July 7, 2022
Louis Diamond Quoted
by Mason Braswell
Edward D. Jones & Co., the largest full service brokerage firm by its almost 19,000 brokers, has lost its biggest hitter.
Jennifer A. Marcontell, who managed $1.7 billion in client assets in Baytown, Texas, left on Friday to launch an independent practice with Ameriprise Financial in the Houston suburb of Mont Belvieu, an Ameriprise spokesperson confirmed. Two sources said she had been the top advisor at Edward Jones by assets, and the firm had promoted her as its largest in 2018 when she had a billion-dollar book, according to ThinkAdvisor.
Marcontell, a 22-year Jones lifer, had been generating around $10 million in annual revenue, according to one of the sources. Her practice, which is called Marcontell Wealth Management at Ameriprise, includes 450 families who have more than $4 million, on average, according to the firm.
Louis Diamond, an industry recruiter with Diamond Consultants who was not involved in the move, said it marks an unusual departure for Jones, where turnover was concentrated among more junior brokers, and could prompt other large producers to consider their options.
“Whenever one of the largest and most visible advisors leaves a firm, it makes others take notice since it’s the more significant advisors who were seemingly treated better,” Diamond said.
Jones brokers may also find independence a “natural evolution” given its entrepreneurial business model where they are already in charge of their own office and manage their own balance sheets for their branch, Diamond said.