Edward Jones Adds New Partner Class, Sets Term Limit for Managing Partner
Edward Jones’ parent, The Jones Financial Companies, is expanding access to its partnership structure, according to a recent regulatory filing. The firm has amended its partnership agreement to introduce a new class of limited partners—Class B Limited Partners—with corresponding Class B Limited Partner Interests. These interests are expected to be issued beginning January 1, 2027.
With the change, the existing “Limited Partner” designation has been reclassified as Class A Limited Partner, resulting in four limited partner categories: Class A Limited Partners, Class B Limited Partners, Subordinated Limited Partners, and Profits Interest Holders. This follows Edward Jones’ earlier disclosure that it awarded profits interests to more than 2,500 advisors and associates, part of a broader effort to expand ownership opportunities across the firm.
The filing also introduces a formal term limit for the firm’s Managing Partner. Going forward, the managing partner’s term will conclude earlier of:
• the 10th anniversary of their appointment, or
• the end of the fiscal year in which they turn 65.
Current Managing Partner Penny Pennington, age 62, has led the firm since 2019.
