Edward Jones retains its top talent through purpose-driven work, professional development opportunities, and a spirit of caring.
With an $84 trillion asset transfer from older to younger generations underway, financial firms are poised to be the stewards and advisors to a rapidly evolving clientele. In preparation for this mass movement of wealth, Edward Jones is prioritizing attracting and retaining inclusive talent to help the firm meet the needs of an increasingly diverse customer base and is investing in equity-driven tools and programs to cater to new demands.
“The very face of wealth is changing,” says Penny Pennington, Edward Jones managing partner. “The middle class is growing in this country, and when you look at affluence, it is being held by white families—but it’s growing even more rapidly among Black, Hispanic, and LGBTQ+ households. We need to be prepared to meet new clients where they are, with the kind of cultural agility and awareness of what’s on their minds and in their hearts.”
For Edward Jones, that starts with recruiting and hiring a diverse group of associates and financial advisors and giving them the tools to help clients achieve their financial goals. This approach has enabled the company to succeed not only on the business side throughout its 102-year-old history—with the firm managing more than $1.9 trillion in client assets under care—but also to foster an inclusive and collaborative work culture.
Edward Jones, which has 15,000 branch locations across North America, hosts networking events to recruit financial professionals from varied backgrounds in the communities it serves. The firm also invests heavily in employee learning and development, with more than 2,400 financial advisors in the U.S. and 55 in Canada pursuing professional designations in 2024.
“Increasing associate acumen in this way is critical to serving more people more holistically,” says Pennington. “Our culture is about a spirit of caring. We make a living out of taking care of other people and making a positive difference in their lives.”
The organization clears the path for associates to make an impact in their communities through local volunteering and by giving back through partnerships such as the Alzheimer’s Association. Since 2016, Edward Jones and its associates have raised $45 million for the fight to end Alzheimer’s. Through its Financial Fitness program, the company has reached more than 900,000 learners since 2020. The program provides financial knowledge and confidence to students and adults empowering them to make the next right financial decision.
Internally, Edward Jones has upgraded several tools and services including making MoneyGuide Elite planning software available to all U.S. branches, as well as a Portfolio Assistant tool, which utilizes advanced technology to construct and maintain more personalized, tax-efficient portfolios with greater efficiency. These enhancements give financial advisors more flexibility, control, and a sense of purpose when building meaningful connections with their growing client base.
“We believe strong financial foundations are built on deep, personal relationships that help us understand what’s most important to our clients,” says Pennington. “Building the kinds of products, services, and experiences that align with their health, families, purpose, and financial plans is what we’ve been about for decades. Now, we’re doing it with more agility, more speed, even more client centricity.”