Experience with Edward Jones?

neveragain · Post by **neveragain** » Mon Mar 25, 2019 4:42 pm

I'd like to speak to someone with experience investing with Edward Jones. I have had accounts with them in the past and am having difficult now with them hassling me for more business. I just don't know what to say anymore.

I'd prefer to talk via PM if possible. Thanks!

mhalley · Post by **mhalley** » Mon Mar 25, 2019 4:46 pm

There are multiple posts here of people fleeing e Jones due to high fees and poor performance. Add that to bring handled then run, don't walk to vanguard, fidelity it schwab. If you really want an adbudor, check out vanguard pas and pay about a fifth it lower fees.
As to what to say:
I have no interest in giving you further business. Never contact me again about this.

ThereAreNoGurus · Post by **ThereAreNoGurus** » Mon Mar 25, 2019 4:55 pm

neveragain wrote: ↑Mon Mar 25, 2019 4:42 pm I just don't know what to say anymore.

Your userid is all you need to say to them.

neveragain · Post by **neveragain** » Mon Mar 25, 2019 4:56 pm

mhalley wrote: ↑Mon Mar 25, 2019 4:46 pm There are multiple posts here of people fleeing e Jones due to high fees and poor performance. Add that to bring handled then run, don't walk to vanguard, fidelity it schwab. If you really want an adbudor, check out vanguard pas and pay about a fifth it lower fees.
As to what to say:
I have no interest in giving you further business. Never contact me again about this.

I actually told them that but I suppose I was too nice about it.

Post by **oldcomputerguy** » Mon Mar 25, 2019 4:59 pm

neveragain wrote: ↑Mon Mar 25, 2019 4:42 pm I'd like to speak to someone with experience investing with Edward Jones. I have had accounts with them in the past and am having difficult now with them hassling me for more business. I just don't know what to say anymore.

You should say "goodbye". But wait until you have moved all your holdings to another brokerage before you communicate directly with them. Seriously. Work with your recipient brokerage, tell them you want to move your holdings to them, and let them handle the transfer. Do not try to work it from the EJ end.

DesertDiva · Post by **DesertDiva** » Mon Mar 25, 2019 5:01 pm

There are numerous other posts about EJ in this forum. Go to the "Google..." box in the upper right side of this page and do a search. That will keep you busy for a while

MotoTrojan · Post by **MotoTrojan** » Mon Mar 25, 2019 5:02 pm

oldcomputerguy wrote: ↑Mon Mar 25, 2019 4:59 pm
neveragain wrote: ↑Mon Mar 25, 2019 4:42 pm I'd like to speak to someone with experience investing with Edward Jones. I have had accounts with them in the past and am having difficult now with them hassling me for more business. I just don't know what to say anymore.
You should say "goodbye". But wait until you have moved all your holdings to another brokerage before you communicate directly with them. Seriously. Work with your recipient brokerage, tell them you want to move your holdings to them, and let them handle the transfer. Do not try to work it from the EJ end.

I’d at least send a stern email saying not to make any further trades, no?

retiredjg · Post by **retiredjg** » Mon Mar 25, 2019 5:03 pm

You probably were too nice.

EJ hires people with very thick skins. Then they train them to sell their products and they can be very aggressive (directly or indirectly) about it.

If "I'm not interested....please do not contact me again" does not work you may have to be rude. In fact, you probably should assume you will have to be rude although I would certainly try "firm but nice" at least once.

Post by **oldcomputerguy** » Mon Mar 25, 2019 5:07 pm

MotoTrojan wrote: ↑Mon Mar 25, 2019 5:02 pm
oldcomputerguy wrote: ↑Mon Mar 25, 2019 4:59 pm
neveragain wrote: ↑Mon Mar 25, 2019 4:42 pm I'd like to speak to someone with experience investing with Edward Jones. I have had accounts with them in the past and am having difficult now with them hassling me for more business. I just don't know what to say anymore.
You should say "goodbye". But wait until you have moved all your holdings to another brokerage before you communicate directly with them. Seriously. Work with your recipient brokerage, tell them you want to move your holdings to them, and let them handle the transfer. Do not try to work it from the EJ end.
I’d at least send a stern email saying not to make any further trades, no?

Good catch. Absolutely. Written instruction to EJ to cease all trades immediately is definitely warranted.

neveragain · Post by **neveragain** » Mon Mar 25, 2019 5:08 pm

Ok.

I have one remaining fund with EJ. A small one. The adviser called me and said he didn't need this small fund anymore and for me to take it somewhere else. He said it wasn't "helping him." And that I am small potatoes and he's got bigger investors to work with. And that unless I wanted to move all my money back with him, he didn't want my one remaining fund with EJ anymore and ordered me to move it out of EJ. Which I plan to do when I get the time. But only on my time, not his.

Then he sorta hung up on me, click.

cherijoh · Post by **cherijoh** » Mon Mar 25, 2019 5:10 pm

neveragain wrote: ↑Mon Mar 25, 2019 4:56 pm
mhalley wrote: ↑Mon Mar 25, 2019 4:46 pm There are multiple posts here of people fleeing e Jones due to high fees and poor performance. Add that to bring handled then run, don't walk to vanguard, fidelity it schwab. If you really want an adbudor, check out vanguard pas and pay about a fifth it lower fees.
As to what to say:
I have no interest in giving you further business. Never contact me again about this.
I actually told them that but I suppose I was too nice about it.

Undoubtedly you are being too nice.

The advice I have heard for dealing with these leeches is to say no and hang-up. Do not engage and do not provide any explanation.

If you are closing accounts, have the new brokerage (to whom you are transferring the funds) pull the money out of Jones rather than contacting your salesperson (misleadingly known as a Financial Advisor) to close the account. The latter gives them one more opportunity to get you to change your mind.

You might find this Link about Edward Jones practices illuminating.

HomeStretch · Post by **HomeStretch** » Mon Mar 25, 2019 5:14 pm

neveragain wrote: ↑Mon Mar 25, 2019 5:08 pm Ok.

I have one remaining fund with EJ. A small one. The adviser called me and said he didn't need this small fund anymore and for me to take it somewhere else. He said it wasn't "helping him." And that I am small potatoes and he's got bigger investors to work with. And that unless I wanted to move all my money back with him, he didn't want my one remaining fund with EJ anymore and ordered me to move it out of EJ. Which I plan to do when I get the time. But only on my time, not his.

Then he sorta hung up on me, click.

Move your fund to a low cost broker and send the EJ advisor a “thank you” card for saving you money (lower fees).

gailcox · Post by **gailcox** » Mon Mar 25, 2019 5:23 pm

My mother in law had her money at Edward Jones. When she passed it was in her instructions that each of her 4 children were to contact her EJ rep to discuss the IRA she had in each adult Childs name. My husband told the rep that he had permission to talk to me about this account. My husband and I decided to get the $$ out of there and transfer to VG. I called the rep. I told him we planned to transfer the $$ to VG (inherited roll over IRA) but first I had a question. Why had he taken each inherited IRA and continued trading within them AFTER my mother in law had passed? He stammered and I answered the question for him. "It's called churning and you get a nice commission every time you create a transaction in the account". (he did this on all 4 accounts). I told him what he did was illegal. He hung up on me. My husband handled it from here and the rep from EJ couldn't have made the transfer more difficult. It was a pain. Finally it all worked out but somehow he had traded the money into accounts in which a nice fat fee was attached to, in order for us to transfer to VG. Unbelievable. We are so glad we got out of there. The other three siblings still have their money there and didn't care to hear how "Buzz" was ripping them all off. Oh well. I feel your pain!!

neveragain · Post by **neveragain** » Mon Mar 25, 2019 5:27 pm

gailcox wrote: ↑Mon Mar 25, 2019 5:23 pm My mother in law had her money at Edward Jones. When she passed it was in her instructions that each of her 4 children were to contact her EJ rep to discuss the IRA she had in each adult Childs name. My husband told the rep that he had permission to talk to me about this account. My husband and I decided to get the $$ out of there and transfer to VG. I called the rep. I told him we planned to transfer the $$ to VG (inherited roll over IRA) but first I had a question. Why had he taken each inherited IRA and continued trading within them AFTER my mother in law had passed? He stammered and I answered the question for him. "It's called churning and you get a nice commission every time you create a transaction in the account". (he did this on all 4 accounts). I told him what he did was illegal. He hung up on me. My husband handled it from here and the rep from EJ couldn't have made the transfer more difficult. It was a pain. Finally it all worked out but somehow he had traded the money into accounts in which a nice fat fee was attached to, in order for us to transfer to VG. Unbelievable. We are so glad we got out of there. The other three siblings still have their money there and didn't care to hear how "Buzz" was ripping them all off. Oh well. I feel your pain!!

I have no doubt that they churned my IRA when it was in their hands. They act greedy and it's noticeable.

Jack FFR1846 · Post by **Jack FFR1846** » Mon Mar 25, 2019 5:49 pm

You don't talk to EJ. You decide where your account is going and they handle the transfer. You block EJ on your phone and you're done with them.

MathWizard · Post by **MathWizard** » Mon Mar 25, 2019 5:57 pm

My wife had to write a letter that was very much to the point. I will contact you, do not contact me.

She had been forced to EJ because when she started the 403bm her employer used a local EJ firm to handle
it. My wife said that the rep (a woman) was very nice, but really persistent, wanting to know information about
all our finances "So she could optimize my wife's portfolio." We declined the offer, and had to be insistent.

retiredjg · Post by **retiredjg** » Mon Mar 25, 2019 6:05 pm

neveragain wrote: ↑Mon Mar 25, 2019 5:08 pm Ok.

I have one remaining fund with EJ. A small one. The adviser called me and said he didn't need this small fund anymore and for me to take it somewhere else. He said it wasn't "helping him." And that I am small potatoes and he's got bigger investors to work with. And that unless I wanted to move all my money back with him, he didn't want my one remaining fund with EJ anymore and ordered me to move it out of EJ. Which I plan to do when I get the time. But only on my time, not his.

Then he sorta hung up on me, click.

This is not the same problem that you presented in your original post. For that reason, many of your answers are going to be meaningless.

If the "ordered me to move it out of EJ" is accurate you should file a complaint. I'm not sure how to do that, but I'd start with the EJ corporate offices, the SEC, and FINRA. Some research in those places should tell you how to make your complaint.

bayview · Post by **bayview** » Mon Mar 25, 2019 6:06 pm

neveragain wrote: ↑Mon Mar 25, 2019 5:08 pm Ok.

I have one remaining fund with EJ. A small one. The adviser called me and said he didn't need this small fund anymore and for me to take it somewhere else. He said it wasn't "helping him." And that I am small potatoes and he's got bigger investors to work with. And that unless I wanted to move all my money back with him, he didn't want my one remaining fund with EJ anymore and ordered me to move it out of EJ. Which I plan to do when I get the time. But only on my time, not his.

Then he sorta hung up on me, click.

Hahahahaha...

That is awesome. Looks like reality is hitting EJ reps.

Anyway, as above, tell him in writing to cease trading and have your new brokerage (VG, Fido, Schwab, etc.) do all the work.

fposte · Post by **fposte** » Mon Mar 25, 2019 6:08 pm

neveragain wrote: ↑Mon Mar 25, 2019 5:08 pm And that unless I wanted to move all my money back with him, he didn't want my one remaining fund with EJ anymore and ordered me to move it out of EJ. Which I plan to do when I get the time. But only on my time, not his.

Worth making the time to not have to give them money any more.

darkhorse346 · Post by **darkhorse346** » Mon Mar 25, 2019 6:38 pm

neveragain wrote: ↑Mon Mar 25, 2019 4:42 pm I'd like to speak to someone with experience investing with Edward Jones. I have had accounts with them in the past and am having difficult now with them hassling me for more business. I just don't know what to say anymore.

I'd prefer to talk via PM if possible. Thanks!

PM me if you want. I suggest you transfer your account(s) and be done with it.

Had to deal with EJ about 12-15 years ago on some accounts. Best thing we did was to transfer and consolidate accounts where low cost index funds are available.

Independent George · Post by **Independent George** » Mon Mar 25, 2019 7:52 pm

Ask them to remove yourself from their call list, and document it. If they call again, send a complaint letter to the FCC - they are required to stop as soon as you ask to be removed.

GatorFL · Post by **GatorFL** » Mon Mar 25, 2019 8:09 pm

Our local county does the "Best of 2019" survey every year through the local paper. I was filling out my choices today (restaurants, services, etc) and was shocked to see the local EJ guy as one of the picks for Best Investment Manager. I immediately started a campaign with family and friends to select the local Fidelity office instead! Honestly, I would be happy if they voted for a box of rocks on the side of the road vs EJ.

It will be a head shaking moment If that EJ guy wins.

inbox788 · Post by **inbox788** » Mon Mar 25, 2019 8:13 pm

neveragain wrote: ↑Mon Mar 25, 2019 4:42 pmI just don't know what to say anymore.

How do you deal with robocalls? I'd put EJ in the same category.

neveragain · Post by **neveragain** » Mon Mar 25, 2019 9:16 pm

GatorFL wrote: ↑Mon Mar 25, 2019 8:09 pm Our local county does the "Best of 2019" survey every year through the local paper. I was filling out my choices today (restaurants, services, etc) and was shocked to see the local EJ guy as one of the picks for Best Investment Manager. I immediately started a campaign with family and friends to select the local Fidelity office instead! Honestly, I would be happy if they voted for a box of rocks on the side of the road vs EJ.

It will be a head shaking moment If that EJ guy wins.

Once they get your business, it's never enough for them. Even if I transferred all my investments to them (which I did, at one time) it is not enough; they wanted my spouse's investments, too. And wanted names and contact info of my other family members to pitch them. It's just like the way that MLMs operate. They were pestering me at least once a month for names of people in my family or to sell me life insurance. In fact, if I could just invest with them and be left alone, I'd probably still have all my investments with them. They drove me away.

Tigerfan · Post by **Tigerfan** » Mon Mar 25, 2019 10:09 pm

I have had a very different experience with EDJ, maybe I just have an ethical advisor. I used to work with his wife so I knew his character before I moved assets to him. Anyway, I had sufficient assets to eliminate any sales charges and he has not done any churning. These assets are also in a grandfathered account and not under AUM. Portfolio is mostly American Funds that have done very well even with a slightly higher ER they have done better than my assets as Vanguard in index funds.

FrugalInvestor · Post by **FrugalInvestor** » Mon Mar 25, 2019 10:29 pm

You seem to be conflicted in very much the same way as many other EJ clients. I'm sure this is the result of training that EJ reps are given on how to retain clients. It is apparently very effective. I hope you can see through it.

Dottie57 · Post by **Dottie57** » Mon Mar 25, 2019 10:35 pm

Tigerfan wrote: ↑Mon Mar 25, 2019 10:09 pm I have had a very different experience with EDJ, maybe I just have an ethical advisor. I used to work with his wife so I knew his character before I moved assets to him. Anyway, I had sufficient assets to eliminate any sales charges and he has not done any churning. These assets are also in a grandfathered account and not under AUM. Portfolio is mostly American Funds that have done very well even with a slightly higher ER they have done better than my assets as Vanguard in index funds.

Do you know what class funds you are in?

Wanderingwheelz · Post by **Wanderingwheelz** » Mon Mar 25, 2019 10:43 pm

My brother has been an EJ rep for nearly 20 years and he’s never once asked me for my business, or even implied anything when he and I talk about investing. He knows I have more to invest than he does, but still leaves me alone to do it my way- 100% Vanguard index funds.

A couple of years ago I told him I swore off buying any individual stocks and how it’s made my investment life so much less time consuming, and recently he told me he did the same thing. Lol. Maybe I’m advising him w/o even knowing it.

Anyway.. I don’t think it’s fair to paint employees of any company with too broad of a brush.

Hiwatter · Post by **Hiwatter** » Tue Mar 26, 2019 10:20 am

I used them for years before I knew better... The best thing I ever did was close my account with EJ, transfer everything to Fidelity, and setting up a 3-Fund Boglehead-type portfolio.

EJ will nickel and dime you to death. Its how they make money. They talk you into buying or selling just to get a commission, automatically take a cut of your dividends, pressure you to use their "managed" services at a 1 or 2% total account fee, etc, etc... when you close your account they will even charge you a $100 fee as a final kick in the groin. Fidelity actually reimbursed me for EJ's stupid fee believe it or not!

So there's my experience. You're on the Boglehead forum now, so use the search feature and you'll easily find dozens of threads about how bad EJ is and how they'll bleed you with fees and shady acts.

Mr.BB · Post by **Mr.BB** » Tue Mar 26, 2019 10:24 am

neveragain wrote: ↑Mon Mar 25, 2019 5:08 pm Ok.

I have one remaining fund with EJ. A small one. The adviser called me and said he didn't need this small fund anymore and for me to take it somewhere else. He said it wasn't "helping him." And that I am small potatoes and he's got bigger investors to work with. And that unless I wanted to move all my money back with him, he didn't want my one remaining fund with EJ anymore and ordered me to move it out of EJ. Which I plan to do when I get the time. But only on my time, not his.

Then he sorta hung up on me, click.

And this is the guy who pretended to be your buddy, who really cared about you. You can always judge someone not when things are good, but when things are bad.

neveragain · Post by **neveragain** » Tue Mar 26, 2019 4:10 pm

Mr.BB wrote: ↑Tue Mar 26, 2019 10:24 am
neveragain wrote: ↑Mon Mar 25, 2019 5:08 pm Ok.

I have one remaining fund with EJ. A small one. The adviser called me and said he didn't need this small fund anymore and for me to take it somewhere else. He said it wasn't "helping him." And that I am small potatoes and he's got bigger investors to work with. And that unless I wanted to move all my money back with him, he didn't want my one remaining fund with EJ anymore and ordered me to move it out of EJ. Which I plan to do when I get the time. But only on my time, not his.

Then he sorta hung up on me, click.
And this is the guy who pretended to be your buddy, who really cared about you. You can always judge someone not when things are good, but when things are bad.

I'd rather leave my fund at EJ for the time being.

I feel like it's almost like a form of financial abuse to order me to take my fund elsewhere if I'm not going to invest any more money with him. I pay a yearly administrative fee so I would prefer to leave it there until the end of the year and it's doing pretty well as far as growth. He knows about my other funds and that I have them elsewhere. Which is a sore point with him, as I sold a house and he wanted me to invest the funds with him, but I didn't. I don't believe I actually have to move my fund to a different company. I might move it to a different EJ office for the time being.

Mr.BB · Post by **Mr.BB** » Tue Mar 26, 2019 4:21 pm

He sound like a vindictive person. I would at least sent him a registered letter telling him not to do anymore trading of your fund and just let it sit where it is at until you decide what to do. Also, keep that letter he sent you telling you that you should have to move that last fund; I think that is illegal to say that. If your going to move EJ offices, just move it to the same place as the rest of your funds and be done with it already.

ruralavalon · Post by **ruralavalon** » Tue Mar 26, 2019 4:26 pm

HomeStretch wrote: ↑Mon Mar 25, 2019 5:14 pm
neveragain wrote: ↑Mon Mar 25, 2019 5:08 pm Ok.

I have one remaining fund with EJ. A small one. The adviser called me and said he didn't need this small fund anymore and for me to take it somewhere else. He said it wasn't "helping him." And that I am small potatoes and he's got bigger investors to work with. And that unless I wanted to move all my money back with him, he didn't want my one remaining fund with EJ anymore and ordered me to move it out of EJ. Which I plan to do when I get the time. But only on my time, not his.

Then he sorta hung up on me, click.

Move your fund to a low cost broker and send the EJ advisor a “thank you” card for saving you money (lower fees).

Don't wait to move the account, make the time and get it over with. Don't leave a anything with Edward Jones "for the time being". There is no benefit to staying there until the end of the year.

Move your account to a low cost provider like Vanguard, Fidelity or Schwab.

Decide which fund company you want to transfer to, call them and ask them to help you with the transfer of your Edward Jones account, and they will do a lot of the work on the transfer.

What type of a account is this? An IRA, or an individual brokerage account?

I agree with the advice to give him written direction to make no more trades in the account

pkcrafter · Post by **pkcrafter** » Tue Mar 26, 2019 4:34 pm

I pay a yearly administrative fee so I would prefer to leave it there until the end of the year and it's doing pretty well as far as growth.

You pay an advisor fee, what is it - 1.35%? You do not pay it to the end of the year if you leave now. You only pay for the time you use the advisory service. What are the ticker symbols of some of these funds?

He knows about my other funds and that I have them elsewhere. Which is a sore point with him, as I sold a house and he wanted me to invest the funds with him, but I didn't. I don't believe I actually have to move my fund to a different company. I might move it to a different EJ office for the time being.

No, you don't have to move your money, but why in the world would you want to continue with EJ, with this advisor or any other advisor?

Paul

retiredjg · Post by **retiredjg** » Tue Mar 26, 2019 4:37 pm

neveragain wrote: ↑Mon Mar 25, 2019 5:08 pm I'd rather leave my fund at EJ for the time being.

I feel like it's almost like a form of financial abuse to order me to take my fund elsewhere if I'm not going to invest any more money with him.

Like I said above, you should make a complaint.

I pay a yearly administrative fee so I would prefer to leave it there until the end of the year....

Your fee may be "annual" but that does not mean you need to leave it until the end of the year. It is likely charged quarterly and I think (but do not know) they can only charge you for the days you are using it.

I don't believe I actually have to move my fund to a different company.

I don't think you do either.

I might move it to a different EJ office for the time being.

No. Don't do that. Just figure out where you want to hold your money and move it there.

neveragain · Post by **neveragain** » Tue Mar 26, 2019 4:46 pm

retiredjg wrote: ↑Tue Mar 26, 2019 4:37 pm
neveragain wrote: ↑Mon Mar 25, 2019 5:08 pm I'd rather leave my fund at EJ for the time being.

I feel like it's almost like a form of financial abuse to order me to take my fund elsewhere if I'm not going to invest any more money with him.
Like I said above, you should make a complaint.

I pay a yearly administrative fee so I would prefer to leave it there until the end of the year....
Your fee may be "annual" but that does not mean you need to leave it until the end of the year. It is likely charged quarterly and I think (but do not know) they can only charge you for the days you are using it.

I don't believe I actually have to move my fund to a different company.
I don't think you do either.

I might move it to a different EJ office for the time being.
No. Don't do that. Just figure out where you want to hold your money and move it there.

Thanks.

sergeant · Post by **sergeant** » Tue Mar 26, 2019 4:47 pm

neveragain wrote: ↑Tue Mar 26, 2019 4:10 pm
Mr.BB wrote: ↑Tue Mar 26, 2019 10:24 am
neveragain wrote: ↑Mon Mar 25, 2019 5:08 pm Ok.

I have one remaining fund with EJ. A small one. The adviser called me and said he didn't need this small fund anymore and for me to take it somewhere else. He said it wasn't "helping him." And that I am small potatoes and he's got bigger investors to work with. And that unless I wanted to move all my money back with him, he didn't want my one remaining fund with EJ anymore and ordered me to move it out of EJ. Which I plan to do when I get the time. But only on my time, not his.

Then he sorta hung up on me, click.
And this is the guy who pretended to be your buddy, who really cared about you. You can always judge someone not when things are good, but when things are bad.
I'd rather leave my fund at EJ for the time being.

I feel like it's almost like a form of financial abuse to order me to take my fund elsewhere if I'm not going to invest any more money with him. I pay a yearly administrative fee so I would prefer to leave it there until the end of the year and it's doing pretty well as far as growth. He knows about my other funds and that I have them elsewhere. Which is a sore point with him, as I sold a house and he wanted me to invest the funds with him, but I didn't. I don't believe I actually have to move my fund to a different company. I might move it to a different EJ office for the time being.

OP, this makes ZERO sense. Just get it out of there. I get that your upset. The best revenge is to move on and don't waste any of your own resources on him.

cherijoh · Post by **cherijoh** » Tue Mar 26, 2019 4:49 pm

Independent George wrote: ↑Mon Mar 25, 2019 7:52 pm Ask them to remove yourself from their call list, and document it. If they call again, send a complaint letter to the FCC - they are required to stop as soon as you ask to be removed.

OP still has an account with EJ. I believe that one of the exemptions to the "do not call" list is companies you are already doing business with.

cherijoh · Post by **cherijoh** » Tue Mar 26, 2019 4:57 pm

neveragain wrote: ↑Tue Mar 26, 2019 4:10 pm
I'd rather leave my fund at EJ for the time being.

I feel like it's almost like a form of financial abuse to order me to take my fund elsewhere if I'm not going to invest any more money with him. I pay a yearly administrative fee so I would prefer to leave it there until the end of the year and it's doing pretty well as far as growth. He knows about my other funds and that I have them elsewhere. Which is a sore point with him, as I sold a house and he wanted me to invest the funds with him, but I didn't. I don't believe I actually have to move my fund to a different company. I might move it to a different EJ office for the time being.

Don't cut off your nose to spite your face.

Are you sure you aren't paying your fee quarterly even though it is quoted annually?

Independent George · Post by **Independent George** » Tue Mar 26, 2019 5:45 pm

cherijoh wrote: ↑Tue Mar 26, 2019 4:49 pm OP still has an account with EJ. I believe that one of the exemptions to the "do not call" list is companies you are already doing business with.

I missed that; the update makes it a very different scenario than was described in the OP. I would have cut my ties and closed the account already.

RickBoglehead · Post by **RickBoglehead** » Tue Mar 26, 2019 6:11 pm

Tigerfan wrote: ↑Mon Mar 25, 2019 10:09 pm I have had a very different experience with EDJ, maybe I just have an ethical advisor. I used to work with his wife so I knew his character before I moved assets to him. Anyway, I had sufficient assets to eliminate any sales charges and he has not done any churning. These assets are also in a grandfathered account and not under AUM. Portfolio is mostly American Funds that have done very well even with a slightly higher ER they have done better than my assets as Vanguard in index funds.

And a sizeable front end load?

teamDE · Post by **teamDE** » Tue Mar 26, 2019 7:17 pm

cherijoh wrote: ↑Tue Mar 26, 2019 4:57 pm
neveragain wrote: ↑Tue Mar 26, 2019 4:10 pm
I'd rather leave my fund at EJ for the time being.
Don't cut off your nose to spite your face.

I was going to use the exact same phrase.

F150HD · Post by **F150HD** » Tue Mar 26, 2019 7:30 pm

is like $95 (?) to close an EJ account. Each one. At least it was a few years ago.

Tigerfan · Post by **Tigerfan** » Tue Mar 26, 2019 8:24 pm

RickBoglehead wrote: ↑Tue Mar 26, 2019 6:11 pm
Tigerfan wrote: ↑Mon Mar 25, 2019 10:09 pm I have had a very different experience with EDJ, maybe I just have an ethical advisor. I used to work with his wife so I knew his character before I moved assets to him. Anyway, I had sufficient assets to eliminate any sales charges and he has not done any churning. These assets are also in a grandfathered account and not under AUM. Portfolio is mostly American Funds that have done very well even with a slightly higher ER they have done better than my assets as Vanguard in index funds.
And a sizeable front end load?

No front end load either due to value of investment

cherijoh · Post by **cherijoh** » Wed Mar 27, 2019 7:55 am

Independent George wrote: ↑Tue Mar 26, 2019 5:45 pm
cherijoh wrote: ↑Tue Mar 26, 2019 4:49 pm OP still has an account with EJ. I believe that one of the exemptions to the "do not call" list is companies you are already doing business with.
I missed that; the update makes it a very different scenario than was described in the OP. I would have cut my ties and closed the account already.

It wasn't in the original post. He put that in a follow up post.

neveragain · Post by **neveragain** » Wed Mar 27, 2019 5:34 pm

oldcomputerguy wrote: ↑Mon Mar 25, 2019 4:59 pm
neveragain wrote: ↑Mon Mar 25, 2019 4:42 pm I'd like to speak to someone with experience investing with Edward Jones. I have had accounts with them in the past and am having difficult now with them hassling me for more business. I just don't know what to say anymore.
You should say "goodbye". But wait until you have moved all your holdings to another brokerage before you communicate directly with them. Seriously. Work with your recipient brokerage, tell them you want to move your holdings to them, and let them handle the transfer. Do not try to work it from the EJ end.

Thanks. I don't plan to contact EJ when I move.
Also I paid loads for these funds, I believe they were front end loads Class A shares. Given that, the fund is doing quite well and I may leave it there for a while, then move it. But I'm not going to move it ASAP because he's having a tantrum that I won't invest more money with him. Which is what this is basically all about.

Post by **oldcomputerguy** » Wed Mar 27, 2019 5:49 pm

neveragain wrote: ↑Wed Mar 27, 2019 5:34 pm
oldcomputerguy wrote: ↑Mon Mar 25, 2019 4:59 pm
neveragain wrote: ↑Mon Mar 25, 2019 4:42 pm I'd like to speak to someone with experience investing with Edward Jones. I have had accounts with them in the past and am having difficult now with them hassling me for more business. I just don't know what to say anymore.
You should say "goodbye". But wait until you have moved all your holdings to another brokerage before you communicate directly with them. Seriously. Work with your recipient brokerage, tell them you want to move your holdings to them, and let them handle the transfer. Do not try to work it from the EJ end.
Thanks. I don't plan to contact EJ when I move.
Also I paid loads for these funds, I believe they were front end loads Class A shares. Given that, the fund is doing quite well and I may leave it there for a while, then move it. But I'm not going to move it ASAP because he's having a tantrum that I won't invest more money with him. Which is what this is basically all about.

If you want to leave your money invested where it is because you believe it will be a good investment for you, then so be it. Above all though, do not let him intimidate you. It’s your money, you’re in charge, and if he has a problem with that, then I suggest you involve FINRA and the SEC in the conversation.

Good luck with whatever course you take.

neveragain · Post by **neveragain** » Wed Mar 27, 2019 5:52 pm

Thanks.

What I have come to learn is that many financial advisers do not like 529 plans because changes to them can only be made twice a year. So, not much to do with them or many ways to make money off them. He knows I have money invested elsewhere, a lot more, and has been very persistent in trying to get that from me.

neveragain · Post by **neveragain** » Wed Mar 27, 2019 5:55 pm

Hiwatter wrote: ↑Tue Mar 26, 2019 10:20 am I used them for years before I knew better... The best thing I ever did was close my account with EJ, transfer everything to Fidelity, and setting up a 3-Fund Boglehead-type portfolio.

EJ will nickel and dime you to death. Its how they make money. They talk you into buying or selling just to get a commission, automatically take a cut of your dividends, pressure you to use their "managed" services at a 1 or 2% total account fee, etc, etc... when you close your account they will even charge you a $100 fee as a final kick in the groin. Fidelity actually reimbursed me for EJ's stupid fee believe it or not!

Not only that, but this person asked me what I was "going to do with my house". I told him "live in it." It seems he was suggesting I sell my house and let him invest the money from it. I don't know for sure, but I wasn't comfortable with the question.

Ged · Post by **Ged** » Wed Mar 27, 2019 6:03 pm

GatorFL wrote: ↑Mon Mar 25, 2019 8:09 pm Our local county does the "Best of 2019" survey every year through the local paper. I was filling out my choices today (restaurants, services, etc) and was shocked to see the local EJ guy as one of the picks for Best Investment Manager. I immediately started a campaign with family and friends to select the local Fidelity office instead! Honestly, I would be happy if they voted for a box of rocks on the side of the road vs EJ.

It will be a head shaking moment If that EJ guy wins.

The EJ guy probably has all his friends and relatives voting for him. I hope you have more.