• Report: #1057136

Complaint Review: edward jones

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  • Submitted: Fri, June 07, 2013
  • Updated: Fri, June 07, 2013

  • Reported By: hdfbrider — vernon British Columbia
edward jones
90 burnhamthorpe road west sussex centre suite 902 mississauga, Ontario USA

edward jones using or looking to use... EDWARD JONES ... look what happened to me mississauga Ontario

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To start when i first opened my account way back approximatly 2006/2007 my account started out a apple tree ripe for the picking and being uneducated in the fanancial industry i decided to get educated and start reading because some how all my accounts became all dsc holdings and after reading found out that you should try and avoid these becuse you cannot move out of them and into anything else until the term is over or you have to pay a penalty. well i had a word with my advisor back then about putting me in these types of accounts and said no more dsc and his response back then was these are what edward jones has for us to sell and he would no longer buy any of these types of holdings for me. an i proceeded to read more so i would not get stung again by not knowing anything about fanancal dealings .shortly after this your fanancial advisor left your company and you sent my account to ben moore the fanancial advisor i am currently dealing with. the account ben got consisted of all dsc holdings with 2 dividend paying stock holdings. my account has not been touched in 2 years. last year i talked to ben only for the first time trying to get my head around account and what i wanted to do. ben came up with a bunch of scenarios of what he was going to do with my accounts and after leaving was more confused so spent another year studing books on fanacial planing for the idiot.

 

 

 

about a year passed and i decided to give this another go i was up north and made a appointment over the internet with ben and told him to have ready what i would loose if i got out of my dsc holdings as discussed the previous year before the maturity dates. i arrived for our meeting and he procceded to tell me do not use the internet to get ahold of him use his email only? and then he gave me the information i asked for on the dsc holdings. after seeing them was not willing to loose that much money. i told ben my wife had just recently got a job at td bank and i was going to have a girl there to check out this account as well to see what she might do with this account and what would he do to keep me there. he said he would like to change positions inside dsc holdings and  fortis and precious metals i said i would like to see what he was proposing and decide for myself if i like what he was picking and what the costs were going to be. his answer was he was the fanacial advisor and i should not micro manage him. i told him i have done some reading and all the books i read say i should like the choices someone else is making for you and if you do not like his/her choices find a new advisor. so he said he would get some stuff together and would call me the next day when it was ready to pick it up because the next day i told him i woud be back up north for my 7 day rotation. he did not call next day so i decided it could wait till i got back because i still had to see tdbank.

 

 

 

well 2days after i left i think its on my caller id he phoned and talked to my wife. he asked was i there my wife said i was up north working he told her to tell me he has the stuff ready and come see him when back. i was a day late getting back because of a avalanche and the next morning when got up and read the mail my blood pressure  shot up because ben sold my 2 dividend paying stocks without my permission. so i phoned him immediatly and asked him why and who gave him the permission to do this. ben said i told him to do this. i argued with him and was pretty pissed at him and he said come down to the office the next day and we could talk about this. i tried to cool down over night and go see him the next day but i could not trust myself in the same room with him so i phoned the next day instead.  we argued for a while longer and than he said the first smart thing in 2 days. what would you like me to do i said to him just put everything back the way it was before i came to see you and package it all up and send it to my account at td. he said no that i told him to sell the stocks. i than told him i would be taking this over his head to his head office and i will be leaving to the td bank .he said that i should just go now to the td bank. at that point i slammed down the phone and phoned head office and got amy in compliance. i also forwarded a copy to obsi ombudsman because if ben has done this to me. how many uneducated people have been taken advantage by him. if someone with an fanacial education explains the choices and what choice would they have made and do they know what there cost are .i did thats why we are here.here is a summary of what has happened since being with edward jones 1--started with cash than accounts with lots of stocks and mutuals no dsc that i knew about  2---then my account turned into all dsc holdings with 2 dividend paying stocks  3---than my account turned into all dsc holdings with no dividend paying stocks they were sold for intrest paying cash?? 

 

WOULD NOT A FANANCIALADVISOR: advise on the following?

 

1-dsc holdings will lock you in until 2014 not a good idea or at least give you a choice that you want to be there?

 

2--selling dividend paying stocks for cash at todays interest would be stupid compared to what you have been getting holding these socks

 

3--this looks like i came into edward jones with a bountiful apple tree and all the apples on my tree were picked clean then i was asked to go elsewhere and plant my tree and get it to bear fruit again now that you are learning to micro manage your account.?

 

 

 

i have a tdwaterhouse account if i wanted to sell my dividend paying stocks would i not move it over there and sell i myself and reap the rewards of a reduced commission and any costs would be negotiated with td if i moved my edwardjones account to them or do i like ben that much that i want him to have my money?

 

also i micro manage my sunlife and TD accounts and i am learning more and more every year and they want my input so i think its okay to micro manage

 

what do you think is it okay to pick your pickle?

 

 

 

i have a Edward Jones account that i am not suppose to micro manage is this right? so far i feel anyone who sees this account can see my apples in my apple tree has been picked clean and me and my apple tree are no longer of any use for the apple farmers who would now like to cut me down and use me for firewood but i decided to stand tall and replant and take the apple farmers to task.

 

 

 

all along this is what i gave both my adviser's of what i wanted when they were doing risk assessments and have kept all these documents since day one in there hand writing because i am a pack rat

 

 

 

this was given to Ben at our visit so he could show me what he was going to do with my account if i decided to stay with Edward Jones  TD was also going to get the same

 

Canadian equity 20%

 

u.s. equity 20%

 

international equity 20%

 

Canadian bonds 40%

 

(medium to low risk)

 

 

 

if i was not locked in by dsc holdings this is what i would have done in my TD account but can not do this until 2014

 

20%-TD Canadian index e-(tdb900)

 

20%-TD u.s. index e-(tdb902)

 

20%-TD international index e-(tdb911)

 

40%-TD Canadian bond index e-(tdb909)

 

 

 

Edward Jones has only ever done one thing for me. it was to get me to get a little financial education and manage my money to the best of my ability and trust only me with my money because if you put full trust in someone this could happen to you. desperate financial adviser's looking to prey on uneducated people for there pay cheques .sorry Amy still need time to cool down. i am sure all your financial adviser's are not the same only the 2 i had to deal with with .your company that as you can clearly well see looked after themselves and had no concern for me fanancial advisers should not be able to sell dsc and then sell them off before maturity and sell you another dsc to line there pockets. watch out i feel sorry for the uneducated. go see td waterhouse they will explain whats being done to you. if you are dealing with any edward jones and make sure what has happen to me is not happening to you . the poor little old ladies that have trusting hearts are you gettint what you want its good to check with another fanancial institution. the reason i like td waterhouse the fanancial advisors are not on commisssion and tell the truth about your investments. please all that read check yours out and let others know if you find out what i have about edward jones and there buisness 
 

 


This report was posted on Ripoff Report on 06/07/2013 04:33 AM and is a permanent record located here: http://www.ripoffreport.com/r/edward-jones/mississauga-Ontario-L5B3C3/edward-jones-using-or-looking-to-use-EDWARD-JONES-look-what-happened-to-me-missis-1057136. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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