Unsuitable advice, locked out of our accounts, regulatory violations. Read before you invest.
Trusted Edward Jones and advisor Shane Jacksteit with most of my savings (including retirement). A deeply troubling experience others should know about.
My husband and I have had numerous issues with Edward Jones but here are some major ones.
In late 2024, I was recommended to roll over a substantial retirement balance from my employer 401(k) into Edward Jones IRAs. No alternatives were discussed. No comparative analysis of fees, tax consequences, or legal protections was provided. The rollover form was presented for a quick signature after the rollover recommendation had already been made and the decision had been influenced by Mr. Jacksteit's framing. The rollover was advisor-initiated but the form was phrased as client-initiated, and does not reflect our phone conversation. The same form contains a printed acknowledgement that the advisor has a financial incentive to recommend rollovers because they generate compensation for Edward Jones and the advisor. This conflict was never disclosed before the recommendation was made.
Significant stock positions were sold citing diversification, but proceeds sat uninvested for over a year with no reinvestment plan. Commissions were not disclosed. When we sought to transfer accounts elsewhere, we were told everything required liquidation, with no distinction between transferable and non-transferable assets, causing unnecessary tax consequences.
Edward Jones denied all wrongdoing. The dispute was escalated to the Managing Partner, Chief Compliance Officer, and General Counsel. No response was received from any of them.
Our accounts were also closed during active dispute without any prior notice. We have been locked out of our client portal for months and cannot access our own statements, tax documents, or transaction records. Our repeated requests for these documents and restoration of portal access have been ignored.
Call recordings that would show what was actually discussed have not been produced despite repeated requests. Edward Jones paid a $50 million SEC penalty in August 2024 specifically for failing to preserve electronic communications. That pattern continues. In December 2022, FINRA fined Edward Jones $1.1 million for purging phone records, misrepresenting to FINRA that records were unavailable, and failing to alert FINRA once it learned of its own failures.
Edward Jones has also faced the following verified regulatory actions: a $17 million NASAA multi-state settlement in January 2025 for moving clients into fee-based advisory accounts without adequate supervision (the same pattern of conduct my husband and I experienced); a December 2024 FINRA action requiring $4.4 million in restitution for mutual fund overcharges; and a June 2025 NASAA settlement in which Edward Jones was found to have charged more than $11 million in excessive commissions on over 780,000 small-dollar trades, the largest share among five firms sanctioned. As of today, Edward Jones has on record 173 regulatory actions and 150 arbitrations. These are not isolated incidents. Edward Jones has continued to face sanctions despite prior penalties, suggesting these practices are systemic rather than accidental.
Complaints have been filed with multiple regulatory bodies. Our experience with Edward Jones has been evasive, dismissive, and feels very predatory toward clients who are unaware of their rights. Approach this firm with extreme caution. read more
