My father, who was an executive at a publicly-traded firm in Nashville, who started in — on the factory floor quite literally and retired as the CEO of that organization. And one of our Edward Jones colleagues on the other side of that window hand-to-hand with their client, just passing back and forth good energy, “Thank you for being there. I learned a lot and I think you will, too. We do believe that we’re going to see more fiscal stimulus. Some of them I — I know and worked with directly. 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 they surround those people with — with — with the services they need to live lives of meaning and well-being. But I have no doubt that our policymakers, legislators and regulators are going to continue to be focused there. What — what a — what a great conversation that we can have about that. 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 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. It was a health crisis that was the ignition switch. What are your thoughts on automated investing and those sort of software-driven advisors? 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. The remedy is often worse than the disease; Burn not your house to rid it of the mouse. PENNINGTON: Well, broadly what I would say, Barry, is that retirement security and helping investors have an experience that is — that is more helpful to them is a nonpartisan topic. 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. November 15, 2020 12:00pm by Join Facebook to connect with Penny Pennington and others you may know. PENNINGTON: Oh, sure. Let’s go to everybody’s favorite question. Today, what is scarce is that hyper-personalized human-centered relationship for tens of millions of people whereby they can get good advice and achieving what’s most important to them. 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: Yes, thank you for that suggestion. So, you know — you know, Barry, you — you probably have had this experience. They got to build up more investment over time in order to achieve what’s most important to them. 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. 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. But what’s fundamentally the same is building trust with clients. He oversaw a giant rise in both clients and assets. ...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). Dancing with the Stars? Penny is a resident of 34 Huntleigh Woods, St Louis, MO. However, the anxiety and the marketplace is still there. Take the emotion out of it, stick to quality and to the long-term. Terms and Conditions. Now, why — why we had relatively little volatility then, at the beginning of the pandemic, we do have to look at the — the broad stock market indexes and realize that a few growth companies have performed exceedingly well, in large part, because of the way that they have served the consuming public and businesses during the pandemic. RITHOLTZ: So a lot of moving parts with how the contraction came about, how the economy recovered, what sectors are doing well. Penny Pennington is currently. Technically, her title is Managing Partner. 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. Why is that? I’ll tell you a real quick story and — and it’s — and it really is an image. RITHOLTZ: Thanks, Penny, for being so generous with your time. I will be sharing all things Country Home and Garden including country living ideas, gardening tips, and a bit of vintage goodness. 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, 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. Is it an issue they care about or is it, you know, just another element that occasionally comes up? She is the sixth such partner in the 98-year-old firm. It wasn’t exactly an advisor per se, but it was the ability to trade online. RITHOLTZ: Quite interesting. RITHOLTZ: Quite interesting. Those financial advisors are spread across the United States and in Canada. 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? It’s also impacted every single one of us who serves them. We’ll see the size or — or — or focus of that depending on the administration. I’m talking about the mark that you want to leave on the world. 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 so everything in moderation and recognizing that broad diversification and asset allocation across a number of asset classes is what has reliably grown wealth over time. And what’s inspiring to me about that is they’re making sense of the world. 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. 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. So I’m looking at all data. 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. PENNINGTON: Yeah. 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. He was the youngest of seven brothers and two sisters. RITHOLTZ: Quite interesting. And there is — boy, there’s lifelong learning associated with — with the — I’m sorry with the I.Q. I have several art books stacked up on my table. And so I did that a few years ago. And words didn’t have to — have to go back and forth. Learn more about Penni Pennington Cartlidge, APRN-CNP, Family Medicine provider in Ada, OK. Access contact information, location details and schedule an appointment. There is lifelong learning associated with that. How about your family? And so that’s the big why, why — why diversity is such — such a driver for our industry. Penny was the son of Pennington and Julia Wray of Wake Forest, Lenoir County. Pennington will be Edward Jones' new managing partner beginning Jan. 1, 2019. Get subscriber-only insights and news delivered by Barry every two weeks. We are also licensed in insurance, so we help our clients protect their goals against all kinds of things that — that might happen. It relies on consumer spending and business investment. There’s some really important things happening, and this — this typically happens actually. 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. We know you’re there for us.”. And we know when they feel those things that there’s a sense of security and confidence about their long-term path. And then finally, we — we know that — that monetary policy will continue to be exceptionally accommodative. So I’m reading that. RITHOLTZ: You mentioned earlier that we’re in a low-yield environment and probably lower for longer. PENNINGTON: So following in those footsteps is — is an incredible responsibility, a great opportunity because what I learned from studying those former managing partners, they all looked forward boldly to the needs of millions of investors who we weren’t serving yet and took some — some — some pretty distinctive steps in order to serve them differentially. RITHOLTZ: … 2020, during work from home, during pandemic lockdowns. And I’m reading a book by David Brooks. And the — the part of the marketplace that we serve are serious long-term individual investors. And it took 10 years to rebuild from that. Albeit, no one’s got control over the market, but some — some control in agency in their own lives. I’m Barry Ritholtz. So we welcome an environment where we are partnering with our regulators and policymakers to help Americans have more retirement security, and so access to retirement savings vehicles. Penny Pennington is the head of investment giant Ed Jones. Because the nature of the U.S. economy, because it is a broad-based. 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. There’s a little bit of it that’s kind of inside baseball, and — and I’ll let you guys in a secret. PENNINGTON: … it taught me a lot about — about decision-making during crisis. And so we intend to — to continue to focus there, focus on — on the — the relationship that we have with clients, focus on a — a kind of smart consistency and serving them, but also the ability to hyper-personalized to them. Lillie "Penny" Pennington Dudley Dudley, Lillie “Penny” Pennington, 90, of Richmond, VA, passed away on Monday, June 1, 2020. It is doing us good by looking at the marketplace we serve and reflecting the — the needs and desires of that marketplace. Let me share with you what are statistics are. They were all …, RITHOLTZ: Fifteen thousand. It’s great to be with you, great to be with your listeners today. 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: … 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. I would be remiss if I did not thank the crack staff that helps put these conversations together each week. 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? Family run; local." Edward Jones has something like 13,000 branches. Recognizing that listening to another human being about what their hopes are, about what their fears are, and how those are changing over time, how they’re impacted — especially now by current events — really generously listening to that on the part of another human being. 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. ...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 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. And that really has helped. 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: This week on the podcast. 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. Our branches are very safe, and we closed them to the public. And fundamentally, what we’re talking about is having our investment portfolios reflect our values as — as individuals, whatever those may be, but lining up our — our portfolios with our values. I'll also let you know what's cooking in the kitchen and happening in the barn. RITHOLTZ: Quite interesting. Obviously, robo-advisors were a big thing. 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. They sat with clients, building trust with clients. RITHOLTZ: So what do you think the impact of keeping 15,000 branches open has been? Penny Pennington poses for a portrait in the lobby of the Edwards Jones on Wednesday, May 9, 2018. I am Penny Adkisson Pennington from Morgan County ,Tennessee. If there is a change in administration, what are your thoughts as to what might change? We have been speaking with Penny Pennington, Managing Partner at investment giant Ed Jones. And, Barry, your organization helps financial advisors and — and folks in the financial marketplace with that lifelong learning and insight and perspective. part is being empathetic. So things like long-term care needs. And just as you said, our industry, for too long, has been more homogeneous in its makeup. And so that gets to the question of why is this important. That caused a ripple. 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. When folks are — are dealing with emotional and complex tradeoffs, among things like, you know, how do I save for — for college for my child or grandchild and have a comfortable retirement at the same time? I learned how to tango. And — and I’ve said a couple of times what that means is folks who value relationship, who want advice and who have a long-term orientation. Is that right? The impact that we want to have is driven by our purpose. Pennington "Penny" Wray, 81, returned to his heavenly home on July 25, 2019, following a short-term illness. PENNINGTON: Yeah, I — I — I like the way that you said that. Carlos Benton Pennington, Katherine (Kittie) Ethel Pennington (born Holland). What should we, in the industry, be doing to try and bring about more gender diversity, more people of color, just making less of — of what’s been dominating the industry, bring a little diversity of thought and — and — and a little bit of 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 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. But it is, I believe, Barry, to your point, it is going to become an ever greater point of emphasis for — for younger generations as they — as they grow into their investing lives. Monetary Policy in Emerging Market Economies: What Lessons From the Global Financial Crisis. Penny Pennington, welcome to Masters in Business. That’s not what I’m talking about. So we were talking earlier about Robinhood and — and people trading at home. We have 49,000 colleagues all together, so we are all pulling in the same direction in terms of what drives us, Barry. Brother of John Willis (Bill); Etta Irene; Nettie Marie; Charles Ralph; George Franklin Pennington and 4 others. 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? Penny is related to Peggy Ann Pennington and Peggy K Pennington. You followed Jim Weddle who was the Managing Partner at Ed Jones for 13 years. 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. You know, what — what has been going on with clients and investors, the anxiety that — that this pandemic, the economic downturn and the social unrest have caused across our communities, that anxiety has impacted clients and investors. 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. PENNINGTON: Thank you, Barry. As I said earlier, the trade itself, executing a trade in the marketplace is — is nearly a free good. standpoint. Do you also have other practice areas like trust and estates, tax planning, insurance, anything along those lines? She is the sixth such partner in the 98-year-old firm. 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. And — and perhaps we’ll — we’ll talk some — about some of that as we — as we go along today. We have financial advisors in — in communities working face-to-face one on one with clients and their families. 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. Let's celebrate out homes together. That’s not just a mathematical equation. 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. RITHOLTZ: Quite interesting. It’s a — it’s a compilation of interviews that he had done over time with some of the world’s leading stinkers, community builders, leaders. It’s a little bit easier to take a hands-off approach or to have that done in a — in a mechanical way. 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. Amazing!" I don’t want to call it uniform, but a consistent experience, a consistent interaction with Edward Jones no matter where your office is, where your advisor is. And there’s a significant impact on the risk appetite of — of generation, younger folks whose — whose points of view about the world and society are being formed in — in that crucible. What was — what was that? That’s a common misconception about the financial services industry. Diversification is important. I’ll say that again, what are you really doing when you’re doing what you’re doing every day? There is so much more opportunity. (pneumonia). 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