Edward Jones & Co. has rehired 46 of its alums in the past 18 months, demonstrating the success of its efforts to enhance advisor support and flexibility, including improved signing bonuses. 

The firm's training program and experienced hires have also contributed to the progress. Don Aven, the principal of branch and region development at Edward Jones, states that these hires have put the company on track to achieve its 2023 goal of adding 1,500 advisors. According to AdvisorHub, the firm has already hired 1,105 financial advisors this year, but it narrowly missed its target in the previous year.

The firm also announced an addition of 137 advisors compared to the previous year, showing a sequential increase of 42. By the end of the second quarter on June 30th, the firm's advisor headcount reached 18,892, indicating a 1% year-over-year rise from 18,755. This growth represents a reversal from multiple quarters of decline following a peak of 19,340. The firm halted hiring non-licensed staff in 2020 due to the Covid-19 pandemic and restructured its training program before resuming hiring early last year.

Additionally, Edward Jones has reduced advisor attrition rates by introducing teaming and co-locating options, which Aven attributes to this decline. In the second quarter, the firm reported an attrition rate of 4.7%, a decrease from the 6% reported during the same period in 2022. This year, Edward Jones allowed all advisors to collaborate in teams or share workspace after testing the program for about a year. Aven notes that the number of advisors co-locating has risen from 700 to 900 since June.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.