Timothy Finucan Edward Jones is Scamming People (Updated 2023)
There are plenty of fiduciaries in Webster City and if you’re looking for one, you might come across the name of Timothy Finucan Edward Jones. He is a crooked wealth advisor who uses mischievous provisions to trap investors in unfavorable agreements.
Before you sign anything with this guy, you must check these problematic provisions. The following review will give you a detailed overview of these provisions. This would help you make a well-informed decision on this advisor:
Timothy Finucan Edward Jones: Who is He?
Timothy Finucan Edward Jones is a financial advisor based in Webster City, Iowa. His address is 508 2nd St, Webster City, IA 50595, US, and his contact number is 515-832-4155. Timothy claims to invest his time in understanding his client’s goals before giving recommendations.
He claims that he can help his clients determine the most appropriate financial strategy for them. Timothy also claims that he takes a labor-intensive approach to building custom portfolios for his clients.
Notable people in his team include Alicia Crothamel, Eileen Doolittle, Carrie Olson, and Gayle Odland.
Timothy has many accolades under his belt. For example, he has been named in Barron’s Top 1200 list several times and has been among Edward Jones’ top 400 financial advisors for a while.
However, you shouldn’t let those accolades distract you from the major issues present in the fine print of his disclosures.
Many advisors use their achievements and accolades to distract their clients and sneak in problematic provisions in their agreements. Timothy has done the same. He exposes his clients to multiple conflicts of interest. That’s why it’s vital to know about these issues before you trust him with your money. The following section of this review will help you with the same.
Why You Should Avoid Timothy Finucan Edward Jones:
Multiple Legal Disputes with Clients
Before you begin working with any financial advisor, you should check their FINRA BrokerCheck profile. It would help you find out about the advisor’s state licenses, how much experience they have, and the disputes they have faced so far.
Did You Know?
FINRA BrokerCheck provides information on, registration and licensing status, qualifications of brokers, employment and disciplinary details, customer complaints and disputes, and comments on brokers.
The FINRA BrokerCheck profile of Timothy Finucan Edward Jones shows two legal disputes. His first dispute occurred in 2008. Here, the client alleged that Timothy made unauthorized bond purchases in the account from September 2006 through July 2007. The trustee of the account alleged that Timothy bought $117,000 worth of bonds during this period.
She wanted to liquidate the bonds to be made whole for any losses associated with these purchases. The claimant requested $5,000 in damages and settled the case for $8,445.39.
Timothy responded to the dispute by highlighting that he accepted trades from the trustee’s son thinking he was listed as a co-trustee. He made the client whole on the initial purchase amount.
Timothy’s second dispute occurred in 2012. Here, the client alleged that after inheriting a stock portfolio, Tim transferred three stock positions to a managed account program and liquidated them. The client inferred that the trades were without her authorization. Based on the date of death cost basis, she indicated the equity trades resulted in capital gains tax and loss of dividends from the stock.
The client requested $45,000 in lost income, lost stock value, and taxes. However, the firm denied the claim and claimed that they kept the client in the loop throughout the process.
Selling Investments Instead of Recommending Them
When you work with a financial advisor, you expect them to recommend investments based on their alignment with your goals and requirements. However, you can’t expect the same from Timothy Finucan Edward Jones.
That’s because he earns commissions from selling certain investments. Timothy earns commissions from selling proprietary and affiliated securities. Among these products, some offer higher commissions than others.
So, his team promotes specific securities and ignores others regardless of their suitability.
This means you’d miss out on many positive returns simply because the suitable investments don’t generate sufficient commissions for Timothy’s firm. Earning commissions from investment products introduces bias into an advisor’s suggestions.
They get a monetary incentive for ignoring your financial goals and requirements.
By the time you realize that you missed out on a ton of positive returns, it’s too late. Also, you can’t do anything about it because of the waivers you sign at the beginning of your professional relationship.
Giving Generalized Recommendations
Timothy’s firm handles various clients. Some have large funds while others have smaller retail accounts. In other words, Timothy Finucan Edward Jones performs side-by-side management.
This is a highly notorious practice because most advisors who perform side-by-side management tend to give generalized recommendations to their smaller clients. They do so while hiding the generalized recommendations under the guise of personalization.
It’s unethical and a highly terrible practice. Yet, Timothy doesn’t hesitate to do so.
After reviewing the problematic provisions present in Timothy Finuncan Edward Jones’ disclosures, it’s evident that you can’t trust him.
He is a terrible wealth advisor who takes advantage of gullible investors. It would be best to work with someone else.
There are plenty of wealth advisors in Webster City. So, you don’t have to stick with Timothy Finucan Edward Jones. He has too many red flags. The fact that you can’t trust his recommendations is a huge red flag in itself.
- Has faced multiple disputes from clients
- Sells investments instead of recommending them
- Gives generalized recommendations