Edward Jones Investments
Edward D. Jones & Co., L.P.
Partnership
Industry Investment services
Founded 1922
Founder Edward D. Jones
Headquarters Des Peres, Missouri, United States
Revenue Green Arrow Up.svg$6.7 billion USD (2016)
Number of employees
41,142 (2015)
Parent The Jones Financial Companies
Website www.edwardjones.com
Edward Jones branch office, Ypsilanti Twp, MI

Edward D. Jones & Co., L.P., since 1995 simplified as Edward Jones[1] 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 have relationships with nearly 7 million clients and $1 trillion asset under management worldwide.[2] The firm focuses solely on individual investors and small-business owners. Edward Jones is a subsidiary[3] 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.[4][5]

History

Edward Jones was founded by Edward D. Jones in St. Louis, Missouri in 1922.[1] (A different Edward D. Jones was a cofounder of Dow Jones.[6]) 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.[7]

Business model

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. This model also allows the firm to open offices in areas and towns where a large office staffed by many brokers would be unprofitable. This model is also the reason[] that Edward Jones currently has the largest number of branch offices among brokerage firms in the United States.

Corporate affairs

The company has its corporate headquarters in the City of Des Peres in St. Louis County, Missouri.[8][9][10] Adjacent to the company headquarters is the Edward Jones South Campus, located at the intersection of Ballas Road and Manchester Road.[11] 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.[12]

Edward Jones has locations in the United States and Canada. The company had offices in the United Kingdom for 10 years, before selling the division to Towry Law in 2009.[13]

Awards and rankings

  • Designated the firm with "Highest in Investor Satisfaction" by J. D. Power and Associates in 2002, 2005, 2006, 2007, 2009, 2010, 2012, and 2013.
  • 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. 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. 5 spot overall in the ranking (2017).[14]

Criticism and controversy

Revenue sharing

On Dec. 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.[15][16]

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."[17]

Municipal bonds overcharging

On Aug. 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."[18]

References

  1. ^ a b "Edward Jones History". Retrieved 2017. 
  2. ^ About Edward Jones Financial Advisor Jobs
  3. ^ "Financial Reports - Edward Jones". Retrieved . 
  4. ^ "Summary of JONES FINANCIAL COMPANIES LLLP - Yahoo". Retrieved . 
  5. ^ "Company Overview of The Jones Financial Companies, L.L.L.P.". Retrieved . 
  6. ^ "Edward Jones History: What's in a name: Edward D. Jones". Retrieved . 
  7. ^ "Edward Jones pulls name from St. Louis dome". Kansas City Business Journal. Retrieved 2016. 
  8. ^ "Headquarters & Campus Locations." Edward Jones. Retrieved on August 20, 2010. "Edward Jones 12555 Manchester Road Saint Louis, MO 63131."
  9. ^ 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.
  10. ^ "St. Louis firms make Fortune's best workplaces." St. Louis Business Journal. Thursday January 22, 2009. Modified on Tuesday January 27, 2009. Retrieved on August 19, 2009.
  11. ^ Brown, Elizabeth A. "Long-awaited expansion at Edward Jones under way." St. Louis Business Journal. May 4, 2008. p. 2. Retrieved on April 5, 2013.
  12. ^ Brown, Elizabeth A. "Long-awaited expansion at Edward Jones under way." St. Louis Business Journal. May 4, 2008. p. 1. Retrieved on April 5, 2013.
  13. ^ Dunbar, Joy. "Edward Jones sells UK advisory arm to Towry Law". Retrieved 2015. 
  14. ^ http://beta.fortune.com/best-companies/edward-jones-5
  15. ^ "Edward Jones to Pay $75 Million to Settle Revenue Sharing Charges". SEC.gov. 22 September 2004. Retrieved . 
  16. ^ "Can Your Edward Jones Financial Advisor Really Serve Your Best Interests". Fool.com. 6 December 2012. Retrieved . 
  17. ^ "Revenue Sharing Disclosure Information". EdwardJones.com. Retrieved . 
  18. ^ "Edward Jones to Pay $20 Million for Overcharging Retail Customers in Municipal Bond Underwritings". SEC.gov. 2015-08-13. Retrieved . 

External links


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.


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