Morgan A. Adams and Matt Calhoun, who had spent their entire careers at Edward Jones, left last month for Wells Fargo, which lost solo producers in Illinois and South Carolina.
Sales of Capital Group’s American Funds accounted for 11% of Jones’ revenue in the second quarter, down nearly half from 20% five years ago.
“The scary part–and I’ll just be perfectly open–about putting those numbers out there, is what if we don’t quite make them,” CEO Penny Pennington conceded.
Brokers’ firing over “failure to follow firm Covid policy” highlights the broad challenges that firms face in enforcing covid policies across their disparate sales forces.
A federal judge granted Edward Jones’ TRO request against Russell R. Riggan, and scheduled a June 7 hearing on the brokerage’s motion for preliminary injunction.
Advisor roster shrank slightly, less than 1% year over year, as the company said that it was more focused on qualitative metrics than adding new hires.
A former Edward Jones financial advisor in Texas claims in a lawsuit that she was fired following a “forced sexual encounter” with another advisor during her training.
In break from its longstanding single-broker branch model, financial advisors will be able to co-locate under a new program Edward Jones is testing and that is being rolled out to select advisors this week.
The case, brought in 2018, alleged “widespread” discrimination against Black advisors and focused on Jones’ practice of recouping training costs and its inherited account programs.