Name: Insights: How Edward Jones Uses Incentives to Champion Women & Minorities
Uploaded: 2020-01-21
Duration: 2 min 17 s
Description: Retiring advisors are encouraged to share clients with women and minorities at the company. (June 2019)

[MUSIC PLAYING] When advisors are retiring, there is a financial incentive for them if they refer their business to an advisor who is a woman or person of color. And I think, as probably you can imagine, some people were really excited about that policy, but not everyone. So talk about how you've sort of talked about that internally and how you communicate that to your advisors about why you feel like this is the right thing to do. Yeah. Well, the reason for this-- and it's about a year old for us. The reason for this was to raise awareness about exactly what Sally and Ray are talking about, creating an environment for our clients where it is very clear to them that they have a choice with whom they work, that we are reflective of the communities where we live and work, that the organization is empathetic and of service to a broad group of people. And at this point, Edward Jones is about 20% women financial advisors, which is about in line with the industry. We know we can do better, and we know our clients deserve better. So we did initiate this idea where our retiring financial advisors are paid a little more if they share those client assets with women and with people of color. It raised a conversation that has been a very fruitful conversation. And there are as many women who are-- who don't like that idea as there are women who do like that idea, because several of them have said to me, Penny, I don't want anybody to think that my practice is growing because someone felt like they had to do something special for me because I'm a woman. That's not the point of it at all. We hire, attract, retain, support incredible professionals, but it has raised a level of awareness that might not have been part of the conversation as often as it could have been or should have been. It's not the only way to do it, but we think it's a way to raise this conversation. It's a really interesting policy. 

Insights: How Edward Jones Uses Incentives to Champion Women & Minorities

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Retiring advisors share clients with women and minorities.

Edward Jones Uses Incentives to Champion Women & Minorities

Retiring advisors are encouraged to share clients with women and minorities at the company. (June 2019)

when advisers are retiring, there's a financial incentive for them if they refer their business to an advisor who's a woman or a person of color. Andi, I think it's probably you can imagine some people were really excited about that policy, but not everyone. So talk about how you sort of talked about that internally and how you communicate that to your advisers about why you feel like this is the right thing to do. Well, the reason for this and it's about a year old for us. The reason for this was to raise awareness about exactly what, what, Sally and rare talking about creating an environment for our clients, where it is very clear to them that they have a choice with whom they work, that were reflective of the communities where we live and work that there, that the organization is empathetic and a service to a broad group of people. And at this point, Edward Jones is about 20% women Financial Advisors, which is about in line with the industry. We know we could do better, and we know our clients deserve better. So we did initiate this idea. Where are retiring Financial advisors are paid a little more if they share those client assets with women and with people of color. It raised a conversation that has been a very fruitful conversation. And there are many women who are who don't like that idea, as there are women who do like that idea because several of them have said to me, Penny, I don't want anybody to think that that my practice is growing because someone felt like they had to do something special for me because I'm a woman. That's not the point of it. All we hire, attract, retains, import incredible professionals. But it has raised the level of awareness that might not have been. Part of the conversation is often is. It could have been or should have been. It's not the only way to do it, but we think it's a way to raise this converse. It's a really interesting policy