10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 27, 2024

OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 0-16633

THE JONES FINANCIAL COMPANIES, L.L.L.P.

(Exact name of registrant as specified in its Charter)

Missouri	43-1450818
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

12555 Manchester Road

Des Peres, Missouri 63131

(Address of principal executive office) (Zip Code)

(314) 515-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer		Accelerated filer	
Non-accelerated filer		Smaller reporting company	
Emerging growth company	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of October 25, 2024, 1,734,516 units of limited partnership interest (“Interests”) are outstanding, each representing $1,000 of limited partner capital. There is no public or private market for such Interests.

THE JONES FINANCIAL COMPANIES, L.L.L.P.

INDEX

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition	3
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income (Loss)	5
	Consolidated Statements of Changes in Partnership Capital and Profits Interests - Sept. 27, 2024	6
	Consolidated Statements of Changes in Partnership Capital - Sept. 29, 2023	7
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	33
Item 4.	Controls and Procedures	33
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 6.	Exhibits	35
	Signatures	38

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

(Dollars in millions)	September 27, 2024		December 31, 2023
ASSETS:
Cash and cash equivalents	$	1,944	$	1,645
Cash and investments, at fair value, segregated under federal regulations		13,246		15,565
Securities purchased under agreements to resell		736		1,139
Receivables from:
Clients		4,199		3,922
Mutual funds, insurance companies and other		935		891
Brokers, dealers and clearing organizations		347		429
Securities owned, at fair value:
Investment securities		1,379		1,069
Inventory securities		214		88
Fixed assets, at cost, net of accumulated depreciation and amortization		1,289		1,093
Lease right-of-use assets		1,075		1,029
Other assets		1,217		1,133
TOTAL ASSETS	$	26,581	$	28,003
LIABILITIES:
Payables to:
Clients	$	16,319	$	18,246
Brokers, dealers and clearing organizations		218		131
Accrued compensation and employee benefits		2,808		2,506
Accounts payable, accrued expenses and other		1,359		1,427
Lease liabilities		1,108		1,066
		21,812		23,376
Contingencies (Note 7)
Partnership capital subject to mandatory redemption, net of reserve for    anticipated withdrawals and partnership loans:
Limited partners		1,737		1,750
Subordinated limited partners		718		666
General partners		1,886		1,633
Total		4,341		4,049
Reserve for anticipated withdrawals		428		578
Total partnership capital and profits interests subject to mandatory redemption		4,769		4,627
TOTAL LIABILITIES	$	26,581	$	28,003

The accompanying notes are an integral part of these Consolidated Financial Statements.

3

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended				Nine Months Ended
(Dollars in millions, except per unit information and units outstanding)	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Revenue:
Fee revenue
Asset-based	$	3,184	$	2,708	$	9,103	$	7,809
Account and activity		185		186		564		562
Total fee revenue		3,369		2,894		9,667		8,371
Trade revenue		442		359		1,299		1,044
Interest and dividends		294		292		904		851
Other revenue, net		83		15		149		99
Total revenue		4,188		3,560		12,019		10,365
Interest expense		65		67		199		213
Net revenue		4,123		3,493		11,820		10,152
Operating expenses:
Compensation and benefits		2,822		2,358		8,160		6,923
Communications and data processing		243		239		739		668
Occupancy and equipment		159		155		475		461
Fund sub-adviser fees		81		70		233		201
Professional and consulting fees		47		47		137		130
Advertising		38		40		118		107
Other operating expenses		174		190		462		457
Total operating expenses		3,564		3,099		10,324		8,947
Income before allocations to partners		559		394		1,496		1,205
Allocations to partners:
Limited partners		85		66		232		203
Profits interests		12		—		32		—
Subordinated limited partners		61		44		164		135
General partners		401		284		1,068		867
Net income	$	—	$	—	$	—	$	—
Income allocated to limited partners per weighted average    $1,000 equivalent limited partnership unit outstanding	$	46.42	$	35.54	$	123.83	$	108.72
Weighted average $1,000 equivalent limited partnership    units outstanding		1,738,470		1,760,636		1,744,585		1,767,944

The accompanying notes are an integral part of these Consolidated Financial Statements.

4

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	Three Months Ended				Nine Months Ended
(Dollars in millions)	September 27, 2024		September 29, 2023		September 27, 2024			September 29, 2023
Net income	$	—	$	—	$	—		$	—
Other comprehensive income (loss):
Foreign currency translation		1		—		(2	)		—
Comprehensive income (loss) before allocations to partners		1		—		(2	)		—
Allocations to partners		1		—		(2	)		—
Total comprehensive income (loss)	$	—	$	—	$	—		$	—

The accompanying notes are an integral part of these Consolidated Financial Statements.

5

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL AND PROFITS INTERESTS

SUBJECT TO MANDATORY REDEMPTION

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 27, 2024

(Unaudited)

(Dollars in millions)	Limited Partnership Capital			Profits Interests			Subordinated Limited Partnership Capital			General Partnership Capital			Total
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY    REDEMPTION, DECEMBER 31, 2023	$	1,920		$	—		$	726		$	1,981		$	4,627
Reserve for anticipated withdrawals		(170	)		—			(60	)		(348	)		(578	)
Partnership capital subject to mandatory redemption, net of    reserve for anticipated withdrawals, December 31, 2023	$	1,750		$	—		$	666		$	1,633		$	4,049
Partnership loans outstanding, December 31, 2023		—			—			—			439			439
Total partnership capital, including capital financed with    partnership loans, net of reserve for anticipated withdrawals,    December 31, 2023		1,750			—			666			2,072			4,488
Issuance of partnership interests		6			—			64			267			337
Redemption of partnership interests		(7	)		—			(11	)		(46	)		(64	)
Net income allocations		74			10			52			331			467
Other comprehensive loss allocations		(1	)		—			—			(2	)		(3	)
Distributions		4			—			—			(25	)		(21	)
Total partnership capital, including capital financed with   partnership loans, and profits interests, March 29, 2024		1,826			10			771			2,597			5,204
Issuance of partnership interests		1			—			—			3			4
Redemption of partnership interests		(6	)		—			—			(10	)		(16	)
Net income allocations		73			10			51			336			470
Distributions		(19	)		(17	)		(85	)		(409	)		(530	)
Total partnership capital, including capital financed with   partnership loans, and profits interests, June 28, 2024		1,875			3			737			2,517			5,132
Issuance of partnership interests		—			—			1			1			2
Redemption of partnership interests		(7	)		—			(2	)		(34	)		(43	)
Net income allocations		85			12			61			401			559
Other comprehensive loss allocations		—			—			—			1			1
Distributions		(2	)		(11	)		(58	)		(297	)		(368	)
Total partnership capital, including capital financed with   partnership loans, and profits interests, September 27, 2024		1,951			4			739			2,589			5,283
Partnership loans outstanding, September 27, 2024		—			—			—			(514	)		(514	)
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS    SUBJECT TO MANDATORY REDEMPTION,    SEPTEMBER 27, 2024	$	1,951		$	4		$	739		$	2,075		$	4,769
Reserve for anticipated withdrawals		(214	)		(4	)		(21	)		(189	)		(428	)
Partnership capital subject to mandatory redemption, net of    reserve for anticipated withdrawals, September 27, 2024	$	1,737		$	—		$	718		$	1,886		$	4,341

The accompanying notes are an integral part of these Consolidated Financial Statements.

6

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL

SUBJECT TO MANDATORY REDEMPTION

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 29, 2023

(Unaudited)

(Dollars in millions)	Limited Partnership Capital			Subordinated Limited Partnership Capital			General Partnership Capital			Total
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY    REDEMPTION, DECEMBER 31, 2022	$	1,312		$	671		$	1,836		$	3,819
Reserve for anticipated withdrawals		(100	)		(53	)		(311	)		(464	)
Partnership capital subject to mandatory redemption, net of   reserve for anticipated withdrawals, December 31, 2022	$	1,212		$	618		$	1,525		$	3,355
Partnership loans outstanding, December 31, 2022		—			—			335			335
Total partnership capital, including capital financed with partnership   loans, net of reserve for anticipated withdrawals, December 31, 2022		1,212			618			1,860			3,690
Issuance of partnership interests		568			65			312			945
Redemption of partnership interests		(7	)		(14	)		(71	)		(92	)
Net income allocated to partners		68			45			288			401
Distributions		(2	)		—			(20	)		(22	)
Total partnership capital, including capital financed with partnership   loans, March 31, 2023		1,839			714			2,369			4,922
Issuance of partnership interests		—			2			6			8
Redemption of partnership interests		(7	)		(1	)		(16	)		(24	)
Net income allocated to partners		69			46			295			410
Distributions		(9	)		(75	)		(358	)		(442	)
Total partnership capital, including capital financed with partnership   loans, June 30, 2023		1,892			686			2,296			4,874
Issuance of partnership interests		—			3			—			3
Redemption of partnership interests		(8	)		(6	)		(38	)		(52	)
Net income allocated to partners		66			44			284			394
Distributions		(2	)		(46	)		(232	)		(280	)
Total partnership capital, including capital financed with   partnership loans, September 29, 2023		1,948			681			2,310			4,939
Partnership loans outstanding, September 29, 2023		—			—			(464	)		(464	)
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY    REDEMPTION, SEPTEMBER 29, 2023	$	1,948		$	681		$	1,846		$	4,475
Reserve for anticipated withdrawals		(190	)		(14	)		(137	)		(341	)
Partnership capital subject to mandatory redemption, net of    reserve for anticipated withdrawals, September 29, 2023	$	1,758		$	667		$	1,709		$	4,134

The accompanying notes are an integral part of these Consolidated Financial Statements.

7

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
(Dollars in millions)	September 27, 2024			September 29, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	—		$	—
Adjustments to reconcile net income to net cash provided by    operating activities:
Income before allocations to partners		1,496			1,205
Foreign currency translation		(2	)		—
Depreciation and amortization		451			414
Changes in assets and liabilities:
Investments segregated under federal regulations		2,355			1,134
Securities purchased under agreements to resell		403			(917	)
Net payable to clients		(2,204	)		(3,185	)
Net receivable from brokers, dealers and clearing organizations		169			(111	)
Receivable from mutual funds, insurance companies and other		(44	)		(3	)
Securities owned		(436	)		52
Other assets		(87	)		(56	)
Lease liabilities		(261	)		(253	)
Accrued compensation and employee benefits		302			111
Accounts payable, accrued expenses and other		(65	)		(40	)
Net cash provided by (used in) operating activities		2,077			(1,649	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets		(390	)		(307	)
Cash used in investing activities		(390	)		(307	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of partnership loans		42			58
Issuance of partnership interests		73			638
Redemption of partnership interests		(123	)		(168	)
Distributions from partnership capital		(1,344	)		(1,077	)
Net cash used in financing activities		(1,352	)		(549	)
Net increase (decrease) in cash, cash equivalents and restricted cash		335			(2,505	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period		5,817			8,382
End of period	$	6,152		$	5,877

See Note 10 for additional cash flow information.

The accompanying notes are an integral part of these Consolidated Financial Statements.

8

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

THE JONES FINANCIAL COMPANIES, L.L.L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in millions)

NOTE 1 – INTRODUCTION AND BASIS OF PRESENTATION

The accompanying Consolidated Financial Statements include the accounts of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the “Partnership” or "JFC"). The financial position of the Partnership’s subsidiaries in Canada as of August 31, 2024 and November 30, 2023 are included in the Partnership’s Consolidated Statements of Financial Condition and the results for the three- and nine-month periods ended August 31, 2024 and 2023 are included in the Partnership’s Consolidated Statements of Income, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption and Consolidated Statements of Cash Flows because of the timing of the Partnership’s financial reporting process.

The Partnership’s principal operating subsidiaries are Edward D. Jones & Co., L.P. (“Edward Jones”), a registered broker-dealer and investment adviser in the United States (“U.S.”), and Edward Jones (an Ontario limited partnership), a registered broker-dealer in Canada ("EJ Canada"). Through these entities, the Partnership primarily serves individual investors in the U.S. and Canada as a retail brokerage business that primarily derives revenues from fees for providing investment advisory and other account services to its clients, fees for assets held by clients and commissions for the distribution of mutual fund shares and insurance products and the purchase or sale of securities. The Partnership conducts business throughout North America through its U.S. and Canada business units with its clients, various brokers, dealers, clearing organizations, depositories and banks. For financial information related to the Partnership’s two operating segments for the three- and nine-month periods ended September 27, 2024 and September 29, 2023, see Note 8 to the Consolidated Financial Statements. Trust services are offered to Edward Jones’ U.S. clients through Edward Jones Trust Company (“Trust Co.”), a wholly-owned subsidiary of the Partnership. Olive Street Investment Advisers, LLC ("Olive Street"), a wholly-owned subsidiary of the Partnership, provides investment advisory services to the Edward Jones Money Market Fund (the "Money Market Fund") and the twelve sub-advised mutual funds comprising the Bridge Builder® Trust.

The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles, which require the use of certain estimates by management in determining the Partnership’s assets, liabilities, revenues and expenses. Actual results could differ from these estimates. Certain prior period balances have been adjusted to align to current year presentation. The Partnership evaluated subsequent events for recognition or disclosure through the date these Consolidated Financial Statements were issued and identified no matters requiring disclosure other than those disclosed in Note 7.

The interim financial information included herein is unaudited. However, in the opinion of management, such information includes all adjustments, consisting primarily of normal recurring accruals, which are necessary for a fair statement of the results of interim operations. The Partnership evaluated subsequent events for recognition or disclosure through the date these Consolidated Financial Statements were issued and identified no matters requiring disclosure.

The results of operations for the three- and nine-month periods ended September 27, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. These unaudited Consolidated Financial Statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and notes thereto included in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report").

There have been no material changes to the Partnership’s significant accounting policies or disclosures of recently issued accounting standards as described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Annual Report, other than the modification and addition disclosed below.

9

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

Foreign Exchange. Assets and liabilities denominated in a foreign currency are translated at the exchange rate at the end of the period. Revenue and expenses denominated in a foreign currency are translated using the average exchange rate for each period. Effective January 1, 2024, the functional currency for the Partnership's Canada subsidiaries changed prospectively from U.S. dollars to Canadian dollars due to a change in facts and economic indicators, including sustained profitability in Canada, with no material impact to the Consolidated Financial Statements. As a result, foreign exchange gains and losses from the translation of EJ Canada's financial statements into U.S. dollars are reflected on the Consolidated Statements of Comprehensive Income (Loss). Under the terms of the Partnership’s Twenty-Second Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated August 15, 2023 (the “Partnership Agreement”), other comprehensive income (loss) is allocated to partners, which results in no accumulated other comprehensive income on the Consolidated Statements of Financial Condition.

Profits Interests. Effective January 1, 2024, the Partnership began issuing Profits Interests to certain financial advisors in the U.S., to enable them to further share in the Partnership's Net Income, as defined in the Partnership Agreement as income and other comprehensive income (loss) before allocations to partners. Profits Interests do not require a capital investment but, like limited partnership interests ("Interests"), give the holder the right to allocations and distributions of the Partnership's Net Income before allocations to subordinated limited partners and general partners. The amount of Net Income allocated to a Profits Interest holder is based on a bookkeeping measure expressed in terms of a notional U.S. dollar amount ("Notional Capital") held by such Profits Interests holder. Profits Interests have no book value, are not redeemable for any value in the future, and expire upon the earlier of the redemption of the Profits Interest or at the end of their stated term. To the extent the Partnership experiences a Net Loss for a given calendar year, as defined in the Partnership Agreement, Profits Interest holders, like limited partners, would not be allocated such Net Loss. Profits Interests have a maximum three-calendar year term from the date of issuance. Profits Interests are considered mandatorily redeemable under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 480, Distinguishing Liabilities from Equity. Undistributed Partnership Net Income allocations are included in reserve for anticipated withdrawals on the Consolidated Statements of Financial Condition until distributed. The Partnership's Net Income allocations for Profits Interests are disclosed separately on the Consolidated Statements of Income and Consolidated Statements of Changes in Partnership Capital and Profits Interests.

Profits Interests are intended to be granted annually as part of an associate recognition and retention program. The Partnership granted and issued Profits Interests for no cash consideration on January 1, 2024, to provide Profits Interest holders with allocations of Net Income based upon a $263 Notional Capital amount for the 2024 calendar year. The Profits Interests are fully vested and participate in Net Income allocations upon grant. Any future rights to allocations and distributions of the Partnership's Net Income will be forfeited upon termination of the Profits Interest. Profits Interests have zero fair value on grant date, therefore no compensation expense is recognized upon issuance or over their stated term.

NOTE 2 – LEASES

For the three- and nine-month periods ended September 27, 2024 and September 29, 2023, respectively, cash paid for amounts included in the measurement of operating lease liabilities was $88 and $261 and $85 and $253, respectively, and lease right-of-use assets obtained in exchange for new operating lease liabilities were $96 and $295 and $117 and $344, respectively. As of September 27, 2024 and December 31, 2023, the weighted-average remaining lease term was four years for both periods and the weighted-average discount rates were 4.1% and 3.7%, respectively.

The following table summarizes the Partnership's operating lease cost, variable lease cost not included in the lease liability and total lease cost for the:

	Three Months Ended				Nine Months Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Operating lease cost	$	87	$	85	$	259	$	252
Variable lease cost		19		17		54		51
Total lease cost	$	106	$	102	$	313	$	303

10

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

The Partnership's future undiscounted cash outflows for operating leases are summarized below as of:

	September 27, 2024
2024	$	88
2025		331
2026		278
2027		216
2028		151
Thereafter		163
Total lease payments		1,227
Less: Interest		119
Total present value of lease liabilities	$	1,108

While the rights and obligations for leases that have not yet commenced are not significant, the Partnership regularly enters into new branch office leases.

NOTE 3 – RECEIVABLES AND REVENUE

As of September 27, 2024 and December 31, 2023, collateral held for receivables from clients was $4,874 and $4,231, respectively, and collateral held for securities purchased under agreements to resell was $747 and $1,158, respectively. Given the nature of the agreements for receivables from clients and given the counterparties for resale agreements are financial institutions that the Partnership considers to be reputable and reliable, the Partnership does not expect the fair value of collateral to fall below the value of the agreements frequently or for an extended period of time. Therefore, the expected credit loss was zero for each period. Additionally, partnership loan values remained below the value of capital allocated to partners, resulting in an expected credit loss of zero as of September 27, 2024 and December 31, 2023.

As of September 27, 2024, December 31, 2023 and December 31, 2022, $859, $732 and $637, respectively, of the receivable from clients balance and $367, $343 and $328, respectively, of the receivable from mutual funds, insurance companies and other balance related to revenue contracts with customers. The related fees are paid out of client accounts or third-party products consisting of cash and securities, the collateral value of those accounts continues to exceed the amortized cost basis of these receivables and the receivables have a short duration. As a result, the Partnership does not expect an event or change which would result in the receivables being undercollateralized or unpaid. The expected credit loss for receivables from contracts with customers was zero as of September 27, 2024 and December 31, 2023.

11

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

The following table shows the Partnership's disaggregated revenue information. See Note 8 for segment information.

	Three Months Ended						Three Months Ended
	September 27, 2024						September 29, 2023
	U.S.		Canada		Total		U.S.		Canada		Total
Fee revenue:
Asset-based fee revenue:
Advisory programs fees	$	2,396	$	49	$	2,445	$	1,974	$	41	$	2,015
Service fees		385		26		411		352		26		378
Cash solutions fees		141		—		141		150		—		150
Other asset-based fees		187		—		187		165		—		165
Total asset-based fee revenue		3,109		75		3,184		2,641		67		2,708
Account and activity fee revenue:
Shareholder accounting services fees		116		—		116		116		—		116
Other account and activity fee revenue		66		3		69		67		3		70
Total account and activity fee revenue		182		3		185		183		3		186
Total fee revenue		3,291		78		3,369		2,824		70		2,894
Trade revenue:
Commissions		371		12		383		294		10		304
Principal transactions		56		3		59		52		3		55
Total trade revenue		427		15		442		346		13		359
Total revenue from customers		3,718		93		3,811		3,170		83		3,253
Net interest and dividends and other revenue		296		16		312		224		16		240
Net revenue	$	4,014	$	109	$	4,123	$	3,394	$	99	$	3,493
	Nine Months Ended						Nine Months Ended
	September 27, 2024						September 29, 2023
	U.S.		Canada		Total		U.S.		Canada		Total
Fee revenue:
Asset-based fee revenue:
Advisory programs fees	$	6,781	$	139	$	6,920	$	5,672	$	117	$	5,789
Service fees		1,126		77		1,203		1,032		75		1,107
Cash solutions fees		435		—		435		428		—		428
Other asset-based fees		545		—		545		485		—		485
Total asset-based fee revenue		8,887		216		9,103		7,617		192		7,809
Account and activity fee revenue:
Shareholder accounting services fees		349		—		349		346		—		346
Other account and activity fee revenue		205		10		215		206		10		216
Total account and activity fee revenue		554		10		564		552		10		562
Total fee revenue		9,441		226		9,667		8,169		202		8,371
Trade revenue:
Commissions		1,092		37		1,129		855		31		886
Principal transactions		161		9		170		151		7		158
Total trade revenue		1,253		46		1,299		1,006		38		1,044
Total revenue from customers		10,694		272		10,966		9,175		240		9,415
Net interest and dividends and other revenue		801		53		854		688		49		737
Net revenue	$	11,495	$	325	$	11,820	$	9,863	$	289	$	10,152

NOTE 4 – FAIR VALUE

The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report. There have been no material changes to the Partnership's valuation methodologies since December 31, 2023.

12

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

The Partnership records fractional shares at fair value in other assets with associated liabilities in accounts payable, accrued expenses and other in the Consolidated Statements of Financial Condition. The liabilities are initially recorded at the dollar amount received from the clients, but the Partnership makes an election to record the liabilities at fair value. Changes in the fair value of the assets and liabilities offset in other revenue in the Consolidated Statements of Income, with no impact on income before allocations to partners.

The Partnership did not have any assets or liabilities categorized as Level III during the nine- and twelve-month periods ended September 27, 2024 and December 31, 2023, respectively.

The following tables show the Partnership’s financial assets and liabilities measured at fair value as of:

	September 27, 2024
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	163	$	—	$	163
Money market funds		73		—		—		73
Total cash equivalents	$	73	$	163	$	—	$	236
Investments segregated under federal regulations:
U.S. treasuries	$	7,938	$	—	$	—	$	7,938
Certificates of deposit		—		1,100		—		1,100
Total investments segregated under federal regulations	$	7,938	$	1,100	$	—	$	9,038
Securities owned:
Investment securities:
Government and agency obligations	$	895	$	—	$	—	$	895
Mutual funds(1)		364		—		—		364
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		8		—		—		8
Total investment securities	$	1,267	$	112	$	—	$	1,379
Inventory securities:
Mutual funds	$	103	$	—	$	—	$	103
Municipal obligations		—		50		—		50
Equities		19		—		—		19
Corporate bonds and notes		—		15		—		15
Government and agency obligations		15		—		—		15
Certificates of deposit		—		12		—		12
Total inventory securities	$	137	$	77	$	—	$	214
Other assets:
Client fractional share ownership assets	$	925	$	—	$	—	$	925
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	925	$	—	$	—	$	925

13

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

	December 31, 2023
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	179	$	—	$	179
Money market funds		76		—		—		76
Total cash equivalents	$	76	$	179	$	—	$	255
Investments segregated under federal regulations:
U.S. treasuries	$	9,893	$	—	$	—	$	9,893
Certificates of deposit		—		1,500		—		1,500
Total investments segregated under federal regulations	$	9,893	$	1,500	$	—	$	11,393
Securities owned:
Investment securities:
Government and agency obligations	$	600	$	—	$	—	$	600
Mutual funds(1)		346		—		—		346
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		11		—		—		11
Total investment securities	$	957	$	112	$	—	$	1,069
Inventory securities:
Municipal obligations	$	—	$	29	$	—	$	29
Equities		21		—		—		21
Certificates of deposit		—		20		—		20
Mutual funds		9		—		—		9
Corporate bonds and notes		—		5		—		5
Government and agency obligations		4		—		—		4
Total inventory securities	$	34	$	54	$	—	$	88
Other assets:
Client fractional share ownership assets	$	824	$	—	$	—	$	824
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	824	$	—	$	—	$	824

(1)The mutual funds balance consists primarily of securities held to economically hedge future liabilities for the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.

14

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

NOTE 5 – PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION

The Partnership makes loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the Enterprise Leadership Team ("ELT"), as defined in the Partnership Agreement), who require financing for some or all of their Partnership capital contributions. In limited circumstances a general partner may withdraw from the Partnership and become a subordinated limited partner while they still have an outstanding Partnership loan. It is anticipated that, of the future general and subordinated limited partnership capital contributions (in each case, other than for ELT members) requiring financing, the majority will be financed through Partnership loans. Loans made by the Partnership to such partners are generally for a period of one year but are expected to be renewed and bear interest at the greater of the Prime Rate for the last business day of the prior fiscal month or 3.25% per annum. The Partnership recognizes interest income for the interest earned related to these loans. The outstanding amount of Partnership loans is reflected as a reduction to total Partnership capital. As of September 27, 2024 and December 31, 2023, the outstanding amount of Partnership loans was $514 and $439, respectively. Interest income earned from these loans, which is included in interest and dividends in the Consolidated Statements of Income, was $12 and $36 and $10 and $30 for the three- and nine-month periods ended September 27, 2024 and September 29, 2023, respectively.

The following table shows the roll forward of outstanding Partnership loans for the:

	Nine Months Ended
	September 27, 2024			September 29, 2023
Partnership loans outstanding at beginning of period	$	439		$	335
Partnership loans issued during the period		270			318
Repayment of Partnership loans during the period		(195	)		(189	)
Total Partnership loans outstanding	$	514		$	464

The minimum 7.5% annual return on the face amount of limited partnership capital was $32 and $98 and $33 and $99 for the three- and nine-month periods ended September 27, 2024 and September 29, 2023, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income.

The Partnership filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission (“SEC”) on December 8, 2021, to register $700 of Interests issuable pursuant to the Partnership's 2021 Employee Limited Partnership Interest Purchase Plan (the "2021 Plan"). In early 2023, the Partnership issued $568 of Interests under the 2021 Plan. The remaining $132 of Interests may be issued at the discretion of the Managing Partner in the future. The Partnership also issued $7 of Interests pursuant to a private placement offering in 2024 and may issue additional Interests from time to time in the future. Proceeds from these offerings are expected to be used to meet growth needs or for other purposes.

NOTE 6 – NET CAPITAL REQUIREMENTS

As a result of its activities as a U.S. broker-dealer, Edward Jones is subject to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and capital compliance rules of the Financial Industry Regulatory Authority ("FINRA"). Under the alternative method permitted by the rules, Edward Jones must maintain minimum net capital equal to the greater of $0.25 or 2% of aggregate debit items arising from client transactions. The net capital rules also provide that Edward Jones’ partnership capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements.

EJ Canada is a registered broker-dealer regulated by the Canadian Investment Regulatory Organization ("CIRO"). Under the regulations prescribed by CIRO, EJ Canada is required to maintain minimum levels of risk-adjusted capital, which are dependent on the nature of EJ Canada's assets and results of operations.

15

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

The following table shows the Partnership’s capital figures for the U.S. and Canada broker-dealer subsidiaries as of:

	September 27, 2024			December 31, 2023
U.S.:
Net capital	$	1,383		$	981
Net capital in excess of the minimum required	$	1,320		$	919
Net capital as a percentage of aggregate debit    items		43.6	%		31.7	%
Net capital after anticipated capital withdrawals,    as a percentage of aggregate debit items		12.9	%		13.0	%
Canada:
Regulatory risk-adjusted capital	$	101		$	136
Regulatory risk-adjusted capital in excess of    the minimum required	$	94		$	134

U.S. net capital, Canada regulatory risk-adjusted capital and the related capital percentages may fluctuate on a daily basis.

NOTE 7 – CONTINGENCIES

In the normal course of its business, the Partnership is involved, from time to time, in various legal and regulatory matters, including arbitrations, class actions, other litigation, and examinations, investigations and proceedings by governmental authorities, self-regulatory organizations and other regulators, which may result in losses. These matters include:

Securities Class Action. On March 30, 2018, Edward Jones and its affiliated entities and individuals were named as defendants in a putative class action (Anderson, et al. v. Edward D. Jones & Co., L.P., et al.) filed in the U.S. District Court for the Eastern District of California. The lawsuit originally was brought under the Securities Act of 1933, as amended (the "Securities Act"), and the Exchange Act, as well as Missouri and California law and alleges that the defendants inappropriately transitioned client assets from commission-based accounts to fee-based programs. The plaintiffs requested declaratory, equitable, and exemplary relief, and compensatory damages. On July 9, 2019, the district court entered an order dismissing the lawsuit in its entirety without prejudice. On July 29, 2019, the plaintiffs filed a second amended complaint, which eliminated certain defendants, withdrew the Securities Act claims, added claims under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"), and certain additional state law claims, and reasserted the remaining claims with modified allegations. The defendants filed a motion to dismiss, the plaintiffs subsequently withdrew their Investment Advisers Act claims, and on November 12, 2019, the district court granted the defendants' motion to dismiss all other claims. The plaintiffs appealed the district court's dismissal of certain of their state law claims on jurisdictional grounds but did not appeal the dismissal of the remaining claims. On March 4, 2021, the U.S. Court of Appeals for the Ninth Circuit reversed the district court's dismissal of those state law claims. After further appellate proceedings in the Ninth Circuit, defendants filed a petition for certiorari with the U.S. Supreme Court, which was denied on January 18, 2022. On February 2, 2022, the defendants filed a renewed motion to dismiss the plaintiffs' remaining state law claims. On May 9, 2022, the court dismissed the second amended complaint without prejudice. On May 31, 2022, the plaintiffs filed a third amended complaint alleging a single claim of breach of fiduciary duty under Missouri and California law against a single defendant, Edward Jones, which Edward Jones moved to dismiss on June 21, 2022. The district court denied the motion to dismiss in an order filed on October 26, 2022. Edward Jones filed its answer to the third amended complaint on November 14, 2022. On September 22, 2023, the plaintiffs moved for class certification. On the same date, Edward Jones moved for summary judgment on the plaintiffs' individual claims and to dismiss the third amended complaint on jurisdictional grounds. The district court entered an order denying the motion to dismiss on January 8, 2024 and held a hearing on Edward Jones' motion for summary judgment on May 23, 2024. On September 9, 2024, the district court entered an order granting Edward Jones' motion for summary judgment and denying all other pending motions as moot, including the motion for class certification. On October 4, 2024, the plaintiffs filed a notice of appeal. Edward Jones denies the plaintiffs' allegations and intends to continue to vigorously defend this lawsuit.

16

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

Gender and Race Discrimination Class Action. On March 9, 2022, Edward Jones and JFC were named as defendants in a lawsuit (Dixon, et al. v. Edward D. Jones & Co., L.P., et al.) filed in the U.S. District Court for the Eastern District of Missouri. The lawsuit was brought by a then current financial advisor as a putative collective action alleging gender discrimination under the Fair Labor Standards Act, and by a former financial advisor as a putative class action alleging race discrimination under 42 U.S.C. § 1981. On April 25, 2022, the plaintiffs filed an amended complaint reasserting the original claims with modified allegations and adding claims under Title VII of the Civil Rights Act of 1964 alleging race/national origin, gender, and sexual orientation discrimination on behalf of putative classes of financial advisors. The defendants filed a motion to dismiss on May 23, 2022, and on September 15, 2022, the court stayed further proceedings in the case pending a decision on the motion to dismiss. On March 31, 2023, the district court denied the motion to dismiss and lifted the stay of proceedings. Edward Jones and JFC filed an answer to the amended complaint on April 17, 2023. The first phase of discovery related to collective and class certification is proceeding. Edward Jones and JFC deny the allegations and intend to vigorously defend this lawsuit.

Home Office Gender Discrimination Class Action. Edward Jones and JFC were named as defendants in a lawsuit brought by a former employee (Zigler v. Edward D. Jones & Co., L.P. et al.) in the Northern District of Illinois. The initial complaint filed on September 1, 2022 alleged putative class and collective claims under the Equal Pay Act of 1963 ("EPA"), Title VII of the Civil Rights Act of 1964 and Illinois state laws of gender-based wage discrimination against a subset of female home office associates whom the plaintiff described as “home office financial advisor[s]." The plaintiff amended the complaint on November 29, 2022, seeking to expand the putative collective and class definitions to include all female home office associates in any role. Edward Jones and JFC filed a motion to dismiss the amended complaint on January 6, 2023. On June 9, 2023, the district court granted in part and denied in part the defendants' motion to dismiss, permitting the plaintiff's EPA claim and related state-law claim to proceed in connection with only one of the roles she held during her employment by the firm, limiting the plaintiff's Title VII claim and related state-law claim to a disparate treatment theory of liability as opposed to a disparate impact theory, and accepting the plaintiff's agreement to dismiss JFC from the case without prejudice. Edward Jones filed its answer to the amended complaint on June 23, 2023. The first phase of discovery related to collective and class certification is proceeding. Edward Jones denies the allegations and intends to vigorously defend this lawsuit.

SEC Off-Channel Communications Platforms Investigation. Edward Jones entered into a settlement with the SEC on August 14, 2024 in connection with its publicly reported investigation of compliance by broker-dealers, investment advisers, and other financial institutions relating to retention of electronic communications stored on personal devices or messaging platforms that were not approved by Edward Jones for business use by its employees. Edward Jones fully cooperated with the SEC's investigation and resolved the matter pursuant to a publicly-filed order. The settlement imposes a cease-and-desist order and censure, required Edward Jones to pay a $50 civil monetary penalty and requires Edward Jones to fulfill certain undertakings including retention of an independent compliance consultant to assess the firm's policies and systems regarding electronic communications recordkeeping and assist Edward Jones in further enhancing those policies and systems.

In addition to these matters, the Partnership provides for potential losses that may arise related to other contingencies. The Partnership assesses its liabilities and contingencies utilizing available information. The Partnership accrues for potential losses for those matters where it is probable that the Partnership will incur a potential loss to the extent that the amount of such potential loss can be reasonably estimated, in accordance with FASB ASC No. 450, Contingencies. This liability represents the Partnership’s estimate of the probable loss as of September 27, 2024, after considering, among other factors, the progress of each case, the Partnership's experience with other legal and regulatory matters and discussion with legal counsel, and is believed to be sufficient. The aggregate accrued liability is recorded in accounts payable, accrued expenses and other on the Consolidated Statements of Financial Condition and may be adjusted from time to time to reflect any relevant developments.

For such matters where an accrued liability has not been established and the Partnership believes a loss is both reasonably possible and estimable, as well as for matters where an accrued liability has been recorded but for which an exposure to loss in excess of the amount accrued is both reasonably possible and estimable, the current estimated aggregated range of additional possible loss is up to $13 as of September 27, 2024. This range of reasonably possible loss does not necessarily represent the Partnership's maximum loss exposure as the Partnership was not able to estimate a range of reasonably possible loss for all matters.

17

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

Further, the matters underlying any disclosed estimated range will change from time to time, and actual results may vary significantly. While the outcome of these matters is inherently uncertain, based on information currently available, the Partnership believes that its established liabilities as of September 27, 2024 are adequate, and the liabilities arising from such matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Partnership. However, based on future developments and the potential unfavorable resolution of these matters, the outcome could be material to the Partnership’s future consolidated operating results for a particular period or periods.

NOTE 8 – SEGMENT INFORMATION

The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations, which primarily occur through a non-guaranteed subsidiary of the Partnership. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. Pre-variable income represents income before variable compensation expense and before allocations to partners. This is consistent with how management reviews the segments to assess performance.

The following table shows financial information for the Partnership’s reportable segments:

	Three Months Ended				Nine Months Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Net revenue:
U.S.	$	4,014	$	3,394	$	11,495	$	9,863
Canada		109		99		325		289
Total net revenue	$	4,123	$	3,493	$	11,820	$	10,152
Pre-variable income:
U.S.	$	1,173	$	840	$	3,204	$	2,496
Canada		24		21		71		62
Total pre-variable income	$	1,197	$	861	$	3,275	$	2,558
Variable compensation:
U.S.	$	625	$	457	$	1,742	$	1,322
Canada		13		10		37		31
Total variable compensation	$	638	$	467	$	1,779	$	1,353
Income before allocations to partners:
U.S.	$	548	$	383	$	1,462	$	1,174
Canada		11		11		34		31
Total income before allocations to partners	$	559	$	394	$	1,496	$	1,205

NOTE 9 – OFFSETTING ASSETS AND LIABILITIES

The Partnership does not offset financial instruments in the Consolidated Statements of Financial Condition. However, the Partnership enters into master netting arrangements with counterparties for securities purchased under agreements to resell that are subject to net settlement in the event of default. These agreements create a right of offset for the amounts due to and due from the same counterparty in the event of default or bankruptcy.

The following table shows the Partnership's securities purchased under agreements to resell as of:

	Gross amounts of		Gross amounts offset in the Consolidated Statements of		Net amounts presented in the Consolidated Statements of		Gross amounts not offset in the Consolidated Statements of Financial Condition
	recognized assets		Financial Condition		Financial Condition		Financial instruments	Securities collateral			Net amount
September 27, 2024	$	736		—		736	—		(736	)	$	—
December 31, 2023	$	1,139		—		1,139	—		(1,139	)	$	—

18

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

NOTE 10 – CASH FLOW INFORMATION

The following table shows supplemental cash flow information for the:

	Nine Months Ended
	September 27, 2024		September 29, 2023
Non-cash activities:
Issuance of general partnership interests through    partnership loans in the period	$	270	$	318
Repayment of partnership loans through distributions from    partnership capital in the period	$	153	$	131

The following table reconciles certain line items on the Consolidated Statements of Financial Condition to the cash, cash equivalents and restricted cash balance on the Consolidated Statements of Cash Flows as of:

	September 27, 2024		September 29, 2023
Cash and cash equivalents	$	1,944	$	2,427
Cash and investments segregated under federal regulations		13,246		13,643
Less: Investments segregated under federal regulations		9,038		10,193
Total cash, cash equivalents and restricted cash	$	6,152	$	5,877

Restricted cash represents cash segregated in special reserve bank accounts for the benefit of U.S. clients pursuant to Rule 15c3-3 under the Exchange Act.

19

PART I. FINANCIAL INFORMATION

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis is intended to help the reader understand the results of operations, the financial condition and the cash flows of the Partnership. Management’s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in Part I, Item 1 – Financial Statements of this Quarterly Report on Form 10-Q and Part II, Item 8 – Financial Statements and Supplementary Data of the Partnership’s Annual Report. All amounts are presented in millions, except as otherwise noted.

Basis of Presentation

The Partnership broadly categorizes its net revenues into four categories: fee revenue, trade revenue, net interest and dividends revenue (net of interest expense) and other revenue, net. In the Partnership’s Consolidated Statements of Income, fee revenue is composed of asset-based fees and account and activity fees. Asset-based fees include program fees which are based on the average daily market value of client assets in the program, as well as contractual rates. These fees are impacted by changes in market values of the assets and by client dollars invested in and divested from the accounts. Account and activity fees are impacted by the number of client accounts and the variety of services provided to those accounts, among other factors. Trade revenue is composed of commissions and principal transactions revenue. Commissions are earned from the distribution of mutual fund shares and insurance products and the purchase or sale of securities. Principal transactions revenue primarily results from the Partnership's distribution of and participation in principal trading activities in municipal obligations, certificates of deposit and corporate obligations. Trade revenue is impacted by the trading volume (client dollars invested), mix of the products in which clients invest and the size of trades, all of which may be impacted by market volatility, and margins earned on the transactions. Net interest and dividends revenue is impacted by the amount of cash and investments, receivables from and payables to clients, the variability of interest rates earned and paid on such balances, the number of Interests outstanding and the balances of Partnership loans. Other revenue, net, primarily consists of unrealized gains and losses associated with changes in the fair market value of investment securities, resulting from changes in market levels and the interest rate environment.

20

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

OVERVIEW

The following table sets forth the changes in major categories of the Consolidated Statements of Income as well as several related key financial metrics as of, and for the three- and nine-month periods ended, September 27, 2024 and September 29, 2023. Management of the Partnership relies on this financial information and the related metrics to evaluate the Partnership’s operating performance and financial condition.

	Three Months Ended									Nine Months Ended
	Sept. 27, 2024			Sept. 29, 2023			% Change			Sept. 27, 2024			Sept. 29, 2023			% Change
Revenue:
Fee revenue	$	3,369		$	2,894			16	%	$	9,667		$	8,371			15	%
% of net revenue		82	%		83	%		-1	%		82	%		82	%	—
Trade revenue		442			359			23	%		1,299			1,044			24	%
% of net revenue		11	%		10	%		10	%		11	%		10	%		10	%
Interest and dividends		294			292			1	%		904			851			6	%
Other revenue, net		83			15			453	%		149			99			51	%
Total revenue		4,188			3,560			18	%		12,019			10,365			16	%
Interest expense		65			67			-3	%		199			213			-7	%
Net revenue		4,123			3,493			18	%		11,820			10,152			16	%
Operating expenses		3,564			3,099			15	%		10,324			8,947			15	%
Income before allocations to partners	$	559		$	394			42	%	$	1,496		$	1,205			24	%
Related metrics:
Income before allocations to partners margin(1)		13.3	%		11.1	%		20	%		12.4	%		11.6	%		7	%
Client assets under care ($ billions):
Total:
At period end	$	2,176		$	1,762			23	%	$	2,176		$	1,762			23	%
Average	$	2,118		$	1,801			18	%	$	2,035		$	1,747			16	%
Advisory programs:
At period end	$	864		$	673			28	%	$	864		$	673			28	%
Average	$	837		$	688			22	%	$	799		$	666			20	%
Client dollars invested ($ billions)(2):
Trade	$	55		$	55		—			$	173		$	172			1	%
Advisory programs	$	14		$	9			56	%	$	41		$	24			71	%
Client households at period end		6.5			6.3			3	%		6.5			6.3			3	%
Net new households for the period(3)		53,000			37,000			43	%		177,000			153,000			16	%
Net new assets for the period ($ billions)(4):	$	16		$	19			-16	%	$	53		$	76			-30	%
Financial advisors (actual):
At period end		19,885			19,009			5	%		19,885			19,009			5	%
Average		19,749			18,949			4	%		19,534			18,887			3	%
Attrition %(5)		4.7	%		4.5	%		4	%		5.1	%		4.8	%		6	%
Dow Jones Industrial Average (actual):
At period end		42,313			33,508			26	%		42,313			33,508			26	%
Average		40,552			34,665			17	%		39,300			33,844			16	%
S&P 500 Index (actual):
At period end		5,738			4,288			34	%		5,738			4,288			34	%
Average		5,539			4,458			24	%		5,260			4,221			25	%
Bloomberg Aggregate Bond Index (actual):
At period end		102			94			9	%		102			94			9	%
Average		100			96			4	%		98			98		—

(1)Income before allocations to partners margin is income before allocations to partners expressed as a percentage of total revenue.

(2)Client dollars invested for trade revenue represents the principal amount of clients’ buy and sell transactions resulting in revenue and for advisory programs revenue represents the net of the inflows and outflows of client dollars into advisory programs.

(3)Net new households represents new client households opened less client households closed during the period, rounded to the nearest thousand. The current period metric is estimated based on available information.

(4)Net new assets represents cash and securities inflows and outflows, excluding mutual fund capital gain distributions received by U.S. clients.

(5)Attrition % represents the annualized number of financial advisors that left the firm during the period compared to the total number of financial advisors as of period end.

21

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Third Quarter 2024 versus Third Quarter 2023 Overview

The Partnership ended the third quarter of 2024 with a 23% increase in client assets under care ("AUC") to $2.2 trillion and an 18% increase in average client AUC, reflecting increases in the market value of client assets as well as the cumulative impact of net new assets gathered. Advisory programs' average AUC increased 22% due to higher average market levels and the increased investment of client assets into advisory programs. Net new assets decreased 16% from higher asset outflows with ongoing macroeconomic conditions, including inflation and the higher costs of lending.

The Partnership ended the third quarter of 2024 with 19,885 financial advisors, representing a 5% increase compared to the end of the same period in 2023. Financial advisor attrition was 4.7%. The Partnership is continuing to invest in new tools and technology; an expanded set of products and solutions; and new practice models that give our financial advisors greater autonomy, flexibility and choice in how they serve clients. The Partnership remains focused on developing and rewarding branch teams and building new practice management capabilities to help them grow their practices.

Net revenue increased 18% to $4,123, primarily due to increases in fee revenue and trade revenue. The increase in fee revenue was primarily due to increases in advisory programs with higher average market levels and the increase in client dollars invested in advisory programs. Trade revenue increased primarily due to higher overall margins earned.

Operating expenses increased 15% to $3,564, primarily due to increases in financial advisor compensation and benefits expense and variable compensation. Financial advisor compensation and benefits increased primarily due to an increase in revenues on which commissions are earned. Variable compensation increased due to increased branch and overall Partnership profitability.

Overall, the increase in net revenue, partially offset by the increase in operating expenses, led to income before allocations to partners increasing 42% to $559. Income before allocations to partners margin increased to 13.3%, reflecting strong current financial results while continuing to invest in the future.

Nine Months Ended September 27, 2024 versus Nine Months Ended September 29, 2023 Overview

Average client AUC increased 16% during the first nine months of 2024 compared to the same period in 2023, reflecting increases in the market value of client assets as well as the cumulative impact of net new assets gathered. Advisory programs' average AUC increased 20% due to higher average market levels and the increased investment of client assets into advisory programs. Net new assets decreased 30% from higher asset outflows with ongoing macroeconomic conditions, including inflation and the higher costs of lending.

Net revenue increased 16% to $11,820, primarily due to increases in fee revenue and trade revenue. The increase in fee revenue was primarily due to increases in advisory programs with higher average market levels and the increase in client dollars invested in advisory programs. Trade revenue increased primarily due to higher overall margins earned.

Operating expenses increased 15% to $10,324, primarily due to increases in financial advisor compensation and benefits expense and variable compensation. Financial advisor compensation and benefits increased primarily due to an increase in revenues on which commissions are earned. Variable compensation increased due to increased branch and overall Partnership profitability.

Overall, the increase in net revenue, partially offset by the increase in operating expenses, led to income before allocations to partners increasing 24% to $1,496. Income before allocations to partners margin was 12.4%, reflecting a strategic balance between investing in the future and current financial results.

22

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

RESULTS OF OPERATIONS FOR THE THREE- AND NINE-MONTH PERIODS ENDED SEPTEMBER 27, 2024 AND SEPTEMBER 29, 2023

The discussion below details the significant fluctuations and their drivers for each of the major categories of the Partnership’s Consolidated Statements of Income.

Fee Revenue

Fee revenue, which consists of asset-based fees and account and activity fees, increased 16% to $3,369 and 15% to $9,667 in the third quarter and first nine months of 2024, respectively, compared to the same periods in 2023. A discussion of fee revenue components follows.

	Three Months Ended							Nine Months Ended
	Sept. 27, 2024		Sept 29, 2023		% Change			Sept. 27, 2024		Sept 29, 2023		% Change
Fee revenue:
Asset-based fee revenue:
Advisory programs fees	$	2,445	$	2,015		21	%	$	6,920	$	5,789		20	%
Service fees		411		378		9	%		1,203		1,107		9	%
Cash solutions fees		141		150		-6	%		435		428		2	%
Other asset-based fees		187		165		13	%		545		485		12	%
Total asset-based fee revenue		3,184		2,708		18	%		9,103		7,809		17	%
Account and activity fee revenue:
Shareholder accounting services fees		116		116	—				349		346		1	%
Other account and activity fee revenue		69		70		-1	%		215		216	—
Total account and activity fee revenue		185		186		-1	%		564		562	—
Total fee revenue	$	3,369	$	2,894		16	%	$	9,667	$	8,371		15	%
Related metrics:
Average U.S. client asset values ($ billions)(1):
Advisory programs	$	820	$	674		22	%	$	783	$	652		20	%
Mutual fund assets held outside of    advisory programs	$	643	$	550		17	%	$	620	$	536		16	%

(1)Assets on which the Partnership earns asset-based fee revenue. The U.S. portion of consolidated asset-based fee revenue was approximately 98% for the periods presented.

Asset-based fee revenue increased 18% to $3,184 and 17% to $9,103 in the third quarter and first nine months of 2024, respectively, primarily due to increases in revenue from advisory programs fees. Growth in revenue from advisory programs was due to higher average market levels, as well as the continued increase in investment of client assets in advisory programs.

23

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Trade Revenue

Trade revenue, which consists of commissions and principal transactions, increased 23% to $442 and 24% to $1,299 in the third quarter and first nine months of 2024, respectively, compared to the same periods in 2023. A discussion of trade revenue components follows.

	Three Months Ended									Nine Months Ended
	Sept. 27, 2024			Sept. 29, 2023			% Change			Sept. 27, 2024			Sept. 29, 2023			% Change
Trade revenue:
Commissions revenue:
Equities	$	145		$	126			15	%	$	448		$	366			22	%
Mutual funds		118			96			23	%		348			296			18	%
Insurance products and other		120			82			46	%		333			224			49	%
Total commissions revenue	$	383		$	304			26	%	$	1,129		$	886			27	%
Principal transactions		59			55			7	%		170			158			8	%
Total trade revenue	$	442		$	359			23	%	$	1,299		$	1,044			24	%
Related metrics:
Client dollars invested ($ billions)(1)
Equities	$	10.4	19%	$	8.5	16%		22	%	$	31.7	18%	$	24.7	15%		28	%
Mutual funds		7.9	14%		5.7	10%		39	%		22.4	13%		17.4	10%		29	%
Insurance products and other		4.3	8%		2.8	5%		54	%		12.4	7%		7.1	4%		75	%
Principal transactions		32.0	59%		38.0	69%		-16	%		106.3	62%		122.5	71%		-13	%
Total client dollars invested	$	54.6		$	55.0			-1	%	$	172.8		$	171.7			1	%
Margin per $1,000 invested	$	8.1		$	6.6			23	%	$	7.5		$	6.1			23	%
U.S. business days		63			63			0	%		187			187		—

(1)Percentages represent client dollars invested in each product as a percent of total client dollars invested.

Trade revenue increased in the third quarter and first nine months of 2024 primarily due to an increase in commissions revenue and higher overall margin earned. Commissions revenue increased due to increases in insurance products and other, equities and mutual funds commissions revenue as a result of higher client dollars invested in each respective product. Overall margin increased with a larger portion of client dollars invested in equities, insurance products and mutual funds which earn higher margins than principal transaction products.

Net Interest and Dividends

Net interest and dividends revenue increased 2% to $229 and 11% to $705 in the third quarter and first nine months of 2024, respectively. The increase in the third quarter was primarily due to a decrease in customer credit interest expense from lower client cash balances. The increase in the first nine months was primarily due to an increase in interest income earned on short-term investments, reflecting higher interest rates, as well as a decrease in customer credit interest expense from lower cash balances. The year-to-date increase was partially offset by a decrease in interest income earned on client margin loans due to lower average loan balances.

24

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Operating Expenses

Operating expenses increased 15% in both the third quarter and first nine months of 2024 to $3,564 and $10,324, respectively, compared to the same periods in 2023. A discussion of operating expense components follows.

	Three Months Ended							Nine Months Ended
	Sept. 27, 2024		Sept. 29, 2023		% Change			Sept. 27, 2024		Sept. 29, 2023		% Change
Operating expenses:
Compensation and benefits:
Financial advisor	$	1,576	$	1,298		21	%	$	4,567	$	3,839		19	%
Home office and branch		608		593		3	%		1,814		1,731		5	%
Variable compensation		638		467		37	%		1,779		1,353		31	%
Total compensation and benefits		2,822		2,358		20	%		8,160		6,923		18	%
Communications and data processing		243		239		2	%		739		668		11	%
Occupancy and equipment		159		155		3	%		475		461		3	%
Fund sub-adviser fees		81		70		16	%		233		201		16	%
Professional and consulting fees		47		47	—				137		130		5	%
Advertising		38		40		-5	%		118		107		10	%
Other operating expenses		174		190		-8	%		462		457		1	%
Total operating expenses	$	3,564	$	3,099		15	%	$	10,324	$	8,947		15	%
Related metrics (actual):
Number of physical branches(1):
At period end		15,262		15,445		-1	%		15,262		15,445		-1	%
Average		15,284		15,469		-1	%		15,317		15,479		-1	%
Financial advisors:
At period end		19,885		19,009		5	%		19,885		19,009		5	%
Average		19,749		18,949		4	%		19,534		18,887		3	%
Client support team professionals(2):
At period end		20,080		18,319		10	%		20,080		18,319		10	%
Average		20,064		18,277		10	%		19,921		18,143		10	%
Home office associates(2):
At period end		9,406		9,374	—				9,406		9,374	—
Average		9,417		9,340		1	%		9,446		9,181		3	%

(1)Prior period balances have been adjusted to align to current year presentation.

(2)Counted on a full-time equivalent basis.

The increases in operating expenses in the third quarter and first nine months of 2024 compared to the same periods in 2023 were primarily due to increases in financial advisor compensation and benefits expense and variable compensation, which are described below.

Financial advisor compensation and benefits expense increased 21% to $1,576 and 19% to $4,567 in the third quarter and first nine months of 2024, respectively. The increases in both periods were primarily due to increases in revenues on which commissions are earned and increased retirement transition plan ("RTP") costs from higher payouts and increased participation in the RTP program.

Home office and branch compensation and benefits expense increased 3% to $608 and 5% to $1,814 in the third quarter and first nine months of 2024, respectively. The increases in both periods were primarily due to increases in the number of client support team professionals and higher average wages.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Variable compensation expands and contracts in relation to the Partnership’s profitability and margin earned. A significant portion of the Partnership’s profits is allocated to variable compensation and paid to associates in the form of bonuses and profit sharing. The increases in variable compensation of 37% to $638 and 31% to $1,779 in the third quarter and first nine months of 2024, respectively, were due to increases in branch and overall Partnership profitability.

Segment Information

The Partnership has two operating and reportable segments based upon geographic location, the U.S. and Canada. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership’s Canada operations. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. Pre-variable income represents income before variable compensation expense and before allocations to partners. This is consistent with how management views the segments to assess performance.

The following table shows financial and other information for the Partnership’s reportable segments.

26

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

	Three Months Ended									Nine Months Ended
	Sept. 27, 2024			Sept. 29, 2023			% Change			Sept. 27, 2024			Sept. 29, 2023			% Change
Net revenue:
U.S.	$	4,014		$	3,394			18	%	$	11,495		$	9,863			17	%
Canada		109			99			10	%		325			289			12	%
Total net revenue		4,123			3,493			18	%		11,820			10,152			16	%
Operating expenses (excluding variable compensation):
U.S.		2,841			2,554			11	%		8,291			7,367			13	%
Canada		85			78			9	%		254			227			12	%
Total operating expenses		2,926			2,632			11	%		8,545			7,594			13	%
Pre-variable income:
U.S.		1,173			840			40	%		3,204			2,496			28	%
Canada		24			21			14	%		71			62			15	%
Total pre-variable income		1,197			861			39	%		3,275			2,558			28	%
Variable compensation:
U.S.		625			457			37	%		1,742			1,322			32	%
Canada		13			10			30	%		37			31			19	%
Total variable compensation		638			467			37	%		1,779			1,353			31	%
Income before allocations to partners:
U.S.		548			383			43	%		1,462			1,174			25	%
Canada		11			11		—				34			31			10	%
Total income before allocations to partners	$	559		$	394			42	%	$	1,496		$	1,205			24	%
Income before allocations to partners margin:
U.S.		13.4	%		11.1	%		21	%		12.5	%		11.7	%		7	%
Pre-variable income margin(1):
Canada		21.8	%		21.2	%		3	%		21.6	%		21.3	%		1	%
Client assets under care ($ billions):
U.S.
At period end	$	2,130.9		$	1,724.5			24	%	$	2,130.9		$	1,724.5			24	%
Average	$	2,073.4		$	1,762.1			18	%	$	1,992.3		$	1,709.0			17	%
Canada
At period end	$	45.5		$	37.4			22	%	$	45.5		$	37.4			22	%
Average	$	44.3		$	38.6			15	%	$	42.8		$	37.6			14	%
Net new households for the period:
U.S. (rounded in thousands)		53,000			37,000			43	%		176,000			151,000			17	%
Canada (rounded in hundreds)		400			800			-50	%		1,000			2,400			-58	%
Net new assets for the period ($ billions):
U.S.	$	15.1		$	18.7			-19	%	$	51.7		$	74.5			-31	%
Canada	$	0.4		$	0.6			-33	%	$	1.3		$	1.6			-19	%
Financial advisors (actual):
U.S.
At period end		19,013			18,162			5	%		19,013			18,162			5	%
Average		18,879			18,104			4	%		18,671			18,045			3	%
Canada
At period end		872			847			3	%		872			847			3	%
Average		870			845			3	%		863			842			2	%

(1)Pre-variable income margin is pre-variable income expressed as a percentage of total revenue.

27

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

U.S.

Net revenue increased 18% to $4,014 and 17% to $11,495 in the third quarter and first nine months of 2024, respectively, compared to the same periods in 2023, primarily due to increases in fee revenue and trade revenue. The increase in fee revenue was primarily due to an increase in advisory programs fees revenue with higher average market levels and the increase in investment of client assets in advisory programs. Trade revenue increased primarily due to higher overall margins earned.

Operating expenses (excluding variable compensation) increased 11% to $2,841 and 13% to $8,291 in the third quarter and first nine months of 2024, respectively, primarily due to increases in financial advisor compensation and benefits expense. Financial advisor compensation and benefits increased primarily due to increases in revenues on which commissions are earned in both periods.

Income before allocations to partners increased 43% to $548 and 25% to $1,462 in the third quarter and first nine months of 2024, respectively. Income before allocations to partners margin was 13.4% and 12.5% in the third quarter and first nine months of 2024, respectively, reflecting a strategic balance in the U.S. between investing in the future and current financial results.

Canada

Net revenue increased 10% to $109 and 12% to $325 in the third quarter and first nine months of 2024, respectively, compared to the same periods in 2023, primarily due to increases in fee revenue and trade revenue. Fee revenue increased primarily due to an increase in advisory program fees with higher average market levels and the increase in investment of client assets in advisory programs in the third quarter of 2024.

Operating expenses (excluding variable compensation) increased 9% to $85 and 12% to $254 in the third quarter and first nine months of 2024, respectively, primarily due to increases in financial advisor compensation and benefits expense. Financial advisor compensation and benefits increased primarily due to increases in revenues on which commissions are earned in both periods.

Income before allocations to partners remained constant at $11 in the third quarter and increased 10% to $34 in the first nine months of 2024. Pre-variable income margin was 21.8% and 21.6%, respectively, reflecting a strategic balance in Canada between investing in the future and current financial results.

LEGISLATIVE AND REGULATORY REFORM

As discussed more fully in Part I, Item 1A – Risk Factors – Risk Related to the Partnership's Business – Legislative and Regulatory Initiatives of the Partnership’s Annual Report, the Partnership continues to monitor several proposed, potential and recently enacted federal and state legislation, rules and regulations.

MUTUAL FUNDS AND INSURANCE PRODUCTS

The Partnership estimates approximately 21% for both the three- and nine-month periods ended September 27, 2024 and 22% for the three- and nine-month periods ended September 29, 2023 of its total revenue was derived from sales and services related to mutual fund and insurance products.

Significant reductions in these revenues due to changes in the mutual funds industry affecting fee structures that result in decreased margins earned, regulatory reform or other changes to the Partnership’s relationship with mutual fund or insurance companies could have a material adverse effect on the Partnership’s results of operations, financial condition, and liquidity.

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PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

LIQUIDITY AND CAPITAL RESOURCES

The Partnership requires liquidity to cover its operating expenses, net capital requirements, capital expenditures, distributions to partners and redemptions of Partnership interests, as well as to facilitate client transactions. The principal sources for meeting the Partnership’s liquidity requirements include cash and cash equivalents, securities purchased under agreements to resell, government and agency investment securities, partnership capital and funds generated from operations, all discussed further below. The Partnership believes that the liquid nature of these sources provides flexibility for managing and financing the operating needs of the Partnership and will be sufficient to meet its capital and liquidity requirements for the next twelve months. Depending on conditions in the capital markets and other factors, the Partnership will, from time to time, consider the issuance of additional Partnership capital and debt, the proceeds of which could be used to meet growth needs or for other purposes.

Partnership Capital

The Partnership’s growth in capital has historically been the result of the sale of Interests to its associates and existing limited partners, the sale of subordinated limited partnership interests to its current or retiring general partners, and retention of a portion of general partner earnings.

The Partnership filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission (“SEC”) on December 8, 2021, to register $700 of Interests issuable pursuant to the Partnership's 2021 Employee Limited Partnership Interest Purchase Plan (the "2021 Plan"). In early 2023, the Partnership issued $568 of Interests under the 2021 Plan. The remaining $132 of Interests may be issued at the discretion of the Managing Partner in the future. The Partnership also issued $7 of Interests pursuant to a private placement offering in 2024 and may issue additional Interests from time to time in the future. Proceeds from these offerings are expected to be used to meet growth needs or for other purposes.

The Partnership’s capital and profits interests subject to mandatory redemption as of September 27, 2024, net of reserve for anticipated withdrawals and Partnership loans, was $4,341, an increase of $292 from December 31, 2023. This increase was primarily due to the additional capital contributions related to limited partner, subordinated limited partner and general partner interests ($7, $65 and $271, respectively) and the retention of a portion of general partner earnings ($147), partially offset by the net increase in Partnership loans outstanding ($75) and the redemption of limited partner, subordinated limited partner and general partner interests ($20, $13 and $90, respectively). During each of the three- and nine-month periods ended September 27, 2024 and September 29, 2023, the Partnership retained 13.8% of income allocated to general partners.

The Partnership makes loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the Enterprise Leadership Team ("ELT"), as defined in the Partnership’s Twenty-Second Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated August 15, 2023 (the "Partnership Agreement")), who require financing for some or all of their Partnership capital contributions. Partners borrowing from the Partnership will be required to repay such loans by applying the earnings received from the Partnership to such loans, net of amounts retained by the Partnership, amounts distributed for income taxes and a portion of earnings distributed to the partner. The Partnership has full recourse against any partner that defaults on loan obligations to the Partnership. The Partnership does not anticipate that partner loans will have an adverse impact on the Partnership’s short-term liquidity or capital resources.

Any partner may also choose to have individual banking arrangements for their Partnership capital contributions. The Partnership does not guarantee these bank loans, nor can the partner pledge their partnership interest as collateral for the bank loan. The Partnership performs certain administrative functions in connection with its limited partners who have elected to finance a portion of their Partnership capital contributions through individual unsecured bank loan agreements. For all limited partner capital contributions financed through such bank loan agreements, each agreement instructs the Partnership to apply the proceeds from the redemption of that individual’s capital account to the repayment of the limited partner's bank loan prior to any funds being released to the partner. In addition, the partner is required to apply Partnership earnings, net of any distributions to pay taxes, to service the interest and principal on the bank loan. Partners who finance all or a portion of their capital contributions with bank financing may be more likely to request the withdrawal of capital to meet bank financing requirements should the partners experience a period of reduced earnings. As a partnership, any withdrawals by general partners, subordinated limited partners or limited partners would reduce the Partnership’s available liquidity and capital.

29

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

Many of the same banks that provide financing to limited partners also provide financing to the Partnership. To the extent these banks increase credit available to the partners, financing available to the Partnership may be reduced.

The following table represents amounts related to Partnership loans as well as bank loans (for which the Partnership facilitates certain administrative functions). Partners may have arranged their own bank loans to finance their Partnership capital for which the Partnership does not facilitate certain administrative functions and therefore any such loans are not included in the table.

	As of September 27, 2024
	Limited Partnership Interests			Subordinated Limited Partnership Interests		General Partnership Interests			Total Partnership Interests
Total Partnership capital(1)	$	1,737		$	718	$	2,400		$	4,855
Partnership capital owned by partners with    individual loans	$	451		$	—	$	1,190		$	1,641
Partnership capital owned by partners with individual    loans as a percent of total Partnership capital		26	%		—		50	%		34	%
Individual loans:
Individual bank loans	$	123		$	—	$	—		$	123
Individual Partnership loans		—			—		514			514
Total individual loans	$	123		$	—	$	514		$	637
Individual loans as a percent of total Partnership capital		7	%		—		21	%		13	%
Individual loans as a percent of respective Partnership    capital owned by partners with loans		27	%		—		43	%		39	%

(1)Total Partnership capital, as defined for this table, is before the reduction of Partnership loans and is net of reserve for anticipated withdrawals.

Historically, neither the amount of Partnership capital financed with individual loans as indicated in the table above, nor the amount of partner withdrawal requests, has had a significant impact on the Partnership’s liquidity or capital resources.

Lines of Credit

The following table shows the composition of the Partnership’s aggregate bank lines of credit in place as of:

	September 27, 2024		December 31, 2023
2022 Credit Facility	$	500	$	500
Uncommitted secured credit facilities		390		390
Total bank lines of credit	$	890	$	890

In accordance with the terms of the Partnership's $500 committed revolving line of credit (the "2022 Credit Facility"), entered into in October 2022, the Partnership is required to maintain a leverage ratio of no more than 35% and minimum Partnership capital, net of reserve for anticipated withdrawals and Partnership loans, of at least $2,809. In addition, Edward Jones is required to maintain a minimum tangible net worth of at least $1,349 and minimum regulatory net capital of at least 6% of aggregate debit items as calculated under the alternative method. The Partnership has the ability to draw on various types of loans. The associated interest rate depends on the type of loan, duration of the loan and the Partnership's private credit rating. Contractual rates are based on an index rate plus the applicable spread. The 2022 Credit Facility is intended to provide short-term liquidity to the Partnership should the need arise. As of September 27, 2024, the Partnership was in compliance with all covenants related to the 2022 Credit Facility.

30

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

In addition, the Partnership has multiple uncommitted secured lines of credit totaling $390 that are subject to change at the discretion of the banks. The Partnership also has an additional uncommitted line of credit where the amount and the associated collateral requirements are at the bank's discretion in the event of a borrowing. Based on credit market conditions and the uncommitted nature of these credit facilities, it is possible that these lines of credit could decrease or not be available in the future. Actual borrowing capacity on secured lines is based on availability of client margin securities or firm-owned securities, which would serve as collateral on loans in the event the Partnership borrowed against these lines.

There were no amounts outstanding on the 2022 Credit Facility or the uncommitted lines of credit as of September 27, 2024 or December 31, 2023. In addition, the Partnership did not have any draws against these lines of credit during the nine-month period ended September 27, 2024, except for periodically testing draw procedures.

Cash Activity

As of September 27, 2024, the Partnership had $1,944 in cash and cash equivalents and $736 in securities purchased under agreements to resell, which generally have maturities of less than one week. This totaled $2,680 of Partnership liquidity as of September 27, 2024, a 4% decrease from $2,784 as of December 31, 2023. The Partnership also held $895 and $600 in government and agency obligations as of September 27, 2024 and December 31, 2023, respectively, to help facilitate cash management and maintain firm liquidity. The Partnership had $13,246 and $15,565 in cash and investments segregated under federal regulations as of September 27, 2024 and December 31, 2023, respectively, which was not available for general use. The decrease in cash and investments segregated under federal regulations was primarily due to the changes in net cash owed to clients based on their account activity during the period.

Regulatory Requirements

As a result of its activities as a U.S. broker-dealer, Edward Jones is subject to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and capital compliance rules of the Financial Industry Regulatory Authority ("FINRA"). Under the alternative method permitted by the rules, Edward Jones must maintain minimum net capital equal to the greater of $0.25 or 2% of aggregate debit items arising from client transactions. The net capital rules also provide that Edward Jones’ partnership capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements.

EJ Canada is a registered broker-dealer regulated by the Canadian Investment Regulatory Organization ("CIRO"). Under the regulations prescribed by CIRO, EJ Canada is required to maintain minimum levels of risk-adjusted capital, which are dependent on the nature of EJ Canada's assets and results of operations.

The following table shows the Partnership’s capital figures for the U.S. and Canada broker-dealer subsidiaries as of:

	September 27, 2024			December 31, 2023			% Change
U.S.:
Net capital	$	1,383		$	981			41	%
Net capital in excess of the minimum required	$	1,320		$	919			44	%
Net capital as a percentage of aggregate debit    items		43.6	%		31.7	%		38	%
Net capital after anticipated capital withdrawals,    as a percentage of aggregate debit items		12.9	%		13.0	%		-1	%
Canada:
Regulatory risk-adjusted capital	$	101		$	136			-26	%
Regulatory risk-adjusted capital in excess of    the minimum required	$	94		$	134			-30	%

U.S. net capital, Canada regulatory risk-adjusted capital and the related capital percentages may fluctuate on a daily basis.

31

PART I. FINANCIAL INFORMATION

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, continued

THE EFFECTS OF INFLATION

The Partnership’s net assets are primarily monetary, consisting of cash and cash equivalents, cash and investments segregated under federal regulations, firm-owned securities, and receivables, less liabilities. Monetary net assets are primarily liquid in nature and would not be significantly affected by inflation. Inflation and future expectations of inflation influence securities prices, as well as activity levels in the securities markets. As a result, profitability and capital may be impacted by inflation and inflationary expectations. Additionally, inflation’s impact on the Partnership’s operating expenses may affect profitability to the extent that additional costs are not recovered through attracting new clients, gathering new assets or raising prices of services offered by the Partnership to increase revenue.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, and in particular Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements within the meaning of U.S. securities laws. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “will,” “should,” and other expressions which predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Partnership. These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Partnership to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause differences between forward-looking statements and actual events include, but are not limited to, the following: (1) general economic conditions, including inflation, an economic downturn, a recession or volatility in the U.S. and/or global securities markets, actions of the U.S. Federal Reserve and/or central banks outside of the United States and economic effects of international geopolitical conflicts, the U.S. federal debt ceiling, widespread health epidemics or pandemics or other major world events; (2) actions of competitors; (3) the Partnership's ability to attract and retain qualified financial advisors and other employees; (4) changes in interest rates; (5) regulatory actions; (6) changes in legislation or regulation; (7) litigation; (8) the ability of clients, other broker-dealers, banks, depositories and clearing organizations to fulfill contractual obligations; (9) changes in technology and other technology-related risks; (10) a fluctuation or decline in the fair value of securities; and (11) the risks discussed under Part I, Item 1A – Risk Factors in the Partnership’s Annual Report. These forward-looking statements were based on information, plans, and estimates at the date of this report, and the Partnership does not undertake to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

32

PART I. FINANCIAL INFORMATION

ITEM 3. quantitative and qualitative disclosures about market RISK

Various levels of management within the Partnership manage the Partnership’s risk exposure. Position limits in inventory accounts are established and monitored on an ongoing basis. Credit risk related to various financing activities is reduced by the industry practice of obtaining and maintaining collateral. The Partnership monitors its exposure to counterparty risk through the use of credit exposure information, the monitoring of collateral values and the establishment of credit limits. For further discussion of monitoring, see the Risk Management discussion in Part III, Item 10 – Directors, Executive Officers and Corporate Governance of the Partnership’s Annual Report. All amounts are presented in millions, except as otherwise noted.

The Partnership is exposed to market risk from changes in interest rates. Such changes in interest rates impact the income from interest-earning assets, primarily client margin loans and investments, which are primarily comprised of cash and cash equivalents, investments segregated under federal regulations, certain investment securities and securities purchased under agreements to resell. Client margin loans and investments averaged $3.1 billion and $17.3 billion, respectively, for the nine-month period ended September 27, 2024 and earned interest at an average annual rate of approximately 827 and 493 basis points (8.27% and 4.93%), respectively, during the first nine months of 2024. Changes in interest rates also have an impact on the expense related to the liabilities that finance these assets, such as amounts payable to clients.

The Partnership performed an analysis of its financial instruments and assessed the related interest rate risk and materiality in accordance with the SEC rules. To estimate the impact of a 100-basis point (1.00%) change on net interest income, the Partnership uses a forecasting model to assess the sensitivity of net interest income to the movements in interest rates. The model estimates the sensitivity by calculating interest income and interest expense in a balance sheet environment using current balances at the end of the reporting period. Assumptions used in the model include the interest rate movement, along with interest related risks such as pricing spreads and the Partnership's determined returns on client cash accounts. Under current and expected market conditions, and based on current levels of interest-earning assets and the liabilities that finance those assets, the Partnership estimates that a 100-basis point (1.00%) increase in short-term interest rates could increase its annual net interest income by approximately $75. Conversely, the Partnership estimates that a 100-basis point (1.00%) decrease in short-term interest rates could decrease the Partnership’s annual net interest income by approximately $122. This estimate reflects minimum contractual rates on certain balances. This analysis excludes client assets that are held off-balance sheet in the Money Market Fund and at third-party banks participating in the Partnership's Insured Bank Deposit program.

ITEM 4. controls and procedures

The Partnership maintains a system of disclosure controls and procedures which are designed to ensure that information required to be disclosed by the Partnership in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to management, including the Partnership’s certifying officers, as appropriate to allow timely decisions regarding required disclosure.

Based upon an evaluation performed as of the end of the period covered by this report, the Partnership’s certifying officers, the Chief Executive Officer and the Chief Financial Officer, have concluded that the Partnership’s disclosure controls and procedures were effective as of September 27, 2024.

There have been no changes in the Partnership’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

33

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information in Part I, Item 1, Note 7 supplements the discussion in Item 3 – Legal Proceedings in the Partnership's Annual Report.

ITEM 1A. RISK FACTORS

For information regarding risk factors affecting the Partnership, please see the language in Part I, Item 2 – Forward-looking Statements of this Quarterly Report on Form 10-Q and the discussion in Part I, Item 1A – Risk Factors of the Partnership's Annual Report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The Partnership issued $0.3 million of subordinated limited partnership interests (“SLP Interests”), which are described in the Partnership Agreement, to retiring general partners during the third quarter of 2024. The Partnership issued the SLP Interests pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended, in privately negotiated transactions and not pursuant to a public offering or general solicitation.

34

PART II. OTHER INFORMATION

ITEM 6. Exhibits

Exhibit Number		Description
3.1	*	Twenty-Second Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated as of August 15, 2023, incorporated by reference from Exhibit 3.1 to The Jones Financial Companies, L.L.L.P. Form 8-K dated August 16, 2023.
3.2	*	Twenty-Second Amended and Restated Certificate of Limited Partnership of the Jones Financial Companies, L.L.L.P., dated February 22, 2022, incorporated by reference from Exhibit 3.2 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 25, 2022.
3.3	*	First Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated March 24, 2022, incorporated by reference from Exhibit 3.3 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 25, 2022.
3.4	*	Second Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated April 20, 2022, incorporated by reference from Exhibit 3.4 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 25, 2022.
3.5	*	Third Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated May 24, 2022, incorporated by reference from Exhibit 3.5 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 24, 2022.
3.6	*	Fourth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated June 23, 2022, incorporated by reference from Exhibit 3.6 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 24, 2022.
3.7	*	Fifth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated July 21, 2022, incorporated by reference from Exhibit 3.7 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 24, 2022.
3.8	*	Sixth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated September 15, 2022, incorporated by reference from Exhibit 3.8 to The Jones Financial Companies, L.L.L.P Form 10-Q for the quarterly period ended September 30, 2022.
3.9	*	Seventh Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated October 16, 2022, incorporated by reference from Exhibit 3.9 to The Jones Financial Companies, L.L.L.P Form 10-Q for the quarterly period ended September 30, 2022.
3.10	*	Eighth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated November 21, 2022, incorporated by reference from Exhibit 3.10 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2022.
3.11	*	Ninth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated December 21, 2022, incorporated by reference from Exhibit 3.11 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2022.
3.12	*	Tenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated January 25, 2023, incorporated by reference from Exhibit 3.12 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2022.
3.13	*	Eleventh Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated February 23, 2023, incorporated by reference from Exhibit 3.13 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2022.

35

PART II. OTHER INFORMATION

Item 6. Exhibits, continued

3.14	*	Twelfth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated March 16, 2023, incorporated by reference from Exhibit 3.14 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 31, 2023.
3.15	*	Thirteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated April 18, 2023, incorporated by reference from Exhibit 3.15 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 31, 2023.
3.16	*	Fourteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated May 18, 2023, incorporated by reference from Exhibit 3.16 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 30, 2023.
3.17	*	Fifteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated June 22, 2023, incorporated by reference from Exhibit 3.17 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 30, 2023.
3.18	*	Sixteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated July 20, 2023, incorporated by reference from Exhibit 3.18 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 30, 2023.
3.19	*	Seventeenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated August 24, 2023, incorporated by reference from Exhibit 3.19 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended September 29, 2023.
3.20	*	Eighteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated September 21, 2023, incorporated by reference from Exhibit 3.20 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended September 29, 2023.
3.21	*	Nineteenth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated October 19, 2023, incorporated by reference from Exhibit 3.21 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended September 29, 2023.
3.22	*	Twentieth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated November 20, 2023, incorporated by reference from Exhibit 3.22 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2023.
3.23	*	Twenty-First Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated December 20, 2023, incorporated by reference from Exhibit 3.23 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2023.
3.24	*	Twenty-Second Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated January 25, 2024, incorporated by reference from Exhibit 3.24 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2023.
3.25	*	Twenty-Third Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated February 20, 2024, incorporated by reference from Exhibit 3.25 to The Jones Financial Companies, L.L.L.P. Form 10-K for the year ended December 31, 2023.
3.26	*	Twenty-Fourth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated April 19, 2024, incorporated by reference from Exhibit 3.26 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended March 29, 2024.

36

PART II. OTHER INFORMATION

Item 6. Exhibits, continued

3.27	*	Twenty-Fifth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated May 16, 2024, incorporated by reference from Exhibit 3.27 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 28, 2024.
3.28	*	Twenty-Sixth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated June 25, 2024, incorporated by reference from Exhibit 3.28 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 28, 2024.
3.29	*	Twenty-Seventh Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated July 18, 2024, incorporated by reference from Exhibit 3.29 to The Jones Financial Companies, L.L.L.P. Form 10-Q for the quarterly period ended June 28, 2024.
3.30	**	Twenty-Eighth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated August 20, 2024.
3.31	**	Twenty-Ninth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated September 17, 2024.
3.32	**	Thirtieth Amendment of Twenty-Second Restated Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P., dated October 22, 2024.
31.1	**	Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.
31.2	**	Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.
32.1	**	Certification of Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
32.2	**	Certification of Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	**	Inline XBRL Instance Document
104	**	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

* Incorporated by reference to previously filed exhibits.

** Filed herewith.

37

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE JONES FINANCIAL COMPANIES, L.L.L.P.
By:	/s/ Penny Pennington
	Penny Pennington
	Managing Partner (Principal Executive Officer)
	November 8, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated:

Signatures	Title	Date
/s/ Penny Pennington	Managing Partner (Principal Executive Officer)	November 8, 2024
Penny Pennington
/s/ Andrew T. Miedler	Chief Financial Officer (Principal Financial and Accounting Officer)	November 8, 2024
Andrew T. Miedler

38

EX-3.30

 
  EX-3.30
 
 
  

EX-3.31

Exhibit 3.31

TWENTY-NINTH AMENDMENT OF TWENTY-SECOND AMENDED AND RESTATED
CERTIFICATE OF LIMITED PARTNERSHIP

OF

THE JONES FINANCIAL COMPANIES, L.L.L.P.

The undersigned, for the purpose of amending the Twenty-Second Amended and Restated Certificate of Limited Partnership under the Missouri Revised Uniform Limited Partnership Act, states the following:

(1)The name of the limited partnership is The Jones Financial Companies, L.L.L.P., and the limited partnership's charter number is LP0000443.

(2)The partnership filed the Twenty-Second Amended and Restated Certificate of Limited Partnership with the Missouri Secretary of State on March 18, 2022.

(3)The Twenty-Second Amended and Restated Certificate of Limited Partnership is hereby amended to reflect the general partner withdrawal and admission attached hereto on Exhibit A effective as of the dates listed on Exhibit A.

Upon the withdrawal and admission of said partners, the number of general partners is 604.

In affirmation thereof, the facts stated above are true.

Dated: September 17, 2024

General Partner:

By _______/s/ Penny Pennington ___________________

Penny Pennington

Managing Partner/Authorized Person/Attorney-in-Fact

EXHIBIT A

Withdrawn General Partners:
Partner Name	Date Withdrawn as General Partner	Address 1 & 2	City, State & Zip
Tipper, Russell Winston	9/1/2024	12555 Manchester Road	St. Louis, MO 63131
Admitted General Partners:
Partner Name	Date Admitted as General Partner	Address 1 & 2	City, State & Zip
The Tipper Family Trust	9/1/2024	12555 Manchester Road	St. Louis, MO 63131

Exhibit A to Twenty-Ninth Amendment of Twenty-Second Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.
Page 1 of 1

EX-3.32

Exhibit 3.32

THIRTIETH AMENDMENT OF TWENTY-SECOND AMENDED AND RESTATED
CERTIFICATE OF LIMITED PARTNERSHIP

OF

THE JONES FINANCIAL COMPANIES, L.L.L.P.

The undersigned, for the purpose of amending the Twenty-Second Amended and Restated Certificate of Limited Partnership under the Missouri Revised Uniform Limited Partnership Act, states the following:

(1)The name of the limited partnership is The Jones Financial Companies, L.L.L.P., and the limited partnership's charter number is LP0000443.

(2)The partnership filed the Twenty-Second Amended and Restated Certificate of Limited Partnership with the Missouri Secretary of State on March 18, 2022.

(3)The Twenty-Second Amended and Restated Certificate of Limited Partnership is hereby amended to reflect the general partner withdrawal and admission attached hereto on Exhibit A effective as of the dates listed on Exhibit A.

Upon the withdrawal and admission of said partners, the number of general partners is 602.

In affirmation thereof, the facts stated above are true.

Dated: October 22, 2024

General Partner:

By _______/s/ Penny Pennington ___________________

Penny Pennington

Managing Partner/Authorized Person/Attorney-in-Fact

EXHIBIT A

Withdrawn General Partners:
Partner Name	Date Withdrawn as General Partner	Address 1 & 2	City, State & Zip
Hawkins, Violette Marie	10/1/2024	12555 Manchester Road	St. Louis, MO 63131
Huang, James Licheh	10/1/2024	12555 Manchester Road	St. Louis, MO 63131
Richard David Link Revocable Living Trust	10/1/2024	12555 Manchester Road	St. Louis, MO 63131
Admitted General Partners:
Partner Name	Date Admitted as General Partner	Address 1 & 2	City, State & Zip
Violette M. Hawkins Trust	10/1/2024	12555 Manchester Road	St. Louis, MO 63131

Exhibit A to Thirtieth Amendment of Twenty-Second Amended and Restated

Certificate of Limited Partnership of The Jones Financial Companies, L.L.L.P.

Page 1 of 1

EX-31.1

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Penny Pennington, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Jones Financial Companies, L.L.L.P. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

/s/ Penny Pennington

Chief Executive Officer

The Jones Financial Companies, L.L.L.P.

November 8, 2024

EX-31.2

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Andrew T. Miedler, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Jones Financial Companies, L.L.L.P. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

/s/ Andrew T. Miedler

Chief Financial Officer

The Jones Financial Companies, L.L.L.P.

November 8, 2024

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of The Jones Financial Companies, L.L.L.P. (the "Registrant") on Form 10-Q for the period ended September 27, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Penny Pennington, Chief Executive Officer of the Registrant, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Penny Pennington

Chief Executive Officer

The Jones Financial Companies, L.L.L.P.

November 8, 2024

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of The Jones Financial Companies, L.L.L.P. (the "Registrant") on Form 10-Q for the period ended September 27, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Andrew T. Miedler, Chief Financial Officer of the Registrant, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Andrew T. Miedler

Chief Financial Officer

The Jones Financial Companies, L.L.L.P.

November 8, 2024

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Document and Entity Information - shares	9 Months Ended
	Sep. 27, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 27, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	JONES FINANCIAL COMPANIES LLLP
Entity Central Index Key	0000815917
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Limited Partnership Interests Outstanding		1,734,516
Entity File Number	0-16633
Entity Tax Identification Number	43-1450818
Entity Address, Address Line One	12555 Manchester Road
Entity Address, City or Town	Des Peres
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63131
City Area Code	314
Local Phone Number	515-2000
Entity Incorporation, State or Country Code	MO
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

XML

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 31, 2023
ASSETS:
Cash and cash equivalents	$ 1,944	$ 1,645
Cash and investments, at fair value, segregated under federal regulations	13,246	15,565
Securities purchased under agreements to resell	736	1,139
Receivables from:
Clients	4,199	3,922
Mutual funds, insurance companies and other	935	891
Brokers, dealers and clearing organizations	347	429
Securities owned, at fair value:
Investment securities	1,379	1,069
Inventory securities	214	88
Fixed assets, at cost, net of accumulated depreciation and amortization	1,289	1,093
Lease right-of-use assets	1,075	1,029
Other assets	1,217	1,133
TOTAL ASSETS	26,581	28,003
Payables to
Clients	16,319	18,246
Brokers, dealers and clearing organizations	218	131
Accrued compensation and employee benefits	2,808	2,506
Accounts payable, accrued expenses and other	1,359	1,427
Lease liabilities	1,108	1,066
Total liabilities before partnership capital	21,812	23,376
Contingencies (Note 7)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans	4,341	4,049
Reserve for anticipated withdrawals	428	578
Total partnership capital and profits interests subject to mandatory redemption	4,769	4,627
TOTAL LIABILITIES	26,581	28,003
Limited Partnership Capital [Member]
Payables to
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans	1,737	1,750
Subordinated Limited Partnership Capital [Member]
Payables to
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans	718	666
General Partnership Capital [Member]
Payables to
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans	$ 1,886	$ 1,633

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Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Revenue:
Revenue	$ 3,811	$ 3,253	$ 10,966	$ 9,415
Interest and dividends	294	292	904	851
Other revenue, net	83	15	149	99
Total revenue	4,188	3,560	12,019	10,365
Interest expense	65	67	199	213
Net revenue	4,123	3,493	11,820	10,152
Operating expenses:
Compensation and benefits	2,822	2,358	8,160	6,923
Communications and data processing	243	239	739	668
Occupancy and equipment	159	155	475	461
Fund sub-adviser fees	81	70	233	201
Professional and consulting fees	47	47	137	130
Advertising	38	40	118	107
Other operating expenses	174	190	462	457
Total operating expenses	3,564	3,099	10,324	8,947
Income before allocations to partners	559	394	1,496	1,205
Allocations to partners:
Limited partners	85	66	232	203
Profits interests	12	0	32	0
Subordinated limited partners	61	44	164	135
General partners	401	284	1,068	867
Net Income (Loss) Attributable to Parent, Total	$ 0	$ 0	$ 0	$ 0
Income allocated to limited partners per weighted average $1,000 equivalent limited partnership unit outstanding	$ 46.42	$ 35.54	$ 123.83	$ 108.72
Weighted average $1,000 equivalent limited partnership units outstanding	1,738,470	1,760,636	1,744,585	1,767,944
Total Fee Revenue [Member]
Revenue:
Revenue	$ 3,369	$ 2,894	$ 9,667	$ 8,371
Asset-based Fee Revenue [Member]
Revenue:
Revenue	3,184	2,708	9,103	7,809
Account and Activity Fee Revenue [Member]
Revenue:
Revenue	185	186	564	562
Trade Revenue [Member]
Revenue:
Revenue	$ 442	$ 359	$ 1,299	$ 1,044

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Consolidated Statements of Income (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Limited partnership interest value	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Weighted Average Limited Partnership Outstanding Per Unit	$ 1,000	$ 1,000	$ 1,000	$ 1,000

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Consolidated Statements of Changes in Partnership Capital Subject to Mandatory Redemption (Unaudited) - USD ($) $ in Millions	Total	Limited Partnership Capital [Member]	Profits Interests [Member]	Subordinated Limited Partnership Capital [Member]	General Partnership Capital [Member]
Reserve for anticipated withdrawals	$ (464)	$ (100)		$ (53)	$ (311)
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2022	3,819	1,312		671	1,836
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2022	3,355	1,212		618	1,525
Partnership loans outstanding at Dec. 31, 2022	335	0		0	335
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2022	3,690	1,212		618	1,860
Issuance of partnership interests	945	568		65	312
Redemption of partnership interests	(92)	(7)		(14)	(71)
Net income allocated to partners	401	68		45	288
Distributions	(22)	(2)		0	(20)
Total partnership capital, including capital financed with partnership loans at Mar. 31, 2023	4,922	1,839		714	2,369
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2022	3,819	1,312		671	1,836
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2022	3,355	1,212		618	1,525
Partnership loans outstanding at Dec. 31, 2022	335	0		0	335
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2022	3,690	1,212		618	1,860
Other comprehensive loss allocations	0
Total partnership capital, including capital financed with partnership loans at Sep. 29, 2023	4,939	1,948		681	2,310
Partnership loans outstanding at Sep. 29, 2023	(464)	0		0	(464)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Sep. 29, 2023	4,134	1,758		667	1,709
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Sep. 29, 2023	4,475	1,948		681	1,846
Issuance of partnership interests	8	0		2	6
Redemption of partnership interests	(24)	(7)		(1)	(16)
Net income allocated to partners	410	69		46	295
Distributions	(442)	(9)		(75)	(358)
Total partnership capital, including capital financed with partnership loans at Jun. 30, 2023	4,874	1,892		686	2,296
Issuance of partnership interests	3	0		3	0
Redemption of partnership interests	(52)	(8)		(6)	(38)
Net income allocated to partners	394	66		44	284
Other comprehensive loss allocations	0
Distributions	(280)	(2)		(46)	(232)
Total partnership capital, including capital financed with partnership loans at Sep. 29, 2023	4,939	1,948		681	2,310
Partnership loans outstanding at Sep. 29, 2023	(464)	0		0	(464)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Sep. 29, 2023	4,134	1,758		667	1,709
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Sep. 29, 2023	4,475	1,948		681	1,846
Reserve for anticipated withdrawals	341	190		14	137
Reserve for anticipated withdrawals	(578)	(170)	$ 0	(60)	(348)
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2023	4,627
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2023	4,627	1,920	0	726	1,981
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2023	4,049	1,750	0	666	1,633
Partnership loans outstanding at Dec. 31, 2023	439	0	0	0	439
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2023	4,488	1,750	0	666	2,072
Issuance of partnership interests	337	6	0	64	267
Redemption of partnership interests	(64)	(7)	0	(11)	(46)
Net income allocations	467	74	10	52	331
Other comprehensive loss allocations	(3)	(1)	0	0	(2)
Distributions	(21)	4	0	0	(25)
Total partnership capital, including capital financed with partnership loans, and profits interests at Mar. 29, 2024	5,204	1,826	10	771	2,597
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2023	4,627
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2023	4,627	1,920	0	726	1,981
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2023	4,049	1,750	0	666	1,633
Partnership loans outstanding at Dec. 31, 2023	439	0	0	0	439
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2023	4,488	1,750	0	666	2,072
Other comprehensive loss allocations	(2)
Total partnership capital, including capital financed with partnership loans, and profits interests at Sep. 27, 2024	5,283	1,951	4	739	2,589
Partnership loans outstanding at Sep. 27, 2024	(514)	0	0	0	(514)
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION at Sep. 27, 2024	4,769	1,951	4	739	2,075
Reserve for anticipated withdrawals at Sep. 27, 2024	(428)	(214)	(4)	(21)	(189)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Sep. 27, 2024	4,341	1,737	0	718	1,886
Issuance of partnership interests	4	1	0	0	3
Redemption of partnership interests	(16)	(6)	0	0	(10)
Net income allocations	470	73	10	51	336
Distributions	(530)	(19)	(17)	(85)	(409)
Total partnership capital, including capital financed with partnership loans, and profits interests at Jun. 28, 2024	5,132	1,875	3	737	2,517
Issuance of partnership interests	2	0	0	1	1
Redemption of partnership interests	(43)	(7)	0	(2)	(34)
Net income allocations	559	85	12	61	401
Other comprehensive loss allocations	1	0	0	0	1
Distributions	(368)	(2)	(11)	(58)	(297)
Total partnership capital, including capital financed with partnership loans, and profits interests at Sep. 27, 2024	5,283	1,951	4	739	2,589
Partnership loans outstanding at Sep. 27, 2024	(514)	0	0	0	(514)
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION at Sep. 27, 2024	4,769	1,951	4	739	2,075
Reserve for anticipated withdrawals at Sep. 27, 2024	(428)	(214)	(4)	(21)	(189)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Sep. 27, 2024	4,341	$ 1,737	$ 0	$ 718	$ 1,886
Reserve for anticipated withdrawals	$ (428)

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Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 0	$ 0	$ 0	$ 0
Other comprehensive income (loss):
Foreign currency translation	1	0	(2)	0
Comprehensive income (loss) before allocations to partners	1	0	(2)	0
Allocations to partners	1	0	(2)	0
Total comprehensive income (loss)	$ 0	$ 0	$ 0	$ 0

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 0	$ 0
Adjustments to reconcile net income to net cash provided by operating activities:
Income before allocations to partners	1,496	1,205
Foreign currency translation	(2)	0
Depreciation and amortization	451	414
Changes in assets and liabilities:
Investments segregated under federal regulations	2,355	1,134
Securities purchased under agreements to resell	403	(917)
Net payable to clients	(2,204)	(3,185)
Net receivable from brokers, dealers and clearing organizations	169	(111)
Receivable from mutual funds, insurance companies and other	(44)	(3)
Securities owned	(436)	52
Other assets	(87)	(56)
Lease liabilities	(261)	(253)
Accrued compensation and employee benefits	302	111
Accounts payable, accrued expenses and other	(65)	(40)
Net cash provided by (used in) operating activities	2,077	(1,649)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets	(390)	(307)
Cash used in investing activities	(390)	(307)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of partnership loans	42	58
Issuance of partnership interests	73	638
Redemption of partnership interests	(123)	(168)
Distributions from partnership capital	(1,344)	(1,077)
Net cash used in financing activities	(1,352)	(549)
Net decrease in cash, cash equivalents and restricted cash	335	(2,505)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	5,817	8,382
End of period	$ 6,152	$ 5,877

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 0	$ 0	$ 0	$ 0

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Insider Trading Arrangements	3 Months Ended
	Sep. 27, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Introduction and Basis of Presentation

9 Months Ended

Sep. 27, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Introduction and Basis of Presentation

NOTE 1 – INTRODUCTION AND BASIS OF PRESENTATION

The accompanying Consolidated Financial Statements include the accounts of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the “Partnership” or "JFC"). The financial position of the Partnership’s subsidiaries in Canada as of August 31, 2024 and November 30, 2023 are included in the Partnership’s Consolidated Statements of Financial Condition and the results for the three- and nine-month periods ended August 31, 2024 and 2023 are included in the Partnership’s Consolidated Statements of Income, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption and Consolidated Statements of Cash Flows because of the timing of the Partnership’s financial reporting process.

The Partnership’s principal operating subsidiaries are Edward D. Jones & Co., L.P. (“Edward Jones”), a registered broker-dealer and investment adviser in the United States (“U.S.”), and Edward Jones (an Ontario limited partnership), a registered broker-dealer in Canada ("EJ Canada"). Through these entities, the Partnership primarily serves individual investors in the U.S. and Canada as a retail brokerage business that primarily derives revenues from fees for providing investment advisory and other account services to its clients, fees for assets held by clients and commissions for the distribution of mutual fund shares and insurance products and the purchase or sale of securities. The Partnership conducts business throughout North America through its U.S. and Canada business units with its clients, various brokers, dealers, clearing organizations, depositories and banks. For financial information related to the Partnership’s two operating segments for the three- and nine-month periods ended September 27, 2024 and September 29, 2023, see Note 8 to the Consolidated Financial Statements. Trust services are offered to Edward Jones’ U.S. clients through Edward Jones Trust Company (“Trust Co.”), a wholly-owned subsidiary of the Partnership. Olive Street Investment Advisers, LLC ("Olive Street"), a wholly-owned subsidiary of the Partnership, provides investment advisory services to the Edward Jones Money Market Fund (the "Money Market Fund") and the twelve sub-advised mutual funds comprising the Bridge Builder® Trust.

The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles, which require the use of certain estimates by management in determining the Partnership’s assets, liabilities, revenues and expenses. Actual results could differ from these estimates. Certain prior period balances have been adjusted to align to current year presentation. The Partnership evaluated subsequent events for recognition or disclosure through the date these Consolidated Financial Statements were issued and identified no matters requiring disclosure other than those disclosed in Note 7.

The interim financial information included herein is unaudited. However, in the opinion of management, such information includes all adjustments, consisting primarily of normal recurring accruals, which are necessary for a fair statement of the results of interim operations. The Partnership evaluated subsequent events for recognition or disclosure through the date these Consolidated Financial Statements were issued and identified no matters requiring disclosure.

The results of operations for the three- and nine-month periods ended September 27, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. These unaudited Consolidated Financial Statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and notes thereto included in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report").

There have been no material changes to the Partnership’s significant accounting policies or disclosures of recently issued accounting standards as described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Annual Report, other than the modification and addition disclosed below.

Foreign Exchange. Assets and liabilities denominated in a foreign currency are translated at the exchange rate at the end of the period. Revenue and expenses denominated in a foreign currency are translated using the average exchange rate for each period. Effective January 1, 2024, the functional currency for the Partnership's Canada subsidiaries changed prospectively from U.S. dollars to Canadian dollars due to a change in facts and economic indicators, including sustained profitability in Canada, with no material impact to the Consolidated Financial Statements. As a result, foreign exchange gains and losses from the translation of EJ Canada's financial statements into U.S. dollars are reflected on the Consolidated Statements of Comprehensive Income (Loss). Under the terms of the Partnership’s Twenty-Second Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated August 15, 2023 (the “Partnership Agreement”), other comprehensive income (loss) is allocated to partners, which results in no accumulated other comprehensive income on the Consolidated Statements of Financial Condition.

Profits Interests. Effective January 1, 2024, the Partnership began issuing Profits Interests to certain financial advisors in the U.S., to enable them to further share in the Partnership's Net Income, as defined in the Partnership Agreement as income and other comprehensive income (loss) before allocations to partners. Profits Interests do not require a capital investment but, like limited partnership interests ("Interests"), give the holder the right to allocations and distributions of the Partnership's Net Income before allocations to subordinated limited partners and general partners. The amount of Net Income allocated to a Profits Interest holder is based on a bookkeeping measure expressed in terms of a notional U.S. dollar amount ("Notional Capital") held by such Profits Interests holder. Profits Interests have no book value, are not redeemable for any value in the future, and expire upon the earlier of the redemption of the Profits Interest or at the end of their stated term. To the extent the Partnership experiences a Net Loss for a given calendar year, as defined in the Partnership Agreement, Profits Interest holders, like limited partners, would not be allocated such Net Loss. Profits Interests have a maximum three-calendar year term from the date of issuance. Profits Interests are considered mandatorily redeemable under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 480, Distinguishing Liabilities from Equity. Undistributed Partnership Net Income allocations are included in reserve for anticipated withdrawals on the Consolidated Statements of Financial Condition until distributed. The Partnership's Net Income allocations for Profits Interests are disclosed separately on the Consolidated Statements of Income and Consolidated Statements of Changes in Partnership Capital and Profits Interests.

Profits Interests are intended to be granted annually as part of an associate recognition and retention program. The Partnership granted and issued Profits Interests for no cash consideration on January 1, 2024, to provide Profits Interest holders with allocations of Net Income based upon a $263 Notional Capital amount for the 2024 calendar year. The Profits Interests are fully vested and participate in Net Income allocations upon grant. Any future rights to allocations and distributions of the Partnership's Net Income will be forfeited upon termination of the Profits Interest. Profits Interests have zero fair value on grant date, therefore no compensation expense is recognized upon issuance or over their stated term.

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Leases

9 Months Ended

Sep. 27, 2024

Leases [Abstract]

Leases

NOTE 2 – LEASES

For the three- and nine-month periods ended September 27, 2024 and September 29, 2023, respectively, cash paid for amounts included in the measurement of operating lease liabilities was $88 and $261 and $85 and $253, respectively, and lease right-of-use assets obtained in exchange for new operating lease liabilities were $96 and $295 and $117 and $344, respectively. As of September 27, 2024 and December 31, 2023, the weighted-average remaining lease term was four years for both periods and the weighted-average discount rates were 4.1% and 3.7%, respectively.

The following table summarizes the Partnership's operating lease cost, variable lease cost not included in the lease liability and total lease cost for the:

	Three Months Ended				Nine Months Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Operating lease cost	$	87	$	85	$	259	$	252
Variable lease cost		19		17		54		51
Total lease cost	$	106	$	102	$	313	$	303

The Partnership's future undiscounted cash outflows for operating leases are summarized below as of:

	September 27, 2024
2024	$	88
2025		331
2026		278
2027		216
2028		151
Thereafter		163
Total lease payments		1,227
Less: Interest		119
Total present value of lease liabilities	$	1,108

While the rights and obligations for leases that have not yet commenced are not significant, the Partnership regularly enters into new branch office leases.

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Receivables and Revenue

9 Months Ended

Sep. 27, 2024

Revenue from Contract with Customer [Abstract]

Receivables and Revenue

NOTE 3 – RECEIVABLES AND REVENUE

As of September 27, 2024 and December 31, 2023, collateral held for receivables from clients was $4,874 and $4,231, respectively, and collateral held for securities purchased under agreements to resell was $747 and $1,158, respectively. Given the nature of the agreements for receivables from clients and given the counterparties for resale agreements are financial institutions that the Partnership considers to be reputable and reliable, the Partnership does not expect the fair value of collateral to fall below the value of the agreements frequently or for an extended period of time. Therefore, the expected credit loss was zero for each period. Additionally, partnership loan values remained below the value of capital allocated to partners, resulting in an expected credit loss of zero as of September 27, 2024 and December 31, 2023.

As of September 27, 2024, December 31, 2023 and December 31, 2022, $859, $732 and $637, respectively, of the receivable from clients balance and $367, $343 and $328, respectively, of the receivable from mutual funds, insurance companies and other balance related to revenue contracts with customers. The related fees are paid out of client accounts or third-party products consisting of cash and securities, the collateral value of those accounts continues to exceed the amortized cost basis of these receivables and the receivables have a short duration. As a result, the Partnership does not expect an event or change which would result in the receivables being undercollateralized or unpaid. The expected credit loss for receivables from contracts with customers was zero as of September 27, 2024 and December 31, 2023.

The following table shows the Partnership's disaggregated revenue information. See Note 8 for segment information.

	Three Months Ended						Three Months Ended
	September 27, 2024						September 29, 2023
	U.S.		Canada		Total		U.S.		Canada		Total
Fee revenue:
Asset-based fee revenue:
Advisory programs fees	$	2,396	$	49	$	2,445	$	1,974	$	41	$	2,015
Service fees		385		26		411		352		26		378
Cash solutions fees		141		—		141		150		—		150
Other asset-based fees		187		—		187		165		—		165
Total asset-based fee revenue		3,109		75		3,184		2,641		67		2,708
Account and activity fee revenue:
Shareholder accounting services fees		116		—		116		116		—		116
Other account and activity fee revenue		66		3		69		67		3		70
Total account and activity fee revenue		182		3		185		183		3		186
Total fee revenue		3,291		78		3,369		2,824		70		2,894
Trade revenue:
Commissions		371		12		383		294		10		304
Principal transactions		56		3		59		52		3		55
Total trade revenue		427		15		442		346		13		359
Total revenue from customers		3,718		93		3,811		3,170		83		3,253
Net interest and dividends and other revenue		296		16		312		224		16		240
Net revenue	$	4,014	$	109	$	4,123	$	3,394	$	99	$	3,493
	Nine Months Ended						Nine Months Ended
	September 27, 2024						September 29, 2023
	U.S.		Canada		Total		U.S.		Canada		Total
Fee revenue:
Asset-based fee revenue:
Advisory programs fees	$	6,781	$	139	$	6,920	$	5,672	$	117	$	5,789
Service fees		1,126		77		1,203		1,032		75		1,107
Cash solutions fees		435		—		435		428		—		428
Other asset-based fees		545		—		545		485		—		485
Total asset-based fee revenue		8,887		216		9,103		7,617		192		7,809
Account and activity fee revenue:
Shareholder accounting services fees		349		—		349		346		—		346
Other account and activity fee revenue		205		10		215		206		10		216
Total account and activity fee revenue		554		10		564		552		10		562
Total fee revenue		9,441		226		9,667		8,169		202		8,371
Trade revenue:
Commissions		1,092		37		1,129		855		31		886
Principal transactions		161		9		170		151		7		158
Total trade revenue		1,253		46		1,299		1,006		38		1,044
Total revenue from customers		10,694		272		10,966		9,175		240		9,415
Net interest and dividends and other revenue		801		53		854		688		49		737
Net revenue	$	11,495	$	325	$	11,820	$	9,863	$	289	$	10,152

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Fair Value

9 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

Fair Value

NOTE 4 – FAIR VALUE

The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report. There have been no material changes to the Partnership's valuation methodologies since December 31, 2023.

The Partnership records fractional shares at fair value in other assets with associated liabilities in accounts payable, accrued expenses and other in the Consolidated Statements of Financial Condition. The liabilities are initially recorded at the dollar amount received from the clients, but the Partnership makes an election to record the liabilities at fair value. Changes in the fair value of the assets and liabilities offset in other revenue in the Consolidated Statements of Income, with no impact on income before allocations to partners.

The Partnership did not have any assets or liabilities categorized as Level III during the nine- and twelve-month periods ended September 27, 2024 and December 31, 2023, respectively.

The following tables show the Partnership’s financial assets and liabilities measured at fair value as of:

	September 27, 2024
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	163	$	—	$	163
Money market funds		73		—		—		73
Total cash equivalents	$	73	$	163	$	—	$	236
Investments segregated under federal regulations:
U.S. treasuries	$	7,938	$	—	$	—	$	7,938
Certificates of deposit		—		1,100		—		1,100
Total investments segregated under federal regulations	$	7,938	$	1,100	$	—	$	9,038
Securities owned:
Investment securities:
Government and agency obligations	$	895	$	—	$	—	$	895
Mutual funds(1)		364		—		—		364
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		8		—		—		8
Total investment securities	$	1,267	$	112	$	—	$	1,379
Inventory securities:
Mutual funds	$	103	$	—	$	—	$	103
Municipal obligations		—		50		—		50
Equities		19		—		—		19
Corporate bonds and notes		—		15		—		15
Government and agency obligations		15		—		—		15
Certificates of deposit		—		12		—		12
Total inventory securities	$	137	$	77	$	—	$	214
Other assets:
Client fractional share ownership assets	$	925	$	—	$	—	$	925
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	925	$	—	$	—	$	925

	December 31, 2023
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	179	$	—	$	179
Money market funds		76		—		—		76
Total cash equivalents	$	76	$	179	$	—	$	255
Investments segregated under federal regulations:
U.S. treasuries	$	9,893	$	—	$	—	$	9,893
Certificates of deposit		—		1,500		—		1,500
Total investments segregated under federal regulations	$	9,893	$	1,500	$	—	$	11,393
Securities owned:
Investment securities:
Government and agency obligations	$	600	$	—	$	—	$	600
Mutual funds(1)		346		—		—		346
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		11		—		—		11
Total investment securities	$	957	$	112	$	—	$	1,069
Inventory securities:
Municipal obligations	$	—	$	29	$	—	$	29
Equities		21		—		—		21
Certificates of deposit		—		20		—		20
Mutual funds		9		—		—		9
Corporate bonds and notes		—		5		—		5
Government and agency obligations		4		—		—		4
Total inventory securities	$	34	$	54	$	—	$	88
Other assets:
Client fractional share ownership assets	$	824	$	—	$	—	$	824
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	824	$	—	$	—	$	824

(1)The mutual funds balance consists primarily of securities held to economically hedge future liabilities for the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.

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Partnership Capital Subject to Mandatory Redemption

9 Months Ended

Sep. 27, 2024

Partners' Capital Notes [Abstract]

PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION

NOTE 5 – PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION

The Partnership makes loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the Enterprise Leadership Team ("ELT"), as defined in the Partnership Agreement), who require financing for some or all of their Partnership capital contributions. In limited circumstances a general partner may withdraw from the Partnership and become a subordinated limited partner while they still have an outstanding Partnership loan. It is anticipated that, of the future general and subordinated limited partnership capital contributions (in each case, other than for ELT members) requiring financing, the majority will be financed through Partnership loans. Loans made by the Partnership to such partners are generally for a period of one year but are expected to be renewed and bear interest at the greater of the Prime Rate for the last business day of the prior fiscal month or 3.25% per annum. The Partnership recognizes interest income for the interest earned related to these loans. The outstanding amount of Partnership loans is reflected as a reduction to total Partnership capital. As of September 27, 2024 and December 31, 2023, the outstanding amount of Partnership loans was $514 and $439, respectively. Interest income earned from these loans, which is included in interest and dividends in the Consolidated Statements of Income, was $12 and $36 and $10 and $30 for the three- and nine-month periods ended September 27, 2024 and September 29, 2023, respectively.

The following table shows the roll forward of outstanding Partnership loans for the:

	Nine Months Ended
	September 27, 2024			September 29, 2023
Partnership loans outstanding at beginning of period	$	439		$	335
Partnership loans issued during the period		270			318
Repayment of Partnership loans during the period		(195	)		(189	)
Total Partnership loans outstanding	$	514		$	464

The minimum 7.5% annual return on the face amount of limited partnership capital was $32 and $98 and $33 and $99 for the three- and nine-month periods ended September 27, 2024 and September 29, 2023, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income.

The Partnership filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission (“SEC”) on December 8, 2021, to register $700 of Interests issuable pursuant to the Partnership's 2021 Employee Limited Partnership Interest Purchase Plan (the "2021 Plan"). In early 2023, the Partnership issued $568 of Interests under the 2021 Plan. The remaining $132 of Interests may be issued at the discretion of the Managing Partner in the future. The Partnership also issued $7 of Interests pursuant to a private placement offering in 2024 and may issue additional Interests from time to time in the future. Proceeds from these offerings are expected to be used to meet growth needs or for other purposes.

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Net Capital Requirements

9 Months Ended

Sep. 27, 2024

Broker-Dealer [Abstract]

Net Capital Requirements

NOTE 6 – NET CAPITAL REQUIREMENTS

As a result of its activities as a U.S. broker-dealer, Edward Jones is subject to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and capital compliance rules of the Financial Industry Regulatory Authority ("FINRA"). Under the alternative method permitted by the rules, Edward Jones must maintain minimum net capital equal to the greater of $0.25 or 2% of aggregate debit items arising from client transactions. The net capital rules also provide that Edward Jones’ partnership capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements.

EJ Canada is a registered broker-dealer regulated by the Canadian Investment Regulatory Organization ("CIRO"). Under the regulations prescribed by CIRO, EJ Canada is required to maintain minimum levels of risk-adjusted capital, which are dependent on the nature of EJ Canada's assets and results of operations.

The following table shows the Partnership’s capital figures for the U.S. and Canada broker-dealer subsidiaries as of:

	September 27, 2024			December 31, 2023
U.S.:
Net capital	$	1,383		$	981
Net capital in excess of the minimum required	$	1,320		$	919
Net capital as a percentage of aggregate debit    items		43.6	%		31.7	%
Net capital after anticipated capital withdrawals,    as a percentage of aggregate debit items		12.9	%		13.0	%
Canada:
Regulatory risk-adjusted capital	$	101		$	136
Regulatory risk-adjusted capital in excess of    the minimum required	$	94		$	134

U.S. net capital, Canada regulatory risk-adjusted capital and the related capital percentages may fluctuate on a daily basis.

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CONTINGENCIES

9 Months Ended

Sep. 27, 2024

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

NOTE 7 – CONTINGENCIES

In the normal course of its business, the Partnership is involved, from time to time, in various legal and regulatory matters, including arbitrations, class actions, other litigation, and examinations, investigations and proceedings by governmental authorities, self-regulatory organizations and other regulators, which may result in losses. These matters include:

Securities Class Action. On March 30, 2018, Edward Jones and its affiliated entities and individuals were named as defendants in a putative class action (Anderson, et al. v. Edward D. Jones & Co., L.P., et al.) filed in the U.S. District Court for the Eastern District of California. The lawsuit originally was brought under the Securities Act of 1933, as amended (the "Securities Act"), and the Exchange Act, as well as Missouri and California law and alleges that the defendants inappropriately transitioned client assets from commission-based accounts to fee-based programs. The plaintiffs requested declaratory, equitable, and exemplary relief, and compensatory damages. On July 9, 2019, the district court entered an order dismissing the lawsuit in its entirety without prejudice. On July 29, 2019, the plaintiffs filed a second amended complaint, which eliminated certain defendants, withdrew the Securities Act claims, added claims under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"), and certain additional state law claims, and reasserted the remaining claims with modified allegations. The defendants filed a motion to dismiss, the plaintiffs subsequently withdrew their Investment Advisers Act claims, and on November 12, 2019, the district court granted the defendants' motion to dismiss all other claims. The plaintiffs appealed the district court's dismissal of certain of their state law claims on jurisdictional grounds but did not appeal the dismissal of the remaining claims. On March 4, 2021, the U.S. Court of Appeals for the Ninth Circuit reversed the district court's dismissal of those state law claims. After further appellate proceedings in the Ninth Circuit, defendants filed a petition for certiorari with the U.S. Supreme Court, which was denied on January 18, 2022. On February 2, 2022, the defendants filed a renewed motion to dismiss the plaintiffs' remaining state law claims. On May 9, 2022, the court dismissed the second amended complaint without prejudice. On May 31, 2022, the plaintiffs filed a third amended complaint alleging a single claim of breach of fiduciary duty under Missouri and California law against a single defendant, Edward Jones, which Edward Jones moved to dismiss on June 21, 2022. The district court denied the motion to dismiss in an order filed on October 26, 2022. Edward Jones filed its answer to the third amended complaint on November 14, 2022. On September 22, 2023, the plaintiffs moved for class certification. On the same date, Edward Jones moved for summary judgment on the plaintiffs' individual claims and to dismiss the third amended complaint on jurisdictional grounds. The district court entered an order denying the motion to dismiss on January 8, 2024 and held a hearing on Edward Jones' motion for summary judgment on May 23, 2024. On September 9, 2024, the district court entered an order granting Edward Jones' motion for summary judgment and denying all other pending motions as moot, including the motion for class certification. On October 4, 2024, the plaintiffs filed a notice of appeal. Edward Jones denies the plaintiffs' allegations and intends to continue to vigorously defend this lawsuit.

Gender and Race Discrimination Class Action. On March 9, 2022, Edward Jones and JFC were named as defendants in a lawsuit (Dixon, et al. v. Edward D. Jones & Co., L.P., et al.) filed in the U.S. District Court for the Eastern District of Missouri. The lawsuit was brought by a then current financial advisor as a putative collective action alleging gender discrimination under the Fair Labor Standards Act, and by a former financial advisor as a putative class action alleging race discrimination under 42 U.S.C. § 1981. On April 25, 2022, the plaintiffs filed an amended complaint reasserting the original claims with modified allegations and adding claims under Title VII of the Civil Rights Act of 1964 alleging race/national origin, gender, and sexual orientation discrimination on behalf of putative classes of financial advisors. The defendants filed a motion to dismiss on May 23, 2022, and on September 15, 2022, the court stayed further proceedings in the case pending a decision on the motion to dismiss. On March 31, 2023, the district court denied the motion to dismiss and lifted the stay of proceedings. Edward Jones and JFC filed an answer to the amended complaint on April 17, 2023. The first phase of discovery related to collective and class certification is proceeding. Edward Jones and JFC deny the allegations and intend to vigorously defend this lawsuit.

Home Office Gender Discrimination Class Action. Edward Jones and JFC were named as defendants in a lawsuit brought by a former employee (Zigler v. Edward D. Jones & Co., L.P. et al.) in the Northern District of Illinois. The initial complaint filed on September 1, 2022 alleged putative class and collective claims under the Equal Pay Act of 1963 ("EPA"), Title VII of the Civil Rights Act of 1964 and Illinois state laws of gender-based wage discrimination against a subset of female home office associates whom the plaintiff described as “home office financial advisor[s]." The plaintiff amended the complaint on November 29, 2022, seeking to expand the putative collective and class definitions to include all female home office associates in any role. Edward Jones and JFC filed a motion to dismiss the amended complaint on January 6, 2023. On June 9, 2023, the district court granted in part and denied in part the defendants' motion to dismiss, permitting the plaintiff's EPA claim and related state-law claim to proceed in connection with only one of the roles she held during her employment by the firm, limiting the plaintiff's Title VII claim and related state-law claim to a disparate treatment theory of liability as opposed to a disparate impact theory, and accepting the plaintiff's agreement to dismiss JFC from the case without prejudice. Edward Jones filed its answer to the amended complaint on June 23, 2023. The first phase of discovery related to collective and class certification is proceeding. Edward Jones denies the allegations and intends to vigorously defend this lawsuit.

SEC Off-Channel Communications Platforms Investigation. Edward Jones entered into a settlement with the SEC on August 14, 2024 in connection with its publicly reported investigation of compliance by broker-dealers, investment advisers, and other financial institutions relating to retention of electronic communications stored on personal devices or messaging platforms that were not approved by Edward Jones for business use by its employees. Edward Jones fully cooperated with the SEC's investigation and resolved the matter pursuant to a publicly-filed order. The settlement imposes a cease-and-desist order and censure, required Edward Jones to pay a $50 civil monetary penalty and requires Edward Jones to fulfill certain undertakings including retention of an independent compliance consultant to assess the firm's policies and systems regarding electronic communications recordkeeping and assist Edward Jones in further enhancing those policies and systems.

In addition to these matters, the Partnership provides for potential losses that may arise related to other contingencies. The Partnership assesses its liabilities and contingencies utilizing available information. The Partnership accrues for potential losses for those matters where it is probable that the Partnership will incur a potential loss to the extent that the amount of such potential loss can be reasonably estimated, in accordance with FASB ASC No. 450, Contingencies. This liability represents the Partnership’s estimate of the probable loss as of September 27, 2024, after considering, among other factors, the progress of each case, the Partnership's experience with other legal and regulatory matters and discussion with legal counsel, and is believed to be sufficient. The aggregate accrued liability is recorded in accounts payable, accrued expenses and other on the Consolidated Statements of Financial Condition and may be adjusted from time to time to reflect any relevant developments.

For such matters where an accrued liability has not been established and the Partnership believes a loss is both reasonably possible and estimable, as well as for matters where an accrued liability has been recorded but for which an exposure to loss in excess of the amount accrued is both reasonably possible and estimable, the current estimated aggregated range of additional possible loss is up to $13 as of September 27, 2024. This range of reasonably possible loss does not necessarily represent the Partnership's maximum loss exposure as the Partnership was not able to estimate a range of reasonably possible loss for all matters.

Further, the matters underlying any disclosed estimated range will change from time to time, and actual results may vary significantly. While the outcome of these matters is inherently uncertain, based on information currently available, the Partnership believes that its established liabilities as of September 27, 2024 are adequate, and the liabilities arising from such matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Partnership. However, based on future developments and the potential unfavorable resolution of these matters, the outcome could be material to the Partnership’s future consolidated operating results for a particular period or periods.

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Segment Information

9 Months Ended

Sep. 27, 2024

Segment Reporting [Abstract]

Segment Information

NOTE 8 – SEGMENT INFORMATION

The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations, which primarily occur through a non-guaranteed subsidiary of the Partnership. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. Pre-variable income represents income before variable compensation expense and before allocations to partners. This is consistent with how management reviews the segments to assess performance.

The following table shows financial information for the Partnership’s reportable segments:

	Three Months Ended				Nine Months Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Net revenue:
U.S.	$	4,014	$	3,394	$	11,495	$	9,863
Canada		109		99		325		289
Total net revenue	$	4,123	$	3,493	$	11,820	$	10,152
Pre-variable income:
U.S.	$	1,173	$	840	$	3,204	$	2,496
Canada		24		21		71		62
Total pre-variable income	$	1,197	$	861	$	3,275	$	2,558
Variable compensation:
U.S.	$	625	$	457	$	1,742	$	1,322
Canada		13		10		37		31
Total variable compensation	$	638	$	467	$	1,779	$	1,353
Income before allocations to partners:
U.S.	$	548	$	383	$	1,462	$	1,174
Canada		11		11		34		31
Total income before allocations to partners	$	559	$	394	$	1,496	$	1,205

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Offsetting Assets and Liabilities

9 Months Ended

Sep. 27, 2024

Offsetting [Abstract]

Offsetting Assets and Liabilities

NOTE 9 – OFFSETTING ASSETS AND LIABILITIES

The Partnership does not offset financial instruments in the Consolidated Statements of Financial Condition. However, the Partnership enters into master netting arrangements with counterparties for securities purchased under agreements to resell that are subject to net settlement in the event of default. These agreements create a right of offset for the amounts due to and due from the same counterparty in the event of default or bankruptcy.

The following table shows the Partnership's securities purchased under agreements to resell as of:

	Gross amounts of		Gross amounts offset in the Consolidated Statements of		Net amounts presented in the Consolidated Statements of		Gross amounts not offset in the Consolidated Statements of Financial Condition
	recognized assets		Financial Condition		Financial Condition		Financial instruments	Securities collateral			Net amount
September 27, 2024	$	736		—		736	—		(736	)	$	—
December 31, 2023	$	1,139		—		1,139	—		(1,139	)	$	—

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Cash Flow Information

9 Months Ended

Sep. 27, 2024

Supplemental Cash Flow Elements [Abstract]

Cash Flow Information

NOTE 10 – CASH FLOW INFORMATION

The following table shows supplemental cash flow information for the:

	Nine Months Ended
	September 27, 2024		September 29, 2023
Non-cash activities:
Issuance of general partnership interests through    partnership loans in the period	$	270	$	318
Repayment of partnership loans through distributions from    partnership capital in the period	$	153	$	131

The following table reconciles certain line items on the Consolidated Statements of Financial Condition to the cash, cash equivalents and restricted cash balance on the Consolidated Statements of Cash Flows as of:

	September 27, 2024		September 29, 2023
Cash and cash equivalents	$	1,944	$	2,427
Cash and investments segregated under federal regulations		13,246		13,643
Less: Investments segregated under federal regulations		9,038		10,193
Total cash, cash equivalents and restricted cash	$	6,152	$	5,877

Restricted cash represents cash segregated in special reserve bank accounts for the benefit of U.S. clients pursuant to Rule 15c3-3 under the Exchange Act.

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Introduction and Basis of Presentation (Policies)

9 Months Ended

Sep. 27, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Foreign Exchange

Foreign Exchange. Assets and liabilities denominated in a foreign currency are translated at the exchange rate at the end of the period. Revenue and expenses denominated in a foreign currency are translated using the average exchange rate for each period. Effective January 1, 2024, the functional currency for the Partnership's Canada subsidiaries changed prospectively from U.S. dollars to Canadian dollars due to a change in facts and economic indicators, including sustained profitability in Canada, with no material impact to the Consolidated Financial Statements. As a result, foreign exchange gains and losses from the translation of EJ Canada's financial statements into U.S. dollars are reflected on the Consolidated Statements of Comprehensive Income (Loss). Under the terms of the Partnership’s Twenty-Second Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated August 15, 2023 (the “Partnership Agreement”), other comprehensive income (loss) is allocated to partners, which results in no accumulated other comprehensive income on the Consolidated Statements of Financial Condition.

Profits Interests

Profits Interests. Effective January 1, 2024, the Partnership began issuing Profits Interests to certain financial advisors in the U.S., to enable them to further share in the Partnership's Net Income, as defined in the Partnership Agreement as income and other comprehensive income (loss) before allocations to partners. Profits Interests do not require a capital investment but, like limited partnership interests ("Interests"), give the holder the right to allocations and distributions of the Partnership's Net Income before allocations to subordinated limited partners and general partners. The amount of Net Income allocated to a Profits Interest holder is based on a bookkeeping measure expressed in terms of a notional U.S. dollar amount ("Notional Capital") held by such Profits Interests holder. Profits Interests have no book value, are not redeemable for any value in the future, and expire upon the earlier of the redemption of the Profits Interest or at the end of their stated term. To the extent the Partnership experiences a Net Loss for a given calendar year, as defined in the Partnership Agreement, Profits Interest holders, like limited partners, would not be allocated such Net Loss. Profits Interests have a maximum three-calendar year term from the date of issuance. Profits Interests are considered mandatorily redeemable under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 480, Distinguishing Liabilities from Equity. Undistributed Partnership Net Income allocations are included in reserve for anticipated withdrawals on the Consolidated Statements of Financial Condition until distributed. The Partnership's Net Income allocations for Profits Interests are disclosed separately on the Consolidated Statements of Income and Consolidated Statements of Changes in Partnership Capital and Profits Interests.

Profits Interests are intended to be granted annually as part of an associate recognition and retention program. The Partnership granted and issued Profits Interests for no cash consideration on January 1, 2024, to provide Profits Interest holders with allocations of Net Income based upon a $263 Notional Capital amount for the 2024 calendar year. The Profits Interests are fully vested and participate in Net Income allocations upon grant. Any future rights to allocations and distributions of the Partnership's Net Income will be forfeited upon termination of the Profits Interest. Profits Interests have zero fair value on grant date, therefore no compensation expense is recognized upon issuance or over their stated term.

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Leases (Tables)

9 Months Ended

Sep. 27, 2024

Leases [Abstract]

Schedule of Lease Cost

The following table summarizes the Partnership's operating lease cost, variable lease cost not included in the lease liability and total lease cost for the:

	Three Months Ended				Nine Months Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Operating lease cost	$	87	$	85	$	259	$	252
Variable lease cost		19		17		54		51
Total lease cost	$	106	$	102	$	313	$	303

Schedule of Future Undiscounted Cash Outflows for Operating Leases

The Partnership's future undiscounted cash outflows for operating leases are summarized below as of:

	September 27, 2024
2024	$	88
2025		331
2026		278
2027		216
2028		151
Thereafter		163
Total lease payments		1,227
Less: Interest		119
Total present value of lease liabilities	$	1,108

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Receivables and Revenue (Tables)

9 Months Ended

Sep. 27, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Partnership's Disaggregated Revenue

The following table shows the Partnership's disaggregated revenue information. See Note 8 for segment information.

	Three Months Ended						Three Months Ended
	September 27, 2024						September 29, 2023
	U.S.		Canada		Total		U.S.		Canada		Total
Fee revenue:
Asset-based fee revenue:
Advisory programs fees	$	2,396	$	49	$	2,445	$	1,974	$	41	$	2,015
Service fees		385		26		411		352		26		378
Cash solutions fees		141		—		141		150		—		150
Other asset-based fees		187		—		187		165		—		165
Total asset-based fee revenue		3,109		75		3,184		2,641		67		2,708
Account and activity fee revenue:
Shareholder accounting services fees		116		—		116		116		—		116
Other account and activity fee revenue		66		3		69		67		3		70
Total account and activity fee revenue		182		3		185		183		3		186
Total fee revenue		3,291		78		3,369		2,824		70		2,894
Trade revenue:
Commissions		371		12		383		294		10		304
Principal transactions		56		3		59		52		3		55
Total trade revenue		427		15		442		346		13		359
Total revenue from customers		3,718		93		3,811		3,170		83		3,253
Net interest and dividends and other revenue		296		16		312		224		16		240
Net revenue	$	4,014	$	109	$	4,123	$	3,394	$	99	$	3,493
	Nine Months Ended						Nine Months Ended
	September 27, 2024						September 29, 2023
	U.S.		Canada		Total		U.S.		Canada		Total
Fee revenue:
Asset-based fee revenue:
Advisory programs fees	$	6,781	$	139	$	6,920	$	5,672	$	117	$	5,789
Service fees		1,126		77		1,203		1,032		75		1,107
Cash solutions fees		435		—		435		428		—		428
Other asset-based fees		545		—		545		485		—		485
Total asset-based fee revenue		8,887		216		9,103		7,617		192		7,809
Account and activity fee revenue:
Shareholder accounting services fees		349		—		349		346		—		346
Other account and activity fee revenue		205		10		215		206		10		216
Total account and activity fee revenue		554		10		564		552		10		562
Total fee revenue		9,441		226		9,667		8,169		202		8,371
Trade revenue:
Commissions		1,092		37		1,129		855		31		886
Principal transactions		161		9		170		151		7		158
Total trade revenue		1,253		46		1,299		1,006		38		1,044
Total revenue from customers		10,694		272		10,966		9,175		240		9,415
Net interest and dividends and other revenue		801		53		854		688		49		737
Net revenue	$	11,495	$	325	$	11,820	$	9,863	$	289	$	10,152

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Fair Value (Tables)

9 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

Partnership's Financial Assets and Liabilities at Fair Value

The following tables show the Partnership’s financial assets and liabilities measured at fair value as of:

	September 27, 2024
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	163	$	—	$	163
Money market funds		73		—		—		73
Total cash equivalents	$	73	$	163	$	—	$	236
Investments segregated under federal regulations:
U.S. treasuries	$	7,938	$	—	$	—	$	7,938
Certificates of deposit		—		1,100		—		1,100
Total investments segregated under federal regulations	$	7,938	$	1,100	$	—	$	9,038
Securities owned:
Investment securities:
Government and agency obligations	$	895	$	—	$	—	$	895
Mutual funds(1)		364		—		—		364
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		8		—		—		8
Total investment securities	$	1,267	$	112	$	—	$	1,379
Inventory securities:
Mutual funds	$	103	$	—	$	—	$	103
Municipal obligations		—		50		—		50
Equities		19		—		—		19
Corporate bonds and notes		—		15		—		15
Government and agency obligations		15		—		—		15
Certificates of deposit		—		12		—		12
Total inventory securities	$	137	$	77	$	—	$	214
Other assets:
Client fractional share ownership assets	$	925	$	—	$	—	$	925
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	925	$	—	$	—	$	925

	December 31, 2023
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	179	$	—	$	179
Money market funds		76		—		—		76
Total cash equivalents	$	76	$	179	$	—	$	255
Investments segregated under federal regulations:
U.S. treasuries	$	9,893	$	—	$	—	$	9,893
Certificates of deposit		—		1,500		—		1,500
Total investments segregated under federal regulations	$	9,893	$	1,500	$	—	$	11,393
Securities owned:
Investment securities:
Government and agency obligations	$	600	$	—	$	—	$	600
Mutual funds(1)		346		—		—		346
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		11		—		—		11
Total investment securities	$	957	$	112	$	—	$	1,069
Inventory securities:
Municipal obligations	$	—	$	29	$	—	$	29
Equities		21		—		—		21
Certificates of deposit		—		20		—		20
Mutual funds		9		—		—		9
Corporate bonds and notes		—		5		—		5
Government and agency obligations		4		—		—		4
Total inventory securities	$	34	$	54	$	—	$	88
Other assets:
Client fractional share ownership assets	$	824	$	—	$	—	$	824
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	824	$	—	$	—	$	824

(1)The mutual funds balance consists primarily of securities held to economically hedge future liabilities for the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.

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Partnership Capital Subject to Mandatory Redemption (Tables)

9 Months Ended

Sep. 27, 2024

Partners' Capital Notes [Abstract]

Roll Forward of Outstanding Partnership Loans

The following table shows the roll forward of outstanding Partnership loans for the:

	Nine Months Ended
	September 27, 2024			September 29, 2023
Partnership loans outstanding at beginning of period	$	439		$	335
Partnership loans issued during the period		270			318
Repayment of Partnership loans during the period		(195	)		(189	)
Total Partnership loans outstanding	$	514		$	464

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Net Capital Requirements (Tables)

9 Months Ended

Sep. 27, 2024

Broker-Dealer [Abstract]

Partnership's Capital Figures for U.S. and Canada Broker-Dealer Subsidiaries

The following table shows the Partnership’s capital figures for the U.S. and Canada broker-dealer subsidiaries as of:

	September 27, 2024			December 31, 2023
U.S.:
Net capital	$	1,383		$	981
Net capital in excess of the minimum required	$	1,320		$	919
Net capital as a percentage of aggregate debit    items		43.6	%		31.7	%
Net capital after anticipated capital withdrawals,    as a percentage of aggregate debit items		12.9	%		13.0	%
Canada:
Regulatory risk-adjusted capital	$	101		$	136
Regulatory risk-adjusted capital in excess of    the minimum required	$	94		$	134

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Segment Information (Tables)

9 Months Ended

Sep. 27, 2024

Segment Reporting [Abstract]

Financial Information for Partnership's Reportable Segments

The following table shows financial information for the Partnership’s reportable segments:

	Three Months Ended				Nine Months Ended
	September 27, 2024		September 29, 2023		September 27, 2024		September 29, 2023
Net revenue:
U.S.	$	4,014	$	3,394	$	11,495	$	9,863
Canada		109		99		325		289
Total net revenue	$	4,123	$	3,493	$	11,820	$	10,152
Pre-variable income:
U.S.	$	1,173	$	840	$	3,204	$	2,496
Canada		24		21		71		62
Total pre-variable income	$	1,197	$	861	$	3,275	$	2,558
Variable compensation:
U.S.	$	625	$	457	$	1,742	$	1,322
Canada		13		10		37		31
Total variable compensation	$	638	$	467	$	1,779	$	1,353
Income before allocations to partners:
U.S.	$	548	$	383	$	1,462	$	1,174
Canada		11		11		34		31
Total income before allocations to partners	$	559	$	394	$	1,496	$	1,205

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Offsetting Assets and Liabilities (Tables)

9 Months Ended

Sep. 27, 2024

Offsetting [Abstract]

Schedule of Partnership's Securities Purchased Under Agreement to Resell

The following table shows the Partnership's securities purchased under agreements to resell as of:

	Gross amounts of		Gross amounts offset in the Consolidated Statements of		Net amounts presented in the Consolidated Statements of		Gross amounts not offset in the Consolidated Statements of Financial Condition
	recognized assets		Financial Condition		Financial Condition		Financial instruments	Securities collateral			Net amount
September 27, 2024	$	736		—		736	—		(736	)	$	—
December 31, 2023	$	1,139		—		1,139	—		(1,139	)	$	—

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Cash Flow Information (Tables)

9 Months Ended

Sep. 27, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information

The following table shows supplemental cash flow information for the:

	Nine Months Ended
	September 27, 2024		September 29, 2023
Non-cash activities:
Issuance of general partnership interests through    partnership loans in the period	$	270	$	318
Repayment of partnership loans through distributions from    partnership capital in the period	$	153	$	131

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash Balance

The following table reconciles certain line items on the Consolidated Statements of Financial Condition to the cash, cash equivalents and restricted cash balance on the Consolidated Statements of Cash Flows as of:

	September 27, 2024		September 29, 2023
Cash and cash equivalents	$	1,944	$	2,427
Cash and investments segregated under federal regulations		13,246		13,643
Less: Investments segregated under federal regulations		9,038		10,193
Total cash, cash equivalents and restricted cash	$	6,152	$	5,877

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Introduction and Basis of Presentation - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024 Segment	Sep. 29, 2023 Segment	Sep. 27, 2024 Segment	Sep. 29, 2023 Segment	Jan. 01, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments | Segment	2	2	2	2
Limited partnership's minimum annual return rate			7.50%	7.50%
Notional capital granted and issued | $					$ 263

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Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Dec. 31, 2023
Lessee Disclosure [Abstract]
Cash paid for operating leases	$ 88	$ 85	$ 261	$ 253
Right-of-use assets obtained in exchange for operating lease liabilities	$ 96	$ 117	$ 295	$ 344
Weighted average remaining lease term in years	4 years		4 years		4 years
Weighted average discount rate	4.10%		4.10%		3.70%

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Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 87	$ 85	$ 259	$ 252
Variable lease cost	19	17	54	51
Total lease cost	$ 106	$ 102	$ 313	$ 303

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Leases - Schedule of Future Undiscounted Cash Outflows for Operating Leases (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 31, 2023
Lessee Disclosure [Abstract]
2024	$ 88
2025	331
2026	278
2027	216
2028	151
Thereafter	163
Total lease payments	1,227
Less: Interest	119
Total present value of lease liabilities	$ 1,108	$ 1,066

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Receivables and Revenue - Additional Information (Detail) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables And Revenue [Line Items]
Receivables from clients collateral	$ 4,874	$ 4,231
Collateral held for securities purchased under agreements to resell	747	1,158
Expected credit loss on partnership loans	0	0
Receivable from mutual fund, insurance companies and other	935	891
Expected credit loss for receivables from contracts with customers	0	0
Expected credit loss for receivables from clients and securities purchased under agreement to resell	0	0
Customer Contracts [Member]
Receivables And Revenue [Line Items]
Receivable from clients balance	859	732	$ 637
Receivable from mutual fund, insurance companies and other	$ 367	$ 343	$ 328

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Receivables and Revenue - Schedule of Partnership's Disaggregated Revenue (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Disaggregation Of Revenue [Line Items]
Total revenue from customers	$ 3,811	$ 3,253	$ 10,966	$ 9,415
Net interest and dividends and other revenue	312	240	854	737
Net revenue	4,123	3,493	11,820	10,152
United States [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	3,718	3,170	10,694	9,175
Net interest and dividends and other revenue	296	224	801	688
Net revenue	4,014	3,394	11,495	9,863
Canada [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	93	83	272	240
Net interest and dividends and other revenue	16	16	53	49
Net revenue	109	99	325	289
Total Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	3,369	2,894	9,667	8,371
Total Fee Revenue [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	3,291	2,824	9,441	8,169
Total Fee Revenue [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	78	70	226	202
Asset-based Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	3,184	2,708	9,103	7,809
Asset-based Fee Revenue [Member] | Advisory Programs Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	2,445	2,015	6,920	5,789
Asset-based Fee Revenue [Member] | Service Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	411	378	1,203	1,107
Asset-based Fee Revenue [Member] | Other Asset-based Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	187	165	545	485
Asset-based Fee Revenue [Member] | Cash Solutions Fees Member
Disaggregation Of Revenue [Line Items]
Total revenue from customers	141	150	435	428
Asset-based Fee Revenue [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	3,109	2,641	8,887	7,617
Asset-based Fee Revenue [Member] | United States [Member] | Advisory Programs Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	2,396	1,974	6,781	5,672
Asset-based Fee Revenue [Member] | United States [Member] | Service Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	385	352	1,126	1,032
Asset-based Fee Revenue [Member] | United States [Member] | Other Asset-based Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	187	165	545	485
Asset-based Fee Revenue [Member] | United States [Member] | Cash Solutions Fees Member
Disaggregation Of Revenue [Line Items]
Total revenue from customers	141	150	435	428
Asset-based Fee Revenue [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	75	67	216	192
Asset-based Fee Revenue [Member] | Canada [Member] | Advisory Programs Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	49	41	139	117
Asset-based Fee Revenue [Member] | Canada [Member] | Service Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	26	26	77	75
Asset-based Fee Revenue [Member] | Canada [Member] | Other Asset-based Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	0	0	0	0
Asset-based Fee Revenue [Member] | Canada [Member] | Cash Solutions Fees Member
Disaggregation Of Revenue [Line Items]
Total revenue from customers	0	0	0	0
Account and Activity Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	185	186	564	562
Account and Activity Fee Revenue [Member] | Shareholder Accounting Services Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	116	116	349	346
Account and Activity Fee Revenue [Member] | Other Account and Activity Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	69	70	215	216
Account and Activity Fee Revenue [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	182	183	554	552
Account and Activity Fee Revenue [Member] | United States [Member] | Shareholder Accounting Services Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	116	116	349	346
Account and Activity Fee Revenue [Member] | United States [Member] | Other Account and Activity Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	66	67	205	206
Account and Activity Fee Revenue [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	3	3	10	10
Account and Activity Fee Revenue [Member] | Canada [Member] | Shareholder Accounting Services Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	0	0	0	0
Account and Activity Fee Revenue [Member] | Canada [Member] | Other Account and Activity Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	3	3	10	10
Trade Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	442	359	1,299	1,044
Trade Revenue [Member] | Commissions [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	383	304	1,129	886
Trade Revenue [Member] | Principal Transactions [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	59	55	170	158
Trade Revenue [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	427	346	1,253	1,006
Trade Revenue [Member] | United States [Member] | Commissions [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	371	294	1,092	855
Trade Revenue [Member] | United States [Member] | Principal Transactions [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	56	52	161	151
Trade Revenue [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	15	13	46	38
Trade Revenue [Member] | Canada [Member] | Commissions [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	12	10	37	31
Trade Revenue [Member] | Canada [Member] | Principal Transactions [Member]
Disaggregation Of Revenue [Line Items]
Total revenue from customers	$ 3	$ 3	$ 9	$ 7

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Fair Value - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 27, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of level III, assets	$ 0	$ 0

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Fair Value - Partnership's Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Millions		Sep. 27, 2024	Dec. 31, 2023
Cash equivalents:
Total cash equivalents		$ 236	$ 255
Investments segregated under federal regulations:
Total investments segregated under federal regulations		9,038	11,393
Securities owned:
Total investment securities		1,379	1,069
Inventory securities:
Total inventory securities		214	88
Other Assets:
Client Fractional Shares Ownership Assets		925	824
Accounts payable, accrued expenses and other:
Client Fractional Shares Redemption Obligations		925	824
Equities [Member]
Securities owned:
Total investment securities		8	11
Inventory securities:
Total inventory securities		19	21
Corporate Bonds and Notes [Member]
Inventory securities:
Total inventory securities		15	5
Government and Agency Obligations [Member]
Securities owned:
Total investment securities		895	600
Inventory securities:
Total inventory securities		15	4
U.S. Treasuries [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations		7,938	9,893
Mutual Funds [Member]
Securities owned:
Total investment securities	[1]	364	346
Inventory securities:
Total inventory securities		103	9
Municipal Obligations [Member]
Securities owned:
Total investment securities		12	12
Inventory securities:
Total inventory securities		50	29
Certificates of deposit [Member]
Cash equivalents:
Total cash equivalents		163	179
Investments segregated under federal regulations:
Total investments segregated under federal regulations		1,100	1,500
Securities owned:
Total investment securities		100	100
Inventory securities:
Total inventory securities		12	20
Money Market Funds [Member]
Cash equivalents:
Total cash equivalents		73	76
Level I [Member]
Cash equivalents:
Total cash equivalents		73	76
Investments segregated under federal regulations:
Total investments segregated under federal regulations		7,938	9,893
Securities owned:
Total investment securities		1,267	957
Inventory securities:
Total inventory securities		137	34
Other Assets:
Client Fractional Shares Ownership Assets		925	824
Accounts payable, accrued expenses and other:
Client Fractional Shares Redemption Obligations		925	824
Level I [Member] | Equities [Member]
Securities owned:
Total investment securities		8	11
Inventory securities:
Total inventory securities		19	21
Level I [Member] | Corporate Bonds and Notes [Member]
Inventory securities:
Total inventory securities		0	0
Level I [Member] | Government and Agency Obligations [Member]
Securities owned:
Total investment securities		895	600
Inventory securities:
Total inventory securities		15	4
Level I [Member] | U.S. Treasuries [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations		7,938	9,893
Level I [Member] | Mutual Funds [Member]
Securities owned:
Total investment securities	[1]	364	346
Inventory securities:
Total inventory securities		103	9
Level I [Member] | Municipal Obligations [Member]
Securities owned:
Total investment securities		0	0
Inventory securities:
Total inventory securities		0	0
Level I [Member] | Certificates of deposit [Member]
Cash equivalents:
Total cash equivalents		0	0
Investments segregated under federal regulations:
Total investments segregated under federal regulations		0	0
Securities owned:
Total investment securities		0	0
Inventory securities:
Total inventory securities		0	0
Level I [Member] | Money Market Funds [Member]
Cash equivalents:
Total cash equivalents		73	76
Level II [Member]
Cash equivalents:
Total cash equivalents		163	179
Investments segregated under federal regulations:
Total investments segregated under federal regulations		1,100	1,500
Securities owned:
Total investment securities		112	112
Inventory securities:
Total inventory securities		77	54
Other Assets:
Client Fractional Shares Ownership Assets		0	0
Accounts payable, accrued expenses and other:
Client Fractional Shares Redemption Obligations		0	0
Level II [Member] | Equities [Member]
Securities owned:
Total investment securities		0	0
Inventory securities:
Total inventory securities		0	0
Level II [Member] | Corporate Bonds and Notes [Member]
Inventory securities:
Total inventory securities		15	5
Level II [Member] | Government and Agency Obligations [Member]
Securities owned:
Total investment securities		0	0
Inventory securities:
Total inventory securities		0	0
Level II [Member] | U.S. Treasuries [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations		0	0
Level II [Member] | Mutual Funds [Member]
Securities owned:
Total investment securities	[1]	0	0
Inventory securities:
Total inventory securities		0	0
Level II [Member] | Municipal Obligations [Member]
Securities owned:
Total investment securities		12	12
Inventory securities:
Total inventory securities		50	29
Level II [Member] | Certificates of deposit [Member]
Cash equivalents:
Total cash equivalents		163	179
Investments segregated under federal regulations:
Total investments segregated under federal regulations		1,100	1,500
Securities owned:
Total investment securities		100	100
Inventory securities:
Total inventory securities		12	20
Level II [Member] | Money Market Funds [Member]
Cash equivalents:
Total cash equivalents		0	0
Level III [Member]
Cash equivalents:
Total cash equivalents		0	0
Investments segregated under federal regulations:
Total investments segregated under federal regulations		0	0
Securities owned:
Total investment securities		0	0
Inventory securities:
Total inventory securities		0	0
Other Assets:
Client Fractional Shares Ownership Assets		0	0
Accounts payable, accrued expenses and other:
Client Fractional Shares Redemption Obligations		0	0
Level III [Member] | Equities [Member]
Securities owned:
Total investment securities		0	0
Inventory securities:
Total inventory securities		0	0
Level III [Member] | Corporate Bonds and Notes [Member]
Inventory securities:
Total inventory securities		0	0
Level III [Member] | Government and Agency Obligations [Member]
Securities owned:
Total investment securities		0	0
Inventory securities:
Total inventory securities		0	0
Level III [Member] | U.S. Treasuries [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations		0	0
Level III [Member] | Mutual Funds [Member]
Securities owned:
Total investment securities	[1]	0	0
Inventory securities:
Total inventory securities		0	0
Level III [Member] | Municipal Obligations [Member]
Securities owned:
Total investment securities		0	0
Inventory securities:
Total inventory securities		0	0
Level III [Member] | Certificates of deposit [Member]
Cash equivalents:
Total cash equivalents		0	0
Investments segregated under federal regulations:
Total investments segregated under federal regulations		0	0
Securities owned:
Total investment securities		0	0
Inventory securities:
Total inventory securities		0	0
Level III [Member] | Money Market Funds [Member]
Cash equivalents:
Total cash equivalents		$ 0	$ 0

[1] The mutual funds balance consists primarily of securities held to economically hedge future liabilities for the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.

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Partnership Capital Subject to Mandatory Redemption - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 08, 2021
Partners Capital Account [Line Items]
Period of loans made by Partnership to general partners			1 year
Percentage of interest made by partnership to general partners			3.25%
Partnership loans outstanding	$ 514	$ 464	$ 514	$ 464	$ 439	$ 335
Interest income from outstanding amount of general partner loan	12	10	$ 36	$ 30
Limited partnership's minimum annual return rate			7.50%	7.50%
Limited partnership's minimum return, value	32	$ 33	$ 98	$ 99
Private Placement [Member]
Partners Capital Account [Line Items]
Limited partnership interests issued	7		7
Two Thousand Twenty One Limited Partnership Offering [Member]
Partners Capital Account [Line Items]
Limited partnership amount registered							$ 700
Limited partnership interests issued	568		568
Remaining limited partnership interests that may be issued	$ 132		$ 132

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Partnership Capital Subject to Mandatory Redemption - Roll Forward of Outstanding Partnership Loans (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Partners' Capital Notes [Abstract]
Partnership loans outstanding		$ 439	$ 335
Partnership loans issued during the period	$ 318	270	318
Repayment of Partnership loans during the period		(195)	(189)
Partnership loans outstanding	$ 464	$ 514	$ 464

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Net Capital Requirements - Additional Information (Detail) - Subsidiaries [Member] $ in Thousands	Sep. 27, 2024 USD ($)
Net Capital Requirements [Line Items]
Percentage of aggregate debit items arising from customer transactions to maintain minimum net capital requirements	0.02
Minimum net capital requirements	$ 250

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Net Capital Requirements - Partnership's Capital Figures for U.S. and Canada Broker-Dealer Subsidiaries (Detail) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 31, 2023
Subsidiaries [Member]
Regulatory Capital Requirements
Net capital	$ 1,383	$ 981
Net capital in excess of the minimum required	$ 1,320	$ 919
Net capital as a percentage of aggregate debit items	43.60%	31.70%
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items	12.90%	13.00%
Canada [Member]
Regulatory Capital Requirements
Regulatory risk-adjusted capital	$ 101	$ 136
Regulatory risk-adjusted capital in excess of the minimum required	$ 94	$ 134

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Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Aug. 14, 2024	Sep. 27, 2024
Loss Contingencies [Line Items]
Penalty paid against settlement	$ 50
Loss Contingency, Estimate of Possible Loss		$ 13

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Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 27, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

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Segment Information - Financial Information for Partnership's Reportable Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Net revenue:
Total net revenue	$ 4,123	$ 3,493	$ 11,820	$ 10,152
Pre-variable income:
Total pre-variable income	1,197	861	3,275	2,558
Variable compensation:
Total variable compensation	638	467	1,779	1,353
Income before allocations to partners:
Income before allocations to partners	559	394	1,496	1,205
United States [Member]
Net revenue:
Total net revenue	4,014	3,394	11,495	9,863
Pre-variable income:
Total pre-variable income	1,173	840	3,204	2,496
Variable compensation:
Total variable compensation	625	457	1,742	1,322
Income before allocations to partners:
Income before allocations to partners	548	383	1,462	1,174
Canada [Member]
Net revenue:
Total net revenue	109	99	325	289
Pre-variable income:
Total pre-variable income	24	21	71	62
Variable compensation:
Total variable compensation	13	10	37	31
Income before allocations to partners:
Income before allocations to partners	$ 11	$ 11	$ 34	$ 31

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Offsetting Assets and Liabilities - Schedule of Partnership's Securities Purchased Under Agreement to Resell (Detail) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 31, 2023
Offsetting Securities Purchased under Agreements to Resell [Abstract]
Securities purchased under agreements to resell, Gross amounts of recognized assets	$ 736	$ 1,139
Securities purchased under agreements to resell, Gross amounts offset in the Consolidated Statements of Financial Condition	0	0
Securities purchased under agreements to resell, Net amounts presented in the Consolidated Statements of Financial Condition	736	1,139
Securities purchased under agreements to resell, Gross amounts not offset in the Consolidated Statements of Financial Condition, Financial instruments	0	0
Securities purchased under agreements to resell, Gross amounts not offset in the Consolidated Statements of Financial Condition, Securities collateral	(736)	(1,139)
Securities purchased under agreements to resell, Net amount	$ 0	$ 0

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Cash Flow Information - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Non-cash activities:
Issuance of general partnership interests through partnership loans in the period	$ 318	$ 270	$ 318
Repayment of partnership loans through distributions from partnership capital in the period	$ 131	$ 153

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Cash Flow Information - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash Balance (Detail) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 31, 2023	Sep. 29, 2023
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 1,944	$ 1,645	$ 2,427
Cash and investments, at fair value, segregated under federal regulations	13,246	$ 15,565	13,643
Less: Investments segregated under federal regulations	9,038		10,193
Total cash, cash equivalents and restricted cash	$ 6,152		$ 5,877