Ethical principles and calm, long-range planning are among the qualities that make Edward Jones a great place to work, according to several Jones financial advisers.
The Edward Jones business model is that of small, Main Street offices staffed by one financial adviser and one or two assistants. It is a limited partnership, meaning that employees are invited to share company profits. In contrast to publicly held companies, Edward Jones employees do not have to allow themselves to be whipsawed by stock prices and shareholder demands. That factor, Jones staffers say, is a huge advantage.
“Having to care about the noise in the market is only a detriment,” said Steve Grasso, a financial adviser in the Cranston office. “We take the view that nobody has to lose for someone else to win.”
Grasso continued, “We don’t have to worry about our stock prices. We are trying to grow the business, not to maximize shareholder value. We have a very long-term approach in how our business is run. We do what is right for our clients and for ourselves. This brings enormous amount of value to the business.”
Grasso and other financial advisers also say that Jones employees enjoy a rather unusual combination of independence and support from the company. “We are self-employed but still under the tutelage of the firm,” Grasso said. “This model allows us a lot of latitude in how we run the business. Common virtues of Jones people are that we are self-starters with good principles and a spirit of volunteerism.”
The freedom to do good work and also enjoy a rich family and community life motivated Michael Paolino, a financial adviser in the Wakefield office, to join Edward Jones. Paolino’s father, Charlie Paolino, joined the company when the son was in high school. The younger Paolino, now in his 30s, finished graduate school in Washington, D.C., in 2005, married there, and decided to return to Rhode Island to join Jones.
The company encourages community volunteerism but also encourages financial advisers to meet often, pass around ideas and offer each other guidance and support. The most experienced people serve in informal ways as trainers and mentors to newer employees and to each other. Rhode Island has 15 Edward Jones financial officers in 10 offices (some offices are still being established) with one or two support persons in each office.
Grasso says the monthly meetings of financial advisers from separate Rhode Island offices remind him of a whale pod traveling together. “We sit around and talk about the various products,” Grasso said. “We go around the table and ask, ‘What’s working for you? What’s not working for you?’ It is a real fraternal operation.”
“Our competitors look at us like ‘that can’t happen,’” Paolino said of the intraoffice give-and-take. “But the more business we do together the better it is for everyone and the more it helps build our brand.” •
