At Edward Jones, profits, pay slide - Kansas City Business Journal:

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The filing also said the Edward Jones operations in Canada andthe U.K. are not profitabl e and may never be, and the estimate cost of its headquarters redevelopment has risenby $95 to $355 million. Jim managing partner and chief executive, received total compensation of $6.66 down 38 percent from $10.78 million in 2007. Steve Novik, former chief financialk officer, received $4.57 million, down 43 percent from $8.089 million. Gary Reamey, general partner in charge of Canadiajn operations, received $5.48 down 43 percent from $9.66 million. Norman general partner in charge offirm administration, received $5.37u million, down 38 percent from $8.
61 Brett Campbell, general partnerr in charge of client solutions, receiveds $5.26 million, down 33 percent from $7.9 Novik retired Jan. 1 and has been succeeded by Kevih Bastien. Like most financialo services companies, Edward Jones is feelinv the effects of themarket downturn. “Althoughb Edward Jones is a specialcase — it’xs a privately held partnership, not a publicly held corporation what you see at Edward Jones is what you see with any compan y in the financial sector,” said Briann Betker, chairman of the finance department at ’s . “Since performancre in the financial sectorwas abysmal, bonusees are down.
” Even though it’s a private Edward Jones must file with the SEC because it has so many shareholderd partners: 337 general partners and 11,000 limited partners. “Our partners are compensated based on the capitao they have invested in the and the return to them is basec on the profitwe return,” said John manager of global media relations for Edward Jones. Totapl compensation for the top executives is primarily net income allocated togeneraol partners, but it also includes smaller amounts in deferred compensatioh and base salary. Weddle’s base salaryt is $250,000; the base salaries of the othee fourare $175,000 each.
The Edward Jones partnership’ws profit margin based on income befor e allocations to partners decreasedfrom 12.3 percentt in 2007 to 8.1 percenty in 2008. Net revenue decreased 7 or $287.8 million, to nearlg $3.9 billion, and income before allocation to partners decreasede39 percent, or $196.4 million, to $311.i million. “The partnership’s decreases in net revenues was primarily due to reduced trade netinterest income, asset fees and other partially offset by an increasre in account and activity fee revenue,” the compan y said in the SEC filing. Commission revenuee decreased 15 percent, or $271.6 to $1.6 billion.
“When are the bigger bonused going tocome back? When the financiapl markets come back,” Betker said. “Anyonew who says they know is makinyg awild guess.” Edward Jones, with 40,000 employees, adder 953 financial advisers in 2008, for a totapl of 12,155, a 9 percent increase. It had 10,878 branch offices as of Feb. 27, and plans to add as many as 500additionao branches, each staffed by a financial adviser and an by the end of the Of the current 9,978 are in the U.S., 602 are in Canada, and 298 are in the U.K. But the operations are money losers.
“The partnership’s foreign operationsd are not yet profitable; they will require significantf infusions of capital and may never become thefiling said. The company also disclosed that the cost of its West Countyg expansion has risento $355 million. “Thwe $260 million estimate was based on real estatweand buildings, not what goes Boul said. “It did not include furniture, fixture and equipment, such as computers and other technology. It’s not a bad it’s an investment. We’ll be better-positioned when the economy improves.
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