Pennington Farms. We — we’re the largest firm in terms of number of financial advisors in our industry. PENNINGTON: Well, what I probably didn’t appreciate as I was first starting out was how intersected the financial services industry and world is with the trajectory of history, the history of our economy, the history of formation of communities and society, the — the — the history of achievement by individuals, families and businesses. Today, what is scarce is that hyper-personalized human-centered relationship for tens of millions of people whereby they can get good advice and achieving what’s most important to them. What are you watching and streaming these days? Penny Pennington: I joined Edward Jones in 2000 as a financial advisor in Michigan. And if you’re — if you like contemporary art, that’s — I’m going to make that recommendation because it was pretty fascinating discussion of how his art evolved into what it eventually became. In one case, it also meant the land of Pinna's people. We do believe that we’re going to see more fiscal stimulus. That was the environment that we had before the pandemic. What my point is that — that you have a choice, that you look at the face literally of the organization that you are working with. So I’m looking at all data. And since two-thirds of our economy is driven by consumer spending and demand, when people spend money, stocks are doing well and — and the — the market is fairly sanguine. In a low interest rate environment, there’s some countervailing benefits to that — that kind of environment. So, you know — you know, Barry, you — you probably have had this experience. What’s going to happen? And nobody has repealed the — the — the — the fact that where you invest in non-correlated assets you are likelier to have a smoother ride during a volatile market. I — I treat these conversations as if it’s a one-on-one, and I just ask the questions that I’m genuinely interested in. We don’t have call centers. part, with the intelligence quotient. I — I — I love and appreciate, in particular, contemporary art. Our — our experience has been the same as yours, Barry. The common feature for us and our financial advisors and how we respond is to keep people focused on their long-term goals and help relieve as much as we can the anxiety that people are facing with market volatility, but this time, with things like health crisis, loss of jobs, their kids and grandkids who are going through — through significant changes in their lives. Well, in large part, it has to do with what the ignition switch was. Also featured was a memorial to Dora Caroline Pile, one of our most dedicated workers. So we’ve been meeting with clients, investors and prospects by Zoom in virtual means, but the financial advisors are in our branches. Barry Ritholtz. The — what is common is the outcome that they achieve financially whatever it is that’s most important to them and that they have the — have the sense of well-being as — as we are helping them achieve that. Well, you know, you could go back to — in the 1990’s and look at online trading. It seemed people sort of learned their lesson not to panic in ’08-’09. Immediate Family: Son of Carlos Benton Pennington and Katherine (Kittie) Ethel Pennington. PENNINGTON: … our — our colleagues could be distanced from each other, and we were deemed an essential services. PENNINGTON: Yeah. We have begun a rebound. Your revenue has more than doubled from $3.5 billion to over $7.5 billion not too long ago. Click below to join our monthly newsletter. And what’s inspiring to me about that is they’re making sense of the world. And we know when they feel those things that there’s a sense of security and confidence about their long-term path. So we were talking earlier about Robinhood and — and people trading at home. Named CEO and managing partner in January, Pennington is the only woman running a major U.S. brokerage. How has — over the past century, how has that changed to what Edward Jones is today? PENNINGTON: Yeah. I loved the clients â they were like family to me! And the image that was sent to me was a client standing outside the branch with their hand pressed up against the window of the branch. It was sent to — sent to me back the beginning of April from a branch in Florida where the branches were closed to the public, but our financial advisors and BOAs are in the branch. And — and perhaps we’ll — we’ll talk some — about some of that as we — as we go along today. We are also licensed in insurance, so we help our clients protect their goals against all kinds of things that — that might happen. Should I — is it more variable from office-to-office, advisor-to-advisor? Is this something that’s going to have a lasting impact or the jury is still out. We know you’re there for us.”. And so we help our clients with that as well. I’m a student of history, and so just having a front row seat to how the — how the economy, financial industry, and society intersect has been fascinating. The valuing advice is — where that’s going to come in is it is sharing with clients and investors that beating the market, trading in a rapid way in order to time the market or time particular investment sectors is — is not a — not a particularly good way to build wealth reliably over time that can be proven. They become more risk-averse. standpoint. Our branches are very safe, and we closed them to the public. And anxiety for investors sometimes means that they question the way their portfolios are built. It was a meltdown in certain aspects of the financial markets. part of this, a lifelong learner, someone who is really interested in — in continuing to dial up their own skills from an expertise standpoint, but also from — from — from an empathy and E.Q. There is lifelong learning associated with that. The environment that we had in ’08-’09, we discovered, was a little more fragile in terms of the — the fundamentals of the economy, as well as the fundamentals of the financial services industry. The E.Q. Penny Pennington poses for a portrait in the lobby of the Edwards Jones on Wednesday, May 9, 2018. So we believe our opportunity remains rooted in what makes us unique, the human-centeredness of what we do and the locality of what we do. In my office, before the election, that’s all any client asked. I know you’ve been pretty involved in trying to recruit a greater degree of diversity in — in the workforce at Edward Jones. And so my regional leaders, those who showed me the way as a new financial advisor, talked to me about values, about service. And so everything in moderation and recognizing that broad diversification and asset allocation across a number of asset classes is what has reliably grown wealth over time. So back in the 50’s and 60’s when Ted Jones, our founder’s son, recognized that the brokerage companies were all congregated in the large cities, but there was — there were significant numbers of people with wealth and with — with businesses and jobs where they were creating wealth who really deserved access to financial information, to products and services, to the ability to open an account and do a transaction in the financial markets in a really seamless and person-to-person way, Ted Jones recognized that that was scarce. You know, this is an area, Barry, where — where people are becoming more attuned to the fact that they are going to need significant investment to pay for their health needs and potential long-term care needs later or maybe even earlier in life, as well as life insurance. My mother was an executive with Tennessee Valley Authority, and she was an executive during a time and in a place that there weren’t quite — there weren’t quite as many women as there were men. View the profiles of people named Penny Pennington. So we have 19,500 financial advisors. November 15, 2020 12:00pm by You know, what — what has been going on with clients and investors, the anxiety that — that this pandemic, the economic downturn and the social unrest have caused across our communities, that anxiety has impacted clients and investors. It was a health crisis that was the ignition switch. So the ‘90’s we had all that crazy online trading. I think individual consumers are doing this broadly, aren’t we? When — when you talk about ESG investing, I — I do — I do want to note that sound investing has always focused on companies and management teams that were — that were focused on the durability of their firms, that were focused on — on a wide array of stakeholders because if you don’t do that as a company, you’re probably not going to be around for a long, long time. What does that do to people who are looking for income from bonds? So the experiences that we seek to deliver family by family, individual by individual are all focused on helping individual clients and investors feel those emotions. And so we intend to — to continue to focus there, focus on — on the — the relationship that we have with clients, focus on a — a kind of smart consistency and serving them, but also the ability to hyper-personalized to them. Well, I believe — and I’ve got evidence that proves that — that our clients and our perspective clients have seen those lights on and recognize that we are purpose-driven to be there for their well-being. RITHOLTZ: So full disclosure, we’re recording this a few days after the election, but before the outcome is announced. Diversification is important. Penny Pennington is the sixth managing partner of Edward Jones. Papers didn’t have to go back and forth. Let’s go to everybody’s favorite question. And — and how that’s achieved is through a deep trusted personal relationship with a financial advisor. I — I think that will continue to be a hallmark of the investing public’s experience. Obviously, robo-advisors were a big thing. Did you get to work directly with Weddle? I am Penny Adkisson Pennington from Morgan County ,Tennessee. We have been speaking with Penny Pennington, Managing Partner at investment giant Ed Jones. And policies may change if we — if we continue with the — the president that we’ve had for the past four years. With over 10 years experience he's covered businesses, CEOs, and investments. Get subscriber-only insights and news delivered by Barry every two weeks. And the first one not to be part of the founding family, she was originally a financial advisor who just came up through the ranks. And one of the documentaries we stream not too long ago was on Mark Rothko. PENNINGTON: Yeah. Before I get to my favorite questions that I ask all my guests, let me throw a curveball at you. In her free time, Pennington like to get out and about in nature, citing her favorite activities as hiking (especially in the Grand Canyon), cycling, and enjoying the many parks and recreational resources St Louis has to offer. RITHOLTZ: It sounds as if there are certain key values and certain key ideas you want to make sure every Edward Jones customer experiences or — or am I putting words in your mouth? Clients who are advised by financial advisors, on average, have 25 percent more assets than those who are not advised. That means they value relationship. Let’s start with why you believe this particular cycle was so tight. Well, I had my dose the day that I did that. It’s a — it’s a compilation of interviews that he had done over time with some of the world’s leading stinkers, community builders, leaders. The experience they have may be different in terms of the products, the services, the tools that they are exposed to or that they’re utilizing. And, Barry, your organization helps financial advisors and — and folks in the financial marketplace with that lifelong learning and insight and perspective. And very importantly, they turn to a financial advisor to help them make sense of all of that. We talk about growth, Barry, in terms of growth of impact. My husband, Mike, was an investment and corporate banker and retired in 2007. RITHOLTZ: Quite interesting. PENNINGTON: Yeah. And so just getting their — their quick interviews and — and getting a window into those folks — I read one of those interviews at night — is — is really inspiring as well. And so that gets to the question of why is this important. Penny was the son of Pennington and Julia Wray of Wake Forest, Lenoir County. RITHOLTZ: Quite interesting. He was the youngest of seven brothers and two sisters. And that really has helped. They have seven million clients and about $1.3 trillion in assets managed by 49,000 associates. And frankly, the — the — the millennials that Gen Xers are motivated differently than their parents and their grandparents. Michael Boyle is my Producer/Booker. It’s also impacted every single one of us who serves them. All right. RITHOLTZ: So you raised a number of interesting points that I — I want to unpack one by one. ; Anna Fay Pennington; Luanna Mae Pennington; Robert Ray Pennington and Nancy Ethel Godfrey « ⦠There is so much more opportunity. RITHOLTZ: So let’s talk about a couple more recent investing themes that have come along. I would be remiss if I did not thank the crack staff that helps put these conversations together each week. You followed Jim Weddle who was the Managing Partner at Ed Jones for 13 years. RITHOLTZ: Maybe — maybe she shepherded me along. And with — with that kind of empathy and with that sort of expertise building a — not only a plan — a financial plan, but building a plan based on relationship to keep people focused on their long-term goals, notwithstanding that those short-term ups and downs that are part of that to keep people focused on the long-term. What should we, in the industry, be doing to try and bring about more gender diversity, more people of color, just making less of — of what’s been dominating the industry, bring a little diversity of thought and — and — and a little bit of change? (pneumonia). We’ll see the size or — or — or focus of that depending on the administration. RITHOLTZ: Really nice having you. PENNINGTON: … it taught me a lot about — about decision-making during crisis. RITHOLTZ: So let’s stick with the concept of advisors. I mean, you — you — you read a lot and see a lot and maybe it’s your own personal experience that you’re buying today according to your values. Today, we work with about seven million clients. And one of our Edward Jones colleagues on the other side of that window hand-to-hand with their client, just passing back and forth good energy, “Thank you for being there. So don’t — don’t — don’t despair completely. The modern era we have apps like Robinhood, which supposedly millennials and other young people really are liking and engaging in a lot of active day trading given that everybody’s bored and stuck at home, what do you do when you have a client who is enthusiastically swinging cash around because they’re bored? Richard Clarke: My extra special guest this week is Penny Pennington. It wasn’t exactly an advisor per se, but it was the ability to trade online. We have financial advisors in — in communities working face-to-face one on one with clients and their families. Pennington is an English surname, largely locational from a few villages in Cumberland and Lancashire. Regulation was a part of that. PENNINGTON: Yeah. Others of have I never met Mr. Jones Senior and Ted Jones, the founders of our firm. Well, it’s a fascinating history and it’s really one that’s rooted in recognizing what was scarce in the marketplace, and boldly and sometimes admittedly in a — in a very unusual way going after serving that underserved market. And words didn’t have to — have to go back and forth. Beginning in 2015, she was head of the client strategies group; overseeing products/services delivered to clients and research, trading and marketing. I’ll tell you a real quick story and — and it’s — and it really is an image. PENNINGTON: … who — who we know and — and can — can see from them how they live the rest of their lives based on those experiences, that — that’s really the one that many people point to. This is really just an absolutely fascinating conversation. If you’re to expand into, where is the room for growth at Edward Jones? Penny, son of the late John and Pearl Pennington, was born July 24, 1926 in Unadilla, Georgia. It’s such a rich topic of conversation and one that there’s so much focused on in our industry and with investors right now. So things like long-term care needs. And the advent of online trading during that period of time is kind of the first robo-advisor. Penni Pennington. Privacy Policy It was this — it was a convergence of love, of taking care of each other, of being in it together, of knowing why we’re here, and that is to relieve the anxiety of our clients and keep them focused on the long-term. 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