Edward Jones is rolling out a new national recruitment force to help the firm hire a targeted number of 747 financial advisors in the U.S. and Canada this year.
The St. Louis-based investment firm’s plans come as it plans to have 14 teams, and a total of 65 recruitment associates, fully formed by March.
“We decided in the middle part of last year to refocus our efforts to serve more clients and to grow the number of clients that we serve,” John Rahal, principal in charge of financial advisor talent acquisition at Edward Jones, said in an interview on Wednesday. “One of the ways that we do that is through growing our number of financial advisors throughout the country into Canada,” Rahal said.
Each of the 14 teams typically comprises a talent acquisition manager, according to Rahul, as well as two to five recruiters reporting to that manager.
Cities that Edward Jones plans to target in that expansion include Seattle, San Francisco, Los Angeles, New York, Philadelphia, Washington, D.C., Orlando and Tampa, Fla., Atlanta, Nashville, Tenn., Detroit, Cleveland, Pittsburgh, Chicago, St. Louis, Kansas City, Mo., Dallas, Houston, Denver and Phoenix.
The Central Penn Business Journal reported this week that Edward Jones plans to add 35 branches to the central Pennsylvania region in the next three to five years.
Edward Jones chose its 14 markets after their client and market research determined the firm had untapped clients in those areas, according to Rahal,
“Those hubs will cover the entire United States,” Rahal said. “Edward Jones has always had a focus on the serious, long-term investor, not the day trader, not someone who wants to dabble in the market.”
Edward Jones currently has a total of 12,242 financial advisors, including 11,622 in the United States and 620 in Canada. The firm has a total number of 11,408 branch offices, including 10,851 in the U.S. and 557 in Canada.
Edward Jones’s branches typically include one financial advisor and a branch office administrator. A few hundred branch offices currently have two financial advisors, which is usually a temporary arrangement, according to Edward Jones spokesman John Boul.
Lorie Konish writes for On Wall Street.