Edward Jones Bashing
Hey, Nog...I defended Jones on the cost basis stuff and I'm with you on the individual being more important than who they represent, although I do believe that folks on the EJ platfom are at a technological disadvantage (not to mention the fact that I have a couple of real idiots on the Jones platform in my neck of the woods). As far as the 1099 goes, I think that much of the correction issues are due to information coming in late from fund companies. In every instance where I've looked, that has been the cause of the changes. I haven't seen any cost basis problems as of yet.
...sorry...couldn't help myself on the slogan crack...that was aimed at the locals...
Hey man when you have local idiots it's always going to put a frame of reference there. Technology is always correctable , idiocy not so much!!
I don't have any problems with 1099s (so far..... knock on wood). The cost basis information is entered by the system on new trades which is the same as that on the confirms, and I enter the cost basis info myself for past trades so I know they are right.
Jones probably doesn't stress the need for cost basis information because they don't have as many equities heavy portfolios, mostly mutual funds and bonds, and not too many sophisticated investors who demand that information on their statements. Different strokes.