Edward Jones to hire 1,000 advisers this year

St. Louis-based brokerage firm says it is reaping the benefits from the national trend of financial advisers exiting bigger brokerages and bringing their clients with them
JAN 22, 2010
Edward Jones intends to hire 1,000 new financial advisers across the United States and Canada by the end of 2010. According to a report in the St. Louis Business Journal, the brokerage firm says it is reaping the benefits from the national trend of financial advisers exiting bigger brokerages and bringing their clients with them. Edward Jones, which has $516 billion in assets under management, doesn't recruit a lot from other firms. But Dan Timm, the St. Louis-based firm's hiring partner, told the Business Journal that it brought in about 100 brokers from other firms last year – three times its normal rate. Dalton Schumacher, Edward Jones' area leader for Chicago, told Crain's Chicago Business the firm plans this year to add about 50 new hires in the Windy City area. The firm, which has 12,000 brokers in all, currently has about 385 advisers in the Chicago area. All told, Edward Jones plans to double the number of offices it has in the broader Chicago area over the next seven to eight years. While Mr. Schumacher couldn't provide an overall cost for the expansion, he told Crain's Chicago Business that the company spends about $75,000 to $100,000 to train an adviser. Edward Jones reportedly generated $3.5 billion in revenue in 2009.

Latest News

Financial advisors, what is your volatility game plan for client management?
Financial advisors, what is your volatility game plan for client management?

With targeted "comfort calls" and strategically automated follow-ups, advisors who leverage their CRM systems effectively can show up when clients need them most.

Trump eyes no taxes for Americans making less than $150k, says Lutnick
Trump eyes no taxes for Americans making less than $150k, says Lutnick

The plan could offer $24,000 in relief for some taxpayers, but experts warn of consequences.

No new trial for convicted GPB Capital executives
No new trial for convicted GPB Capital executives

"I've seen lots of denial in this business but this GPB thing take the cake," says one industry executive.

BlackRock-led deal for Panama Ports draws ire from China
BlackRock-led deal for Panama Ports draws ire from China

Commentary from state-owned publication blasts sale to investor consortium as "spineless groveling," denting Hong Kong-based firm's stock.

Gold soars past $3,000 as Trump turbocharges record rally
Gold soars past $3,000 as Trump turbocharges record rally

Higher interest rates and a strong US dollar, which traditionally act as headwinds, haven't deterred market-stung investors from seeking refuge in the yellow metal.

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies