HERE WE GROW AGAIN! EDWARD D. JONES & CO. OPENS 2,000th OFFICE IN OCEAN CITY, N.J.
HERE WE GROW AGAIN! EDWARD D. JONES & CO. OPENS 2,000th OFFICE IN OCEAN CITY, N.J. ST. LOUIS, Oct. 16 /PRNewswire/ -- In 1955, the opening of the first Edward D. Jones & Co. office in a second-floor clothes closet above the Mexico, Mo. Woolworth's store marked the beginning of a legacy. When Edward D. "Ted" Jones Jr., son of the firm's founder, opened that first office, little did he know that the company would grow to become the largest in the financial-services industry in terms of number of offices. The firm that's often referred to as the MacDonald's of the financial-services industry will celebrate this growth and the opening of its 2,000th office Oct. 16, 1992. "In 1986, we celebrated the opening of our 1,000th office, and in just six years, our number of locations has doubled," said John Bachmann, managing principal of the firm. "The dedication of our associates, and the support of our friends and customers have all contributed to this milestone, and we're extremely proud of that achievement." For more than a decade, Edward D. Jones & Co. has led the industry in terms of number of offices -- Merrill Lynch has 510 branches. The opening of Edward D. Jones & Co.'s 2,000th office will cement the firm's position as one of the leaders in the brokerage field. "Jones operates in a niche that's all its own -- selling securities in suburban neighborhoods and other areas where investors may not have convenient access to personalized investment services," said Bachmann. Bachmann added, "Our investment representatives are members of the communities where they work. For many of our clients, one-on-one, personalized investment information would be difficult, if not impossible, to get if Jones were not there." At Edward D. Jones & Co., investors don't find high-rise offices staffed by brokers working the phones. Rather, most of the offices are individually staffed with one investment representative and one office administrator. They are supported by one of the most sophisticated private satellite networks in the country. Each office is equipped with a satellite dish and computer that allows a customer to buy or sell securities and know the price, including commissions, in as little as 20 seconds. "Our service is as fast as, and in some cases, faster than service on Wall Street," Bachmann said. Another unique aspect of Jones' business is that its brokers don't work the phones; they work face to face. After an extensive training program, new Jones representatives spend their first several months calling on people face to face in the communities where their offices will be ultimately located. "They make more than 1,000 door-to-door, face-to-face calls before they can even open an office," Bachmann said. "We want our brokers out where the people of the community can take their measure and decide if they are the kind of people they want to do business with. They're not selling anything; they're selling themselves." Until the 1980s, Jones offices were typically in small towns with names like Broken Bow, Neb.; Walla Walla, Wash.; and Thief River Falls, Minn. With the arrival of the '80s, the firm began targeting urban and suburban areas with the same one-person-office concept. "We found out that investors who like to do business face-to-face and who appreciate our investment philosophy live in urban areas as well as in rural communities," Bachmann said. Today, more than 40 percent of the firm's offices are in metropolitan locations. -0- 10/16/92 /CONTACT: Mary Beth Heying of Edward D. Jones & Co., 314-851-4258/ CO: Edward D. Jones & Co. ST: Missouri IN: FIN SU:
LD-TM -- NY005 -- 0830 10/16/92 10:00 EDT
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|Date:||Oct 16, 1992|
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