Edward Jones paid the price for its higher overall business in the first quarter in the form of lower earnings, amid the continuing decline in its headcount of financial advisors.
Regardless, the attrition is slowing and the May 6 quarterly SEC filing of the firm’s parent partnership, The Jones Financial Companies, displays other signals that the firm’s recruiting may be turning a corner. For one, the net loss of advisors came in more than 200 below that of the previous quarter. And the company has expanded its footprint of corporate employees and branch offices. The higher costs and elevated revenue tied to pay cut into profit, though.
To see the most interesting takeaways for advisors, scroll down our slideshow. For a look at the results disclosed in its annual report for 2021, click here. To see where the company’s headcount stood after the third quarter, click here.
Note: Key metrics refer when possible to the company’s U.S. business rather than its combined results including those in Canada, where it had 851 advisors at the end of the first quarter. The company breaks out most, but not all, of its returns between the two countries.