Other financial firms may try to expand their presence, but it's going to be difficult to keep up with the Joneses. The principal subsidiary of The Jones Financial Companies, retail brokerage Edward D. Jones & Co. (better known by trade name Edward Jones) operates more than 11, 000 branch offices located throughout the US and Canada, mainly in small towns or suburbs. Edward Jones, which advocates a conservative investment strategy, sells securities and insurance products and distributes mutual funds to nearly seven million retail clients. The company's investment banking practice underwrites corporate and municipal bonds.
Edward Jones sold its UK subsidiary, Edward Jones Limited, to Towry Law in 2009. The move came as the unit was in the midst of a third consecutive year of losses. Closer to home, however, Edward Jones grew its revenue and income in 2010 and 2011 and continues to open new branches in the US.
One figure that remained relatively unchanged, however, is the company's number of financial advisors, which stood at 12,619 at the end of 2011, exactly three more than the year before. The economic downturn hampered its recruitment efforts; also, Edward Jones increased performance expectations -- after they were diminished from 2007 to 2009 -- which led to attrition. The company is raising the guaranteed base pay for its advisors to draw in talent. Edward Jones has said it "does not aspire to be a firm of middle-aged white men," so it is concentrating on becoming more diverse as well.
Edward Jones was #2 on Fortune magazine's Best Company To Work For survey each year from 2007 to 2010. It was #5 in 2012 after slipping to #11 in 2011. – less
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