Edward Jones Investments
| Company type | Limited liability limited partnership |
|---|---|
| Industry | Financial services |
| Founded | 1 January 1922 in St. Louis, Missouri, U.S. |
| Founder | Edward D. Jones |
| Headquarters | Des Peres , United States |
Area served | United States, Canada |
Key people | Penny Pennington (Managing Partner) |
| Products | Investment products, brokerage services |
Number of employees | 55,000 (2022) |
| Website | www |
Edward D. Jones & Co., L.P., commonly known as Edward Jones Investments or simply Edward Jones, is a financial services company based in St. Louis, Missouri. Established in 1922 by Edward D. Jones, the firm was a pioneer in implementing the branch-office brokerage concept within the United States. By 2022, Edward Jones had a workforce of around 55,000 employees, produced $12.3 billion in revenue, and oversaw $2.2 trillion in assets under management (AUM).
Background
Serving individual investors and business proprietors throughout the U.S. and Canada, Edward Jones operates an extensive network of more than 15,000 branches supported by approximately 19,000 financial advisors. The firm maintains client relationships with nearly 9 million individuals globally, concentrating solely on tailored investment solutions.
As part of The Jones Financial Companies, L.L.L.P., Edward Jones functions as a limited liability limited partnership fully owned by present and former employees, maintaining its status as a privately held entity without public stock offerings. Penny Pennington became managing partner in January 2019, marking her as the sixth person to hold this role and the only female leader at a major U.S. brokerage firm, exemplifying strategic leadership focused on ongoing growth and market presence.
History
The inception of Edward Jones traces back to 1922 in St. Louis, Missouri, founded by Edward D. Jones. His son, Edward D. "Ted" Jones, was instrumental in expanding the company's network of individual branch offices across rural areas, suburban regions, and metropolitan markets throughout the United States and Canada. Ted inaugurated the first single-broker office in Mexico, Missouri, followed by a multi-broker facility in Pueblo, Colorado. To offset teletypewriter communication expenses between St. Louis and Pueblo, Ted implemented single-broker offices in smaller towns such as Dodge City and Hays, Kansas, thereby broadening the firm's reach. This approach effectively brought "Wall Street to Main Street," generating substantial sales volume; notably, commodity trading comprised about 10% of business during the 1960s due to many clients being cattle ranchers.
Edward Jones once held the naming rights for the Edward Jones Dome located in Saint Louis, Missouri. Following the relocation of the St. Louis Rams to Los Angeles, Edward Jones ended its sponsorship agreement; the venue is currently known as The Dome at America's Center.
In December 2004, Edward Jones resolved enforcement actions initiated by the SEC, NASD, and NYSE concerning insufficient disclosure related to revenue-sharing arrangements with certain mutual fund families it recommended. The firm paid a $75 million penalty and commenced public disclosure of these payments.
In August 2015, the SEC imposed a $20 million fine on Edward Jones for charging retail investors excessive fees in municipal bond underwriting transactions.
The Edward Jones Political Action Committee (PAC) made contributions to Senator Josh Hawley twice following his election in 2018 but suspended all political donations starting January 2021 in alignment with broader industry trends.
By the end of 2022, Edward Jones had employed 18,796 financial advisors worldwide.
Business model
Financial advisors at Edward Jones provide both commission-based and fee-based investment products. Typically, each branch office includes one licensed broker alongside a branch office administrator who assists with administrative and operational tasks.
The firm's distinctive one-broker-per-office strategy allows clients to engage exclusively with their designated advisor. Edward Jones employs approximately 18,892 brokers operating out of over 15,000 branches across the United States. In 2022, the company launched a teaming initiative enabling collaboration among multiple branches to enhance client service delivery, marking a shift from its traditional model centered on single-branch client relationships.
Corporate affairs
Edward Jones is based in Des Peres, Missouri, located within St. Louis County. Its corporate facilities consist of the South Campus, positioned near the intersection of Ballas and Manchester Roads, and the North Campus, situated close to Interstate 270 and Dorsett Road in Maryland Heights, Missouri.
The firm operates across both the United States and Canada. In 2009, Edward Jones withdrew from the United Kingdom market by divesting its UK division to the British brokerage Towry Law.
Controversy
Edward Jones was involved in a discrimination lawsuit brought by minority stockbrokers who claimed they were denied equal opportunities regarding support initiatives and access to profitable territories. The dispute concluded with a $34 million settlement.
Awards and rankings
In Fortune magazine's 2020 ranking of the Top 100 Companies to Work For, Edward Jones was placed seventh based on employee satisfaction surveys, and it secured the 20th position in the 2021 list.
External links
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- Companies based in St. Louis County, Missouri
- American companies established in 1922
- Financial services companies established in 1922
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