldn't get a hold of me. This was the same day.
The next day I called them, on my break, and was told my voice mail was full making it difficult for them to contact me. Using the syrupy sweet voice while chastising me. I didn't bother reminding her of my many emails and email address on their files (the same one they send junk mail to a few times a month). I just tried to move on to get what I needed. She then said she would email me the instructions on how to get on some EJ site to get the paperwork I needed. I followed the instructions to a "T" and was denied access. I called again. I was not calm. Some Courtney told me I needed to calm down before he would help me. I asked him why if he can see how long this interaction has been going on? Why I can't just get my damn money.
Eventually I got to Hannah again and I asked her why they couldn't just email the actual form to me?? She said some reason she couldn't but could fax it. But not until the next day. Today - I finally receive the fax and they add some other requirements from my current employer that my very experienced, very educated person in this department has NEVER been asked for before. We had already submitted all paperwork my employer is obligated to submit for a successful transfer. Every Edward Jones employee I've had interaction with has been sickening sweet while not helpful in any damn way. I don't have a lot of money in this 401K, so I'm a "nobody", but I will write reviews and shout it from the rooftops how unhelpful this company is!
While I realize the stock market is unpredictable, my EJ advisor, Gary ** in Potsdam, NY told me I could expect a return of 6-7% annually on average. What I actually received was a return, over 26 months, starting in Nov. 2017 and ending 1-13-20 was 3.29%. This anemic return over 2 years when the stock market was soaring! Then, when I went to roll over to another broker on 12/20/19 my transfer was delayed and did not occur until I made several calls to EJ and my present adviser, until 1-13-20 which delay necessitated my paying 2 "program fees" totaling over $100, PLUS and $95 "transfer fee." All in all, Edward Jones made more money than I did over the 26 months. 3.29% over 2 years doesn't even keep up with the rise in the cost of living.
I have read all your posts about EJ and the situations that you are all in. I am in a similar boat. I have about 30k tied up in a SEP IRA and it was originally 1 account and they separated it into multiple accounts which I am furious over and just learned of. I call my EJ FA and can never seem to get him live on the phone and when I do they say hold for the long term etc same old advice. Does anyone know of a company where I can transfer my money out of EJ with minimal fees so I can get liquid to invest those funds into real estate instead? Would love to hear some feedback. Thank you.
Edward Jones author 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.
Edward Jones Company Information
- Company Name:
- Edward Jones
- Year Founded:
- 12555 Manchester Road
- St. Louis
- Postal Code:
- (800) 441-2357