Penny Pennington, who's been named to succeed Jim Weddle at the start of next year, will join a handful of women in top positions at large financial firms
At a time when the financial advice industry is desperately attempting to become younger and more diverse, Edward Jones' move earlier this week to tap a woman as its next managing partner will only make the firm more attractive to potential female candidates seeking to work as an adviser, industry observers said.
On Monday, Edward Jones, with 16,095 financial advisers and brokers, announced that Penny Pennington will be its next managing partner, effective at the start of next year. She is replacing Jim Weddle, 64, who will retire at the end of December. Mr. Weddle has been managing partner at Edward Jones since 2006 and in that time, he has overseen tremendous growth at the firm. When he took the reins 12½ years ago, the firm had roughly 9,000 brokers and advisers.
Edward Jones is a private partnership and does not use the title CEO. Ms. Pennington, who will be the firm's sixth managing partner, has led Edward Jones' client strategies group since 2015.
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