Thread regarding Edward Jones layoffs

Will you remain a Edward Jones client?

Question for the group. 10-15% of home office associates are likely to get severance packages this year. If you are given a package, will you remain a Edward Jones client?

I personally will not pay over 1% AUM on my fee based account for the privilege of getting 1 maybe 2 calls from my advisor every year. I have also seen my fee based accounts under perform against their benchmarks over the years. I also dont think I will pay thousands of dollars to do financial planning with Edward Jones as software like New Retirement and Projection Lab are only $100 per year.

I am also not sure what the timeline is for fixing the lax security standards. Most home office associates have access to sensitive and private client information. I have seen spreadsheets with clients names ,social security numbers, addresses, account balances, etc with zero masking of sensitive information. It is only a matter of time before a serious data breach occurs. The lack of safeguards around client data is the result of 20+ years of prioritizing GP returns instead of investing in technology. I am not comfortable with my personal information out there for thousands of associates to see

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| 1921 views | | 14 replies (last May 13, 2025) | Reply
Post ID: @OP+1jsvzk16x

14 replies (most recent on top)

How is that even a question? Edward Jones is slowly pricing itself out of existence. Instead of focusing on high net worth, they would be far better served to be looking beyond 10 years with how they service clients. Brokers are no longer needed, and for most at Edward Jones are an expensive and unnecessary middle man that adds no value to the client. Edward Jones needs to change, but not in the way it is being done. We're a quasi Schwab / JP Morgan and drifting towards irrelevance

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Post ID: @2hz+1jsvzk16x

Yep, family and friends will be moving their investments as well if I lose my livelihood. Cutting me will cost PP and her cronies millions. Be careful what you do. I am more valuable than just my salary. The associates have leverage too.

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Post ID: @22e+1jsvzk16x

I have seen clients get $1,000 in dividends taken away for no reason and if I wasn't there to catch it as an old school Jones associate the client would have lost it. Well, now I'm being outsourced just like the dividend team and I don't have faith in HQ anymore so you can bet your a-s I'm moving my investments and my family will as well.

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Post ID: @228+1jsvzk16x

Not only that, but I plan to make sure all my friends, family, and neighbors move to the tune of millions. They will be made to feel this with their wallets.

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Post ID: @223+1jsvzk16x

I would definitely move my portfolio. If they're done with me, I'm done with them.

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Post ID: @21d+1jsvzk16x

I wouldn't have my money there now if I had an option.

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Post ID: @1rr+1jsvzk16x

Total guess here. I would imagine they would require you to keep your investments at EJ if you keep an LP. They have teams of lawyers working on this. Being a nonunion shop, labor does not. EJ is going to get labor coming and going. Companies do not get to be this large by truly being “human centered”.

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Post ID: @1hp+1jsvzk16x

If you get a vsp and get to get your LP does one even have a choice? Thought even of you're retired and have a LP then your accounts need to stay at Jones. Does anyone know if that's true?

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Post ID: @1ch+1jsvzk16x

Absolutely not. Why would I? I’m licensed, and I have the skills and knowledge to make those decisions myself. If I’m not worthy of being kept as an associate, I’m not worthy of being kept as a client. Same goes for my extended family.

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Post ID: @k5+1jsvzk16x

No.

Just hope they have the cash available to pay out my Limited Partnership in full, immediately, after the lawsuits they are about to face.

Certainly Christoph Schweizer advised you of this eventuality.

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Post ID: @cd+1jsvzk16x

I'd move my accounts NOW if I could but EJ realized that by requiring us (and our family) to bring our assets in they could profit on them while also reducing supervision costs.

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Post ID: @bp+1jsvzk16x

Absolutely not. I am not paying commissions on trades that are free on a number of different platforms. I have the knowledge and skillset to manage my portfolio and I hate having to make a phone call to place a trade.

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Post ID: @bb+1jsvzk16x

Absolutely, not. I'd transfer out to a low cost DIY B/D, the very first day I could.

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Post ID: @ab+1jsvzk16x

If I get laid off that would be a hard pass for me. Why would I want to be a client of a company that does not want me as an associate. I am not paying PP and her ELT team if they are not paying me. It is not part of my “culture”.

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Post ID: @a4+1jsvzk16x

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