Thread regarding Edward Jones layoffs

@vw I was at an event recently with both Weddle and PP as speakers. Weddle spoke about this challenging time when he was MP with confidence while sharing it was the right thing to do for the firm, it’s associates and clients. PP just looked down like she was reviewing her notes with no eye contact at all. Jim got a standing ovation both pre and post talk, while PP got polite applause from about half the room when she spoke.

@1an Sad? She, in her limited intelligence, realized she was not qualified. Her husband was chasing the bag, and convinced her to “go for it - make it right!” And here we are: a century old firm destroyed. Completely and utterly destroyed. That’s sad.

@fn not buried at all. She told it recently at a multi firm conference. Sad how a story about an encouraging spouse is turned against her.

Absolutely, Weddle calmly guided the firm through the Great Recession which other firms did not handle well. Pennington’s legacy will be just following the template every other firm out there does. Edward Jones is no longer special. In a few short years under Penny’s leadership a century’s work has gone done the drain.

PP is being gaslit. Just like every story you read about John Bachmann, always have to state that he only ever worked for Edward Jones. Penny may not realize this but, she would’ve been released before taking the managing partner seat, under these conditions. She wouldn’t be the first female CEO of a firm this size, if she wasn’t a FA who worked at Edward Jones and her legacy is now going to be the person who destroyed the firms culture and deprive associates and leaders the same opportunities she was afforded.

Agreed. They are offering VSP’s so associates have more control over their careers. If they really cared about associates careers they would develop them for potential promotion within the firm. The ELT is spinning this as hard as the consultants are telling them to. I don’t know if anyone is actually believing this. If I receive a VSP and decide to leave the firm I will definitely reach out to clients I have worked with for years to move with me. I do not have a no compete clause. I don’t think this effort is going to net the firm as much as they think. Better people than Penny have tried this at other companies and have failed.

3,000 VSPs this round. Under the guise to promote self development. Now with leaders on the chopping block, that eliminates creates development opportunities but, why? Why would anyone apply or hire a candidate who’s likely to be released within the next couple years? I don’t know what I’m developing to. Who’s left to protect us and our clients from our inevitable demise. Although, any leader left has had several opportunities to speak out against this. I hope everyone, who received a VSP offer, pool their money to open a new firm. Simply releasing people for the age and tenure, creates a bias and discrimination. I hope the financial advisors follow suit and everyone is brave enough to stand up and speak out against this horrible, terrible idea.

I left another firm with advancement opportunities in order to have stability at Edward Jones. Thanks to PP my job may end up being performed by someone with an Indian accent. The wolves in sheep’s clothing are easy to spot in hindsight. Thanks, Penny.

Not buried. Still out in the open lol

https://youtu.be/l3xC9py17a0?si=QK1LDRQjRyVt2pSZ

I know. Good old Mike is so supportive to everyone else at the firm’s detriment.

@f6

Her spouse encouraged her to keep moving up after she self-identified as non-qualified. I’m not making this up - she has told this story, publicly. Buried now, of course.

It’s like PP knew she was in over her head from day one as MP. She hired consultants because she knew she could not properly lead. First female MP was a flop.

Back in 1968, Ted actually knew the people who worked for him which made laying them off unthinkable. Fast forward to today, and it’s a completely different story.

I don’t know who else was considered for MP when Weddle stepped down, but let’s be honest PP was the DEI checkbox hire. And what’s the first thing she did? She flooded the place with outsiders to help her manage because she didn’t trust the people already here and, frankly, had no clue how to lead on her own. Instead of leaning into Jones’ unique culture and values, she imported leadership from companies she idolizes, ones that couldn’t be further from what makes this firm special. And now we’re watching people who’ve been here less than five years push for layoffs like it’s a no-brainer. Of course they are they’ve got no real connection, no original thought, and no respect for the legacy we’re supposed to protect. To them, layoffs aren’t a last resort they’re just a convenient shortcut.

Thank you for posting this.

It is a reminder to us all that doing the same thing over and over again is the definition of insanity.

These people are under the absolute spell of consultants.

The consultants will not touch the GP’s wealth, but the producers are sc--wed.

It’s so gross.

Penny doesn’t have the ball$ to lead the firm like previous leaders…literally.

EJ will/has lost control with sending jobs to India. Ted, Bachmann, and Jim are no longer in control. We celebrated Penny as the first female managing partner. In a few short years she has destroyed a century of success by not following the vision of the previous MP’s. The first of anything has to be held to a high standard. Unfortunately, women may not get a fair chance at the firm in the future due to Penny’s failure.

Same document talks about Jim Weddle in the 2009 crisis.

“When speaking of the crisis, many Edward Jones associates and partners remember the calm and collected way Jim steered the firm. He projected a sovereign self-confidence in the firm, its values, and investment philosophy. Nervous financial advisors were coached in how to address the fears and sometimes panic of their clients. The firm came through without layoff off a single associate, an extraordinary achievement when competitors were shedding tens of thousands of jobs and in many cases, going out of business.”

But Penny says it isn’t against our Edward Jones culture LMAO