Find a Grave, database and images (https://www.findagrave.com: accessed ), memorial page for Edna “Penny” Pennington Keith (31 Jul 1902–16 Nov 1993), Find a Grave Memorial no. There is so much more opportunity. PENNINGTON: … our — our colleagues could be distanced from each other, and we were deemed an essential services. 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. Michael Batnick is our Head of Research. 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. I also had a ringside seat to — to our leadership team working through the Great Recession and the impacts of 2008-2009 on clients, on our industry and on our firm. 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. If you enjoy this conversation, well, be sure and check out all of the hundreds of previous such conversations we’ve had. 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. Jim was the Managing Partner who came in in 2006, and that year invited me to become a General Partner in our firm and moved to Saint Louis into home office leadership. If — if you were in my office and on the floor where — where a number of our offices are there, there’s some paintings down the hall. The remedy is often worse than the disease; Burn not your house to rid it of the mouse. My husband, Mike, was an investment and corporate banker and retired in 2007. They have been in the branch the whole time. Amazing!" What I think we have to be really thoughtful about as long-term investors is that the public market affords a kind of transparency into companies and access to — to those companies and owning shares in those companies that results in liquidity, that results in ways to verify the — the financials of those companies, that all results in a kind of transparency and reliability that is a really important part of capitalism and about the public nature of our stock markets. This is really just an absolutely fascinating conversation. 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. Edward Jones has something like 13,000 branches. So within a matter of about 10 days, we went from 15,000 remote connections available across our firm to 50,000 remote connections. We have been speaking with Penny Pennington, Managing Partner at investment giant Ed Jones. Join Us Today Get More Info What sort of advice would you give to a recent college graduate who was interested in a career in finance? We do believe that we’re not going to see a rapid snapback in 2021 to where the economy was pre-pandemic. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. And so as financial advisors recognizing that digging deep into that with the next generation is going to help us help them be better investors and prepare for a very long life, probably much longer than their parents or grandparents had. And so robo-advisors, the — the — those that — that have very little human interaction associated with them are — are appropriate for some clients. So helping them with their employee retirement plans, their 401(k), their simple-step IRAs, all the different ways that they can support their employees for their retirement planning, we do that for businesses and business owners. Our branches are very safe, and we closed them to the public. 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. Now, those values can pass through that wealth, but — but it’s — it’s more than that, isn’t it? I think that’s on the third page of my — of — of the Internet search. It’s great to be with you, great to be with your listeners today. And so there are new labels that are put on it, ESG, green investing, all kinds of things that label this — this type of fundamental orientation to multiple stakeholders and to the long-term. 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. So we’ve been meeting with clients, investors and prospects by Zoom in virtual means, but the financial advisors are in our branches. 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. You know, the — the — the really classic one is folks who grew up during the Great Depression and our parents and grandparents …. PENNINGTON: So while every single one of our branches has remained open, our colleagues can work flexibly and through — through all kinds of virtual means, like Zoom, and Skype, and WebEx with — with clients, investors, and prospects and with each other. You know, we’ve — we’ve been around for 98 years, so through the — the — the change of many, many, many administrations during that period of time. So, you know — you know, Barry, you — you probably have had this experience. It seemed people sort of learned their lesson not to panic in ’08-’09. Penny Pennington, who was tapped yesterday to lead Edward Jones, will be the first managing partner who did not know the firm’s founding family. 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. And, fundamentally, what’s — what’s the same about those conversations is clients wondering what — what a potential change and — and policy might mean for them, just as you described. What should advisors be doing so that when there is a generational wealth transfer, the next generation sticks with the company or the advisor they’re working with? The point is that fixed income and stocks, equities and bonds form the basis of a diversified portfolio. So we have 19,500 financial advisors. RITHOLTZ: Quite interesting. And, in fact, here’s — here’s part of that proof. We — we’re the largest firm in terms of number of financial advisors in our industry. When — when it began to come apart caused a ripple effect that we know now was global. What does it mean for my taxes? But what being in the branch is, what being on the job at work for their benefit, for their well-being has meant to us is that we’re doing something bigger than ourselves. So empathy, generous listening, the — the process of — of — of thinking short-term to long-term, all of those things make for — make for the strength of a financial advisor. Is this something that’s going to have a lasting impact or the jury is still out. PENNINGTON: What makes for a good financial advisor is someone who recognizes that what we do is a balance of E.Q., emotional quotient, emotional intelligence and I.Q. It relies on consumer spending and business investment. So I was part of the Management Committee and Executive Committee while Jim was Managing Partner. Your revenue has more than doubled from $3.5 billion to over $7.5 billion not too long ago. So flip that over and say that venture capital and private equity, while a really important part of capital formation and our economy, when — when an investor gets all whipped up about returns that they see or read about or hear about in those markets, they have to recognize that that comes with a tradeoff — a tradeoff of risk, a tradeoff of less transparency, different kinds of risks — illiquidity, different kind of risks than they see in the public markets. We know you’re there for us.”. And so the advice that I would give to — to those recent college graduates is look at this industry as one that has and will continue to be very meaningful in our country and in society that it can intersect with who you are as a person. PENNINGTON: Yeah. And it took 10 years to rebuild from that. You began as a brokerage firm, and in the early days, most of your employees who were client-facing were brokers. In my office, before the election, that’s all any client asked. But people who are coming of age during the Great Recession and people who are — who are being impacted today during their working lives, this is going to have a lasting impact on them. What do you think it’s been on the local community, the employees, the clients, and — and any prospective clients of seeing the lights on? PENNINGTON: Absolutely. And one of the documentaries we stream not too long ago was on Mark Rothko. So, Penny, let’s talk a little bit about financial advisors. They have seven million clients and about $1.3 trillion in assets managed by 49,000 associates. Select this result to view Penny K Pennington's phone number, address, and more. However, the anxiety and the marketplace is still there. I will be sharing all things Country Home and Garden including country living ideas, gardening tips, and a bit of vintage goodness. How do you manage that from — from the perspective of, hey, everything we’ve talked about is long-term, but — but you’re in and out of stocks every other day. She is the Managing Partner of Edward Jones, a 98-year-old Fortune 500 company. And so we help our clients with that as well. Penny Pennington is currently. You followed Jim Weddle who was the Managing Partner at Ed Jones for 13 years. Get subscriber-only insights and news delivered by Barry every two weeks. PENNINGTON: Well, broadly what I would say, Barry, is that retirement security and helping investors have an experience that is — that is more helpful to them is a nonpartisan topic. And is that something that can be taught or is it, you know, you either are or aren’t? Tell us about the folks who helped shape your career. 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. So that really is the — the — the distinguishing difference. And let’s talk about all of your essential communities. 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. That means they value relationship. Clients who are advised by financial advisors, on average, have 25 percent more assets than those who are not advised. 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. Nick Falco is my Audio Engineer. Now, you said how do we ensure that every client is having the same experience? We work with clients who are serious long-term individual investors. We have — we have products and services that are tax-efficient that help our clients manage in that kind of situation. You — you mentioned the transition to practically free. 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. Penny, son of the late John and Pearl Pennington, was born July 24, 1926 in Unadilla, Georgia. When folks are — are dealing with emotional and complex tradeoffs, among things like, you know, how do I save for — for college for my child or grandchild and have a comfortable retirement at the same time? And the — the — the goodness of the human relationship, financial advisor to client and prospective clients is it’s the financial advisor’s job to understand that, to find out what’s important to that next generation, what their values are, what motivates them and to help form a bridge between the values of the — of the previous generation and the next generation. But the investing public got a — got — got a — a reminder of what significant volatility and a deep reduction in the stock market felt like. Albeit all the way back to 1922, there’s a lot that …. It’s when markets become volatile, which happens unexpectedly. Beginning in 2015, she was head of the client strategies group; overseeing products/services delivered to clients and research, trading and marketing. Well, in large part, it has to do with what the ignition switch was. And the — the part of the marketplace that we serve are serious long-term individual investors. You have both an interesting background and — and an interesting career path, but I’m going to jump a little bit towards the end. And then we work with — with a significant number of businesses and business owners. Do you also have other practice areas like trust and estates, tax planning, insurance, anything along those lines? Local Customer "Words cannot explain. RITHOLTZ: Quite interesting. So I’m reading that. Penny Pennington is the head of investment giant Ed Jones. Penny has 3 jobs listed on their profile. We collect and match historical records that Ancestry users have contributed to their family trees to create each person’s profile. So becoming a student of their values, of their strategy, about how they thought about being differentiated in the marketplace, those have all — have all taught me great lessons. Pennington Farms. PENNINGTON: Thank you, Barry. PENNINGTON: Yeah. There’s a little bit of it that’s kind of inside baseball, and — and I’ll let you guys in a secret. In one case, it also meant the land of Pinna's people. Tell us what’s entertaining you during this era? We do believe that we’re going to see more fiscal stimulus. And there’s a significant impact on the risk appetite of — of generation, younger folks whose — whose points of view about the world and society are being formed in — in that crucible. Penny Pennington, welcome to Masters in Business. RITHOLTZ: Quite interesting. That is part of the relationship and is part of the goodness of having a financial advisor is that as a — as a client, you are going to hear that advice again and again and again. So the ‘90’s we had all that crazy online trading. I’m a white guy in my 50’s. And so while the split of the portfolio may still be 70-30 or 60-40, and I don’t want to get hung up on that split. 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