Edward Jones is revamping the business model for its branch offices to accommodate more than one advisor in each branch, the firm announced Monday.
Traditionally, Edward Jones branch offices have been staffed by an advisor and an administrative assistant. The change is being made to increase the support available to the firm's advisors and clients and to make the working structure more flexible, Edward Jones said. The change is available to any of the firm’s 19,000 advisors who want to make it. It is anticipated many branch offices will continue with a sole advisor, the firm said.
"As the need for comprehensive financial advice and wealth management increases, teaming enables our branch teams to stay competitive and deliver on the complex needs of our clients and investors more effectively," said Ken Cella, principal of branch development at Edward Jones, in a statement.
"Some of the benefits our financial advisors have experienced include increased capacity and enhanced client support. These, in turn, can help elevate the client experience and the ability to plan for succession. The teams involved have access to additional support and learning opportunities within their larger branch team. Teaming allows our financial advisors to continue an intimate understanding of our clients' lives across health, family, purpose and finance," he added.
By the end of 2023, all Edward Jones's financial advisors will have the option to share a branch office with another financial advisor. In select markets, the firm is currently piloting a multi-financial-advisor model in which three to six financial advisors share office space. In addition, the firm is testing office models that would allow for the expansion of branch support roles.
Advisors will maintain independent client relationships and continue to follow independent financial, performance and regulatory processes. Likewise, clients will continue to partner with one financial advisor, the firm said. The firm is testing models for those financial advisors who want to work on a team with shared leadership.
"As we complete our test and learn pilot programs, Edward Jones could offer other teaming models in the future involving a lead financial advisor, junior advisor and specialists for tax, trust, product or other client needs,” Cella added.