Edward Jones added 832 financial advisors to its ranks in the first quarter of 2025, a 4% increase from the fourth quarter of 2024. The additions bring its total advisor count to 20,288.
The St. Louis-based broker/dealer reported its advisor headcount, which most public advisory firms have stopped doing quarterly, in a regulatory filing by its parent, The Jones Financial Companies, which current and former employees own.
The firm is also paying many of those advisors more. It reported a 10% increase in operating expenses to $3.65 million, “primarily due to higher financial advisor compensation and benefits expenses, as well as variable compensation,” a spokesperson wrote via email.
Edward Jones also reported a 6% increase in client assets under care to $2.2 trillion despite the volatile markets from the start of the year through March 31. The results reflected increases in market value of client assets and the “cumulative impact of net new assets gathered,” the spokesperson wrote.
Edward Jones’ net revenue for the quarter rose 10% to $4.17 billion compared to the same period in 2024, despite being somewhat curtailed by a drop in interest and dividends from short-term investments. The overall gains were primarily due to “increases in advisory programs with higher average market levels, despite market volatility in the first quarter, and the continued investment of client dollars into advisory programs,” according to the filing.
The firm’s results come amid several moves to expand its position beyond the Main Street financial advisor while improving its home office services to its advisor network.
In March, Edward Jones launched its first private client program, Edward Jones Generations, catering to select high-net-worth clients, with plans to expand the offerings by 2026. In April, it announced a reorganization of its leadership team to better help its advisors offer financial planning and customized wealth management services to clients.
“As we embark on our journey as a financial planning firm, we are attracting and catering to our clients and branch teams with experiences, products, services and technology tailored to their specific needs,” the spokesperson wrote. “We’re owned by the people who work here and run with a financial advisor perspective.”
LPL Financial also reported a rise in total advisory and brokerage assets last week. The firm reported a 25% increase compared to the first quarter of 2024, hitting $1.8 trillion in client assets.
On an earnings call, CEO Rich Steinmeier also said the independent broker/dealer expects to meet its 90% advisor retention rate in a recently announced acquisition of Commonwealth Financial Network, a plan many competitors are putting to the test by openly wooing those advisors.