Eighty-five percent of the firm's hires are new to the industry, Woodward said, and just 15% of those are recent college graduates. Most are career changers whose average age is 36. Those with a sales background, those who have taken on challenges in their careers and those whose compensation has been tied performance tend to do well, Woodward said.
Financial advisors who move from another brokerage firm are guaranteed a minimum monthly pay, which varies based on their previous production levels, to help transition their business. Edward Jones doesn't offer upfront signing bonuses as the big Wall Street brokerages do, but both new and veteran brokers can earn bonuses.
About half of its new hires are referred to Edward Jones by existing employees, according to Woodward.
"We want people to come because they like our model," he said.
Edward Jones manages about $502 billion in U.S. client assets and $14 billion in Canada, he said.
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