breaking up with Edward Jones

[Instantbacon]

I've had an Edward Jones account for several years. I opened a Schwab account last year and started a 3 fund portfolio and feel more comfortable now that I understand how much EJ is screwing me over with 'American Funds' and guided solution fees. The question I have is about the migration from EJ to Schwab using the account transfer tool:

When I initiate a transfer of both accounts from Schwab, will my monthly automatic deposits into EJ automatically cancel or will I have to call my local office?

I really don't want to talk to my advisor and would prefer transferring and then cancelling without talking to him. Thanks!

[MDM]

When I initiate a transfer of both accounts from Schwab, will my monthly automatic deposits into EJ automatically cancel or will I have to call my local office?

How did you initiate those deposits?  You probably will need to follow a similar process, except select "Cancel" instead of "Start" the automatic process.

[Instantbacon]

It was setup when I went to EJ, and I don't see anything on their online portal regarding it. I was hoping someone had experience cancelling this through other means.

[moneymidget]

I've had an Edward Jones account for several years. I opened a Schwab account last year and started a 3 fund portfolio and feel more comfortable now that I understand how much EJ is screwing me over with 'American Funds' and guided solution fees. The question I have is about the migration from EJ to Schwab using the account transfer tool:

When I initiate a transfer of both accounts from Schwab, will my monthly automatic deposits into EJ automatically cancel or will I have to call my local office?

I really don't want to talk to my advisor and would prefer transferring and then cancelling without talking to him. Thanks!

I recently broke up with Edward Jones after 15 years (:() and switched to Vanguard. I made it a point to meet with my adviser in person to advise of my desire to leave, confirm the expenses and consider the most cost-effective ways to make the transition. This wasn't necessary, I've since learned, but I felt that meeting in person helped me feel more empowered when navigating and understanding the transactions about my money and reading body language about whatever he would say in the transition. If you are hoping to avoid a sales pitch to stay, you may not get one. He didn't put up a fight in losing my business and his indifference was just confirmation that he didn't care. He said as much too, that I could have handled everything electronically It was satisfying to give him the news, I must say though! At my branch, the office administrator answers the phone and could update the changes with contributions by phone without involving the adviser. Incidentally, I did this the same day went home to start the in-kind transfer to Vanguard but one of my two contributions was apparently already being processed. It did go into my account as the transfer to Vanguard took about 1+ week to finalize. I would not assume that those deductions from your bank stop just because you transfer to Schwab. Just a personal opinion, not based on fact, but it is your money to lose and no one is going to have greater regard for keeping it in your pocket than you.   

[damyst]

It was setup when I went to EJ, and I don't see anything on their online portal regarding it. I was hoping someone had experience cancelling this through other means.

It there are regular deposits going to EJ from your bank account, that's a Pre-Authorized Debit. You can cancel it whenever you want via your bank without talking to EJ at all. Some banks let you view and change your PADs via their online portals.

You'd still need to close your account with EJ in an orderly fashion. Perhaps this can be done by way of a transfer initiated from Schwab's end - it depends on the type of account.

ETA: apparently this process works differently in the U.S. than in Canada, and I was describing the Canadian version. In the U.S. you'll need to reach out to EJ, and keep records of your correspondence with them as proof just in case.

[Mighty-Dollar]

screwing me over with 'American Funds' and guided solution fees.

https://www.youtube.com/watch?v=K2FQ98gzeDw

[FireAnt]

I broke up with EJ in October and went to Vanguard. Basically, Vanguard did all the work in transferring my accounts. I didn't even have to meet with EJ, although our advisor did call us once he received that paperwork :)