In 1933, Witt Stephens founded W.R. Stephens Investments to trade Arkansas Highway bonds, which at the time were selling for as low as pennies on the dollar. By the time the bonds paid off at par in the early 1940s, Stephens had gained a reputation for municipal bond expertise and providing sound financial counseling. In 1946, upon graduation from the U.S. Naval Academy, Jackson T. "Jack" Stephens joined his brother and with a handshake, the two brothers formed Stephens Inc. and a partnership that lasted more than 45 years.