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Posted: 2/26/2019 1:46:22 PM EDT
[#1]
And all of what happened was in a document you signed.
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Posted: 2/26/2019 1:48:55 PM EDT
[#2]
You are losing more than you think. I can give you a relatively easy two step solution.
1. Spend some time reading on bogleheads.org 2. Get your money away from EJ. |
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Posted: 2/26/2019 1:49:30 PM EDT
[#3]
I shitcanned them when they incorrectly reported the cost basis of an IRA I received as part of an estate. Got a $13,000 bill from the IRS.
The value at the time I receive it was the value at that time, not ZERO you idiots!!! |
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Posted: 2/26/2019 1:51:49 PM EDT
[#4]
Quoted:
The guy at ej talked me into a fund that was low risk, and had been consistantly yielding 5%. (Disclosure: I was an EJ broker a bit over 15 years ago.) |
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Posted: 2/26/2019 1:52:53 PM EDT
[#5]
I had money with the local EJ for 10 years.
It was pitiful what the investments paid and it's on me for leaving it to long in a stagnant account. I made a decision to pull it out and invest it with the same company that does our retirement at work. I have made multiple the returns I had with Edward Jones. |
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Posted: 2/26/2019 1:54:27 PM EDT
[#6]
Quote HistoryQuoted:
And all of what happened was in a document you signed. 
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Posted: 2/26/2019 1:54:28 PM EDT
[#7]
So welcome to the investment world. Most investment advisors wont even take an account under 100k. You are lucky you got any attention.
Now when you move the account they'll hit you for another $100. Which by the way is what every firm discount or full service charges to move an account. You are better off at a discounter, put it in an index with proper risk that you can accept and leave it there the next 30 years. |
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Posted: 2/26/2019 1:55:13 PM EDT
[#8]
Quote HistoryQuoted:
You are losing more than you think. I can give you a relatively easy two step solution. 1. Spend some time reading on bogleheads.org 2. Get your money away from EJ. An investment broker is nothing but a middle man, looking to pilfer your profits, or losses, it matters not to him. |
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Posted: 2/26/2019 1:55:41 PM EDT
[#9]
 And it's GONE!!!!!! |
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Posted: 2/26/2019 1:58:08 PM EDT
[#10]
Quote HistoryQuoted:
I had money with the local EJ for 10 years. It was pitiful what the investments paid and it's on me for leaving it to long in a stagnant account. I made a decision to pull it out and invest it with the same company that does our retirement at work. I have made multiple the returns I had with Edward Jones. |
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Posted: 2/26/2019 2:00:06 PM EDT
[#11]
Quoted:
I called the local lady and said i wanted to transfer the $ to one of my other ira's, because they had lied to me, and the fund had not shown 1 penny of profit in 3 years. I was told , it would take a month to get a check .Not only did edward jones take the $40 annual fee, they charged a $90 cancellation fee, and fed tax, for taking it out of a IRA shelter. |
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Posted: 2/26/2019 2:01:03 PM EDT
[#12]
Quote HistoryQuoted:
And all of what happened was in a document you signed. "Whaddya mean we don't take an annual fee? We've always taken an annual fee!" doesn't cut it when the documents say otherwise. |
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Posted: 2/26/2019 2:01:29 PM EDT
[#13]
What is the fund ticker symbol that you invested in?
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Posted: 2/26/2019 2:36:47 PM EDT
[#14]
There's a whole bunch of mistakes made in that story.
Fees on so small an amount will eat into it. Paying a broker to try to get a 5% return. Nit looking at it and taking action for a couple of years Paying a se inf person to actively invest an even smaller amount. Asking for a check from an IRA instead of doing a direct transfer to avoid taxes Hit Motley Fool and boglehead to avoid this happening again as that isn't isolated to EJ |
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Posted: 2/26/2019 2:37:04 PM EDT
[#15]
To tell you the truth, i just put all of the edward jones paperwork in the fireplace.I have learned a lesson, and hopefully someone else can avoid this company based on my experience.
I will just take this check and add it to my franklin templeton roth, since it has now been taxed. |
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Posted: 2/26/2019 2:39:40 PM EDT
[#16]
Quote History |
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Posted: 2/26/2019 3:45:12 PM EDT
[#17]
Quote HistoryQuoted:
It has been a few years since I was a Registered Representative, but my dim recollection is that if EJ transfers the money directly to the other IRA instead of writing you a check, then they shouldn't take the federal tax out. Maybe @midcap or someone else can step in? Quote HistoryQuoted:
Quoted:
I called the local lady and said i wanted to transfer the $ to one of my other ira's, because they had lied to me, and the fund had not shown 1 penny of profit in 3 years. I was told , it would take a month to get a check .Not only did edward jones take the $40 annual fee, they charged a $90 cancellation fee, and fed tax, for taking it out of a IRA shelter. The $90 is an account termination fee. The new Broker should have covered it. Also sounds like Op bought an A share. All the fees Op would have paid over time should have been. 1. A share commission 2. $40 annual custodian fee 3. Fund fees which includes a 12-b-1 paid to the adviser. Again....while EJ is the walmart of the Investing world...they aren't made for a $1000 IRA. Sorry your experiences sucked for you op, but of all things that make EJ unsavory to some, a $40 annual fee and a transfer fee has been in existance since Ted Jones was running things.
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Posted: 2/26/2019 3:46:24 PM EDT
[#18]
It sounds like you need to read "the big investment lie"
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Posted: 2/26/2019 3:48:24 PM EDT
[#19]
Quote HistoryQuoted:
It sounds like you need to read "the big investment lie" The gist of it is that Advisors can't beat an index. nicholascageyoudontsay.jpg |
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Posted: 2/26/2019 3:52:31 PM EDT
[#20]
Quote HistoryQuoted:
$40 annual custodian fee is the norm for IRAs....if the Op wanted to have the free waived he should have brought more money. The $90 is an account termination fee. The new Broker should have covered it. Also sounds like Op bought an A share. All the fees Op would have paid over time should have been. 1. A share commission 2. $40 annual custodian fee 3. Fund fees which includes a 12-b-1 paid to the adviser. Again....while EJ is the walmart of the Investing world...they aren't made for a $1000 IRA. Sorry your experiences sucked for you op, but of all things that make EJ unsavory to some, a $40 annual fee and a transfer fee has been in existance since Ted Jones was running things. Quote HistoryQuoted:
Quoted:
Quoted:
I called the local lady and said i wanted to transfer the $ to one of my other ira's, because they had lied to me, and the fund had not shown 1 penny of profit in 3 years. I was told , it would take a month to get a check .Not only did edward jones take the $40 annual fee, they charged a $90 cancellation fee, and fed tax, for taking it out of a IRA shelter. The $90 is an account termination fee. The new Broker should have covered it. Also sounds like Op bought an A share. All the fees Op would have paid over time should have been. 1. A share commission 2. $40 annual custodian fee 3. Fund fees which includes a 12-b-1 paid to the adviser. Again....while EJ is the walmart of the Investing world...they aren't made for a $1000 IRA. Sorry your experiences sucked for you op, but of all things that make EJ unsavory to some, a $40 annual fee and a transfer fee has been in existance since Ted Jones was running things. |
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Posted: 2/26/2019 3:54:03 PM EDT
[#21]
Quote History |
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Posted: 2/26/2019 3:54:43 PM EDT
[#22]
E-Trade, Ally, fidelity for the win
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Posted: 2/26/2019 3:57:19 PM EDT
[#23]
First of all, all mutual funds have fees for running the fund called 12b-1's. Most range from 75 to 120 basis points. It's not uncommon for custodian firms to charge an IRA maintenance fee for tax reporting. Secondly, you always have market risk with any investment. Third, you shouldn't have taken a check to transfer to another IRA, you should have initiated a transfer from your other account and have it sent from that firm to Edward Jones to move the account. Lastly, most firms will charge an account closing fee. I don't think it's right but it's not uncommon.
That being said, Edward Jones has a bunch of know-nothing "advisors." They'll take anybody off the street and give them a shot at being a financial representative as long as they can pass the requisite exams. They are also free to move your account to another rep if your original rep leaves the firm. I'm a registered securities principal for a broker/dealer and I also slept at a Holiday Inn Express last night. |
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Posted: 2/26/2019 3:59:46 PM EDT
[#24]
My wife has a 401 with EJ,. We keep losing about$4-6 hundred a year. She won't pull it out and put it under our mattress though. Fortunately I have silver, we'll be on easy Street any day now.
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Posted: 2/26/2019 4:00:01 PM EDT
[#25]
Quote HistoryQuoted:
It has been a few years since I was a Registered Representative, but my dim recollection is that if EJ transfers the money directly to the other IRA instead of writing you a check, then they shouldn't take the federal tax out. Maybe @midcap or someone else can step in? I don't think I've ever seen FWH on a direct, custodian-to-custodian rollover. |
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Posted: 2/26/2019 4:02:04 PM EDT
[#26]
Curious why you “usually used” fidelity but couldn’t find the time to invest the money when you conceivably have an account with them?
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Posted: 2/26/2019 4:03:11 PM EDT
[#27]
Quote HistoryQuoted:
To tell you the truth, i just put all of the edward jones paperwork in the fireplace.I have learned a lesson, and hopefully someone else can avoid this company based on my experience. I will just take this check and add it to my franklin templeton roth, since it has now been taxed. |
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Posted: 2/26/2019 4:07:40 PM EDT
[#28]
Quote HistoryQuoted:
What about the federal tax bite? Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
I called the local lady and said i wanted to transfer the $ to one of my other ira's, because they had lied to me, and the fund had not shown 1 penny of profit in 3 years. I was told , it would take a month to get a check .Not only did edward jones take the $40 annual fee, they charged a $90 cancellation fee, and fed tax, for taking it out of a IRA shelter. The $90 is an account termination fee. The new Broker should have covered it. Also sounds like Op bought an A share. All the fees Op would have paid over time should have been. 1. A share commission 2. $40 annual custodian fee 3. Fund fees which includes a 12-b-1 paid to the adviser. Again....while EJ is the walmart of the Investing world...they aren't made for a $1000 IRA. Sorry your experiences sucked for you op, but of all things that make EJ unsavory to some, a $40 annual fee and a transfer fee has been in existance since Ted Jones was running things. I don't know what he means by that. It costs $90 to close the account. I am a little confused |
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Posted: 2/26/2019 4:10:14 PM EDT
[#29]
Quote HistoryQuoted:
First of all, all mutual funds have fees for running the fund called 12b-1's. Most range from 75 to 120 basis points. It's not uncommon for custodian firms to charge an IRA maintenance fee for tax reporting. Secondly, you always have market risk with any investment. Third, you shouldn't have taken a check to transfer to another IRA, you should have initiated a transfer from your other account and have it sent from that firm to Edward Jones to move the account. Lastly, most firms will charge an account closing fee. I don't think it's right but it's not uncommon. That being said, Edward Jones has a bunch of know-nothing "advisors." They'll take anybody off the street and give them a shot at being a financial representative as long as they can pass the requisite exams. They are also free to move your account to another rep if your original rep leaves the firm. I'm a registered securities principal for a broker/dealer and I also slept at a Holiday Inn Express last night.  Ben Affleck's speech in Boiler Room fast forward to 1:04
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Posted: 2/26/2019 4:10:35 PM EDT
[#30]
Quote HistoryQuoted:
My wife has a 401 with EJ,. We keep losing about$4-6 hundred a year. She won't pull it out and put it under our mattress though. Fortunately I have silver, we'll be on easy Street any day now. |
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Posted: 2/26/2019 4:11:50 PM EDT
[#31]
Quote HistoryQuoted:
Not an investment guy, I'm just the poor schmuck that deals with the 1099-Rs you generate. I don't think I've ever seen FWH on a direct, custodian-to-custodian rollover. Quote HistoryQuoted:
Quoted:
It has been a few years since I was a Registered Representative, but my dim recollection is that if EJ transfers the money directly to the other IRA instead of writing you a check, then they shouldn't take the federal tax out. Maybe @midcap or someone else can step in? I don't think I've ever seen FWH on a direct, custodian-to-custodian rollover. you can't have a direct transfer and withhold tax as it would not be a direct transfer anymore. Because that would trigger the 1099-R because the FWH is considered part of the gross distribution |
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Posted: 2/26/2019 4:13:41 PM EDT
[#32]
I've always been happy with Vanguard and Fidelity.
ETA: funny anecdote, coworker starts his 401k after years of not even bothering to get the 6% match. Less than one month later, he tells me he is down and wants to pull his money out before it is all gone. (this was in that market drop we had late last year). 
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Posted: 2/26/2019 4:15:20 PM EDT
[#33]
Quote HistoryQuoted:
I've always been happy with Vanguard and Fidelity. |
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Posted: 2/26/2019 4:19:01 PM EDT
[#34]
I had a small IRA at EJ once upon a time. The local investment retard pissed off my boss, and since he contributes the employer match, had us close our accounts/move to another firm.
EJ transferred the money as specified, and I had a paper trail that indicated as much. They also sent paperwork to the IRS showing it as a withdrawal from the account...so the IRS came looking the following year, asking for their $7K. Took several hours and multiple phone calls to get it straightened out. Not much of a fan of EJ. |
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Posted: 2/26/2019 4:19:19 PM EDT
[#35]
I'm working with an EJ rep doing a "guided solution" and have for several years and frankly with what he's done with my money, I gave him more.
YMMV. My guy is doing very well with my money. |
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Posted: 2/26/2019 4:20:57 PM EDT
[#36]
Quote HistoryQuoted:
I had a small IRA at EJ once upon a time. The local investment retard pissed off my boss, and since he contributes the employer match, had us close our accounts/move to another firm. EJ transferred the money as specified, and I had a paper trail that indicated as much. They also sent paperwork to the IRS showing it as a withdrawal from the account...so the IRS came looking the following year, asking for their $7K. Took several hours and multiple phone calls to get it straightened out. Not much of a fan of EJ. I loathe Fast Eddies Investments but this case it was not EJ's fault. In order to transfer what I assume was a Simple IRA, the accepting custodian needed to submit a letter of acceptance along with the transfer form. The broker in which the account transferred to fucked up...Not Big Green |
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Posted: 2/26/2019 4:21:29 PM EDT
[#37]
Quote HistoryQuoted: I say he said, that it costs $90 to take the money out of a tax shelter. I don't know what he means by that. It costs $90 to close the account. I am a little confused |
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Posted: 2/26/2019 4:22:20 PM EDT
[#38]
Quote HistoryQuoted:
@strat81 you can't have a direct transfer and withhold tax as it would not be a direct transfer anymore. Because that would trigger the 1099-R because the FWH is considered part of the gross distribution Quote HistoryQuoted:
Quoted:
Quoted:
It has been a few years since I was a Registered Representative, but my dim recollection is that if EJ transfers the money directly to the other IRA instead of writing you a check, then they shouldn't take the federal tax out. Maybe @midcap or someone else can step in? I don't think I've ever seen FWH on a direct, custodian-to-custodian rollover. you can't have a direct transfer and withhold tax as it would not be a direct transfer anymore. Because that would trigger the 1099-R because the FWH is considered part of the gross distribution Know what's fun? When someone leaves a job, gets a check for their 401K balance less FWH, learns they'll owe tax on it, rolls it over into an IRA, and forgets to include the FWH. Extra fun if they're under age 50 and the FWH was $20k or more. |
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Posted: 2/26/2019 4:22:54 PM EDT
[#39]
Quote HistoryQuoted:
I'm working with an EJ rep doing a "guided solution" and have for several years and frankly with what he's done with my money, I gave him more. YMMV. My guy is doing very well with my money. Not to be Debbie Downer, but Guided is a watered down version of Advisory Soloutions which is Mediocre and Expensive. I also don't see how you can be happy with the shit show from last year. |
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Posted: 2/26/2019 4:22:55 PM EDT
[#40]
Those poor financial advisors need houses and cars and boats and vacations and...they need you to pay for them.
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Posted: 2/26/2019 4:23:23 PM EDT
[#41]
2 words....Talkto Chuck
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Posted: 2/26/2019 4:23:56 PM EDT
[#42]
"If you want a friend on Wall Street, buy a dog."
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Posted: 2/26/2019 4:24:18 PM EDT
[#43]
Quote HistoryQuoted:
Might have processed it as an indirect rollover, not a direct transfer. Quote HistoryQuoted:
Quoted: I say he said, that it costs $90 to take the money out of a tax shelter. I don't know what he means by that. It costs $90 to close the account. I am a little confused He more than likely did a roll over b/c if it were a direct trans the credit would have transferred to the new firm. the $90 still has nothing to do with federal taxes...it's an account closing fee |
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Posted: 2/26/2019 4:25:07 PM EDT
[#44]
Quote HistoryQuoted:
You are losing more than you think. I can give you a relatively easy two step solution. 1. Spend some time reading on bogleheads.org 2. Get your money away from EJ. |
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Posted: 2/26/2019 4:25:39 PM EDT
[#45]
Quote HistoryQuoted:
I get what you're saying. But, a 1099-R, code G, is generated for direct rollovers. Know what's fun? When someone leaves a job, gets a check for their 401K balance less FWH, learns they'll owe tax on it, rolls it over into an IRA, and forgets to include the FWH. Extra fun if they're under age 50 and the FWH was $20k or more. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
It has been a few years since I was a Registered Representative, but my dim recollection is that if EJ transfers the money directly to the other IRA instead of writing you a check, then they shouldn't take the federal tax out. Maybe @midcap or someone else can step in? I don't think I've ever seen FWH on a direct, custodian-to-custodian rollover. you can't have a direct transfer and withhold tax as it would not be a direct transfer anymore. Because that would trigger the 1099-R because the FWH is considered part of the gross distribution Know what's fun? When someone leaves a job, gets a check for their 401K balance less FWH, learns they'll owe tax on it, rolls it over into an IRA, and forgets to include the FWH. Extra fun if they're under age 50 and the FWH was $20k or more. They won't let us process a distribution like that. You have to pick it either way. Now you can have a regular aged based then a code G |
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Posted: 2/26/2019 4:25:48 PM EDT
[#46]
Quote HistoryQuoted:
@TwistedSister Not to be Debbie Downer, but Guided is a watered down version of Advisory Soloutions which is Mediocre and Expensive. I also don't see how you can be happy with the shit show from last year. Quote HistoryQuoted:
Quoted:
I'm working with an EJ rep doing a "guided solution" and have for several years and frankly with what he's done with my money, I gave him more. YMMV. My guy is doing very well with my money. Not to be Debbie Downer, but Guided is a watered down version of Advisory Soloutions which is Mediocre and Expensive. I also don't see how you can be happy with the shit show from last year. If I knew of anything better, I'd be doing it. I don't have the time to monitor my stuff every day like some people do. He knows my risk threshold and when I wish to retire and how much money I make and have in other accounts (not just his, but 403B too). I already know two people he's made millionaires out of...so there's that. |
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Posted: 2/26/2019 4:26:08 PM EDT
[#47]
Quote HistoryQuoted:
Those poor financial advisors need houses and cars and boats and vacations and...they need you to pay for them. Work for the govt? |
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Posted: 2/26/2019 4:27:03 PM EDT
[#48]
Interesting reading! We have been with EJ for about 10 years now and have three accounts with them. Guess we have a good agent as we have made money every year, usually 8.5-9.2%, but have over $250K in the accounts. Do they go up and down each month, yep, but we are in for a longer haul.
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Posted: 2/26/2019 4:27:18 PM EDT
[#49]
What fund was it? Have a ticker?
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Posted: 2/26/2019 4:27:47 PM EDT
[#50]
Quote HistoryQuoted:
Up until the severe downturn in the stock market, I did VERY well. I think my money has been with him for about 3 or so years now. If I knew of anything better, I'd be doing it. I don't have the time to monitor my stuff every day like some people do. He knows my risk threshold and when I wish to retire and how much money I make and have in other accounts (not just his, but 403B too). I already know two people he's made millionaires out of...so there's that. Quote HistoryQuoted:
Quoted:
Quoted:
I'm working with an EJ rep doing a "guided solution" and have for several years and frankly with what he's done with my money, I gave him more. YMMV. My guy is doing very well with my money. Not to be Debbie Downer, but Guided is a watered down version of Advisory Soloutions which is Mediocre and Expensive. I also don't see how you can be happy with the shit show from last year. If I knew of anything better, I'd be doing it. I don't have the time to monitor my stuff every day like some people do. He knows my risk threshold and when I wish to retire and how much money I make and have in other accounts (not just his, but 403B too). I already know two people he's made millionaires out of...so there's that. |
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