My grandmother passed away and left me about 1 million in stocks held at Edward Jones. They were put into my own account/name a few days ago. The financial advisor has sent me a "proposed portfolio" where he has mostly sold everything and bought all new stuff. Which seems kind of odd because my grandmother had stocks in companies that are all good and doing well. Then I seen the fees for doing this was about 25,000. This is absolutely insane considering you can buy/sell stocks on your own for free. I guess it makes sense now why he wants to sell/buy everything lol.
I would like to transfer out of Edward Jones. However from what I've found is that you need an account statement. I do not have an account statement yet since I just got the account. Does this mean I have to wait until February when an account statement is generated to be able to get out? I made sure I didn't open a "managed" account type when they transferred the stocks to my own account. Is Edward Jones still able to sell or buy stocks without you authorizing? They would get in trouble for doing that right? How do they get and keep a record of you authorizing trades? Do you sign something? Do they record phone calls?
Submitted January 13, 2021 at 07:18PM by Vivinah https://ift.tt/38GKOlV
