It was scarce in more rural communities. 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. You can’t beat and time to market on a — on a daily or a weekly basis, and you need to be focused on the long-term putting money away, investing wisely in high-quality investments, albeit, rotating them and reallocating them as markets change. For the vitality of our economy for the different ways that capital can be created and companies can be formed and scaled and grown, I think that that’s a very healthy thing. And one of the documentaries we stream not too long ago was on Mark Rothko. PENNINGTON: Yes, thank you for that suggestion. Clients who are advised by financial advisors, on average, have 25 percent more assets than those who are not advised. Actually, it’s a very emotional conversation about where — where values go, about what those tradeoffs are going to mean to a particular individual or a family. It was a health crisis that was the ignition switch. Let’s start with why you believe this particular cycle was so tight. The Federal Reserve has — has not only telegraphed that. Well, you know, you could go back to — in the 1990’s and look at online trading. Penny has 3 jobs listed on their profile. PENNINGTON: Yeah, yeah. Their trust in institutions is affected. Write to us at mibpodcast@bloomberg.net. Should I — is it more variable from office-to-office, advisor-to-advisor? What does it ladder up to in terms of the mark that you want to make on the world, not — not the position that you want to have or the — the role that you want to attain or the income that you desire to have over time. They were all …, RITHOLTZ: Fifteen thousand. RITHOLTZ: That is definitely on my list to get to. If you enjoy this conversation, well, be sure and check out all of the hundreds of previous such conversations we’ve had. Whenever we’d see surveys of millennials, there is a very enthusiastic embrace of ESG investing or impact investing or socially responsible investing. Son of Carlos Benton Pennington and Katherine (Kittie) Ethel Pennington And the advent of online trading during that period of time is kind of the first robo-advisor. Technically, her title is Managing Partner. RITHOLTZ: So you raised a number of interesting points that I — I want to unpack one by one. The 19-year ­Edward Jones vet now controls more than $1 trillion in … The best result we found for your search is Penny K Pennington age 80+ in South Pasadena, FL in the Pasadena on The Gulf neighborhood. RITHOLTZ: So a lot of moving parts with how the contraction came about, how the economy recovered, what sectors are doing well. Our purpose, what gets us up in the morning is making a meaningful difference in the lives of the clients that we serve, the seven million that we serve today and the — the tens of millions of more that — that look like serious long-term individual investors that we would like to serve. 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. Books, tell us what you’re reading now and perhaps give us a few titles of some of your favorite books. So all 15,000 branches were opened and actually operating lights on during — during the entire …. 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. 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. This is something that — that really aligns with — with folks’ values, with their goals, with the — the values that they want to pass on to the next generation is their charitable-mindedness. And there are different types of regulations, some much more specific, some much more prudential or principle-based in nature. My mother was an executive with Tennessee Valley Authority, and she was an executive during a time and in a place that there weren’t quite — there weren’t quite as many women as there were men. New entrants and new — new partnerships among financial services companies were part of that. So knowledge that can be learned, expertise around the financial markets, around building a portfolio, around balancing complex tradeoffs between — among a client’s goals, that’s the E.Q. We — we ask these of all of our guests, and — and let’s start with the first one. How has — over the past century, how has that changed to what Edward Jones is today? Jessie Alma Pennington March 9, 1940 - December 16, 2020 Eagle, Idaho - Jessie Alma Pennington (Alma or Penny to some) was a native of Boise, ID, born March 9, … Now the flip side of a low interest rate environment is that a low interest rate environment generally correlates with a fundamentally strong stock market. PENNINGTON: Oh, well, picked up tons from him. RITHOLTZ: Thanks, Penny, for being so generous with your time. She is the Managing Partner of Edward Jones, a 98-year-old Fortune 500 company. And since two-thirds of our economy is driven by consumer spending and demand, when people spend money, stocks are doing well and — and the — the market is fairly sanguine. 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. And right across the — the hallway from those — those paintings is a picture of Ted Jones who was our founder’s son, our second managing partner. I learned how to tango. What does it mean for my taxes? Penny was the son of Pennington and Julia Wray of Wake Forest- Lenoir County, North Carolina. Others of have I never met Mr. Jones Senior and Ted Jones, the founders of our firm. Tell us what the great financial crisis was like, what we’re clients calling and — and worrying about, and then how does this version compare. It’s also impacted every single one of us who serves them. 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. Now they are across multiple generations, across various demographics and spread all over North America. RITHOLTZ: Really interesting. View the profiles of people named Penny Pennington. You’ve been listening to Masters in Business on Bloomberg Radio. And nobody has repealed the — the — the — the fact that where you invest in non-correlated assets you are likelier to have a smoother ride during a volatile market. You followed Jim Weddle who was the Managing Partner at Ed Jones for 13 years. The E.Q. PENNINGTON: Absolutely. It can have a much more influential impact on society, on communities, on human beings and society. ...ington, Nettie Marie Pennington, Charles Ralph Pennington, George Frank Pennington, Luna Mae Hall (born Pennington), Nancy Ethel Godfrey ... 4635 SW Mueller Dr, Apt E103, Beaverton, Oregon 97007-2570, USA, Carlos Benton "doc" Pennington, Katherine Ethel "kittie" Pennington (born Holland). I loved the clients – they were like family to me! Atika Valbrun is our Project Manager. But what was your experience? 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. You have over 17,000 financial advisors. Well, in large part, it has to do with what the ignition switch was. However, the anxiety and the marketplace is still there. What — what’s keeping you busy under lockdown, either Netflix or Amazon or — or any podcast you’re watching? We do believe that we’re going to see more fiscal stimulus. ...ington, Nettie Marie Pennington, Charles Ralph Pennington, George Frank Pennington, Anna Fay Blevins (born Pennington), Luna Mae Hall (bo... 1940 - 317 Oak, Winslow, C S D, Navajo, Arizona, USA, J W Pennington, Frank Pennington, May Pennington, Robert Pennington, Nancy Pennington, U.S. Social Security Applications and Claims, 1936-2007, Portland, OR, United States Our — the average age of our financial advisors is 45 years old. Those rules of thumb can sometimes be dangerous. RITHOLTZ: This week on the podcast. 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. Penny F. Pennington Dear Family and Friends, It is with a heavy heart that we must inform you of the passing of our mom "Penny" last Friday in Petaluma. What are you watching and streaming these days? So don’t — don’t — don’t despair completely. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. Penny Pennington is the sixth managing partner of Edward Jones. 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. The impact that we want to have is driven by our purpose. Barry Ritholtz. 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. And online trading came about. And as you said, my immediate predecessor, Jim Weddle, was the leader of tremendous growth — and growth and impact in our firm that took us from a few thousand financial advisors to today 19,000 financial advisors in every nook and cranny, every large city in the suburb in North America, in — in Canada and the United States. Beginning in 2015, she was head of the client strategies group; overseeing products/services delivered to clients and research, trading and marketing. 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. Pennington Penny. Did you get to work directly with Weddle? And the rest of the S&P 500 is up far less and in some and on some weeks is down. Penny Pennington, the new managing partner of Edward Jones and its parent Jones Financial Cos., received a 10% pay hike to $11.67 million, … Why is that? We — we’re the largest firm in terms of number of financial advisors in our industry. PENNINGTON: … it taught me a lot about — about decision-making during crisis. PENNINGTON: Our financial advisors and our branch office administrators are client service professionals. It goes back to Ted Jones saying, you know, what — what is — where is the underserved market or what is the new innovation in the marketplace? Well, they also have one of the most unusual fund raisers every year, and that’s called Dancing with the Saint Louis Stars. So again, we keep focused on the long-term, recognizing that — that that policies may change with a new president. 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. part of this, a lifelong learner, someone who is really interested in — in continuing to dial up their own skills from an expertise standpoint, but also from — from — from an empathy and E.Q. What sort of advice would you give to a recent college graduate who was interested in a career in finance? The — the economy before the — the pandemic was fundamentally quite strong, a period of low interest rates, a period of very high employment, a period that fundamentally was very healthy for the economy, lots of people working, and in our country lots of people spending money. The modern era we have apps like Robinhood, which supposedly millennials and other young people really are liking and engaging in a lot of active day trading given that everybody’s bored and stuck at home, what do you do when you have a client who is enthusiastically swinging cash around because they’re bored? Also featured was a memorial to Dora Caroline Pile, one of our most dedicated workers. She is the sixth such partner in the 98-year-old firm. So we …. With over 10 years experience he's covered businesses, CEOs, and investments. RITHOLTZ: So I know the date I’m about to reference is old, but let me — let me play with it a little bit and tell me how far off I am. Local Customer. 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? And — and how that’s achieved is through a deep trusted personal relationship with a financial advisor. And the — the part of the marketplace that we serve are serious long-term individual investors. Who knows what’s going to happen in the — in the coming days and weeks? And so executives and — and community leaders here in town agree to work with a professional dancer, get eight lessons and then do that dance in front of 700 people. I’m not so sure I’ve seen the dollar flows match that investing enthusiasm just yet, but it certainly seems like it’s a trend that’s developing a work in progress. And that’s where humanity is really important in terms of how we interact between financial advisor and client. Named CEO and managing partner in January, Pennington is the only woman running a major U.S. ­brokerage. And so fixed income or bonds and equities or stocks, in the right measure for your risk appetite and your time horizon, continues to be very important. 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. RITHOLTZ: Quite interesting. Lillie "Penny" Pennington Dudley Dudley, Lillie “Penny” Pennington, 90, of Richmond, VA, passed away on Monday, June 1, 2020. It’s when markets become volatile, which happens unexpectedly. What are your thoughts on automated investing and those sort of software-driven advisors? Some of them I — I know and worked with directly. I mean, you — you — you read a lot and see a lot and maybe it’s your own personal experience that you’re buying today according to your values. 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. And what I find is that as I study and watch all kinds of virtual tours of museums all over the world, which has been a real silver lining of the lockdown, I haven’t gone — been able to go see it in person, but — but digitally, I’m able to experience all kinds of different art and artists. So we’ve been meeting with clients, investors and prospects by Zoom in virtual means, but the financial advisors are in our branches. We work with clients who are serious long-term individual investors. So the daddy-daughter CEO thing is — is kind of a fun story, but — but — but more importantly, the way that he thought about business, about leadership, about integrity and trustworthiness in the business world, about relationship building shaped me. And their reflection on what’s going to be important to them and going to be driving them for the rest of their life is affected. And I’ve — while we haven’t had a playbook for what has occurred over the last eight months, I have drawn on those experiences to know how to move forward. It is not all math and numbers. There are different ways to get to that. The point is that fixed income and stocks, equities and bonds form the basis of a diversified portfolio. RITHOLTZ: Maybe — maybe she shepherded me along. PENNINGTON: Very broadly, the advice that I’d give to everyone as they think about their career is — is ensure that what you’re doing is lined up with your own personal and professional why. During times of tumult, during times of high anxiety, and getting that out and putting it on canvas or in performance or in music is — is another way to think about how to serve, how to relieve anxiety, and — and — and how to make sense of the world around us. I think that’s on the third page of my — of — of the Internet search. And words didn’t have to — have to go back and forth. Penny spent many years as a first responder. Well, what it means is that a bond that you — that you bought a decade ago in a very different interest rate environment was yielding to you a higher rate of income. There’s a little bit of it that’s kind of inside baseball, and — and I’ll let you guys in a secret. As sixth managing partner in the firm's 98-year history, Penny is responsible for the firm's strategic direction, working together with more than 49,000 associates across North America to make a meaningful difference in the lives of more than 7 million clients by helping them financially achieve their most … We know that our clients want to feel understood about what’s most important to them, informed about how to achieve that financially and how they are progressing toward that. PENNINGTON: Yeah, I — I — I like the way that you said that. And I’m reading a book by David Brooks. 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. Let's celebrate out homes together. Obviously, robo-advisors were a big thing. That’s a common misconception about the financial services industry. We also help our clients with charitable planning. And so, you know, that — that place is — is open to all, is eager to serve a diversified marketplace and are — the market place is becoming more and more diversified, less homogeneous every single day. 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. We have financial advisors in — in communities working face-to-face one on one with clients and their families. That takes greater technology. PENNINGTON: Yes, they are, and I feel it every day. 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