DUNCANVILLE, TEXAS -- My husband had an Edward D. Jones account for years for a 401k rollover. For many years, he had the same advisor with no trouble. Late 2007, we noticed that he had another advisor with another office address but he wasn't notified that his advisor had changed. Evidently, the previous broker sold his business.
When the stock market began diving down, my husband called the advisor and asked what the interest rate would be if he transferred to a simple IRA CD. He asked for nothing to be done until we could verify what the rate would be at our credit union. He immediately got a call back from the advisor saying, "It's all taken care of! 4.04% for 1 year!" We were shocked that he did this without expressed authorization, but decided we'd just stay put until the CD matured early January 2009.
We got the statement in for 2008, and I noticed that the fund had only grown by a little shy of 1.00%. My husband sent notice in writing that he would be closing the account when the CD matures. Imagine our surprise to learn today this Bozo never changed the account to the CD as he said but put it into another fund. This same idiot advised my sweet, elderly mother-in-law to stay in the stock market rather than move her money to a CD. If we had taken his advice, within a week she would have lost the entire amount.
This Edward Jones office is located at 111 S. Cedar Ridge Dr, Suite 111, Duncanville, TX 75116. We are filing complaints with the FTC and seeing if the Securities and Exchange Commission can take action against this man as well. Maybe others have had honest and good results with Edward Jones, but if you are in the Dallas-Ft. Worth area, run from this branch!