Edward D. Jones & Co. reported slower asset growth in its latest quarterly filing, citing challenges such as an aging client base, generational wealth transfers to outside firms, market volatility, inflation, and shifting consumer spending.

As reported by AdvisorHub, net new assets declined 10 percent year-over-year to $17 billion from $19 billion, reflecting increased client outflows and a continued downward trend. The number of net new households fell sharply, dropping 55 percent to 27,000 from 60,000 in the same quarter last year.

While Edward Jones' decline was less steep than some competitors, the firm still faces structural hurdles, according to AdvisorHub.

The firm's 20,000 advisors now manage over $2.3 trillion in assets, a 12 percent year-over-year increase driven by market gains and cumulative net new asset growth. However, AdvisorHub reports that Edward Jones is also contending with an aging advisor force. Advisor attrition rose to 6.4 percent from 5.3 percent last year, with the increase attributed to more brokers entering the firm's revamped succession program, which offers significantly higher compensation. Competitive attrition declined by 4 percent.

Edward Jones ended the quarter with 20,309 advisors, up almost 4 percent from a year earlier but unchanged from the prior quarter. The firm reports that pretax profit remained flat at $471 million, with an 11.6 percent profit margin.

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