Edward Jones CEO Penny Pennington’s total compensation fell by a little more than 3% for a year that saw the firm win regulatory approval to start a bank but also slightly heightened advisor departures.
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Pennington, who also has the title of managing partner, saw her total compensation fall by 3.5% to just over $28 million for 2025, according to an SEC filing on Friday. The total consists of a $250,000 base salary, $16,555 in deferred compensation and nearly $27.8 million in “income allocated to partners.” (Edward Jones is set up as a private partnership that shares revenue with its various partner owners, which include financial advisors.)
According to the 10K filing, Pennington’s total compensation was 226 times as large as the average pay for Edward Jones employees, which was $123,918 last year.
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Under Pennington, big changes afoot at Edward Jones
Pennington started at Edward Jones in 2000 as an advisor, became a general partner with leadership responsibilities in 2006 and was named CEO and managing partner in early 2019. Her time at the top has been marked by a series of changes, many of them meant to bring the firm more in line with practices previously adopted by competitors.
Edward Jones, for instance, has begun allowing advisors to work together on teams, rather than largely insisting they operate solo practices. It also has been seeking to do more specifically with high net worth clients, such as by ensuring they can put money into alternative investments like private equity and private credit.
Last fall, Edward Jones announced internal structural changes that will eventually allow more advisors and others to become partners with ownership stakes in the firm. And last month, Edward Jones won regulatory approval to start a state-chartered industrial bank that will be able to offer products like certificates of deposit and accept deposits.
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Edward Jones’ advisor attrition exceeds 6%
The changes have come amid some acceleration in advisor departures. Edward Jones reported in November that its rate of advisor attrition — or the percentage of its total headcount that leaves in a given period — had risen by nearly a third to 6.1% in the third quarter.
The firm said at the time that the attrition rate was a “result of a variety of factors, including a rise in financial advisor departures with tenure of five years or less.”
In a statement about Friday’s 10K filing, an Edward Jones spokesperson noted the firm’s advisor headcount rose by 1.5% last year to 20,425. The firm also saw its client asset tally rise by 14% year over year to $2.5 trillion and its revenue by 11% to $17 billion.
“Our focus remains on equipping advisors with the knowledge, technology, and resources needed to deliver highly personalized advice and comprehensive planning,” David Chubak, Edward Jones head of wealth management and field management, said in a statement. ”Every step we take is centered on helping clients feel more confident about their financial lives and ensuring we continue to serve them at the highest level.”
In a bid to retain advisors with the most experience, Edward Jones began in 2023 to provide annual “profit interest” awards to thousands of its brokers. More than 4,700 advisors received the awards in 2025, 82% more than had the year before.
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What other Edward Jones executive made last year
Pennington’s slight fall in compensation in 2025 comes after a year when the total had risen sharply. She made $29.1 million in 2024, a figure up 15.7% from the previous year.
As for other Edward Jones executive officers, Chief Financial Officer and Head of Digital, Data and Emerging Segments Andrew Miedler saw his total compensation increase by nearly 14% to $21.26 million. Head of External Affairs Kenneth Cella saw his decrease by nearly 3% to $21.7 million.
Chubak, appearing in the executive list for the first time, received $19 million in total compensation. And Chief Operating Officer Kristin Johnson saw her compensation rise by 6% to $21.25 million.
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