Edward Jones is planning to expand associate participation in its capital structure through an offering of Class B limited partnership interests that could raise up to $1.4 billion, according to recent regulatory filings.
At the same time, the firm has reported its latest headcount figures, ending September with more than 20,400 advisors. That represents about a 3% increase over the prior year.
In a statement shared with ThinkAdvisor, a spokesperson characterized the new limited partnership strategy as a move to strengthen long-term growth and reward contributions to the success of the firm.
Anticipated changes include “expanding and modernizing” limited partner opportunities and the launch of a profits interest program for home office colleagues. Additionally, the firm is expanding the program for financial advisors in “key leader roles.”
“Modernizing our partnership goes beyond changes in capital or financial structure,” the spokesperson said. “It helps us align even more closely to our core values. As we evolve how our partnership is structured, one principle remains unchanged: Edward Jones will continue to be a private, associate-owned firm."
The spokesperson confirmed plans to undertake the registered offering beginning in 2026. The firm also offered a statement on the offering by Penny Pennington, the managing partner.
"We are preparing to launch the largest limited partnership offering to Edward Jones associates in the firm's history,” Pennington said. "This is a bold step forward. It reflects our confidence in the future, our commitment to those who help create our success and our belief in the power of ownership to better serve our clients, colleagues and the neighborhoods we call home."
The firm has 33,337 limited partners as of Sept. 26. Its most recent limited partnership registration was in 2021, when it registered $700 million in limited partnership interests. Its first limited partnership offering came in 1974, when Ted Jones, the son of the firm's founder, offered limited partnership to 21 associates for about $500,000 in capital.
Pictured: Penny Pennington
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