Edward Jones
Fees Charged on SEP Investment Left Me With $336 Check

In 2002, I invested $500 in a SEP with Edward Jones. Each year, Edward Jones charges a minimum fee of $45. Unfortunately, my financial position has not been good, and this year, 2012, I finally decided to cash in the proceeds and pay the penalty to the IRS. The value of the fund was $515. Edward Jones sent me a check for $336. They deducted the 10% penalty but added additional charges of roughly $135. To put this in perspective, Edward Jones made 45 times 10 in fees, plus an additional fee of another $90.

They made $540 in fees from my investment, and the IRS will most likely take even more than the 10% penalty already taken, and I am still apparently liable for even more taxes. I lost roughly 40% of my investment while Edward Jones made more than 100% of that small investment. I have had several representatives over those years, and my spouse's 401K is still with Edward Jones, but really, why take advantage of someone already on the brink?

Company: Edward Jones
Country: USA
State: Missouri
City: St. Louis
Address: 204 Progress Parkway
Site: edwardjones.com

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