Changes at Edward Jones

Was the process of getting late DW's at EJ, TOD accounts transferred to me. They did not make it easy or smooth. I did make formal complaints to FINRA and PA attorney general, that improved the process a bit. EJ seem to have fees for anything and everything. The funds are now in the slow process of moving to Vanguard to join my other funds.

Could never convince DW to leave them. The FA was a master (Phd?) BS artist in keeping her account.
 
I was asked why I mentioned it and did not act yet, was I complaining just to be heard?
I assume firms monitor comments about them selves in financial chat rooms from time to time. There was a chance even a jones person could explain this change better, or someone understands the changing process better than I do.

I have used a variety of brokers for a long time. Partly for convenience and partly for loyalties to a broker I like even if I dislike things about the firm now. Every brokerage firm seemed to have some things I liked and some I did not. I have used what worked for me at different firms and moved money when I was greatly dissatisfied.

When I first started with this brokerage firm all the firms were expensive compared to today. Since a lot of my stuff at jones was buy and hold with dividends or a bond ladder
and I negotiated a discount on the sell, it was tolerable since the costs were all ready incurred.

New money often went into some of the firms you guys have mentioned some not mentioned. Am currently using five firms.

Please keep in mind that investing has changed quite a bit from when I first started investing. I have also complained about things at firms and have had the firm eventually modify their rules to accommodate my desires and those of others. One of theses was a popular deep discount brokerage.

I am reading these postings and still deciding what to do. Thanks for the good ideas and thoughts.
 
Yeah, I almost went with them back many years. A boss recommended his "guy" who was just a bit too slick for me, even though I wasn't very savvy at the time. SO glad I made other mistakes which were easier and cheaper to fix. I only have one very small fund with Oppenheimer now and DW still has a smattering of funds at American funds. Otherwise, everything has now been transferred to Vanguard.

Run, don't walk... YMMV
 
These guys stink. I have a 401k through my employer and I can't get around them until I retire...or quit. The instant I do, I'm out of these losers.

To boot, the company's silent partner is the agent who works with EJ, not to mention her son...conflict if I've ever seen one.
 
redduck said:
The problem is that (at least it's the case with my friend who is with Raymond James) he can't transfer all his holdings "IN KIND" because some of the investments are idiosyncratic to Raymond James--therefore Vanguard (for instance) can't accept them. These investments can be cashed out, but what they are worth is not exactly specified--and there's a fee for early termination. Anyhow, it's not quite as simple as it should be, but I think it's still worth the effort and cost to move to Vanguard, Fidelity, etc.
Click to expand...

You are correct, sometimes firms stick your investments in weird things (like lending to Uncle Billy?).
I just helped my Aunt move 200K to TD-Waterhouse and while most of it transferred in kind, there was $20K worth that couldn't transfer. It had to be sold and the cash moved.
Now she is in the slow process of changing from 35 different investments to a more rational number of 6.
 
Ready-4-ER-at-14 said:
I was asked why I mentioned it and did not act yet, was I complaining just to be heard?
I assume firms monitor comments about them selves in financial chat rooms from time to time. There was a chance even a jones person could explain this change better, or someone understands the changing process better than I do.
...

When I first started with this brokerage firm all the firms were expensive compared to today. ....

Please keep in mind that investing has changed quite a bit from when I first started investing. ....

I am reading these postings and still deciding what to do. Thanks for the good ideas and thoughts.
Click to expand...

OK, perhaps my post looks a bit harsh in that light. But still in the 'trying to be helpful' mode, how investing was years ago should not affect today's decisions. It's a different world.

There's just no reason I can see to stick with a place that does things that 'bewilders' you. Fidelity, Vanguard, Schwab (recc by many here, but I have no personal experience) will all give you straightforward options. Couple that with the many, many, many negative assessments of Edward Jones on this forum, and I really see no reason to stay and try to figure out what they did or are doing. Just get out!

-ERD50
 
Ready-4-ER-at-14 said:
I was asked why I mentioned it and did not act yet, was I complaining just to be heard?
I assume firms monitor comments about them selves in financial chat rooms from time to time. There was a chance even a jones person could explain this change better, or someone understands the changing process better than I do.

I have used a variety of brokers for a long time. Partly for convenience and partly for loyalties to a broker I like even if I dislike things about the firm now. Every brokerage firm seemed to have some things I liked and some I did not. I have used what worked for me at different firms and moved money when I was greatly dissatisfied.

When I first started with this brokerage firm all the firms were expensive compared to today. Since a lot of my stuff at jones was buy and hold with dividends or a bond ladder
and I negotiated a discount on the sell, it was tolerable since the costs were all ready incurred.

New money often went into some of the firms you guys have mentioned some not mentioned. Am currently using five firms.

Please keep in mind that investing has changed quite a bit from when I first started investing. I have also complained about things at firms and have had the firm eventually modify their rules to accommodate my desires and those of others. One of theses was a popular deep discount brokerage.

I am reading these postings and still deciding what to do. Thanks for the good ideas and thoughts.
Click to expand...

I retired from IT around the fund industry. Some firm monitor comments, others not all.

I understand how you came to Jones, many did. There was a time I recall that one of Jones favorite fund companies had too many inflows. They had some great performance for a while.

As you point out investing has changed a lot over the years. The ICI has a tremendous amount of data on among other things average fund expense ratios. They've been falling for 30 years. I don't think I can legally link their data but Google "ICI fund mutual fund expenses" and you will find it.

Jones has some talented IT folks and I suspect they weight the Google search results to bury some negative reviews. Here's a great parody of Jones, all very true. It's R rated so if that's an issue don't open.

https://youtu.be/LDyDDBv2HzE

Best wishes.
 
ERD50 said:
Good one! I bet that the serious FAs do run into clients similar to this one. Enough truth to be funny!

-ERD50
Click to expand...
Yea, but unlike the video, I'd bet they would annuitize that $100K.
 
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