Edward Jones’ C-Suite Shake-Up
The IBD is reorganizing parts of its business as executives approach retirement and the industry faces growing demand.
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There’s a changing of the guard (and more) happening at Edward Jones.
The St. Louis-based financial services firm with roughly $2.2 trillion in assets under management is shuffling its top brass as executives approach retirement. The company is also expanding its offering to reel in more high-net-worth clientele and tackle an increased demand for financial planning. “It’s a new year for Edward Jones — our first as a financial planning firm,” said Penny Pennington, managing partner at Edward Jones.
Dave Chubak will step into a new role as head of wealth management & field management. Current Head of Wealth Management Advice and Solutions Lena Haas will retire at the end of the year. Other changes include:
- Chief Transformation Officer Kristin Johnson will assume the role of chief operating officer. David Gunn will continue to lead the Canada Business Unit and will also assume responsibility for the US Business Unit.
- Chief Financial Officer Amy Miedler will also take on the role of leading the data and digital teams. Frank LaQuinta — head of digital, data and operations – will retire at the end of 2025.
Big Things Happening. The leadership changes come on the heels of new developments for the company such as the March launch of Edward Jones Generations, a private client service that caters to investors with at least $10 million in investable assets. And just this week, the company announced it will soon give its Generations clients access to alternative investments focused on private equity, credit, and real estate.
“We believe alternative investments represent an opportunity for our high net worth clients to diversify their portfolios,” said Russ Tipper, head of products at Edward Jones.
All the Way to the Bank. The independent broker-dealer is also, once again, trying to start its own bank. After a failed attempt in 2020, Edward Jones recently requested federal and state approval to set up operations in Salt Lake City, where the company would provide its current banking services like margin loans, securities-based lines of credit, and credit cards as well as new offerings like certificates of deposit.
