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Yet another reason to detest Edward Jones

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Jan 7, 2006 11:41 pm

[quote=Maxstud]When someone is making accusations I think it's fair to question his character.       

How does player know that BigPay screws old ladies?  Are you concerned with Players attack on his character?  Or are you like a schoolyard bully that jumps to defend his buddies but loves to watch them knock around someone else?     

Did Player post an obvious lie on the forum?  Cant find it but I do remember it.

BTW I choose smug jab every 3 months.
[/quote]

Maxstud (dickless)

My point was BigPayDay(BFD) can justify anything as long as it's a Jones IR bending someone over, and here is the PROOF:

BigPayDay
Senior Member



Joined: Jan. 10 2005
Posts: 391 Posted: Dec. 23 2005 at 12:47am | IP Logged Indyone wrote:

I was just handed an Edward Jones statement from an elderly lady (approximately 70) who was concerned about the recent losses in her account.  Here are the facts as I read them off the statement.  $500,000 account with $350,000 in ten bonds ranging in maturity from 2019 to 2034.  Included in this total are two GMAC bonds bought at $50,000 face that are now worth about $30,000 each.


Beyond that, this lady has a mortgage REIT (under water) and $120,000 in junk bond mutuals.  For some unknown reason, the cost basis on the Putnam junk fund isn't showing (my, isn't THAT convenient?!!!)


This lady's rep has been here with Jones since around 1980, I believe, and has the whole town believing that he is a saint and a genius.  I was told about five years ago that he was grossing about $800,000/year, so he may be cracking a million in annual production by now, so by financial measures, he is a successful advisor.


Where to start?!!! By my moral and mental compass, he is a complete sleazeball and/or idiot, take your pick.  When I made my move to independence this summer, he an all the other Jones reps pooled together and ran an ad about advisors leaving their firms and suggested that it was a good time to look at Edward Jones.  Thus far, according to friends at my old firm, it netted the Jonsers one account of about $80,000.  I talked to the guy who moved, who was by this time having doubts and regrets and he told me that the Jonser told him that their was no need to move to me and pay a wrap fee...he could hold many of the same funds at Jones for free.  He also indicated to my client that I may decide to move again in 3-4 years and he wouldn't want to go through the hassle of transferring his account all over again.


I'm not going to waste time here defending why my wrap program is better in my eyes...I think it is sufficiently sleazy to tell a client that unlike the other guy, I work for free!  Nor will I go into detail as to all the reasons why the afore-described portfolio is inappropriate for this lady as I am sure that many of you can see some fatal flaws from what I've described.  The bottom line is, this rep is a closet sleaze ball and it is a real shame that so many folks have trusted him over the years just because he had the good fortune to be first here setting up shop and was here during a long bull market where a monkey could have made people money.


I'm off my soapbox...got to go and work on fix recommendations for this poor Jones victim...



Indyone,

How long has she been buying bonds? You mentioned that the EJ advisor had been in business since '80. If this client had been with him since then, long bonds have served her very, very well. Mike B has a good point with the GMAC notes. The death redemption feature at her age can work very well. The cost basis probably doesn't show on the Putnam High Yield becasue it was either transferred in or the high yield converted from one high yield fund to another. I would fault this advisor for not including any equities in the account however. As far as the EJ advisor being a $million producer. C'mon Jones doesn't have any $million dollar producers do they?

BPD

We all know there are good and bad Brokers, it doesn't make the FIRM bad, unless the FIRM covers it up?

Or the FIRM is run by a bunch of liars, is that the case?  The FACT of you coming on her claiming I made some statement just proves how lame you and your FIRM are, you LIE, COVER-UP, and still can't admit some of your IR'S and GP'S are crooks..........

Let's see your PROOF............dickless 

 

Jan 9, 2006 1:09 am

[quote=Maxstud]Player aren't you the one that lied about having a client with a free switch letter in your office when they hadn't even been mailed out yet?[/quote]

Not exactly, but you are on the right track.  It was "The Truth" that posted that lie.  He claimed to have had a conversation with a Jones client about the free switch letter months before it ever went out. 

I say you are on the right track, though, because I think we all agree that many of the anti-jones posters on these boards are just Player acting out his his multiple personalities.

Jan 9, 2006 2:24 pm

hey jonesnewbie,

What flavor is being served this week?  aus jus de putnam?

May 8, 2016 2:53 pm

I have had four EJ advisors in the space of a year. I have a sizeable portfolio with them. Each FA is worse than the one before. In fact, my current FA is causing sleepless nights for me, which, right now, is not good because I am looking for work, and am unable to focus on that.

I feel like a “mark.” Every. single. FA has churned my portfolio, badgered me about buying products from them, lied to me about fees, and, in general acted like a criminal. My latest FA won’t take no for an answer when I tell him I don’t want to buy. Another FA told me, via an overnight letter, that he was selling my accounts. I believe it was because I refused to buy an expensive annuity from him.

Other than friends and distant relatives, I’m pretty much alone in the world, which I think makes me a target for their bullying. I mean, they’ve got my portfolio, without the generous commissions from churning it, they are still getting plenty of money from it. So why are they targeting me for this kind of abuse? Is this what Edward Jones is all about? Stealing from people?

They lie to me, and somehow expect me to believe their lies.

At this point, I’m going to have to take the portfolio away from them, something I wasn’t prepared to do. Any comments?

Sep 15, 2016 12:09 am

Sue,

There is no reason that you should feel any financial advisor is “bullying” you. I would be happy to provide you with some advice that will enable you to turn the situation at EJ around. I am not interested in soliciting you as a client…I want to help if you still need it.

Regards,

Joe Nikolson, CEO
Quest Capital
949-830-4885