Edward Jones adds 140 net advisors as branch count falls to 14,492

Edward Jones added a net 140 advisors in the third quarter while its branch count fell by 179 to 14,492, according to its quarterly earnings report.

The St. Louis-based firm ended the quarter with 20,654 advisors as of Sept. 25.

Revenue rose 13% to $5.3 billion, helped by asset-based fees that climbed 17% to $4.5 billion. Net income before allocations to partners rose 20% to $630 million. Total client assets rose 11% to $2.7 trillion, and net new assets were $19 billion, up 17% from a year earlier.

The branch count decline changes where Edward Jones advisors work: each office now holds about 1.4 advisors, and teaming is the way to add capacity. The firm began testing shared office space in 2021, made teaming and co-locating an option firm-wide in 2023, and has built hubs in dense urban markets, including a Midtown Manhattan location aimed at high-net-worth clients. The branch count is down 3.5% from 15,022 a year earlier.

Edward Jones's Form ADV filed with the SEC on Sept. 25 lists $1,013.6 billion in regulatory assets, 36,317 employees and 5.6 million accounts, a different asset measure from the $2.7 trillion of client assets in the earnings report.

Edward Jones said in November last year that it plans to raise $1.4 billion in a 2027 partnership offering that would create a new class of limited partners. Managing Partner Penny Pennington described the offering at the time as the largest in the firm's history.