Edward Jones, the largest U.S. brokerage firm, is reapplying its single-broker model to take advantage of real estate cost savings and to meet broker demand for increased collaboration. The St. Louis-based broker firm is testing a program that would enable advisors to co-locate their practice in shared offices. The program initially is being offered on a "limited basis."  

Advisors within the same branch will not be allowed to form teams according to John Lee, head of strategic branch real estate for Edward Jones. Lee continued, "By sharing space with other branch teams, financial advisors will have the opportunity to learn from one another and grow their respective businesses while building deep individual client relationships and serving their communities." 

According to the firm's annual report, Edward Jones operated 15,361 branch offices throughout the U.S. and Canada at the end of 2020. However, some advisors have voiced complaints over market cannibalization because several Edward jones offices are overcrowded, especially in remote locations the firm serves. The firm chose to freeze some new real estate leases during the pandemic; however, Edward Jones began renegotiating some leases in the third quarter.