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BUSINESS

SATURDAY, OCTOBER 30, 2010

Edward Jones receives J.D Powers top honor 4A • THE NEWS

For the fifth year out of the past six, financial-services firm Edward Jones ranks highest in investor satisfaction with full-service brokerage firms, according to the J.D. Power and Associates 2010 Full Service Investor Satisfaction Study. Edward Jones has three offices in Alpena — Chuck Ingle, 321 S. Ripley Boulevard; Marc K. Ferguson, 1015 US-23 North; and Bryan Strong 1065 N.

Bagley Street. The study measures overall investor satisfaction with full-service investment firms based on seven factors: investment adviser, portfolio performance, account information, account offerings, commissions and fees, website and problem resolution. The J.D. Power and Associates study found that Edward Jones “performed particularly well across the two highest-

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PATRICK POKORSKI Candidate 106th District

weighted factors: investment adviser and investment performance.” “As stated on their website, Edward Jones advisors strive for personal attention and believe in providing one-on-one service,” according to the J.D. Power study. “This is evident in their efforts to engage in proactive conversations regarding a multitude of their investors’ concerns, including reviewing an existing

Patrick Po ko rski’s name will not appear on the ballot. To learn “ H ow to Write-In Patrick Po ko rs k i ” & more, visit www.VotePokorski.com (Or See Directions Below)

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strategic plan or developing one for a new investor, and initiating discussions regarding portfolio/asset allocation or investment needs.” Edward Jones’ overall score climbed 10 points over last year, when it also was ranked highest among the 12 largest firms rated. The 2010 Full Service Investor Satisfaction Study is based on responses from 4,460 investors who primarily invest with one of the 12 firms included in the study. The study was fielded in May 2010. Edward Jones ranked highest in investor satisfaction by J.D. Power and Associates in 2009, from 2005-07, and in a tie in 2002, when the study

began. Edward Jones in Canada twice ranked highest in the J.D. Power and Associates Canadian Full Service Investor Satisfaction Study. Edward Jones provides financial services for individual investors in the United States and, through its affiliate in Canada. Every aspect of the firm’s business, from the types of investment options offered to the location of branch offices, is designed to cater to individual investors in the communities in which they live and work. The firm’s 12,000-plus financial advisers work directly with nearly 7 million clients to understand their personal goals — from college sav-

ings to retirement — and create long-term investment solutions that emphasize a well-balanced portfolio and a buy-and-hold strategy. Edward Jones embraces the importance of building long-term, face-to-face relationships with clients, helping them to understand and make sense of the investment options available today. Edward Jones, which ranked No. 2 on Fortune magazine’s “100 Best Companies to Work For” in 2010, is headquartered in St. Louis. The Edward Jones website is located at www.edwardjones.com, and its recruiting web site is www.careers.edwardjones.com. Member SIPC.

Chuck Ingle of the financial services firm Edward Jones recently earned the firm’s Service Award for 30 years of hard work and enthusiasm as an Edward Jones financial adviser. “I can’t believe it’s been 30 years,” Ingle said. “This

firm has proved to be everything I expected. It is truly dedicated to individual investors and understanding each investor’s unique financial goals. For that reason, I am proud to represent this firm in Alpena.” Jim Weddle, the firm’s

managing partner, said he continues to be impressed with Ingle’s record with the firm. “Chuck is dilligent, and he possesses an understanding of the industry that is admirable,” he said. “We look forward to his next service award.”

DETROIT (AP) — General Motors Co. told investors early Friday that it plans to reduce capital spending by $1 billion as it heads toward an initial public offering of its stock. The company also said in a regulatory filing that it will use $2.1 billion in cash

from the sale of new preferred stock to repay part of the roughly $50 billion in taxpayer funds that the government spent to bail the company out of financial troubles last year. GM is expected to hold its IPO in mid-November. It will not sell any common stock, but plans to sell an unspecified number of preferred shares. Proceeds also will be used to pay down debt and make contributions to the company’s pension plans, which are currently underfunded. No date for the sale nor expected share prices were disclosed in the filing. The capital reduction, to $12 billion from $13 billion, could be the result of delaying some spending until 2011. The company did not say anything in the filing about any impact on vehicle research and development. A GM spokeswoman said she could not comment on the latest filing. GM announced on Thursday that it plans to cut debt and pension obligations by $11 billion. The moves are aimed at making the automaker’s balance sheet look more attractive to potential investors who might buy GM stock. When all of the debt reductions are complete, GM will save about $500 million in interest and dividend payments each year. The debt repayment is a huge milestone in GM’s comeback from a financial calamity that began in 2008 after years of billiondollar losses. The auto giant, once a symbol of American industrial might, nearly ran out of money and required bankruptcy protection and a huge government bailout to stay in business. Thursday’s plan was another sign that GM is rebuilding itself and wants to cut ties with the govern-

ment, its largest shareholder. Under the plan, GM will buy 84 million shares of its preferred stock from the government for $2.1 billion. The preferred shares were issued as partial payment for the nearly $50 billion the government gave the company to survive bankruptcy protection last year. When the payment is made after the IPO, GM’s total repayment to the government will reach $9.5 billion. In addition, GM said it will pay $2.8 billion to a United Auto Workers health care trust. The company also plans to put $6 billion in stock and cash toward its pension plans, which are underfunded by roughly $27 billion. GM will fund those moves with its stockpile of cash, which now totals about $24 billion. U.S. taxpayers still hold a 61 percent stake in GM in the form of common stock. The government is hoping to recoup its remaining investment, about $40 billion, by selling common stock in the IPO and in several follow-up sales that could take years. GM CEO Dan Akerson told employees at an assembly plant in Lansing, Mich., on Thursday that the company wants the government to get its money back. “Over the coming months you’ll see that GM is, indeed, a resurgent company,” he said. GM needs potential IPO investors to agree. Its asking them to weigh a troubled past, including four CEOs in 18 months, against strengths such as a strong presence in China, the world’s largest car market. It also hopes they’ll focus on the company’s recovery. In a 40-day bankruptcy that ended in July of 2009, GM shed money-losing assets and slashed its debt from $104 billion to $8 billion. Its vehicles, especially new models such as the Chevrolet Equinox crossover and Buick LaCrosse sedan, are beginning to sell and be recognized for quality.

Ingle wins Edward Jones service award

Ahead of the bell: GM cuts capital spending

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ALP10302010A04  

MnosnuMtamp8-6 DETROIT(AP)—Gen- eral Motors Co. told in- vestorsearlyFridaythatit plans to reduce capital spendingby$1billionasit headstowar...

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