Employers say they want people with integrity, loyalty, and to become really good at their jobs in order to serve the clients/customers with exemplary service and products. But, they reward people who do whatever it takes to advance. They tell FA's to push products that are fee based when those products are not in the best interest of the client (lack of integrity and ethics). They preach loyalty yet they bring in people from the outside and pay them more than paying long tenured employees because they know the current employees will stay without a competitive merit increase. They also preach customer service and job performance. Yet, when they think they need to restructure to be more competitive they just run analytics and cut with a machete instead of doing research to keep top performers with the plan to hire people back when they have finally decided what roles the firm will need. I understand this is what most employers do. However, this is not what Edward Jones has ever done. Penny and the rest of the ELT has decided to do this and therefore has made Edward Jones just another run of the mill employer. Edward Jones used to be a destination employer. A place where quality talent wanted to get to and stay. That is why Ted decided to have your profit sharing vest one hundred percent on day one unlike most employers. Now, Penny has decided to just run the company like any other. Top talent will not choose to come here. Top talent will not choose to stay here. Penny has decided to destroy the culture of this company from the inside out. The fall of this firm will not come from an outside threat. It will come from the inside. I believe the time is now. I believe her name is Penny Pennington.
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@d8 The third managing partner of this firm, JB, told me and others in our onboarding that Edward Jones was a destination employer. If we wanted to retire from Edward Jones it would be totally up to us. Edward Jones loves to tout culture and history. I have also been told this by fourth managing partner, DH. This is what JB and DH, "firm legends" and members of the Edward Jones Hall of Fame said. I guess the question I pose to @d8 is are these "legends" and Hall of Fame members wrong and you are right? Or can both the company making money as well as treating people like human beings able to be accomplished at the same time? Just let me know if the two "firm legends" are wrong. Penny has destroyed this culture and now people are pretending the firm never had these practices for 100 years and we are being lectured by @d8 and DC that running a company (even a non-publicly held company) is ONLY about making money. Penny is now telling us something we have never heard before. If this is what Penny wants to do she needs to publicly denounce what "firm legends" Ted, JB, and DH have said. I guess Penny is brighter than the first five managing partners combined (sarcasm).
I think the point being is that when I started at Edward Jones 25+ years ago the "right" things were rewarded more often. Yes, managing partners 3,4, and 5 were trying to make money, but they also fostered an environment where integrity, loyalty, and performance were also rewarded. Over the past three years I have witnessed a complete abandonment from the rewarding culture to a culture of only making money. When any organization has only a bottom line culture the only people making money are the people at the top. If you have a culture of teamwork and collaboration the company succeeds and there is more than enough money to go around. Penny's vision of Edward Jones will and already has resulted in viciousness and infighting amongst people at all levels, not only the top. Everyone is scared and anxious. The work and customer service is suffering. People do not care about their work and service to the client anymore. They are now worrying and posturing themselves playing firmwide politics. Penny has fostered this culture in a few short years. In my first twenty years I never thought I would have this attitude, but whenever I leave Edward Jones one way or another I will be taking my assets with me. The firm's culture has shifted away from the client to Penny and the ELT. That is a shame. I have totally enjoyed my first 20+ years at the firm. The past three have been an absolute nightmare. I thought when I retired I would keep my assets at EJ forever. I have already had my friends and family move their assets as I know they are not being given proper care from senior leadership. This figure is already in excess of seven figures and growing as the transfer paperwork is processed. When my time at EJ is over I will be taking my assets elsewhere as well.
@d8 I understand EJ is a company designed to make money. Then they need to stop demanding these things and then rewarding the opposite. Like @b4 said when the end of life is upon us Penny will be forced to stand before God and answer why she made money her god (which Ted said it was not his), not me. Penny is older and has had more health scares than me. She is probably closer to that day than me. I would not want to be in her shoes. Penny will not be able to fake her empathy and sympathy like she tries to EJ associates when she stands before the all knowing.
This is nice and idealistic but Jones is a COMPANY. That it is. People work to make money.
I know we are all responsible for the choices we make, but what a regretful legacy to be remembered by. At the end of life, when money does not matter, this is what you are left with. That's heavy, and I wouldn't want to carry that.