The US Investment management company Edward Jones is to sell its UK arm to Towry Law.
Edward Jones has been operating in the UK for the past 11 years and has built up 250-400 offices during that time. Itls unique selling point has been that all its advisers are not only fully qualified financial advisers but also qualified stockbrokers.
The Edward Jones business model required its advisers to drum up business the old fashioned way, by 'doorstep introductions'. That's cold calling by dooknocking to you and me, a model that UK banks dropped decades ago.
The recession has proved a difficult time for Edward Jones though, so they are now writing to all their clients to inform them of the forthcoming sale. These letters will be hitting doormats on Monday morning (postal strike allowing).
The staff were informed via a succession of conference calls throughout the day (Friday), leaving some long serving members shell-shocked. They had very recently been assured that Edward Jones as a company were committed long term to the UK market.