Edward Jones is on track to grow to 20,000 advisors by 2022, according to Katherine Mauzy, head of financial advisor talent acquisition for the firm.
At one time the firm, based in St. Louis and Tempe, Ariz., was thought of as being regional, before it launched an aggressive growth program that has helped it spread across the United States, Mauzy said in an interview with Financial Advisor.
“Growth is not something new to Edward Jones. It is part of our business model,” Mauzy said. “We started in the heartland, but we see opportunity in the top 50 cities in the United States.”
Edward Jones has experienced 11 percent compounded growth for decades, she said. The firm is on track to add another 1,000 advisors to its roster of 17,000 this year.
Mauzy is responsible for competitive hiring, which is luring advisors from other firms. Edward Jones has doubled the number of yearly competitive hires from 124 in 2015 to 250 this year. But it also has extensive training programs for recent college graduates and people transitioning from other careers.
“We also have a goal of creating a more diverse workforce so that clients have more choices in advisors,” Mauzy said. “We are focused on moving more women into leadership roles.”
The firm does not have an investment minimum and serves a range of clients from mass affluent individuals to ultra-high-net-worth clients. Advisors can tailor their clientele to the areas where they are located. Edward Jones’s growth is due in part to the fact that advisors starting their careers can become owners, and those exiting have support for their transition to retirement and protection for their clients, Mauzy said.