{ "media_type": "text", "post_content": "Edward Jones is charging me $40 for a good knight account. The client refused to close the account a year ago and it is only worth $60. Is that even legal??? Thoughts", "post_id": "5c099c927e492e0017786da0", "reply_count": 14, "vote_count": 1, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors", "feed_type": "crowd" }

Edward Jones is charging me $40 for a good knight account. The client refused to close the account a year ago and it is only worth $60. Is that even legal??? Thoughts

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You have the right to sell Investments to cover yourself. The account agreement says so.


They threatened my license if I would sell without his approval


Connection isn’t available yet in my region lol but I agree


Is the account closed now? Have you already seen the fee hit your books? I have a few of these accounts from my Goodknight and I was talking to a rep in HO and they said we still (post DOL) can’t close accounts without express permission of the client. I said, “So am I going to be on the hook for an even bigger fee next year when this is resolved?" She indicated that there would be some solution available.

Sure, but when the account is all cash and it’s getting eaten away $40 per year in annual fees that doesn’t really help if we can’t unilaterally close the account. Why is a semi-client going to answer the phone (when they haven’t for years) to agree on $135 of fees to close an account that will net them nothing? Not very logical.

Who cares if they do or if they don't? I've never seen the financial advisor on the hook for a closing fee when they account runs out of money. The client knew what the annual fee was when they signed up for the account.

Welcome to the reason behind why the $10 monthly fee is going to start in January 2020

HO policy is that the advisor is on the hook if there is less in the account than the amount needed to cover annual fees and termination fees (combined $135). If there’s only $50 in the account the client isn’t going to be willing to pay an additional $85 to close an they haven’t cared about in years. Kind lame that it seems to be the practice of some vet advisors to put these net negative accounts in their GoodKnights instead of just cleaning up their book of business themselves.

Here 18 years. Never been charged the way you describe to close an account... they just took what was left in the account.

Ouch. FA1- “Kinda lame”?? First of all, this isn’t the veteran’s fault that this policy exists. Secondly, be careful about bad mouthing the hand that just fed you some assets. I know when I started in the business, I was super appreciative for everything I received from a small asset sharing program ($9 million).

If it was in one mutual fund it would sell automatically but because it is in a combination of funds that is not possible. I could close the account but would still need the clients permission. $40 isn’t much but why am I on the hook for it? Last year I paid $200 on similar accounts from the goodknight. Starting to get frustrated!

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