Edward Jones announces C-suite shakeup with eye toward next chapter

Edward Jones, which has been going through a deliberate transformation into a more comprehensive planning-focused firm, is shaking up its leadership.

In an after-hours announcement on Thursday, the firm outlined a shuffling of leadership set to take effect June 1, which includes expanded roles, retirements, and other changes for C-suite and key heads of the organization.

David Chubak, who joined the firm in 2022, will take on the role of head of wealth management and field management. He replaces Lena Haas, who is expected to retire at the end of 2025.

David Gunn, currently the president of the firm's Canada business, will also be assuming responsibility for the US business unit.

Meanwhile, Kristin Johnson, who has been leading as Edward Jones' chief transformation officer, has been appointed to a newly created role of chief operating officer.

Finally, Andy Miedler, chief financial officer, will expand his remit to include oversight of the data and digital teams, following the planned retirement of Frank LaQuinta by year-end.

“The strength of our firm and our ambition to more deeply serve our clients, colleagues and communities gives us incredible momentum to be the place North Americans go for advice,” Penny Pennington, managing partner at Edward Jones, said in the statement released late Thursday afternoon.

The leadership announcement caps off a series of strategic initiatives rolled out by the firm in recent months. As part of its upmarket push, Edward Jones launched Edward Jones Generations, a private client service targeting high net worth individuals, in March. The platform introduces new products and services tailored to this segment.

The firm also continues to push into financial planning and technology. Following its 2024 integration of Envestnet's MoneyGuide software, Edward Jones says its advisors are delivering more personalized advice tied to individual client goals and preferences.

Edward Jones also referenced its early April application to establish a Utah-chartered industrial bank, the firm's second attempt after its earlier 2020 bid was ultimately withdrawn in 2022. If approved, the institution would support a suite of co-branded retail banking products slated to roll out later this year.

"It's a new year for Edward Jones – our first as a financial planning firm," Pennington said. "We've been readying ourselves for this chapter in our 103-year-old growth story by evolving to attract and serve new and different types of clients."

Edward Jones also marked a milestone in professional development this month, reporting that more than 5,000 of its financial advisors now hold the CFP certification –  cementing its lead with the highest number of CFPs in the industry, according to the firm.

A recent Cerulli report ranked Edward Jones as the fourth-largest broker-dealer firm in the wealth industry. Looking at the end of 2023, Cerulli said Edward Jones had just over $1.8 trillion in assets under management, surpassed only by Wells Fargo (with nearly $2.1 trillion in AUM at the end of 2023), Merrill Lynch (roughly $3.2 trillion), and Morgan Stanley (almost $4 trillion in AUM).

In terms of advisor headcount, Edward Jones surpassed the Wall Street giants with more than 18,000 advisors, though it was still behind LPL, which according to Cerulli closed 2023 with more than 22,000 advisors.

As of December 31, 2024, Edward Jones reported that it has more than 20,000 financial advisors throughout North America,  with $2.2 trillion in client assets under care.