To help grow its advisor force this year, Edward Jones has developed an enhanced transition package for current successful financial advisors who join the firm. As of December 31, 2008, Edward Jones included 12,155 financial advisors — including some in Britain and Canada.
A total of 1,385 individuals have been hired year to date, putting the firm ahead of its 9-percent growth target. And over the following three years, the broker-dealer would like to grow 10 percent a year as part of its five-year plan.
On average, producing transfer brokers now have about $40 million in assets under management, according to Edward Jones Partner Phill Leathers, and about $240,000 in yearly gross dealer concessions.
"We hired 31 producing transfer brokers in '08, and in '09 are at 57 as of May 10," he says. The majority of the veteran hires are coming from the wirehouses. Overall, including new advisors being hired with other professional backgrounds, Edward Jones is likely to hire about 4,000 advisors or more this year.
