“There are aspects of that fairly speculative market and investment right now that have not proven themselves,” Edward Jones managing partner Penny Pennington tells Fortune. “Our investment philosophy says crypto is a little more likely to disappoint clients than it is to delight them.”

For decades, the firm has based its investment philosophy on a long-term, buy-and-hold approach. Avoiding speculative instruments like penny stocks or commodities, viewed as too risky, is a point of pride.

That strategy seems to have served Edward Jones well. Revenue rose 22% in 2021, and the firm now caters to 8 million people. Pennington, head of Edward Jones since January 2019, has seen countless fads and says the firm’s real differentiator is devising investment strategies that reflect a client’s stage in life. She waves off any suggestion that young people today are fundamentally different in how they approach investing from their parents and grandparents. “We can talk about ‘younger investors,’ but each of them is different in terms of their risk appetite and goals,” Pennington says.

Edward Jones has an army of 19,000 advisors, the largest of any U.S. brokerage. Even in the era of Google searches, that massive cohort and the personalized advice they give clients are key to winning over individuals just starting their financial lives and ensuring the firm’s future. “For younger generations, the stakes are very high, and we need to be there and be relevant in their lives,” Pennington says.

This interview has been edited and condensed for clarity.

Fortune: How do Gen Z and millennial clients differ in investment philosophies and tastes from their parents? How do you cater to that?

One thing we think about generationally for investors is their likely needs at that stage of their lives. Do they have more complex needs as they grow their careers, raise their families, reach milestones associated with buying homes, and perhaps make more money? We can talk about younger investors, but each is different regarding their risk appetite, goals, and what they face today.

But younger adults in any sphere today are more accustomed to performing their own research first as digitally-native consumers. So what’s the case for still using Edward Jones?

The widespread use of tech means clients are more likely to be informed today than they would have been decades ago when information wasn’t as ubiquitous. Sometimes, the self-diagnosis that happens in the medical world—people looking online before seeing their doctors—also occurs in the financial world. That can mean someone coming to an advisor saying, ‘Hey, I heard about this particular stock or asset,’ or ‘Don’t I need some of this?’ People come with information and some understanding about how to put that information together, but some things need to be cleared up by a professional.

Is it because many investors have FOMO, ‘fear of missing out,’ when they see the investment trend du jour, like crypto?

Obviously, some fads go all the way to the tulip bulbs in 17th Century Holland. We’ve always had them, and what’s happening today is no different than it has ever been.

Your firm has made it a point to exclude crypto from the vehicles in which clients can invest. Do you feel vindicated by the recent crypto meltdown?

The last thing I’ll ever say is, ‘See, I told you so.’ Our investment philosophy has always been to get to know the person or the family we are trying to help. What is their risk tolerance, and what are their goals? Then we put together a set of high-quality investments that are well diversified, and that can be held, allocated, and managed well over the long term and ensure that those things are least likely to disappoint someone.

Crypto’s recent performance has disappointed many, to put it mildly.

When we think about crypto, aspects of that speculative market and investment have yet to prove themselves. So our investment philosophy says crypto is a little more likely to disappoint clients than it is to delight them. 

What do you tell customers who are okay with risking that some of their money will evaporate?

When I was a financial adviser, I used to tell my clients that ‘play’ and ‘money’ do not go together in the same sentence. If you want to talk to me about play money, I won’t quite understand. We’re here to talk about medium and long-term goals, about getting there in a sustainable, durable way so that you can handle the ups and downs in the market. What are you trying to accomplish? Are you trying to just be part of the zeitgeist in terms of stocks and online trading? If so, go buy an Oculus and play some games.

The wealth gap has increased in society. What can your industry do to help?

Everyone deserves the opportunity to thrive no matter what place or station in life they began. Getting sound financial advice and becoming more financially literate is a great place to start for anyone. We work toward that through our financial literacy and wellness program to bring financial literacy and resilience tools to a million people.

And you’ve said that diversifying your army of advisors is key. Why?

Demographics show our society is becoming much less homogenous and much more diverse. That means the needs of consumers and investors are becoming much more diverse, and they want more choice on who’s imparting advice, and they want to work for companies that provide that choice. I am not saying that every investor of color wants to work with a Black financial advisor. When I was a woman financial advisor, that didn’t mean that all of my clients were women, but it did mean that to be contemporary and relevant in the advice space, you have to look more like your community.

Your father was the CEO of shoe retailer Genesco and enormously influenced you. What lessons from him still serve you as head of a national brokerage?

He was constantly learning as he was going into new roles and positions. If something new to learn was a little uncomfortable, he would share with me, ‘Gosh, this is brand new to me. I’ve got to go figure this out.’ He once talked about going into a new position and going out on the road all by himself to prepare for a pretty senior position. He said, ‘I didn’t take anybody with me. I didn’t want anybody trying to set my agenda for me. I went out and met people, and I learned so much from them.’ So it’s that culture of learning.

Get to know Pennington:

• She’s a cancer survivor. She beat back breast cancer 20 years ago, fighting it alongside her mother.
• She’s an adventure traveler and has slept on the floor of the Grand Canyon and in an Arctic igloo.
• Before joining Edward Jones in January 2000, Pennington worked in investment banking at Comerica and at Wachovia.

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