🔺 r/personalfinanceuAway_Pay_536·71 days ago
Edward Jones Scammed me 15000 dollars from my childrens savings and life savings
A "friend" reached out earlier in the year who was now working for Edward Jones. I trusted her with my life savings. First it all was great. Then along the way, she moved half my money into something called a "select" account because apparently the "guided" account could not buy basic stock trades and I had to buy only what Edward Jones recommended me and their own high price ETF's. Last week she went on vacation so I called Edward Jones to place a trade. The guy said, commission on this trade is $472. I was like what!!! He said, yeah - commissions are between 1.7% and 3.5% for one sided sale. I was like thats robbery. He was like, thats why we are REQUIRED to disclose the commission before place the trade (robbing our customers) well I paid for that trade. Later on I just realized, that my "friend" financial advisor had been recommending and executing trades left and right all while NEVER DISCLOSING any commissions let alone permissions. I went in, shocked to see total commissions were close to 15,000!!! Nearly 4% of my portfolio value. This was the portfolio she was meant to protect and preserve! She didnt see this leakage? she didnt share the commisions with me? I am heartbroken…