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Edward Jones

821 W Railroad Ave #A
Shelton, WA 98584 360-426-0982

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Consumer Ratings for Edward Jones — 2 Ratings

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Consumer Comments for Edward Jones

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Consumer from RENTON, WA
Aug 21, 2014
Not Recommended
For many years, Mr. Baumgartel managed the investment portfolio of my father-in-law, an elderly retiree who knew very little about investing. He gave Mr. Baumgartel free rein over his money. At the beginning of 2013, my wife and I reviewed and analyzed the account statements from 1999 through 2012. We were shocked. During a substantial part of this time, Mr. Baumgartel had the vast bulk of the account concentrated in as few as four individual issues of stock, apparently in stunning disregard of diversification, the most basic tenet of investing. More recently, after my wife's dad's health declined and he could not take care of himself, we saw an inexplicable pattern of frequent stock and bond trading that generated more than $25,000 in commissions for a series of trades that had no apparent advantage over investments in low-cost index funds. Edward Jones's monthly statements obfuscated its exorbitant trading commissions, which were typically several hundred dollars for a trades that E*TRADE would execute for $9.99 or $19.99. Detailed retroactive modeling of the portfolio's inflows and outflows showed that the portfolio would have done better -- and with much less risk -- by simply buying and holding a Vanguard index fund of all domestic stocks. Adding insult to injury, when we fired Mr. Baumgartel he demanded thousands of dollars in commissions to liquidate positions we never would have approved taking in the first place -- positions that cost only a few hundred dollars to liquidate after we transferred the securities to E*Trade. Far from being contrite about extracting $25,000 in commissions from a portfolio worth only a few hundred thousand dollars, Mr. Baumgartel was petulant and dragged his feet on getting us the information we needed about the account. Mr. Baumgartel derisively referred to us as "do-it-yourselfers" -- people who try to pick their own stocks instead of leaving the stock picking to the experts like himself. Ironically, it was Mr. Baumgartel who was the do-it-yourselfer -- attempting to outguess the markets against well-documented odds instead of sticking with highly diversified mutual funds.
Consumer from RENTON, WA
Aug 14, 2013
Not Recommended

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