Edward Jones was up 137 financial advisors at the end of the second quarter compared to the second quarter of last year, bringing its total to 18,892, the company reported Friday.
The second-quarter results released by the Jones Financial Cos., the corporate parent of Edward Jones, showed continued growth in the firm's financial advisors this year, with the second-quarter total up 42 financial advisors over the first quarter.
Edward Jones' 10-Q report showed it finished the second quarter with $1.8 trillion in client assets under its care, a 14% increase compared to the end of the second quarter of 2022. The firm also saw a 20% increase in net new assets in the second quarter compared to the year-earlier period.
"Edward Jones offers flexibility and choice for our branch teams to grow our impact and create new value for the 8 million clients we currently serve and the 42 million serious, long-term individual investors we seek to serve," Don Aven, principal for branch and region development at Edward Jones, said in a statement.
Aven added that the firm continues to make “investments in technology infrastructure and digital initiatives, training and acumen building, multi-financial-advisor offices and teaming so that we can serve our clients more completely in the future and create an unparalleled career experience for our financial advisors and branch teams."
On the top line, net revenue at the firm increased 12% to $3.374 billion in the second quarter of 2023 compared to the second quarter of 2022, primarily as a result of increases in fee revenue and net interest and dividends revenue.
Edward Jones' revenue outpaced its operating expenses, which rose 11% to $2.964 billion in the second quarter of 2023 compared to the second quarter of 2022, primarily due to increases in compensation and benefits expense and communications and data processing expenses, the firm said.
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