Edward Jones Announces Pay Freeze

Posted on April 16th, 2020 at 3:24 PM

From the Desk of Jim Eccleston at Eccleston Law LLC:

Edward Jones announced that it is freezing wages and suspending overtime pay for one year.  The decision, which the firm described as a proactive and preventative measure, comes in response to the issues that have arisen as a result of the COVID-19 pandemic.  

This decision does not affect the compensation for the more than 18,000 brokers at Edward Jones. However, client service associates and home-office associates will be affected. Additionally, Edward Jones announced a hiring freeze on all positions except for financial advisors. The hiring freeze is scheduled to last through May 2020. 

Edward Jones also announced some benefits that have been added for its employees.  The firm is offering ten additional paid time-off days for associates who are “personally affected” by the pandemic.  Additionally, the firm is waiving deductibles for COVID-19 testing and providing new wellness resources and virtual doctor visits. 

 Edward Jones is still encouraging brokers and branch administrators to work from their offices if possible, although brokers are told to avoid in-person meetings with clients.  Most employees in Edward Jones’ home office have been instructed to work from home.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: eccleston, eccleston law, james eccleston, edward jones, covid-19, pay freeze, brokers

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