We do believe that we’re going to see more fiscal stimulus. He oversaw a giant rise in both clients and assets. Now, you said how do we ensure that every client is having the same experience? RITHOLTZ: So let’s talk about a couple more recent investing themes that have come along. 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. If you enjoy this conversation, well, be sure and check out all of the hundreds of previous such conversations we’ve had. Technically, her title is Managing Partner. It’s a really challenging question because it’s — you know, it’s not an easy thing to do, especially during working from home. That’s not what scarce, and that is not what — what is — is the definition of value today. Penny Pennington 1 day ago Oregon doctor, staff refuse to wear masks, calling Covid 'common cold' Kayleigh McEnany’s husband, an MLB pitcher, declines to wear mask at White House briefing 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. 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? We love your comments, feedback and suggestions. Issue 1 continued the abstracts of Pennington war veterans by Louise Troop, the Levi Pennington line by Penny Floyd, and a great amount of material on the Timothy Pennington line by Fran Laaker. We have been speaking with Penny Pennington, Managing Partner at investment giant Ed Jones. RITHOLTZ: Yeah, me, too. What we do expect is that the economy will continue to rebound. And policies may change if we — if we continue with the — the president that we’ve had for the past four years. But what was your experience? 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. 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. What are your thoughts on environmental, social and governments investing — ESG investing? Amazing!" RITHOLTZ: Thanks, Penny, for being so generous with your time. I know you guys do financial planning, as well as asset management. 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. And I think that financial services is very much focused there today. Is this something that’s going to have a lasting impact or the jury is still out. It comes from the Old English pening, which means a penny and refers to the rent on the land, and tun, for farm or settlement. And words didn’t have to — have to go back and forth. She had been ill … You began as a brokerage firm, and in the early days, most of your employees who were client-facing were brokers. Regulation that — that helps clients have more confidence that our industry is operating in their best interest, all of those things, in one way or another, have been — been dialed up over the past two administrations. PENNINGTON: Yeah. They have been in the branch the whole time. Please enable JavaScript in your browser's settings to use this part of Geni. Importantly, all of our former managing partners were financial advisors. 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. You know, the — the worst thing in the world is to build a really solid plan, planning on everything going right and then having things go wrong unexpectedly. Technically, her title is Managing Partner. I have an extra special guest. We believe that 15 percent of the marketplace is appropriately self-advised. And so we don’t have account minimums and we don’t have account maximums. 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. And so I had a ringside seat to Jim’s tenure as Managing Partner, how he made decisions, how he thought about opportunity. I'll also let you know what's cooking in the kitchen and happening in the barn. And that — that — it will — it will do us good. In business, as — as part of my journey at Edward Jones, we have a very widely dispersed leadership structure in each of our regions across North America. She is the first non-family member to manage the firm, and she was ranked number 33 in Fortune’s Most Powerful Women in Business list. Penny Pennington poses for a portrait in the lobby of the Edwards Jones on Wednesday, May 9, 2018. So you can expect that that’s going to happen in the investment markets as well. ...ngton, Nettie Marie Pennington, Charles Ralph Pennington, George Franklin Pennington, Anna Fay Revel (born Pennington), Robert Ray Pennin... Mar 17 1924 - Shumway, Navajo County, Arizona, United States. In control, they want to feel like they’ve got some agency. PENNINGTON: Well, it’s getting a lot of press these days because there is a significant portion — a more significant portion of — of businesses and capital formation that is happening outside of the public market and public companies. RITHOLTZ: So that raises a really interesting question, which I was going to ask later, but let me ask now. So let’s jump to our favorite questions. What — what a — what a great conversation that we can have about that. View the profiles of people named Penny Pennington. Penny has 3 jobs listed on their profile. It is one where we have seen a great deal of reaching across the aisles in the past couple of administrations. She is the Managing Partner of Edward Jones, a 98-year-old Fortune 500 company. Hi, I'm Penny. 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? If you’re to expand into, where is the room for growth at Edward Jones? Clients who are advised by financial advisors, on average, have 25 percent more assets than those who are not advised. RITHOLTZ: Quite interesting. 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. The transcript from this week’s, MiB: Penny Pennington, Edward Jones, is below. I learned how to tango. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. And the experiences that — that that is rooted in, that the motions that — that those experience are rooted in is a common factor in terms of what we’re seeking to deliver. It has proliferated. Interesting story, I was a Financial Advisor in Michigan from 2000 to 2006. So the robo-advisor, as a way to do that, we know it is appropriate for some investors. 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 Pennington joined Edward Jones in 2000. 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. Books, tell us what you’re reading now and perhaps give us a few titles of some of your favorite books. And it wasn’t 20 years ago I sort of did a 180 on Rothko, and I have no explanation for why other than I hit a certain age and suddenly, oh, that’s not just a splotch of color, that’s a lot of really interesting things going on. It raises the question, what sort of practice areas are there left? Let’s start with why you believe this particular cycle was so tight. Those financial advisors are spread across the United States and in Canada. That was the environment that we had before the pandemic. If you are at all interested in things like asset management, financial planning, what it’s like to run a giant firm with 50,000 employees and 17,000 financial advisors, who better than Penny Pennington? There’s a little bit of it that’s kind of inside baseball, and — and I’ll let you guys in a secret. VOICE-OVER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. 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. I think the five or six highest growth stocks are up, you know, 40 percent over the past six months or so. PENNINGTON: Yeah. 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. RITHOLTZ: Quite amusing. They got to build up more investment over time in order to achieve what’s most important to them. So that was a common feature of ’08-’09 for — for investors and how they responded. Well, they also have one of the most unusual fund raisers every year, and that’s called Dancing with the Saint Louis Stars. Brother of John Willis (Bill); Etta Irene; Nettie Marie; Charles Ralph; George Franklin Pennington and 4 others; Anna Fay Pennington; Luanna Mae Pennington; Robert Ray Pennington and Nancy Ethel Godfrey « less. RITHOLTZ: Very interesting. I am the median financial advisor. RITHOLTZ: Maybe — maybe she shepherded me along. And so we got set-up very quickly within a matter of hours and days to ensure that our branches could remain open, but also to ensure that our financial advisors and our BOAs, branch office administrator, the client service professional in each of our branches could work remotely if they needed to or wanted to. We do believe that we’re not going to see a rapid snapback in 2021 to where the economy was pre-pandemic. But the — the reason that I share that is really to say that two things — we — we have been focused on this and on a path toward greater diversity for — for a couple of decades. There are certainly parts of it that are, but there’s a vast part of this industry that — that is — that is all about making connection with human beings and understanding what they value and helping them achieve that. Michael Boyle is my Producer/Booker. And — and how that’s achieved is through a deep trusted personal relationship with a financial advisor. So we have 19,500 financial advisors. Since 2006, I've been at our headquarters in St. Louis, supporting our financial advisors and branch office administrators as they serve our clients. So that really is the — the — the distinguishing difference. RITHOLTZ: Quite interesting. But the point was — was not the dancing, it was — it was raising support for that incredible organization. They made a big splash pretty much around the financial crisis era and they’ve expanded pretty rapidly over the past decade. RITHOLTZ: So let’s talk a little bit about practice areas. PENNINGTON: Yeah. Family run; local." 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. RITHOLTZ: This week on the podcast. And the rest of the S&P 500 is up far less and in some and on some weeks is down. The portfolios might look similar, but how do you maintain that corporate culture? And it took 10 years to rebuild from that. His devotion to his family and his firm belief in God supported him in his struggle and ultimately gave him peace. You have over 17,000 financial advisors. PENNINGTON: We have to be relevant to the next generation. What — what makes for a good financial advisor? So within a matter of about 10 days, we went from 15,000 remote connections available across our firm to 50,000 remote connections. The Federal Reserve has — has not only telegraphed that. Obviously, robo-advisors were a big thing. Research says that consumers are focused on brands, that they see as being helpful during this pandemic where they see local helpfulness, where they see organizations that are — are trying to be part of solutions, that that is driving consumers to buy differently. 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