Author Topic: Inheriting a creepy Edward Jones advisor  (Read 4963 times)

BeanCounter

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Inheriting a creepy Edward Jones advisor
« on: April 02, 2018, 06:38:35 AM »
I recently inherited a brokerage account with Edward Jones. It was a TOD. To complete the TOD they want $300. This seemed unusual to me because the entire purpose of a TOD is to avoid fees. I also inherited a brokerage at Fidelity and they do not charge one red cent. I called around, Charles Swab, Raymond James, UBS, Merrill Lynch, and Northwestern Mutual, none of them charge for a TOD. I pushed back on the EJ advisor, finally telling him I wanted the fee waived. He told me he would "consider it", but is demanding I need to meet with him. He says my mother would have "wanted us to work together" and he "needs to explain to me how the account works". This behavior (all through email because I will not take his calls) is making me uncomfortable. I am currently sitting on all the paperwork unsure what to do. Fortunately this account is only about 3% of her assets. Unfortunately this guy seems to know the value of the estate I am the sole beneficiary for.
Is there anything I can do? I can't figure out what my next move should be. I want to move the money to Fidelity where the rest of my money is. But I want to do it as inexpensively as possible.
« Last Edit: April 02, 2018, 06:55:42 AM by BeanCounter »

JAYSLOL

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Re: Inheriting a creepy Edward Jones advisor
« Reply #1 on: April 02, 2018, 06:54:05 AM »
Red flags everywhere.  I would cut the $300 loss, run far away and never have to deal with that guy.  Not worth the stress, he knows he has power over you as long as he dangles that $300 he's "considering" waiving.  He'll want to meet with you and try to cut a deal where you hand over a pile more money and I doubt he'd waive the fee if you don't so I wouldn't bother meeting with that scammer under any conditions. 

Timodeus

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Re: Inheriting a creepy Edward Jones advisor
« Reply #2 on: April 02, 2018, 06:58:23 AM »
$300 long term is a cheap price to pay to never see or talk to someone like that again. I'd pay and move on.

Another Reader

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Re: Inheriting a creepy Edward Jones advisor
« Reply #3 on: April 02, 2018, 06:59:12 AM »
What is in this account?  I would be concerned about the "showing you how the account works" statement.  The account may be tied up in some proprietary products that will be expensive and difficult to get out of.  In your shoes, I might take the most recent account statement to your Fidelity rep and ask the rep what's in the account and the best way to implement the TOD and transfer the assets.

JAYSLOL

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Re: Inheriting a creepy Edward Jones advisor
« Reply #4 on: April 02, 2018, 06:59:17 AM »
Alternatively, you could dangle the idea you are "considering" moving everything over to him but he needs to waive the fee before you will consider it.  But this may make him harder to get rid of in the long term

BeanCounter

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Re: Inheriting a creepy Edward Jones advisor
« Reply #5 on: April 02, 2018, 07:08:38 AM »
What is in this account?  I would be concerned about the "showing you how the account works" statement.  The account may be tied up in some proprietary products that will be expensive and difficult to get out of.  In your shoes, I might take the most recent account statement to your Fidelity rep and ask the rep what's in the account and the best way to implement the TOD and transfer the assets.
It is individual high dividend yield stocks, and muni bonds. I'm stuck with the muni bonds funds for a very long time unless I want the pay a fee to get out. The dividend stocks are generating cash, and ordinary dividends. From looking at her prior years tax returns it appears that he has been trading stocks when they are down to generate a loss for tax purposes and the muni bonds are likely are for tax free growth. I think the muni bonds were inappropriate because they lack liquidity. Stocks are fine. I don't see anything out of line there. But it's not "complicated" as he has stated, nor is it "a different animal than other accounts" as he has also stated. I am a CPA, I'm pretty sure I have more education than this guy. I may not know all about stocks from their ticker, but I'm not stupid, as he seems to think I am.
I am going to have fidelity look at the account in detail to make sure I'm not missing anything.

BeanCounter

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Re: Inheriting a creepy Edward Jones advisor
« Reply #6 on: April 02, 2018, 07:11:18 AM »
Alternatively, you could dangle the idea you are "considering" moving everything over to him but he needs to waive the fee before you will consider it.  But this may make him harder to get rid of in the long term
I am considering a meeting just to try and keep the $300. I am also considering filing a complaint with Edward Jones corp, and including the emails, and asking them to waive it. But I'm not sure he has really done anything wrong other than try and assert that he has information from my mother that I don't. I'm not sure what code of ethics, if any, he is bound to by EJ.

Mezzie

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Re: Inheriting a creepy Edward Jones advisor
« Reply #7 on: April 02, 2018, 08:23:49 AM »
My only experience with Edward Jones (second hand through family) is that they're smarmy as hell.

CorpRaider

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Re: Inheriting a creepy Edward Jones advisor
« Reply #8 on: April 02, 2018, 09:30:28 AM »
Did you tell him you are a CPA?  Sounds like he's about to brief a CPA on tax loss harvesting...

Worst case, you meet with him and then still get hit with the $300 fee.  I did a little google-fu and it looks like a standard TOD agreement that popped up has a $300 fee built in. 

Their schedule of fees has it in there too and it says the account is transferred net of the fee.  That's like a car dealer doc fee or something.  If it looks like spilled milk, I might move in. 

Taking the meeting would give you an opportunity to express your displeasure over the fee and how it cemented your decision to move the account, as "helpful feedback" for EJ. 

Kyle B

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Re: Inheriting a creepy Edward Jones advisor
« Reply #9 on: April 02, 2018, 09:35:38 AM »
If you meet him, install a recording app on your phone, and have the phone in your shirt pocket with the recorder running before you walk in.

markbike528CBX

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Re: Inheriting a creepy Edward Jones advisor
« Reply #10 on: April 02, 2018, 09:41:17 AM »
If you meet him, install a recording app on your phone, and have the phone in your shirt pocket with the recorder running before you walk in.

And ensure that he knows that you are recording.   
It will probably shut him up. 
Some legality issues may otherwise arise.

I'd just get with Fidelity/Vanguard and have them do a in-kind transfer and deal with the other stuff later.

Not sure how you're "stuck" with the muni bond funds (Class B?  --- I thought they were illegal/unused nowadays).

smallstache

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Re: Inheriting a creepy Edward Jones advisor
« Reply #11 on: April 02, 2018, 09:41:51 AM »
I recently inherited a brokerage account with Edward Jones. It was a TOD. To complete the TOD they want $300. This seemed unusual to me because the entire purpose of a TOD is to avoid fees. I also inherited a brokerage at Fidelity and they do not charge one red cent. I called around, Charles Swab, Raymond James, UBS, Merrill Lynch, and Northwestern Mutual, none of them charge for a TOD. I pushed back on the EJ advisor, finally telling him I wanted the fee waived. He told me he would "consider it", but is demanding I need to meet with him. He says my mother would have "wanted us to work together" and he "needs to explain to me how the account works". This behavior (all through email because I will not take his calls) is making me uncomfortable. I am currently sitting on all the paperwork unsure what to do. Fortunately this account is only about 3% of her assets. Unfortunately this guy seems to know the value of the estate I am the sole beneficiary for.
Is there anything I can do? I can't figure out what my next move should be. I want to move the money to Fidelity where the rest of my money is. But I want to do it as inexpensively as possible.

All it means to have a transfer on death (TOD) account is that you can transfer the assets from the decedent's name to your name without going through probate.  Nothing says the brokerage cannot charge a fee for moving assets from one name to another name.  Knowing how much Edward Jones rips off its customers, it is no surprise they want to charge you a fee.  An "ethics" complaint will get you nowhere.  Trying to talk the advisor out of the charge may get you somewhere, but not if the advisor thinks you are going to pull the assets out.

Your alternative may be to have the executor of your mother's estate (that maybe you) move the assets to another brokerage before transferring to your name.  My guess is that will cause you significantly more work than $300 is worth.

Who gives a fuck the EJ advisor says your mother would want you to do.  If your mother wanted you to stay with him she would have told you herself or write it into her will.  Just pay the $300, get the assets titled in your name, and move them away from EJ.

smallstache

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Re: Inheriting a creepy Edward Jones advisor
« Reply #12 on: April 02, 2018, 09:44:07 AM »
If you meet him, install a recording app on your phone, and have the phone in your shirt pocket with the recorder running before you walk in.

The legality of doing this without telling the other person varies by state.

Scandium

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Re: Inheriting a creepy Edward Jones advisor
« Reply #13 on: April 02, 2018, 09:48:45 AM »
If you meet him, install a recording app on your phone, and have the phone in your shirt pocket with the recorder running before you walk in.

In many (most) states this is illegal unless you have his consent. Which I'm not sure he'd give. Personally I would not do this. Easier to just bring a notebook and write down important points.

BeanCounter

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Re: Inheriting a creepy Edward Jones advisor
« Reply #14 on: April 02, 2018, 10:09:35 AM »
Did you tell him you are a CPA?  Sounds like he's about to brief a CPA on tax loss harvesting...

Worst case, you meet with him and then still get hit with the $300 fee.  I did a little google-fu and it looks like a standard TOD agreement that popped up has a $300 fee built in. 

Their schedule of fees has it in there too and it says the account is transferred net of the fee.  That's like a car dealer doc fee or something.  If it looks like spilled milk, I might move in. 

Taking the meeting would give you an opportunity to express your displeasure over the fee and how it cemented your decision to move the account, as "helpful feedback" for EJ.
I have signed every single email with my standard signature, Beancounter, CPA Director of Finance XYZ Corp.
I also told him all the other firms I contacted to validate that a fee for TOD is not standard as he asserted.

BeanCounter

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Re: Inheriting a creepy Edward Jones advisor
« Reply #15 on: April 02, 2018, 10:12:50 AM »
If you meet him, install a recording app on your phone, and have the phone in your shirt pocket with the recorder running before you walk in.

And ensure that he knows that you are recording.   
It will probably shut him up. 
Some legality issues may otherwise arise.

I'd just get with Fidelity/Vanguard and have them do a in-kind transfer and deal with the other stuff later.

Not sure how you're "stuck" with the muni bond funds (Class B?  --- I thought they were illegal/unused nowadays).
Muni Bonds are just that. Individual muni bonds. So unfortunately no liquidity like if it were a muni bond fund. I bet they were sold to her at a mark up too. They have maturity dates of 2039, 2042, and 2037. sold to a 70 year old women who had terminal cancer, which I feel is bullshit.

GuitarStv

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Re: Inheriting a creepy Edward Jones advisor
« Reply #16 on: April 02, 2018, 10:15:19 AM »
If you meet him, install a recording app on your phone, and have the phone in your shirt pocket with the recorder running before you walk in.

In many (most) states this is illegal unless you have his consent. Which I'm not sure he'd give. Personally I would not do this. Easier to just bring a notebook and write down important points.


Weird.  In Canada you're legally allowed to record any conversation as long as you're one of the parties of the conversation.  (ie, you can record yourself talking with your mom, but your sister can't record you talking with your mom).

Scandium

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Re: Inheriting a creepy Edward Jones advisor
« Reply #17 on: April 02, 2018, 10:51:02 AM »
If you meet him, install a recording app on your phone, and have the phone in your shirt pocket with the recorder running before you walk in.

In many (most) states this is illegal unless you have his consent. Which I'm not sure he'd give. Personally I would not do this. Easier to just bring a notebook and write down important points.


Weird.  In Canada you're legally allowed to record any conversation as long as you're one of the parties of the conversation.  (ie, you can record yourself talking with your mom, but your sister can't record you talking with your mom).

In some states you can do that, one-party consent. But others specifically require two-party consent.
https://en.wikipedia.org/wiki/Telephone_recording_laws#Two-party_consent_states
https://lifehacker.com/what-you-need-to-know-when-recording-your-enemies-1795226719

I was a bit off, it's not most, only 11 states require two-party. Though there are caveats for the others too. Distinguishing between electronic vs in-person etc. In any case I don't quite see the utility and it's a legal minefield so I would avoid it. EJ are scummy but not the mob, they're not going to hold your family hostage.. But OP should at least check the laws in their state before doing it.

Kyle B

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Re: Inheriting a creepy Edward Jones advisor
« Reply #18 on: April 02, 2018, 11:06:52 AM »
Recording in-person conversations in most states is fully legal. It's telephone conversations that are regulated in some.

Of course, look up the actual regulations in your own state.

 It does seem to me that the conversation he would be having is one that would be particularly important to have evidence of.
« Last Edit: April 02, 2018, 11:08:50 AM by Kyle B »

Dicey

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Re: Inheriting a creepy Edward Jones advisor
« Reply #19 on: April 02, 2018, 11:16:43 AM »
Seems like a small price to pay to get the fuck out of Edward Jones.

NoStacheOhio

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Re: Inheriting a creepy Edward Jones advisor
« Reply #20 on: April 02, 2018, 11:50:30 AM »
Seems like a small price to pay to get the fuck out of Edward Jones.

This.

Though I'm sure that's only the start of the fees. You have maintenance fees, transaction fees, transfer fees, fuck you fees, fees to cover them for administrating your fees.

Scandium

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Re: Inheriting a creepy Edward Jones advisor
« Reply #21 on: April 02, 2018, 01:27:00 PM »
Recording in-person conversations in most states is fully legal. It's telephone conversations that are regulated in some.

Of course, look up the actual regulations in your own state.

 It does seem to me that the conversation he would be having is one that would be particularly important to have evidence of.
No, recording in-person conversations require two-party consent in several states. Read the Wikipedia article. For example Oregon is (weirdly) one-party for electronic, but two-party for physical conversation. You can't assume, you have to familiarize yourself with the laws in your state if you're doing this.

Still don't see much point though. These are financial transactions, there is always a paper trail. Take notes in the meeting. If they require some payment to do something then ask for that in writing.

maizeman

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Re: Inheriting a creepy Edward Jones advisor
« Reply #22 on: April 02, 2018, 01:39:22 PM »
If you meet him, install a recording app on your phone, and have the phone in your shirt pocket with the recorder running before you walk in.

In many (most) states this is illegal unless you have his consent. Which I'm not sure he'd give. Personally I would not do this. Easier to just bring a notebook and write down important points.

Actually the majority of states (at least 38/50) are one party consent states (which allows a person to record conversation they are participating in). But do figure out which you are in before deciding to record the meeting.

BeanCounter

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Re: Inheriting a creepy Edward Jones advisor
« Reply #23 on: April 02, 2018, 01:48:38 PM »
I'm not interested in recording a meeting. I've made sure (much to his dismay) that we only communicate via email. We talked once and that was an hour long conversation where he went on and on about how much he liked my mom and read from some file to I guess make me feel like he really "knew us". It was creepy. That and his insistence that he needs to explain the account to me are unsettling.
I was just hoping that there was some escape hatch that I could use to easily resolve this, without paying a $300 fee. Plus $95 to move the account (which I believe Fidelity will refund).
It's like there is no solution at EJ if you do not like your advisor. They are all uneducated individuals.

beltim

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Re: Inheriting a creepy Edward Jones advisor
« Reply #24 on: April 02, 2018, 02:18:55 PM »
If you meet him, install a recording app on your phone, and have the phone in your shirt pocket with the recorder running before you walk in.

And ensure that he knows that you are recording.   
It will probably shut him up. 
Some legality issues may otherwise arise.

I'd just get with Fidelity/Vanguard and have them do a in-kind transfer and deal with the other stuff later.

Not sure how you're "stuck" with the muni bond funds (Class B?  --- I thought they were illegal/unused nowadays).
Muni Bonds are just that. Individual muni bonds. So unfortunately no liquidity like if it were a muni bond fund. I bet they were sold to her at a mark up too. They have maturity dates of 2039, 2042, and 2037. sold to a 70 year old women who had terminal cancer, which I feel is bullshit.

You can sell individual muni bonds without any problem.  If Edward Jones won't do it, I know Fidelity and Schwab will.

harvestbook

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Re: Inheriting a creepy Edward Jones advisor
« Reply #25 on: April 02, 2018, 02:28:21 PM »
I am in the EJ Survivor Club and any time spent "negotiating" and debating is a waste. Pay whatever it takes to get out of there as fast as possible. Sounds like you've already spent too much of your life on this, and imagine it going on for years. It's like trying to argue with someone who tells you they don't love you anymore. The answer is, the reason doesn't matter.

ooeei

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Re: Inheriting a creepy Edward Jones advisor
« Reply #26 on: April 02, 2018, 02:42:59 PM »
I'm not interested in recording a meeting. I've made sure (much to his dismay) that we only communicate via email. We talked once and that was an hour long conversation where he went on and on about how much he liked my mom and read from some file to I guess make me feel like he really "knew us". It was creepy. That and his insistence that he needs to explain the account to me are unsettling.
I was just hoping that there was some escape hatch that I could use to easily resolve this, without paying a $300 fee. Plus $95 to move the account (which I believe Fidelity will refund).
It's like there is no solution at EJ if you do not like your advisor. They are all uneducated individuals.

They are educated enough to know that there's no reason to refund a $300 fee to someone without a guarantee they'll stick around. I bet if you went and met with him and rolled over an IRA or something to him he'd waive it in a heartbeat. He's using the $300 to try and get a chance to sell you on way more than $300 worth of stuff.

There are 3 possible outcomes:

You pay the fee and don't have to hear his sales pitch, EJ gets $300.
You meet with him and hear his pitch and don't bite and have to pay the fee, EJ gets $300.
You meet with him and buy something and he waives the fee and gets credit for outstanding customer service, EJ gets more than $300 and loyalty from you because they waived a fee just for you.

Cut your losses and move on, the $300 was gone as soon as your mom opened the account. Pretend she sent $300 to some phone scam instead if it makes you feel better.

Gray_ghost

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Re: Inheriting a creepy Edward Jones advisor
« Reply #27 on: April 02, 2018, 04:53:05 PM »
If you meet him, install a recording app on your phone, and have the phone in your shirt pocket with the recorder running before you walk in.

In many (most) states this is illegal unless you have his consent. Which I'm not sure he'd give. Personally I would not do this. Easier to just bring a notebook and write down important points.

MOST states are one party consent actually . Only about 10 or so are two part.

pbkmaine

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Re: Inheriting a creepy Edward Jones advisor
« Reply #28 on: April 02, 2018, 08:57:10 PM »
Call Vanguard or Schwab, tell them what’s in the account, make sure they can handle it. If they can, set up an account and have them pull the money from EJ. They have the incentive to get the money. They may want you on the phone with them to verify to EJ that you are granting permission for the transfer.

ender

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Re: Inheriting a creepy Edward Jones advisor
« Reply #29 on: April 02, 2018, 09:00:51 PM »
Call Vanguard or Schwab, tell them what’s in the account, make sure they can handle it. If they can, set up an account and have them pull the money from EJ. They have the incentive to get the money. They may want you on the phone with them to verify to EJ that you are granting permission for the transfer.

+1 this route.

I think many people at those companies would love to have a conversation like, "I inherited this account at EJ, they are trying to make me pay $300 to do a TOD for the account, I really want to move it to you - are you able to help me out?"




CorpRaider

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Re: Inheriting a creepy Edward Jones advisor
« Reply #30 on: April 03, 2018, 07:02:25 AM »
Did you tell him you are a CPA?  Sounds like he's about to brief a CPA on tax loss harvesting...

Worst case, you meet with him and then still get hit with the $300 fee.  I did a little google-fu and it looks like a standard TOD agreement that popped up has a $300 fee built in. 

Their schedule of fees has it in there too and it says the account is transferred net of the fee.  That's like a car dealer doc fee or something.  If it looks like spilled milk, I might move in. 

Taking the meeting would give you an opportunity to express your displeasure over the fee and how it cemented your decision to move the account, as "helpful feedback" for EJ.
I have signed every single email with my standard signature, Beancounter, CPA Director of Finance XYZ Corp.
I also told him all the other firms I contacted to validate that a fee for TOD is not standard as he asserted.

Yeah, sounds like it would likely be a waste of your valuable time to meet with him.  I think going ahead and initiating the transfer doesn't sound like a bad plan. 

TheThirstyStag

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Re: Inheriting a creepy Edward Jones advisor
« Reply #31 on: April 03, 2018, 08:21:56 AM »
I agree with the general consensus in this thread.  Seems worth it to pay the $300 and move on.

I am sorry for your loss. 

Car Jack

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Re: Inheriting a creepy Edward Jones advisor
« Reply #32 on: April 03, 2018, 08:42:25 AM »
Your mother agreed to EJ terms.

So you'll need to pay their $300 fee to transfer to your name and then $95 to close the account.  Just do it.  The longer you wait, the more fees EJ collects. 

Go talk with Fidelity/Schwab as they may pay fees for you to transfer, if there's enough $$ being moved.  You likely can never talk with the EJ snake again.  I've transferred a number of accounts to Fidelity and I've never had to talk with anyone at the "from" firm.

fattest_foot

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Re: Inheriting a creepy Edward Jones advisor
« Reply #33 on: April 03, 2018, 08:53:10 AM »
Cut your losses and move on, the $300 was gone as soon as your mom opened the account. Pretend she sent $300 to some phone scam instead if it makes you feel better.

I think this is the best way of looking at it. It was a fee she agreed to when she opened the account, you're just the one responsible for it now.

BeanCounter

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Re: Inheriting a creepy Edward Jones advisor
« Reply #34 on: April 03, 2018, 10:51:51 AM »
You all are right of course, I need to hurry up and move on.
I called EJ corp number and filed a verbal complaint. I explained to them that after several emails back and forth I still do not have the paperwork needed to move the money from my mothers account (now frozen) to my account so that Fidelity could grab it for me. I also told them that I do not believe my mother was made aware of the fees associated with the TOD as the advisor has failed to provide me proof of that. (not sure that will go anywhere with them, but I tried) I told them that I do not feel comfortable with the advisors insistence to meet with me and telling me what "your mother would want you to do". I feel that is out of line. I requested that they assign me to a new advisor to complete the transfer ASAP.
We will see if any of that goes anywhere. Not only are EJ's fees high, but it seems that you can only do things with help from your "advisor". That is not something I want.

LifeHappens

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Re: Inheriting a creepy Edward Jones advisor
« Reply #35 on: April 03, 2018, 11:06:33 AM »
My DH just finished transferring his IRA from EJ to Vanguard. He accomplished all of it by calling Vanguard, supplying the account numbers and letting them handle all of the transfers. They are in the process of now selling off all the bullshit he was invested in so we can purchase more sensible funds.

I highly recommend this. You don't have to deal with the EJ advisor at all.

BeanCounter

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Re: Inheriting a creepy Edward Jones advisor
« Reply #36 on: April 03, 2018, 11:12:09 AM »
My DH just finished transferring his IRA from EJ to Vanguard. He accomplished all of it by calling Vanguard, supplying the account numbers and letting them handle all of the transfers. They are in the process of now selling off all the bullshit he was invested in so we can purchase more sensible funds.

I highly recommend this. You don't have to deal with the EJ advisor at all.
was this an "in kind" transfer? This is what I'm trying to accomplish, but the funds have to be in my new EJ account first. And EJ 1-800 number is telling me the "advisor" has to handle that. He STILL has not given me all the paperwork to do so. Once the funds are in the EJ account I had to set up to accomplish this (which the "advisor" wasted no time in setting up) then Fidelity can handle from there. I'm dependent on that asshole for TWO FUCKING FORMS. That he seems to be delaying giving me for as long as he can. And I guess there is no recourse for this?
These jerks are profiting off my mothers death. AND making life difficult for me. I don't know why this makes me so angry, but it does.

NoStacheOhio

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Re: Inheriting a creepy Edward Jones advisor
« Reply #37 on: April 03, 2018, 11:14:15 AM »
My DH just finished transferring his IRA from EJ to Vanguard. He accomplished all of it by calling Vanguard, supplying the account numbers and letting them handle all of the transfers. They are in the process of now selling off all the bullshit he was invested in so we can purchase more sensible funds.

I highly recommend this. You don't have to deal with the EJ advisor at all.
was this an "in kind" transfer? This is what I'm trying to accomplish, but the funds have to be in my new EJ account first. And EJ 1-800 number is telling me the "advisor" has to handle that. He STILL has not given me all the paperwork to do so. Once the funds are in the EJ account I had to set up to accomplish this (which the "advisor" wasted no time in setting up) then Fidelity can handle from there. I'm dependent on that asshole for TWO FUCKING FORMS. That he seems to be delaying giving me for as long as he can. And I guess there is no recourse for this?
These jerks are profiting off my mothers death. AND making life difficult for me. I don't know why this makes me so angry, but it does.

If Vanguard is selling the funds, then yes, it was an in-kind transfer.

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Re: Inheriting a creepy Edward Jones advisor
« Reply #38 on: April 03, 2018, 11:22:00 AM »
My DH just finished transferring his IRA from EJ to Vanguard. He accomplished all of it by calling Vanguard, supplying the account numbers and letting them handle all of the transfers. They are in the process of now selling off all the bullshit he was invested in so we can purchase more sensible funds.

I highly recommend this. You don't have to deal with the EJ advisor at all.
was this an "in kind" transfer? This is what I'm trying to accomplish, but the funds have to be in my new EJ account first. And EJ 1-800 number is telling me the "advisor" has to handle that. He STILL has not given me all the paperwork to do so. Once the funds are in the EJ account I had to set up to accomplish this (which the "advisor" wasted no time in setting up) then Fidelity can handle from there. I'm dependent on that asshole for TWO FUCKING FORMS. That he seems to be delaying giving me for as long as he can. And I guess there is no recourse for this?
These jerks are profiting off my mothers death. AND making life difficult for me. I don't know why this makes me so angry, but it does.

If Vanguard is selling the funds, then yes, it was an in-kind transfer.
Yes, it was an in-kind transfer.

So if I'm reading this correctly you have followed these steps: 1) presented the TOD to the advisor 2) opened a new EJ account to transfer the money from your mom's account to yours

and now the advisor is refusing to move the money from mom's to yours? Is that what's going on? Is there any way you can just set up a TOD directly with another company and get it moved that way? Sorry if these are dumb questions. I have not had to do this.

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Re: Inheriting a creepy Edward Jones advisor
« Reply #39 on: April 03, 2018, 11:27:56 AM »
My DH just finished transferring his IRA from EJ to Vanguard. He accomplished all of it by calling Vanguard, supplying the account numbers and letting them handle all of the transfers. They are in the process of now selling off all the bullshit he was invested in so we can purchase more sensible funds.

I highly recommend this. You don't have to deal with the EJ advisor at all.
was this an "in kind" transfer? This is what I'm trying to accomplish, but the funds have to be in my new EJ account first. And EJ 1-800 number is telling me the "advisor" has to handle that. He STILL has not given me all the paperwork to do so. Once the funds are in the EJ account I had to set up to accomplish this (which the "advisor" wasted no time in setting up) then Fidelity can handle from there. I'm dependent on that asshole for TWO FUCKING FORMS. That he seems to be delaying giving me for as long as he can. And I guess there is no recourse for this?
These jerks are profiting off my mothers death. AND making life difficult for me. I don't know why this makes me so angry, but it does.

If Vanguard is selling the funds, then yes, it was an in-kind transfer.
Yes, it was an in-kind transfer.

So if I'm reading this correctly you have followed these steps: 1) presented the TOD to the advisor 2) opened a new EJ account to transfer the money from your mom's account to yours

and now the advisor is refusing to move the money from mom's to yours? Is that what's going on? Is there any way you can just set up a TOD directly with another company and get it moved that way? Sorry if these are dumb questions. I have not had to do this.
I presented the death certificate to the advisor, and then opened a new account in my name to receive the funds because apparently you cannot transfer from her EJ account to my Fidelity account. only from my EJ account to my Fidelity account. The advisor should have provided me with two more forms to complete the TOD. He has failed to do that. According to EJ corp, the advisor (not EJ corp) is the only person who can provide those two forms. Which makes NO sense. Without them, her account remains frozen and my account remains empty.

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Re: Inheriting a creepy Edward Jones advisor
« Reply #40 on: April 03, 2018, 11:32:44 AM »
Well, you DO have to do everything with EJ through the advisor. We moved far away from my DH's former advisor. To fund his account, we had to take a check to a local advisor's office (who would try to poach DH as a client, from someone who is theoretically his co-worker), which would deposit it into my DH's account, where his advisor would invest it. You can't do any investing or moving money on your own.

The unethical thing here is your mom's advisor is holding her money hostage in exchange for an in-person meeting. Your best bet here may be to go in, give him hell, and get your forms. That is horrible, but probably the most expedient way to go.

BeanCounter

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Re: Inheriting a creepy Edward Jones advisor
« Reply #41 on: April 03, 2018, 11:37:04 AM »
Well, you DO have to do everything with EJ through the advisor. We moved far away from my DH's former advisor. To fund his account, we had to take a check to a local advisor's office (who would try to poach DH as a client, from someone who is theoretically his co-worker), which would deposit it into my DH's account, where his advisor would invest it. You can't do any investing or moving money on your own.

The unethical thing here is your mom's advisor is holding her money hostage in exchange for an in-person meeting. Your best bet here may be to go in, give him hell, and get your forms. That is horrible, but probably the most expedient way to go.

Thank you for that info. I can't believe that they can survive on this business model. They most not have an clients under age 50?

LifeHappens

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Re: Inheriting a creepy Edward Jones advisor
« Reply #42 on: April 03, 2018, 11:43:06 AM »
Well, you DO have to do everything with EJ through the advisor. We moved far away from my DH's former advisor. To fund his account, we had to take a check to a local advisor's office (who would try to poach DH as a client, from someone who is theoretically his co-worker), which would deposit it into my DH's account, where his advisor would invest it. You can't do any investing or moving money on your own.

The unethical thing here is your mom's advisor is holding her money hostage in exchange for an in-person meeting. Your best bet here may be to go in, give him hell, and get your forms. That is horrible, but probably the most expedient way to go.

Thank you for that info. I can't believe that they can survive on this business model. They most not have an clients under age 50?
It's a relationship-based business. They do a LOT of marketing and selling. We always went in for an annual check-up (where the advisor would try to get my IRA). They send birthday and Christmas cards. They make the "scary" world of finances seem "safe." They seem to get a lot of the children of their older clients. The only reason my DH left is because his advisor is in the process of retirement and pawned him off on a younger, super-aggressive advisor without asking permission. DH had been working with the same advisor for 20 years and was NOT happy.

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Re: Inheriting a creepy Edward Jones advisor
« Reply #43 on: April 03, 2018, 11:57:08 AM »
Pay the fee and get out... its chump change in the grand scheme of things.

Count your blessings you are the sole beneficiary of the estate.. My Wife is completely cut out of her Mother's will and it all goes to her worthless son (drug addict and alcoholic).. Because he can't possibly find his own place to live.

Meanwhile my Wife is jumping through hoops t make sure she receives proper care because her brother is overwhelmed poor thing.

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Re: Inheriting a creepy Edward Jones advisor
« Reply #44 on: April 03, 2018, 05:10:52 PM »
Fax a letter to the manager of the office demanding the TOD be executed immediately, and documenting the previous requests and the representative's requirement that you meet with him before executing the TOD and the transfer.  Send the original by certified mail or Federal Express.  Threaten to file a complaint with FINRA and the state attorney general if it is not done within five business days in the letter.  Direct him only to deal with your Fidelity representative, and include an authorization letter that allows the Fidelity rep to transfer all your (newly opened) accounts. Sadly, you will have to pay the $300 and the fees to close the newly opened accounts.  Pay them and don't look back.