YouSaid · the spoken record

Penny Pennington

lines on the record: 58
first: 2020-11-13
most recent: 2020-11-13
sittings or episodes: 1
sources: podcast

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“Economy. I'm a student of history, and so just having a front row seat to how the economy, financial industry and society intersect has been fascinating. And I guess when I'm in my armchair, after all of this is over and look back on it, I'll really be able to see something about the arc of history from a ground level view.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, what I probably didn't appreciate as I was first starting out was how intersected the financial services industry and world is with the trajectory of history, the history of our economy, the history of formation of communities and society, the history of achievement by individuals, families, and businesses. And so charting the course of history, really having a front row seat to, you know, when I started in 1985 at a bank, 1987 and the market meltdown there, the technology evolution, revolution in the 1990s, the Great Recession that we had talked about earlier and currently what we're facing in our”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very broadly, the advice that I give to everyone as they think about their career is ensure that what you're doing is lined up with your own personal and professional why. I say, what are you really doing when you're doing what you're doing every day? I'll say that again. What are you really doing when you're doing what you're doing every day? What does it ladder up to in terms of the mark that you want to make on the world? Not the position that you want to have or the role that you want to attain or the income that you desire to have over time. That's not what I'm talking about. I'm talking about the mark that you want to leave on the world. And so whatever you're doing, if it is in financial services, really reflect on how it ladders up to the person that you want to be in the market that you want to leave. I will say”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I'm reading a book called Agile Transformation Without Chaos. It focuses on the way that companies are organized to create better experiences for consumers and clients organized in an agile way to meet the marketplace more quickly in a more experimental way. So I'm reading that. I have several art books stacked up on my table and I'm reading a book by David Brooks. It's a new book. It's a compilation of interviews that he had done over time with some of the world's leading thinkers, community builders, leaders. And so just getting their quick interviews and getting a window into those folks. I read one of those interviews a night is. That is really inspiring as well.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Operate and learn and put up with stuff. During that time across a very long career was inspiring and instructive to me. In business as part of my journey at Edward Jones, we have a very widely dispersed leadership structure in each of our regions across North America. And so my regional leaders, those who showed me the way as a new financial advisor talked to me about values, about service. They were very inspiring to me. And then my predecessors as managing partners here, I'm a student of them. Some of them I know and worked with directly, others of, I never met Mr. Jones Sr. and Ted Jones, the founders of our firm. I am the first managing partner who never met them. So becoming a student of their values, of their strategy about how they thought about being differentiated in the marketplace, those have all taught me great lessons”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. You know, the folks who helped shape my life most fundamentally are my parents. My father, who was an executive at a publicly traded firm in Nashville, who started on the factory floor quite literally and retired as the CEO of that organization. So the Daddy Daughter CEO thing is kind of a fun story, but more importantly, the way that he thought about business, about leadership, about integrity and trustworthiness in the business world, about relationship building shaped me. My mother was an executive with Tennessee Valley Authority, and she was an executive during a time and in a place that there weren't quite as many women as there were men. And so watching her”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, it's a little bit different than Netflix or podcast but it's art. I love and appreciate in particular contemporary art. And what I find is that as I study and watch all kinds of virtual tours of museums all over the world, which has been a real silver lining of the lockdown, haven't been able to go see it in person, but digitally I'm able to experience all kinds of different art and artists. And what's inspiring to me about that is them making sense of the world. During times of tumult, during times of high anxiety, and getting that out and putting it on canvas or in performance or in music is another way to think about how to serve, how to relieve anxiety. and how to make sense of the world around us.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have a local organization, a tremendous organization called the Independent Center, and they provide support services, full lifestyle support services”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“What was that? Oh, Barry, you've been doing too much research. I think that's on the third page of the internet search. There's no high-level.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“They're simple SEP IRAs, all the different ways that they can support their employees for their retirement planning. We do that for businesses and business owners.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Investment to pay for their health needs and potential long-term care needs later or maybe even earlier in life, as well as life insurance. And so we represent and help our clients protect their goals as well. We have products and services that are tax efficient, that help our clients manage in that kind of situation. We also help our clients with charitable planning. This is something that really aligns with folks' values, with their goals, with the values that they want to pass on to the next generation is their charitable mindedness. And so we help our clients with that as well. And then we work with a significant number of businesses and business owners. So helping them with their employee retirement plans, their 401.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you bet. So our financial advisors are licensed in a number of different areas. We are duly registered as a firm, so we are a brokerage firm as well as having investment advisory fee based platforms to help our clients achieve their asset management goals over time. We are also licensed in insurance. So we help our clients protect their goals against all kinds of things that might happen. The worst thing in the world is to build a really solid plan, planning on everything going right and then having things go wrong unexpectedly. So things like long-term care needs. This is an area barrier where people are becoming more attuned to the fact that they are going to need significant”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Serious long-term investors. If we get them started toward their goals sooner, frankly, they're going to live a whole lot longer than their parents or grandparents. They've got to build up more investment over time in order to achieve what's most important to them.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Spread all over North America. So our addressable market is significantly larger than the marketplace that we serve today. So we believe our opportunity remains rooted in what makes us unique, the human-centeredness of what we do and the locality of what we do. And so we intend to continue to focus there, focus on the relationship that we have with clients, focus on a kind of smart consistency in serving them, but also the ability to hyper personalize to them. That takes greater technology. It takes, frankly, being more relevant to younger generations because it really suits our purpose to make a meaningful difference in more lives if we get emerging investors started as”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We talk about gross barrier in terms of growth of impact. The impact that we want to have is driven by our purpose. Our purpose is to make a meaningful difference in the lives of more people in North America. And the part of the marketplace that we serve are serious long-term individual investors. And I've said a couple of times what that means is folks who value relationship, who want advice, and who have a long-term orientation. Today we work with about 7 million clients. Our research shows that there are 40 million investors in North America who look like serious long-term individual investors. Now they are across multiple generations, across various demographics.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To verify the financials of those companies, that all results in a kind of transparency and reliability that is a really important part of capitalism and about the public nature of our stock markets. So flip that over and say that venture capital and private equity, while a really important part of capital formation in our economy, when an investor gets all whipped up about returns that they see or read about or hear about in those markets, they have to recognize that that comes with a trade-off, a trade-off of risk, a trade-off of less transparency, different kinds of risks, illiquidity, different kind of risks than they see in the public markets. And so everything in moderation and recognizing that broad diversification asset allocation across a number of asset classes is what has reliably grown wealth over time.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's getting a lot of press these days because there is a significant portion, a more significant portion of businesses and capital formation that is happening outside of the public market and public companies. For the vitality of our economy, for the different ways that capital can be created and companies can be formed and scaled and grown, I think that that's a very healthy thing. What I think we have to be really thoughtful about is long-term investors is that the public market affords a kind of transparency into companies and access to those companies and owning shares in those companies that results in liquidity, that results in ways”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Nobody has repealed the fact that where you invest in non-correlated assets, you are likelier to have a smoother ride during a volatile market. And so fixed income or bonds and equities or stocks in the right measure for your risk appetite and your time horizon continues to be very important. However, living off the income of those bonds is going to be a little more challenging than it was several years ago. Diversification remains very, very important. Now the flip side of a low interest rate environment is that a low interest rate environment generally correlates with a fundamentally strong stock market. And we've seen that over the past 10 years. Don't despair completely in a low interest rate environment. There are some countervailing benefits to that kind of environment.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. Well what it means is that a bond that you bought a decade ago in a very different interest rate environment was yielding to you a higher rate of income. And very classically the 60-40 portfolio enabled you to live off of that income from that fixed income differently a few years ago than you would be able to today. And so while the split of the portfolio may still be 70, 30 or 60, 40, and I don't want to get hung up on that split, those rules of thumb can sometimes be dangerous, the point is that fixed income and stocks, equities, and bonds form the basis of a diversified portfolio.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“and to the long term. But it is, I believe, Barry to your point, it is going to become an ever greater point of emphasis for younger generations as they grow into their investing lives.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Where they see organizations that are trying to be part of solutions, that that is driving consumers to buy differently. So you can expect that that's going to happen in the investment markets as well. When you talk about ESG investing, I do want to note that sound investing has always focused on companies and management teams that were focused on the durability of their firms that were focused on a wide array of stakeholders. Because if you don't do that as a company, you're probably not going to be around for a long, long time. And so there are new labels that are put on it, ESG, green investing, all kinds of things that label this type of fundamental orientation to multiple states.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's such a rich topic of conversation and one that there's so much focus on in our industry and with investors right now. And fundamentally, what we're talking about is having our investment portfolios reflect our values as individuals, whatever those may be, but lining up our portfolios with our values. I think individuals, consumers are doing this broadly, aren't we? I mean, you read a lot and see a lot, and maybe it's your own personal experience that you're buying today according to your values. Research says that consumers are focused on brands, that they see as being helpful during this pandemic, where they see local helpfulness”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And frankly, the millennials at Gen Xers are motivated differently than their parents and their grandparents. And the goodness of the human relationship, financial advisor to client and prospective client, is it's the financial advisor's job to understand that, to find out what's important to that next generation, what their values are, what motivates them, and to help form a bridge.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have to be relevant to the next generation. We have to have built a relationship with them where mom and dad or grandma and grandpa have a particular set of values, a particular set of goals, a particular type of portfolio that we know from working with multiple generations of clients that what that generation, what that grandmother-grandfather, mother father are really interested in is passing on their values to their children and their grandchildren. Now those values can pass through that wealth but it's more than that isn't it? It's recognizing what that family desires to accomplish together and what that next generation is motivated by.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“On average, have 25% more assets than those who are not advised. And financial advisors share this kind of investment philosophy with clients. Diversification is important. You can't beat and time the market on a daily or weekly basis. And you need to be focused on the long term, putting money away, investing wisely in high quality investments, albeit rotating them and reallocating them as markets change. So, you know, Barry, you probably have had this experience. You have to say that over and over and over again. That is part of the relationship and is part of the goodness of having a financial advisor is that as a client, you are going to hear that advice again and again and again. Take the emotion out of it. Stick to quality and to the long term.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, we go back to what a serious long term individual investor is. That's someone who values advice, who appreciates relationship and who has a long term orientation. The valuing advice is where that's going to come in is sharing with clients and investors that beating the market, trading in a rapid way in order to time the market or time particular investment sectors is not a particularly good way to build wealth reliably over time. That can be proven. And in fact, here's part of that proof. Clients who are advised by financial advisors”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“where that begins to break down is when markets are sanguine, when things seem easy and when goals are straightforward in terms of the trade offs between and among goals, it's a little bit easier to take a hands off approach or to have that done in a mechanical way. It's when markets become volatile, which happens unexpectedly, when folks are dealing with emotional and complex trade-offs among things like how do I save for college, for my child or grandchild, and have a comfortable retirement at the same time. That's not just a mathematical equation. Actually, it's a very emotional conversation about where values go, about what Those trade offs are going to mean to a particular individual or a family. And that's where humanity is really important in terms of how we interact between financial advisor and client.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And there's much more value to be delivered in providing advice. So the Robo advisor as a way to do that, we know is appropriate for some investors. We believe that fifteen percent of the marketplace is appropriately self advised. And so RoboAdvisors, those that have very little human interaction associated with them are appropriate for some clients.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. Well, you could go back to nineteen nin and the nineteen nineties and look at online trading and the advent of online trading during that period of time as kind of the first Robo advisor. It wasn't exactly an advisor per se, but it was the ability to trade online. It goes back to Ted Jones saying, you know, where is the underserved market or what is the new innovation in the marketplace and online trading came about? It has proliferated and now through various robo advisors includes more advice associated with that trading because that's what investors are demanding. As I said earlier, the trade itself executing a trade in the marketplace is nearly a free good.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of the organization that you are working with and say, you know, that place is open to all, is eager to serve a diversified marketplace, and the marketplace is becoming more and more diversified, less homogeneous every single day. And so that's the big why, why diversity is such a driver for our industry. And just as you said, our industry for too long has been more homogenous in its makeup. And it will do us good. It is doing us good. By looking at the marketplace we serve and reflecting the needs and desires of that marketplace.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, this is important because it is critical for the investing public to have choices about who they are advised by and to have a sense that the companies that they are doing business with reflect the environment around them, reflect who they are, that investors and clients also have a sense of belonging, belonging at that firm with that group of financial advisors. Now, I am not saying that if you're a woman investor, you always want to be served by a woman financial advisor. Or if you're a black investor or client that you want a black financial advisor or a white financial advisor, what my point is that you have a choice, that you look at the face literally.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah. Well, I think we've got to ask, why is that important to do? Let me share with you what our statistics are. The average age of our financial advisors is 45 years old, 21% of our financial advisors are women, a couple of percentage points higher than on average in our industry and about nine percent of our financial advisors are people of color. Again, maybe a point or so higher than the average in the industry. But the reason that I share that is really to say that two things. We have been focused on this and on a path toward greater diversity for a couple of decades. We are not where we want to be. There is so much more opportunity. And so that gets to the question of why is this important?”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Things in one way or another have been dialed up over the past two administrations. I think that will continue to be a hallmark of the investing public's experience. There are different ways to get to that and there are different types of regulations, some much more specific, some much more prudential or principle-based in nature. But I have no doubt that our policymakers, legislators, and regulators are going to continue to be focused there.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, broadly what I would say, Barry, is that retirement security and helping investors have an experience that is more helpful to them is a nonpartisan topic. It is one where we have seen a great deal of reaching across the aisles in the past couple of administrations. So we welcome an environment where we are partnering with our regulators and policymakers to help Americans have more retirement security. And so access to retirement savings vehicles. Regulation that helps clients have more confidence that our industry is operating in their best interest.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, sure. Our experience has been the same as yours, Barry. We've been around for ninety eight years. So through the change of many, many, many administrations during that period of time. And fundamentally what's the same”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“On our industry and on our firm. And boy, it taught me a lot about decision making during crisis. And while we haven't had a playbook for what has occurred over the last eight months, I have drawn on those experiences to know how to move forward.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, you well picked up tons from him. So I was part of the management committee, an executive committee while Jim was managing partner. Interesting story. I was a financial advisor in Michigan from 2000 to 2006. Jim was the managing partner who came in in 2006, and that year invited me to become a general partner in our firm and move to St. Louis into home office leadership. And so I had a ringside seat to Jim's tenure as managing partner, how he made decisions, how he thought about opportunity. I also had a ringside seat to our leadership team working through the great recession and the impacts of 2008-2009 on climate.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“An incredible responsibility, a great opportunity because what I learned from studying those former managing partners, they all looked forward boldly to the needs of millions of investors who weren't serving yet and took some pretty distinctive steps in order to serve them differentially and perhaps we'll talk about some of that as we go along today.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Every day that I'm in the office of what our roots are, what our values are, who we came from. Importantly, all of our former managing partners were financial advisors. They sat with clients building trust with clients, albeit all the way back to nineteen twenty two. There's a lot that's changed about that, but what's fundamentally the same is building trust with clients. And as you said, my immediate predecessor Jim Weddle was the leader of tremendous growth and growth and impact in our firm that took us from a few thousand financial advisors to today 19,000 financial advisors in every nook and cranny, every large city and suburb in North America, in Canada and the United States. So following in those footsteps is it is”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, they are, and I feel it every day. If you were in my office and on the floor where a number of our offices are, there's some paintings down the hall. And there are five paintings of our former managing partners, our five former managing partners, including two whose last names were Jones, then Doug Hill, John Bachman, Jim Weddell. And right across the hallway from those paintings is a picture of Ted Jones, who was our founder's son, our second managing partner, and it's a picture of Ted with his horse and a couple of dogs out on his farm, and he's talking about what he loves and what he's grateful for. Those paintings and that picture of Ted remind me”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, it's a fascinating history and it's really one that's rooted in recognizing what was scarce in the marketplace and boldly and sometimes admittedly in a very unusual way going after serving that underserved market. So back in the 50s and 60s when Ted Jones, our founder's son, recognized that the brokerage companies were all congregated in the large cities, but there were significant numbers of people with wealth and with businesses and jobs where they were creating wealth who really deserved access to financial information, to products and services, to the ability to open An account and do a transaction in the financial markets in a really seamless and person to person way. Ted Jones recognized”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“a financial plan, but building a plan based on relationship to keep people focused on their long term goals, notwithstanding the short term ups and downs that are part of that to keep people focused on the long term. So empathy, generous listening, the process of thinking short-term to long term, all of those things make for the strength of a financial advisor. And back to my earlier point about the IQ part of this, a lifelong learner, someone who is really interested in continuing to dial up their own skills from an expertise standpoint, but also from an empathy and EQ standpoint.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The financial marketplace that that lifelong learning and insight and perspective. The EQ part is now more than ever and will continue to be a hallmark of what really great financial advisors do. The EQ part is being empathetic, recognizing that listening to another human being about what their hopes are, about what their fears are, and how those are changing over time, how they're impacted, especially now by current events, really generously listening to that on the part of another human being. With that kind of empathy and with that sort of expertise, building not only a plan,”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“What makes for a good financial advisor is someone who recognizes that what we do is a balance of EQ, emotional quotient, emotional intelligence, and IQ. So knowledge that can be learned, expertise around the financial markets, around building a portfolio, around balancing complex trade-offs between a client's goals. That's the EQ part of what we do. And there is, boy, there's lifelong learning associated with the, I'm sorry, with the IQ part, with the intelligence quotient. There is lifelong learning associated with that. And bear your organization helps financial advisors and folks in”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“About how to achieve that financially and how they're progressing toward that in control. They want to feel like they've got some agency, albeit no one's got control over the market, but some control and agency in their own lives. And we know when they feel those things that there's a sense of security and confidence about their long-term path. So the experiences that we seek to deliver, family by family, individual by individual, are all focused on helping individual clients and investors feel those emotions and how that's achieved is through a deep trusted personal relationship with a financial advisor. We don't have call centers. We have financial advisors in communities working face to face one-on-one with clients and their families.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Having the same experience. Well, actually, we don't because we really focus on the humanity of each of our clients and discovering what it is that's most important to them, tailoring the experience to what they need, providing to them as completely as we can an experience that improves their financial well-being, thereby their entire well-being. And the experiences that that is rooted in the emotions that those experience are rooted in, is a common factor in terms of what we're seeking to deliver. We know that our clients want to feel understood about what's most important to them, informed.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, what a great conversation that we can have about that. So we have 19,500 financial advisors. We're the largest firm in terms of number of financial advisors in our industry. Those financial advisors are spread across the United States and in Canada. We have forty nine thousand colleagues all together. So we are all pulling in the same direction in terms of what drives us, Barry. Our purpose, what gets us up in the morning is making a meaningful difference in the lives of the clients that we serve. The $7 million that we serve today and the tens of millions of more that look like serious long-term individual investors that we would like to serve. Now, you said, how do we ensure that every client is”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fundamentals of the economy as well as the fundamentals of the financial services industry that caused a ripple when it began to come apart, caused a ripple effect that we know now is global. So that really is the distinguishing difference. Now why we had relatively little volatility then at the beginning of the pandemic, we do have to look at the broad stock market indexes and realize that a few growth companies have performed exceedingly well, in large part because of the way that they have served the consuming public and businesses during the pandemic. I think the five or six highest growth stocks are up 40% over the past six months or so and the rest of the S&P 500 is Far less on some weeks is down. So it's a pretty narrow market that is driving those broad benchmarks.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, in large part, it has to do with what the ignition switch was. The economy before the pandemic was fundamentally quite strong, a period of low interest rates, a period of very high employment, a period that fundamentally was very healthy for the economy. Lots of people working, and in our country, lots of people spending money. And since two-thirds of our economy is driven by consumer spending and demand, when people spend money, stocks are doing well and the market is fairly sanguine. That was the environment that we had before the pandemic. The environment that we had in 0809, we discovered was a little more fragile in terms of the”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I like the way that you said that. The experience they have may be different in terms of the products, the services, the tools that they are exposed to or that they're utilizing, what is common is the outcome that they achieve financially, whatever it is that's most important to them and that they have this sense of well-being as we are helping them achieve that.”
2020-11-13 · Masters in Business · Penny Pennington on Wealth Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source