Managing Partner to be official tomorrow. Announced internally today.
November 07, 2005 05:47 PM US Eastern Timezone
Edward Jones Names New Managing Partner
ST. LOUIS--(BUSINESS WIRE)--Nov. 7, 2005--Financial-services firm Edward Jones today announced the selection of Jim Weddle, 52, as the new managing partner to succeed Douglas E. Hill, who will step down effective December 31, 2005.
Weddle began his career at Edward Jones in 1976 as an intern working part time in the Research Department. Upon completion of his M.B.A. from Washington University in 1977, he moved to Connersville, Ind., to establish the firm's 200th branch.
In 1981, Weddle became a limited partner and in 1984 moved to St. Louis to assume a role in Sales Training. A year later, he assumed responsibility for Mutual Fund Sales and Marketing, and he continued in this capacity for the next four years. In 1986, Weddle was named to the firm's Management Committee, and in 1989, he moved to Branch Administration and became the area leader responsible for developing the entire East Coast, one of the firm's key targeted growth areas. Today, Weddle is responsible for all Branch Administration, including IR compensation and recognition, branch facilities and the identification and development of future management talent from the Edward Jones sales force. In his new role, Weddle will become a member of the firm's Executive Committee, effective immediately.
A 1988 graduate of the University of Pennsylvania Wharton School's Securities Industry Institute, Weddle served as a trustee of the institute from 1989 until 1993 and served on the Continuing Education Committee of the Securities Industry Association from 1994 through 1996. He received his undergraduate degree from DePauw University in 1975.
Weddle currently is board president for Focus St. Louis and is a member of the board of the Daniel Webster Society at Webster University. He is a past member of the board of the YMCA of Greater St. Louis.
The selection of Weddle followed months of deliberation by a succession committee composed of Edward Jones senior management and advisers from outside the firm. They unanimously recommended Weddle for the position.
"I'm delighted to announce Jim Weddle as the new managing partner of Edward Jones," said Bob Virgil, chairman of the firm's succession committee. "He brings the range of skills, experience and wisdom essential to the firm's continued success."
Hill is required to step down as managing partner of the firm as part of a December 2004 agreement with the U.S. Attorney for the Eastern District of Missouri. The agreement followed a lengthy investigation and negotiations between the firm and regulators, primarily focused on revenue sharing payments made to the firm by mutual fund vendors.
Hill will remain at the firm as a partner. Since joining the firm in 1968, Hill has distinguished himself in a variety of ways. He was a successful investment representative in Dodge City, Kan., for 10 years; he developed the firm's first formalized training program for investment representatives and established the firm's marketing function. He led the firm's Sales and Marketing Division for 16 years.
Hill was named chief operating officer in 1998 and charged with responsibility for achieving the firm's aggressive growth objectives. Under his leadership, the size of the firm doubled. In January 2004, Doug succeeded John Bachmann as Edward Jones' managing partner, becoming only the fourth person to hold this position in the firm's history.
Weddle said he is honored to have been selected for the leadership position at one of the most respected and successful financial-services firms in the country.
"It's vital that we continue our single-minded focus on doing what's right for our clients," said Weddle. "This firm's future depends on the hard work of more than 30,000 dedicated Edward Jones associates. We all share a responsibility that we take very seriously - helping our customers reach their financial goals."
Edward Jones, one of the only major financial-services firms providing advice to individual investors exclusively, currently serves more than 6 million clients. The firm offers its clients a variety of investments, including certificates of deposit, taxable and non-taxable bonds, stocks and mutual funds.
The largest firm in the nation in terms of branch offices, Edward Jones currently has more than 9,000 offices in the U.S. and, through its affiliates, in Canada and the United Kingdom.
The Edward Jones interactive Web site is located at www.edwardjones.com.
How so? I was in a meeting with Weddle and ask him why it was in my clients best intrest to be dealing with 7 vendors that pay revenue sharing ? He never answered the ? and said if I didnt trust the leadership I SHOULD LEAVE,great answer. No one has ever answered that ? on the forum or the the GPs for that matter!!!
How so Mr. Drone ? Something tells me that sports cars and shotguns don't mix well.
Weddle? That can't be possible. He is in charge of writing the behavior
letters for reps and their families who win Jones trips. It's the 1st
thing that hits you in the face when you arrive at your destination.
How will the trip winners know how to act if there are no more Weddle
Jim Weddle has a good deal of experience at Jones. While he looks good on paper, he is an arrogant prick who has forgotten the importance of the individual IR. Jim Weddle will not make a good leader for Jones.
It's too bad..but on the other hand it will give us loads to talk about as I see more of the same if not worse. Bad choice Jones.
ZAcko, I think your response would be the same no matter who got the tap on the shoulder.
I liked John Sloop when he was there. But, your right--the rest of them I was neutral to negative..and especially Weddle. I had spoken to him before on more than one occasion and he will be worse than Hill in my view.
When I had an issue once, Hill called me personally and saw things from my side to some degree and helped. EVERY conversation I had with Weddle (three of them incl a dinner), he had an opportunity to reprove himself--and he never came close. He's an asshole and I think incapable of handling such a postion.
First move Weddle will make:
Sell Jones to American Funds.
Top 10 reasons to sell Jones to American Funds
10. No more rev sharing prob.
9. Eliminate one research dept.(but deciding which one would be tough)
8. Eliminate Product Review.(They dont do anything but negotiate rev sharing anyway)
7. Eliminate Amer Funds Wholesaler.(they make way too much, and with a captive sales force, the greatest in the world at that, who needs a wholesaler)
6. Move all HQ's to sunny socal. St Louis sucks.
5. No need to change any business practices at Jones other than fire the 5% of brokers that sell other funds.
4. Just in time to update forest green furniture of the '90's to always popular red, white and blue.
3. Chance to see Amer Funds wholesaler knock on doors for career change.
2. End the debate on fee based platform. (if there really ever was one)
1. No one ever said 3'mil couldn't be MP at American Funds
How so Mr. Drone ? Something tells me that sports cars and shotguns don't mix well.
Sorry G. I think I misread your response to FREE. Thought you were saying Weddle not it. My cat swollowed bullets and I think its feet will rot.
I hope you did not lose a lot of business while you typed the above. Cute response though. I venture that one of his first acts will be to retire a few folks. Ask your "insiders" about his speech to the home office. My comment to you was that I doubt you know Weddle very wel by your response.
Revealer, thanks for your concern. I grossed a bit over 7k today so even at my 23% payout (according to Player) I should be ok.
Zacko, I like Sloop a lot also. In fact, we played golf a few weeks ago when he was in my area. Class guy..
Congratulations to all the Build for Balance Winners! That picture of 3'mil could be worth a little somehthin now.
Also in the regional newsletter....
Jones' new Ethics Hotline. "Operated by an independant third party..."
And the number is......
If you have any difficulty with Jones while transitioning to Indy or any other firm please call the above number and register your complaint. According to the newsletter:
"If you have a concern regarding a possible breach of &nbs p; business ethics within the firm, you can place an anonymous call to the Jones Ethics Hotline."
I wonder if Jones is charged by the call....