The portfolios might look similar, but how do you maintain that corporate culture? PENNINGTON: … who — who we know and — and can — can see from them how they live the rest of their lives based on those experiences, that — that’s really the one that many people point to. And, Barry, your organization helps financial advisors and — and folks in the financial marketplace with that lifelong learning and insight and perspective. Penny Pennington, welcome to Masters in Business. And online trading came about. Also featured was a memorial to Dora Caroline Pile, one of our most dedicated workers. Lillie "Penny" Pennington Dudley Dudley, Lillie “Penny” Pennington, 90, of Richmond, VA, passed away on Monday, June 1, 2020. Well, this is important because it is critical for the investing public to have choices about who — who they are advised by and to have a sense that the companies that — that they are doing business with reflect the environment around them, reflect who they are that that investors and clients also have a sense of belonging — belonging at that firm with that group of financial advisors. PENNINGTON: Yeah. I grew up in Coalfield, Tennessee and now live in Knoxville, Tn. Importantly, all of our former managing partners were financial advisors. The transcript from this week’s, MiB: Penny Pennington, Edward Jones, is below. There’s a little bit of it that’s kind of inside baseball, and — and I’ll let you guys in a secret. But the point was — was not the dancing, it was — it was raising support for that incredible organization. And I think that financial services is very much focused there today. Learn more about Penni Pennington Cartlidge, APRN-CNP, Family Medicine provider in Ada, OK. Access contact information, location details and schedule an appointment. PENNINGTON: Yeah. They made a big splash pretty much around the financial crisis era and they’ve expanded pretty rapidly over the past decade. Now fast forward to today, you know, as I say opening an account and doing a transaction was scarce then, it certainly is not today. Penny graduated from Mount Gilead High School in the class of 1985. What do you think about alternatives such as private equity or venture capital? And the advent of online trading during that period of time is kind of the first robo-advisor. I loved the clients – they were like family to me! You have both an interesting background and — and an interesting career path, but I’m going to jump a little bit towards the end. And back to my earlier point about the I.Q. We have financial advisors in — in communities working face-to-face one on one with clients and their families. His devotion to his family and his firm belief in God supported him in his struggle and ultimately gave him peace. And anxiety for investors sometimes means that they question the way their portfolios are built. We have begun a rebound. RITHOLTZ: That is definitely on my list to get to. RITHOLTZ: Thanks, Penny, for being so generous with your time. 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. And financial advisors share this kind of investment philosophy with clients. Give us a review at Apple iTunes. However, living off the income of those bonds is going to be a little more challenging than it was several years ago. What I think we have to be really thoughtful about as long-term investors is that the public market affords a kind of transparency into companies and access to — to those companies and owning shares in those companies that results in liquidity, that results in ways to verify the — the financials of those companies, that all results in a kind of transparency and reliability that is a really important part of capitalism and about the public nature of our stock markets. Disclosures Should I — is it more variable from office-to-office, advisor-to-advisor? [8], Pennington is married to Mike Fidler and they have two grown children. November 15, 2020 12:00pm by Why is that? Penny is related to Peggy Ann Pennington and Peggy K Pennington. So I’m looking at all data. And there is — boy, there’s lifelong learning associated with — with the — I’m sorry with the I.Q. He was the youngest of seven brothers and two sisters. I’m a student of history, and so just having a front row seat to how the — how the economy, financial industry, and society intersect has been fascinating. And very classically, the 60-40 portfolio enabled you to live off of that income from that fixed income differently a few years ago than you would be able to today. PENNINGTON: Absolutely. We also help our clients with charitable planning. If you enjoy this conversation, well, be sure and check out all of the hundreds of previous such conversations we’ve had. What — what makes for a good financial advisor? RITHOLTZ: So let’s talk a little bit about practice areas. part, with the intelligence quotient. PENNINGTON: Yeah. Select this result to view Penny K Pennington's phone number, address, and more. And it’s a picture of Ted with this horse and a couple of dogs out on his farm, and he’s talking about what he loves and what he’s grateful for, And those — those — those paintings and that picture of Ted remind me every day that I’m in the office of what our roots are, what our values are, who we came from. Penny Pennington is the managing partner of Edward Jones, a Fortune 500 financial services firm. What sort of advice would you give to a recent college graduate who was interested in a career in finance? When — when it began to come apart caused a ripple effect that we know now was global. And the — the part of the marketplace that we serve are serious long-term individual investors. 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. 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, in fact, here’s — here’s part of that proof. We talk about growth, Barry, in terms of growth of impact. What’s going to happen? 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. Join Facebook to connect with Penny Pennington and others you may know. So I’m reading a book called “Agile Transformation Without Chaos.” It focuses on the — the way that companies are organized to create better experiences for consumers and clients organized in an agile way to meet the marketplace more quickly and in a more experimental way. I am the median financial advisor. RITHOLTZ: … 2020, during work from home, during pandemic lockdowns. So don’t — don’t — don’t despair completely. We’ll see the size or — or — or focus of that depending on the administration. And I’m reading a book by David Brooks. And so the advice that I would give to — to those recent college graduates is look at this industry as one that has and will continue to be very meaningful in our country and in society that it can intersect with who you are as a person. One of the changes we did see with this administration was the possibility of the fiduciary rule being more aggressively imposed on things like qualified accounts, 401(k)s and anything like that. I will be sharing all things Country Home and Garden including country living ideas, gardening tips, and a bit of vintage goodness. In fact, the ability to do a transaction in the financial markets is nearly a free good today with zero commissions on trading and that sort of thing. The experience they have may be different in terms of the products, the services, the tools that they are exposed to or that they’re utilizing. One must visit in person and enjoy the fruits of their labor. It was scarce in more rural communities. View Penny Pennington’s profile on LinkedIn, the world's largest professional community. That’s not what scarce, and that is not what — what is — is the definition of value today. It’s when markets become volatile, which happens unexpectedly. 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. That’s a common misconception about the financial services industry. Edward Jones has something like 13,000 branches. Diversification remains very, very important. It was a meltdown in certain aspects of the financial markets. ; Anna Fay Pennington; Luanna Mae Pennington; Robert Ray Pennington and Nancy Ethel Godfrey « … Now they are across multiple generations, across various demographics and spread all over North America. And — and how that’s achieved is through a deep trusted personal relationship with a financial advisor. As I said earlier, the trade itself, executing a trade in the marketplace is — is nearly a free good. So we …. In one case, it also meant the land of Pinna's people. Our branches are very safe, and we closed them to the public. And as a result, the stock market, as we certainly remember, did a deep dive and remained deep and volatile for some period of time while the financial markets were, to some degree, rebuilt. 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. PENNINGTON: Yeah. Let’s go to everybody’s favorite question. And the image that was sent to me was a client standing outside the branch with their hand pressed up against the window of the branch. We are duly registered as a firm, so we’re a brokerage firm, as well as having investment advisory fee-based platforms to help our clients and achieve their asset management goals over time. RITHOLTZ: So that raises a really interesting question, which I was going to ask later, but let me ask now. RITHOLTZ: So what do you think the impact of keeping 15,000 branches open has been? RITHOLTZ: So sometimes I ask questions and I just want to know the answer to, hey, how do you create a consistent experience from advisor-to-advisor even if they’re in different offices? Today, we work with about seven million clients. RITHOLTZ: You mentioned earlier that we’re in a low-yield environment and probably lower for longer. PENNINGTON: … our — our colleagues could be distanced from each other, and we were deemed an essential services. That means they value relationship. And it took 10 years to rebuild from that. How do you translate that army of advisors into one? … We believe that 15 percent of the marketplace is appropriately self-advised. And so I had a ringside seat to Jim’s tenure as Managing Partner, how he made decisions, how he thought about opportunity. My husband, Mike, was an investment and corporate banker and retired in 2007. I am the first Managing Partner who never met them. Most of our branches, we have two to three people in the branch, so they are, by their nature, safe places. They have been in the branch the whole time. The valuing advice is — where that’s going to come in is it is sharing with clients and investors that beating the market, trading in a rapid way in order to time the market or time particular investment sectors is — is not a — not a particularly good way to build wealth reliably over time that can be proven. And so we represent and — and help our clients protect their goals as well. And so whatever you’re doing, if it is in financial services really reflect on how it ladders up to — to the person that you want to be in the mark that you want to leave. 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. Penny is a resident of 34 Huntleigh Woods, St Louis, MO. It’s — it’s recognizing what that family desires to accomplish together and what that next generation is motivated by. If there is a change in administration, what are your thoughts as to what might change? Brother of John Willis (Bill); Etta Irene; Nettie Marie; Charles Ralph; George Franklin Pennington and 4 others. Penny spent many years as a first responder. So within a matter of about 10 days, we went from 15,000 remote connections available across our firm to 50,000 remote connections. But what’s fundamentally the same is building trust with clients. 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 … I learned a lot and I think you will, too. Penny Pennington is the sixth managing partner of Edward Jones. So because of that, even during state by state lockdown — and boy, I remember the night that we got the news that Pennsylvania was locking down — that was the first state — you know, just — just a wave of emotion and a bit of oh, my gosh, this is really happening, and this is going to happen across the entire country. Monetary Policy in Emerging Market Economies: What Lessons From the Global Financial Crisis. I'll also let you know what's cooking in the kitchen and happening in the barn. Technically, her title is Managing Partner. It wasn’t exactly an advisor per se, but it was the ability to trade online. 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. 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. So our financial advisors are licensed in a number of different areas. Nick Falco is my Audio Engineer. 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? PENNINGTON: Yes, thank you for that suggestion. Beginning in 2015, she was head of the client strategies group; overseeing products/services delivered to clients and research, trading and marketing. Carlos Benton Pennington, Katherine (Kittie) Ethel Pennington (born Holland). 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. PENNINGTON: Yeah, you bet. It has proliferated. It relies on consumer spending and business investment. Well, in large part, it has to do with what the ignition switch was. Penny Pennington, the new managing partner of Edward Jones and its parent Jones Financial Cos., received a 10% pay hike to $11.67 million, … 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. And so watching her operate and learn and — and put up with stuff during that time across a very long career was — was inspiring and instructive to me. Terms and Conditions. Tell us what was going on ’08-’09, what was happening in the firm, how did you respond, how did clients react to suddenly, you know, lots of people were poo-pooing the — oh, it’s no big deal, it’s contained until it wasn’t. It’s a new book. What are your thoughts on automated investing and those sort of software-driven advisors? And so that’s the big why, why — why diversity is such — such a driver for our industry. RITHOLTZ: So let’s stick with the concept of advisors. So we have an inkling as to what might happen, but we really don’t know for sure what the outcome is going to be. So I’m reading that. We could distance …. Despite our own personal anxiety, all of us have had to deal with all kinds of disruptions in our own lives, but we get out of bed every morning thinking about our clients and helping them reduce the anxiety in their lives. 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. 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. You — you mentioned the transition to practically free. RITHOLTZ: So you raised a number of interesting points that I — I want to unpack one by one. RITHOLTZ: So a lot of moving parts with how the contraction came about, how the economy recovered, what sectors are doing well. The 19-year ­Edward Jones vet now controls more than $1 trillion in … We do believe that we’re not going to see a rapid snapback in 2021 to where the economy was pre-pandemic. View the profiles of people named Penny Pennington. Write to us at mibpodcast@bloomberg.net. They got to build up more investment over time in order to achieve what’s most important to them. Penny, son of the late John and Pearl Pennington, was born July 24, 1926 in Unadilla, Georgia. And we know when they feel those things that there’s a sense of security and confidence about their long-term path. RITHOLTZ: Very interesting. How do you manage that? PENNINGTON: Our financial advisors and our branch office administrators are client service professionals. “Penny, Mike and Andréa have each been incredible champions for the St. Louis region’s vibrant arts community for many years and we are proud to have them lead this year’s event,” said Cynthia A. Prost, Arts and Education Council president and CEO. Most of the data I’ve seen about what happens when a client passes away and the next-generation inherits the wealth is that they tend not to stick with the existing advisor. It’s through research you can show it happens with the next generation, quote-unquote, when there has been a significant and traumatic event in the marketplace, in the economy, in society. PENNINGTON: Yeah. Privacy Policy And very importantly, they turn to a financial advisor to help them make sense of all of that. Son of Carlos Benton Pennington and Katherine (Kittie) Ethel Pennington RITHOLTZ: Quite interesting. And so we help our clients with that as well. PENNINGTON: Yes, they are, and I feel it every day. 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. And I — and I — I — I guess when I’m in my arm chair, after all of this is over and look back on it, I’ll — I’ll really be able to see something about the arc of history from a — from a ground level view. Penny has 3 jobs listed on their profile. Let's celebrate out homes together. So flip that over and say that venture capital and private equity, while a really important part of capital formation and our economy, when — when an investor gets all whipped up about returns that they see or read about or hear about in those markets, they have to recognize that that comes with a tradeoff — a tradeoff of risk, a tradeoff of less transparency, different kinds of risks — illiquidity, different kind of risks than they see in the public markets. Tell us about the folks who helped shape your career. 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? Well, I believe — and I’ve got evidence that proves that — that our clients and our perspective clients have seen those lights on and recognize that we are purpose-driven to be there for their well-being. But I want to focus on what you brought up earlier. I will say very enthusiastically that the financial markets, financial services makes a meaningful and positive difference in the world on our country. You have over 17,000 financial advisors. It is one where we have seen a great deal of reaching across the aisles in the past couple of administrations. I’m talking about the mark that you want to leave on the world. 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. I’ll say that again, what are you really doing when you’re doing what you’re doing every day? 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. In a low interest rate environment, there’s some countervailing benefits to that — that kind of environment. He’s one of my favorites. During his distinguished military career, he served duty in Korea, Germany, France, and Vietnam. She received a bachelor's degree in commerce with a concentration in finance from the University of Virginia and an MBA from Kellogg School of Management at Northwestern University. Let’s start with why you believe this particular cycle was so tight. RITHOLTZ: And our final question, what do you know about the world of financial services today that you wish you knew 25 or so years ago when you were first starting out? PENNINGTON: Thank you, Barry. RITHOLTZ: Quite amusing. RITHOLTZ: Very interesting. I — I treat these conversations as if it’s a one-on-one, and I just ask the questions that I’m genuinely interested in. About seven million clients and their grandparents anything along those lines one where have... With directly advisors do that will continue to be relevant to the,... 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