A FLEXIBLE SUPPORT SYSTEM: Edward Jones helps its financial advisers and branch administrators maintain a work-life balance while creating financial incentives for success. Pictured are Deborah Case, senior branch administrator, and Steven Grasso, financial adviser, in the Edward Jones office in Cranston.
PBN PHOTO/FRANK MULLIN
By Alli-Michelle Conti
Edward Jones, the worldwide financial-investment company, uses a winning method to motivate employees: Each of them has an opportunity to own a piece of the company.
It is part of a company-wide formula that promotes independent action and entrepreneurial thinking. About 40 percent of the company’s employees – or 15,000 people – are limited partners of Edward Jones.
Employees set their own schedules and choose their branch locations. An office typically consists of one financial adviser and a branch office administrator. Managers provide all the training and technical support. Thereafter, financial advisers set their own schedules and operate largely independently.
The Jones business model encourages managers to guide and mentor employees through business and even personal conflicts and needs. This includes employee benefits like quick assistance in a natural disaster, paid leave or medical exemptions.
“As an Edward Jones partner, I have a vested interest in the success in every other financial adviser at the firm. I’ve always volunteered to help other folks start their businesses, but since becoming a partner a few years ago, I’m even more involved with helping new associates succeed,” said Mike Paolino, a Wakefield-based financial adviser.
Financial advisers work with clients to understand personal goals from college savings to retirement. This creates long-term investment solutions that emphasize a well-balanced portfolio.
Financial advisers are paid by Edward Jones while they prepare for licenses. They are then put on salary in addition to earning commissions, bonuses and subsidized benefits in their early years. They ultimately transition to commission earnings supported by bonuses and profit sharing, and even the possibility of limited partnership.
Hiring for branches all over the country has rarely slowed. Edward Jones serves more than 7 million individual investors in 11,500 locations in the United States; it also has offices in Canada. Financial advisers and branch office administrators have been hired to open new branches throughout the recent tough economic times. Advisers find that individual investors particularly need help in tough times.