Edward Jones will be laying off some administrators in its St. Louis home office as part of a restructuring plan called "Enterprise Reimagined." Managing Partner Penny Pennington did not specify the number of layoffs but emphasized the need for improved efficiency in decision-making processes. The restructuring aims to streamline operations, reducing from five advisory platforms to one, and focus on new product development in private equity and estate services. This move responds to advisors' feedback on bureaucracy and seeks to enhance support for financial practices.
Our home office has been built to efficiently and effectively serve 20,000 financial advisors serving clients in one pretty good way. Enterprise Reimagined for our home office is now making sure that our capabilities are invested in [the right ways].
Advisors see that decision-making is slow in the home office. They know that if we become more efficient in the home office .... we're going to tune [our] investment to ensure that their practices are more successful.
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