I grew up in Coalfield, Tennessee and now live in Knoxville, Tn. Terms and Conditions. Get subscriber-only insights and news delivered by Barry every two weeks. We could distance …. They got to build up more investment over time in order to achieve what’s most important to them. 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. 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. How about your family? Edward Jones is now one of the nation’s biggest wealth management company. RITHOLTZ: Really nice having you. It was scarce in more rural communities. 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. In a low interest rate environment, there’s some countervailing benefits to that — that kind of environment. And while White House policy is going to affect those things, it doesn’t dramatically swing those things one direction or another every four years. 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. So, you know — you know, Barry, you — you probably have had this experience. You guys are coming up on your 100th birthday not too far off in the future. 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. We are not where we want to be. And the rest of the S&P 500 is up far less and in some and on some weeks is down. RITHOLTZ: … 2020, during work from home, during pandemic lockdowns. 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. Some of them I — I know and worked with directly. Brother of John Willis (Bill); Etta Irene; Nettie Marie; Charles Ralph; George Franklin Pennington and 4 others. 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. I also had a ringside seat to — to our leadership team working through the Great Recession and the impacts of 2008-2009 on clients, on our industry and on our firm. Regulation was a part of that. And anxiety for investors sometimes means that they question the way their portfolios are built. So becoming a student of their values, of their strategy, about how they thought about being differentiated in the marketplace, those have all — have all taught me great lessons. “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. RITHOLTZ: Quite interesting. That caused a ripple. We have to have built a relationship with them where mom and dad or grandma and grandpa have a particular set of values, a particular set of goals, a particular type of portfolio that we know from working with multiple generations of clients that what that generation, what that — that grandmother, grandfather, mother, father are really interested in is passing on their values to their children and their grandchildren. 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. PENNINGTON: Yeah. RITHOLTZ: You mentioned earlier that we’re in a low-yield environment and probably lower for longer. 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. 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? 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? RITHOLTZ: So what do you think the impact of keeping 15,000 branches open has been? 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 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. She is the sixth such partner in the 98-year-old firm. New entrants and new — new partnerships among financial services companies were part of that. We believe that 15 percent of the marketplace is appropriately self-advised. PENNINGTON: Yeah. We’ll see the size or — or — or focus of that depending on the administration. 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. We do believe that we’re going to see more fiscal stimulus. I — I — I love and appreciate, in particular, contemporary art. Penny P. Pennington-Lewis, age 48, of Edison, passed away on Tuesday morning, November 3, 2015, at her residence. 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? 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. Penny Pennington is the head of investment giant Ed Jones. Why is that? PENNINGTON: Oh, Barry, you’ve been doing too much research. I know you’ve been pretty involved in trying to recruit a greater degree of diversity in — in the workforce at Edward Jones. That takes greater technology. He oversaw a giant rise in both clients and assets. And there is — boy, there’s lifelong learning associated with — with the — I’m sorry with the I.Q. 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. PENNINGTON: Oh, well, picked up tons from him. part is now more than ever and will continue to be a hallmark of what really great financial advisors do. Monetary Policy in Emerging Market Economies: What Lessons From the Global Financial Crisis. Others of have I never met Mr. Jones Senior and Ted Jones, the founders of our firm. 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. And so robo-advisors, the — the — those that — that have very little human interaction associated with them are — are appropriate for some clients. And, Barry, your organization helps financial advisors and — and folks in the financial marketplace with that lifelong learning and insight and perspective. And, in fact, here’s — here’s part of that proof. 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. Let’s talk about your mentors. PENNINGTON: Yeah. 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. His devotion to his family and his firm belief in God supported him in his struggle and ultimately gave him peace. Penny Pennington is currently. It was a health crisis that was the ignition switch. Pennington is an English surname, largely locational from a few villages in Cumberland and Lancashire. So we have 19,500 financial advisors. The E.Q. How has — over the past century, how has that changed to what Edward Jones is today? But the markets, because — for — for a lot of reasons that we could talk about, the markets actually recovered pretty significantly. In one case, it also meant the land of Pinna's people. We have been speaking with Penny Pennington, Managing Partner at investment giant Ed Jones. Family run; local." 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. So our financial advisors are licensed in a number of different areas. And I’m reading a book by David Brooks. What does that mean for the traditional 60-40 portfolio? RITHOLTZ: Quite amusing. 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. And there are different types of regulations, some much more specific, some much more prudential or principle-based in nature. Take the emotion out of it, stick to quality and to the long-term. Richard Clarke: My extra special guest this week is Penny Pennington. Well, you know, you could go back to — in the 1990’s and look at online trading. It is doing us good by looking at the marketplace we serve and reflecting the — the needs and desires of that marketplace. So I was part of the Management Committee and Executive Committee while Jim was Managing Partner. Our branches are very safe, and we closed them to the public. They want advice and they’re focused on the long-term in their lives. I — I think that will continue to be a hallmark of the investing public’s experience. You followed Jim Weddle who was the Managing Partner at Ed Jones for 13 years. 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. PENNINGTON: Oh, sure. PENNINGTON: … it taught me a lot about — about decision-making during crisis. 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. part, with the intelligence quotient. That means they value relationship. It’s a little bit easier to take a hands-off approach or to have that done in a — in a mechanical way. 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. Should I — is it more variable from office-to-office, advisor-to-advisor? 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. 150961143, citing Union Hill Cemetery, Kennett Square, Chester County, Pennsylvania, USA ; Maintained by Theresa Ely (contributor 48182797) . (pneumonia). 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