After 28 years with Edward Jones, and 14 years as the firm’s chief market strategist, Alan Skrainka was let go from the firm on Friday. According to a Jones spokesperson, Skrainka was ousted due to “his use of written materials without giving attribution.”
The spokesperson couldn’t provide any more specifics about Skrainka’s departure or his replacement. Kate Warne, chief market strategist for Canada is filling Skrainka's former position on an interim basis says the spokesperson. Warne, Ph.D., CFA, has been with the Edward Jones research department since 1997, and was the energy analyst prior to assuming her position as chief market strategist for Canada.
Jones advisors took to this magazine’s message boards to deliberate about the departure of the head of research. Some Jones advisors, who are already averse to change, were rattled by Skrainka’s departure. Others said executive changes in the U.S. research department are irrelevant, since it’s unlikely that Jones will forsake its traditional blue-chip buy-and-hold philosophy.
Ed Jones recently increased payout production thresholds for the first time in years.