- Edward Jones Investments
company_name = Edward D. Jones & Co., L.P.
company_slogan = "Making Sense of Investments"
foundation = 1922
St. Louis, Missouri
James D. Weddle, Managing Partner
Steven Novik, Partner, Finance & Accounting Ken Dude, Partner, Human Resources Number of Employees = 36,963 (2007)
industry = Investment services
revenue = (2007)
operating profit = (2005)
homepage = [http://www.edwardjones.com www.edwardjones.com]
Edward D. Jones & Co., L.P., since 1995 simplified as Edward Jones [cite web | url = http://www.edwardjones.com/ejhistory/1990s/index.html | title = Edward Jones History | accessdate = 2008-08-02 ] is a brokerage firm based out of
St. Louis, Missouriwhich serves investment clients in the United States, Canada, and the United Kingdomthrough its branch network of more than 10,000 locations. The firm focuses solely on individual investors and small-business owners. Edward Jones is a limited partnershipand is not traded publicly on stock exchanges.
Edward Jones financial advisors sell commission-based and fee-based financial products. Offices are usually staffed by two associates: one
Financial Adviser(a licensed broker) and one Branch-Office Administrator. The one-broker-per-office model allows clients to choose their brokerdirectly 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.
Awards and rankings
* Designated the firm with "Highest in Investor Satisfaction" by
J.D. Power and Associatesin 2002, 2005, 2006 and 2007
* Edward Jones ranked No. 2 in the annual Smart Money 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. Edward Jones, which ranked No. 1 in 2007 and 2005, received five-star ratings in client statements.
* Named, for the ninth year, one of the "Best Companies to Work for in America" by Fortune magazine in its annual listing. The firm took the No. 4 spot overall in the ranking (2008). The firm also was named to the No. 2 spot for large companies. The nine FORTUNE rankings include top 10 finishes for six years and consecutive number one rankings in 2002 and 2003.
* Ranked No. 1 in the independent category on Investment Executive's annual survey of brokers in 2007
* Ranked among the best advocates for its customers, according to a national research study of U.S. financial-services firms by
Forrester Researchin 2004, 2005,2006, 2007, 2008
* For the 15th consecutive year in December 2007, ranked No. 1 among the nation's top seven brokerage firms by industry magazine Registered Representative.
* Ranked #8 in
Business Weekmagazine's second annual list of Customer Service Excellence.
Edward Jones was founded by
Edward D. Jonesin 1922. (A different Edward D. Jones was a cofounder of Dow Jones. [cite web | url = http://www.edwardjones.com/ejhistory/story_early_name/index.html | title = Edward Jones History: What's in a name: Edward D. Jones | accessdate = 2008-08-02 ] ) Edward Jones' son Edward D. "Ted" Joneswas responsible for the creation of the individual branch network which has spread across rural communities and suburbs throughout the US, Canada, and United Kingdom. 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 Pete Key as manager of the multi-broker office. When Edward D. Jones, Sr., found the teletype 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 teletype 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 Columbia, Missouri. Edward Jones Investments has designated naming rights for the Edward Jones Dome(formerly known as the TransWorld Dome and Dome at America's Center) in St Louis.
In 2004, it was revealed that financial regulators were investigating mutual fund sales practices at Edward Jones. Since the mid 1990's Edward Jones has represented nearly 240 different mutual fund families, but seven of them,
American Funds, Goldman SachsFunds, Hartford, Federated Investors, Lord Abbett, Putnam Fundsand Van Kampen Investments, were designated "Preferred Families". Putnam Funds and Federated Investors have since been moved from the "Preferred Fund Families" list and replaced by Franklin Templetonand Oppenheimer Funds. In addition to the published commissions and fees, Edward Jones receives extra payments and incentives to promote and sell funds from the "Preferred Families". Over 95% of mutual fund sales are from these fund families. This arrangement was not routinely disclosed to prospective investors, and for that reason was in violation of SEC regulations. As a result, Edward Jones settled the charges brought by the SEC for $75 million, and is in the final stages of settling a class action lawsuit brought by affected investors. [ [http://stlouis.bizjournals.com/stlouis/stories/2004/12/20/daily11.html Edward Jones to pay $75M to settle mutual-fund investigation - St. Louis Business Journal: ] ]
* [http://www.edwardjones.com Official site]
* [http://money.cnn.com/magazines/fortune/bestcompanies/2008/snapshots/4.html Entry on Fortune's "100 Best Companies to Work For" in 2008]
* [http://www.edwardjones.com/cgi/getData.cgi?file=/pdf/media/map.pdf Map of branch locations]
* [http://www.sec.gov/divisions/enforce/claims/edwardjones.htm Official site of SEC enforcement action against Edward Jones]
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