Edward Jones Investments
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|Founder||Edward D. Jones|
|Headquarters||Des Peres, Missouri, United States|
|Revenue||US$7 billion (2017)|
|US$746 million (2016)|
|Total assets||US$19.424 billion (2016)|
Number of employees
|Parent||The Jones Financial Companies|
Edward D. Jones & Co., L.P., since 1995 simplified as Edward Jones, is a financial services firm headquartered in Des Peres, Missouri, United States and serves investment clients in the U.S. and Canada, through its branch network of more than 14,000 locations and currently has relationships with nearly 7 million clients and $1 trillion in assets under management worldwide. The firm focuses solely on individual investors and small-business owners. Edward Jones is a subsidiary of The Jones Financial Companies, L.L.L.P., a limited liability limited partnership owned only by its employees and retired employees and is not publicly traded. Edward Jones appointed Penny Pennington as managing partner, effective January 2019, making her the firm's sixth managing partner and the only woman to lead a major U.S. brokerage firm.
Edward Jones was founded by Edward D. Jones in St. Louis, Missouri in 1922. (A different Edward D. Jones was a cofounder of Dow Jones.) Edward Jones' son Edward D. "Ted" Jones was responsible for the creation of the individual branch network which has spread across rural communities and suburbs throughout the US and Canada. The first single broker office was opened by Ted, and staffed by Zeke McIntyre, in Mexico, Missouri. Ted opened another branch office in Pueblo, Colorado, with his brother-in-law Bill Lloyd as manager of the multi-broker office. When Edward D. Jones Sr., found the teletypewriter line bill, he insisted Ted either shut the office down or find some way to pay for it. Ted Jones paid for it by opening one-broker offices on either side of the teletypewriter line stretching from St. Louis, Missouri, to Pueblo, Colorado. That is why some of the earliest Edward Jones offices were Dodge City, Hays, Great Bend, and Manhattan, Kansas and Jefferson City, Missouri.
Edward Jones Investments had the naming rights for the Edward Jones Dome in Saint Louis, Missouri. After the St. Louis Rams decided to move to Los Angeles, Edward Jones Investments exercised its right to terminate its sponsorship, and that the facility would once again be known as The Dome at America's Center.
Edward Jones financial advisors offer commission-based and fee-based financial products. Offices are usually staffed by two associates: one Financial Advisor (see Financial advisor, a licensed broker) and one Branch Office Administrator. The one-broker-per-office model allows clients to choose their broker directly and deal with just that broker. Edward Jones currently has the largest number of branch offices among brokerage firms in the United States.
The company has its corporate headquarters in the City of Des Peres in St. Louis County, Missouri. Adjacent to the company headquarters is the Edward Jones South Campus, located at the intersection of Ballas Road and Manchester Road. The Edward Jones North Campus is in an area southeast of the intersection of Interstate 270 and Dorsett Road in the City of Maryland Heights in St. Louis County.
Awards and rankings
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- Designated the firm with "Highest in Investor Satisfaction" by J. D. Power and Associates in 2002, 2005, 2006, 2007, 2009, 2010, 2012, 2013 and 2019.
- In Canada also Designated the firm with "Highest in Investor Satisfaction" by J. D. Power and Associates in 2006, 2007, 2008, 2013, 2014, 2015, 2016 and 2017.
- Edward Jones ranked No. 1 in the annual SmartMoney magazine full-service brokerage survey in 2012. The firm received high marks in the four categories surveyed by the magazine: stock picking, customer satisfaction, trust and customer statements.
- Named one of the "Best Companies to Work for in America" by Fortune magazine in its annual listing. The firm took the No. 7 spot overall in the ranking (2019).
Criticism and controversy
On December 22, 2004, the Securities and Exchange Commission, NASD and the New York Stock Exchange settled enforcement proceedings against Edward Jones, related to allegations that Edward Jones failed to adequately disclose revenue sharing payments that it received from a select group of mutual fund families that Edward Jones recommended to its customers.
As part of the settlement, Edward Jones paid a $75 million fine. Edward Jones also agreed to disclose on its public website information regarding revenue sharing payments including the admission that "Edward Jones' receipt of revenue sharing payments creates a potential conflict of interest in the form of an additional financial incentive and financial benefit to the firm, its financial advisors and equity owners in connection with the sale of products from these product partners."
Municipal bonds overcharging
On August 13, 2015, the Securities and Exchange Commission required Edward Jones to pay a $20 million fine because, according to the SEC: "Edward Jones undermined the integrity of the bond underwriting process by overcharging retail customers by at least $4.6 million and by misleading municipal issuers."
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- "Headquarters & Campus Locations Archived 2009-08-04 at the Wayback Machine." Edward Jones. Retrieved on August 20, 2010. "Edward Jones 12555 Manchester Road Saint Louis, MO 63131."
- Thimangu, Patrick L. "Des Peres, Mo.-Based Edward Jones Brokerage Looks to Europe for Expansion." St. Louis Post-Dispatch. November 27, 2002. Retrieved on August 19, 2009.
- "St. Louis firms make Fortune’s best workplaces Archived 2012-03-17 at the Wayback Machine." St. Louis Business Journal. Thursday January 22, 2009. Modified on Tuesday January 27, 2009. Retrieved on August 19, 2009.
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- Brown, Elizabeth A. "Long-awaited expansion at Edward Jones under way." St. Louis Business Journal. May 4, 2008. p. 1 Archived 2013-08-16 at the Wayback Machine. Retrieved on April 5, 2013.
- Dunbar, Joy. "Edward Jones sells UK advisory arm to Towry Law". Archived from the original on 24 September 2015. Retrieved 15 April 2015.
- "Edward Jones Named No. 1 Full-Service Broker By SmartMoney Magazine" (Press release). PR News Wire. 14 May 2012. Retrieved 6 June 2018.
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- "Edward Jones to Pay $75 Million to Settle Revenue Sharing Charges". U.S. Securities and Exchange Commission. 22 September 2004. Archived from the original on 14 February 2017. Retrieved 2017-11-08.
- McCluskey, Molly; Reeves, John; Moscovitz, Ilan (6 December 2012). "Can Your Edward Jones Financial Advisor Really Serve Your Best Interests?". The Motley Fool. Archived from the original on 9 November 2017. Retrieved 2017-11-08.
- "Revenue Sharing Disclosure Information". EdwardJones.com. Archived from the original on 2015-03-25. Retrieved 2017-11-08.
Edward Jones’ receipt of revenue sharing payments creates a potential conflict of interest in the form of an additional financial incentive and financial benefit to the firm, its financial advisors and equity owners in connection with the sale of products from these product partners
- "Edward Jones to Pay $20 Million for Overcharging Retail Customers in Municipal Bond Underwritings". SEC.gov. 2015-08-13. Archived from the original on 2015-08-13. Retrieved 2015-01-07.