History
Founding and early years (1922–1960s)
Edward Jones was founded by Edward D. Jones in St. Louis, Missouri in 1922.[5] (A different Edward D. Jones was a co-founder of Dow Jones.[14]) Edward Jones' son Edward D. "Ted" Jones was responsible for the creation of the individual branch network, which has spread across rural communities, suburbs and metro cities throughout the US and Canada. The first single broker office was opened by Ted, and staffed by Zeke McIntyre, in Mexico, Missouri.[15] Ted opened another branch office in Pueblo, Colorado, with his brother-in-law Bill Lloyd as manager of the multi-broker office. When Edward D. Jones Sr., found the teletypewriter line bill, he insisted Ted either shut the office down, or find some way to pay for it. Ted Jones paid for it by opening one-broker offices on either side of the teletypewriter line, stretching from St. Louis, Missouri, to Pueblo, Colorado. That is why some of the earliest Edward Jones offices were Dodge City, Hays, Great Bend, Manhattan in Kansas, and Jefferson City in Missouri. Small town branch operations took "Wall Street to Main Street" and created a high volume of sales for the company and its brokers. About 10% of its business in the 1960s was in commodity trading due to many clients being cattle farmers.[15]
Expansion and branding (1970s–2000s)
Edward Jones Investments had the naming rights for the Edward Jones Dome in Saint Louis, Missouri. After the St. Louis Rams decided to move to Los Angeles, Edward Jones Investments exercised its right to terminate its sponsorship, and the facility is now known as The Dome at America's Center.[16]
Regulatory actions (2000s–2010s)
On December 22, 2004, the Securities and Exchange Commission, NASD and the New York Stock Exchange settled enforcement proceedings against Edward Jones, related to allegations that Edward Jones failed to adequately disclose revenue sharing payments that it received from a select group of mutual fund families that Edward Jones recommended to its customers.[17][18] The company paid a $75 million fine and disclosed the revenue sharing payments on its website.[19]
On August 13, 2015, the Securities and Exchange Commission required Edward Jones to pay a $20 million fine for overcharging retail customers.[20]
Political contributions and organizational developments (2018–2022)
The Edward Jones PAC made two contributions to Senator Josh Hawley since he was elected in November 2018 – a $2,500 contribution[21] to a luncheon in April 2019 and a $1,000 contribution[22] to a virtual event in 2020. In January 2021 Edward Jones paused all contributions to elected officials and political organizations.[21]
The company had 18,796 advisors on staff at the end of 2022.[23]
2023–present
In late 2023, It piloted a program in which certain clients could receive financial plans prepared by home-office wealth strategists, and the firm introduced the MoneyGuide financial-planning platform across its branch network. During the same period the company expanded its separately managed account (SMA) offerings, adding new home-office-managed SMA options and additional third-party managed allocations; the firm said it planned to increase the total number of SMA options to more than 300 by 2025.[24]
In April 2025, The Jones Financial Companies submitted applications to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions for an industrial-bank (Edward Jones Bank), an application described by the firm as part of its effort to expand banking services to clients; the application was pending regulatory review.[25] In parallel, Edward Jones announced an expanded partnership with U.S. Bank to provide co-branded checking accounts and credit-card services to U.S. people, with availability announced for late 2025.[26][27]
Also in early 2025, the firm announced Edward Jones Ventures, an internal venture investing capability intended to invest in financial-technology and related businesses; early portfolio companies reported in the press included Porch Software and Waterlily.[28]
In the second quarter of 2025, the firm also introduced a private-client service, Edward Jones Generations, targeted at investors with substantial investable assets, and it began piloting arrangements that allowed financial advisors to share client relationships rather than operate under the firm’s historical single-advisor office model. Where statements describe company plans or pilots, they are presented as company announcements or reported plans.[29]
