Building connections with clients and staff

PBN BEST PLACES TO WORK 2022
Midsize Company 1.
Edward D. Jones & Co. LP

Employees in R.I. 61
Managing Partner: Penny Pennington


Contrary to the saying, sometimes big things do come in “big” packages. With more than 15,000 locations across the U.S., including in Rhode Island, Edward D. Jones & Co. LP, doing business as Edward Jones, is the country’s largest financial services firm in terms of financial advisers and branch offices.

But what really sets Edward Jones apart isn’t its size but the company’s ability to make such a personal connection with its clients and associates. From saving for college or retirement to creating a long-term investment plan that emphasizes a well-balanced portfolio, the firm’s financial advisers work closely with clients to fully understand their personal goals.

“Every aspect of our business, from investment types to branch locations, is designed to cater to more than 7 million clients in communities where they live and work,” said Penny Pennington, managing partner. “We embrace the importance of building long-term, face-to-face relationships with clients, helping them to understand and make sense of the investment options available today.”

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Edward Jones is grounded in four core values – client focus; respect for individuals; a long-term, quality investment philosophy; and a spirit of partnership. That partnership is not only in spirit but also in structure, as more than half of the firm’s associates own part of the firm through a limited partnership.

“Owners think differently than employees, having a vested interest in the success of the firm, and are motivated to make the best decisions with the firm’s interest in mind,” Pennington said. “As a partnership, there are no stockholders to answer to, only the firm itself, and that ensures that clients’ interests always come first.”

With the goal of best serving its clients, each of the firm’s neighborhood branches has a financial adviser and a branch office administrator on hand.

“These firm associates come to Edward Jones for a career, not a job,” Pennington said. “They find flexible, family-friendly workplaces near their own homes, satisfying work helping clients achieve their goals, and lots of support by their regions and home office personnel.”

Deemed an essential industry when the COVID-19 pandemic began, Edward Jones was able to remain focused on the health and well-being of its clients, associates, their families and communities, while also taking the necessary steps to protect those groups.

“Thousands of associates switched to remote work and while local, two-person branch offices were allowed to remain open to associates who could follow appropriate health guidance, they were closed to the public for safety reasons and new cleaning procedures were adopted,” said John Leary, a financial adviser who opened a Barrington branch office in 2003.

As the pandemic lingers, Edward Jones’ support for associates remains steadfast. In January, the firm announced five additional paid days off in connection with the virus. Associates faced with financial challenges from the pandemic can look for help from the Edward Jones Disaster Relief Fund to which associates and retirees donated nearly $1 million to assist colleagues.

“To help ease concerns around health expenses, our medical plan provides no-cost care for COVID-related testing and treatment,” Pennington said. “And to remove barriers to care, the firm waived the deductible for the treatment of COVID-19 from both in- and out-of-network providers.”

An employee assistance program has provided much-needed support to firm families struggling to balance child care, at-home learning and work.

“We take care of each other in tough times, whether it is the pandemic, a cancer diagnosis or a family crisis,” Leary said. “Leaders are authorized to do the right thing to help associates navigate personal difficulties, whether that means extra time off, special pay arrangements, a loan, a health benefits exception or preventative programs to head off a crisis.”

Recently, the firm has placed a strong focus on the persistence of racism and discrimination throughout communities by bolstering its promise to diversity, equity and inclusion.

“Edward Jones is a place of belonging,” Pennington said. “We stand for inclusion. We commit to giving everyone a voice. We commit to a continued focus on equitable hiring, training, promotional practices and policies. We commit to equitable pay. We commit to racial-equity training and anti-racism personnel policies.”