Edward D. Jones & Co. is seeing tangible returns from its push into the high-net-worth (HNW) market, with a growing number of its advisors achieving million-dollar producer status. According to AdvisorHub, the firm has been modernizing its platform and compensation structure to better compete for affluent clients.

The firm now counts eight advisors producing $5 million or more in annual revenue, more than doubling from just three a year ago. Another 39 advisors fall within the $3.4 to $5 million range. In total, about 4,000 of Edward Jones' roughly 20,000 financial advisors generate at least $1 million annually, including over 500 multi-million-dollar producers, according to internal figures, as reported by AdvisorHub.

Since a new CEO took over in 2019, the firm has implemented sweeping changes, including allowing advisors to team up, exercise discretion in client portfolios, and offer separately managed accounts (SMAs) and banking products. According to AdvisorHub, the firm recently expanded its SMA offerings by over 50 new strategies and announced plans to acquire Natixis Investment Managers' overlay business to better serve high-net-worth clients.

Edward Jones' compensation structure remains a key recruitment and retention tool. Top producers can earn between 50 percent and 70 percent in payouts, supplemented by bonuses tied to branch profitability, travel incentives, and potential profit sharing.

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