Edward Jones' profits and advisor headcount grew in Q3

In 2023, Edward Jones has enjoyed three consecutive quarters of growth.

So far, 2023 continues to be a good year for Edward Jones. For the third straight quarter, the firm has enjoyed solid gains in both its bottom line and its bench of advisors.

The financial services giant, which is based in St. Louis but operates in both the U.S. and Canada, unveiled its third quarter numbers on Thursday in a 10-Q form filed with the SEC.

The new filing shows robust growth in the firm's net revenue, which rose to $3.49 billion in Q3 of 2023 — a 15% jump over the same quarter last year. In a statement, the company credited this to increases in fee revenue, net interest and dividends.

But that wasn't the only good news. In the third quarter, the number of financial advisors at Edward Jones rose to 19,009. That's 259 more than were at the firm at this same time in 2022, and the company boasted that its advisor attrition rate is down to 4.5% — a 30% decrease from last year.

"We are proud of the competitive advantage that comes from our focus on our clients," Don Aven, principal of talent acquisition at Edward Jones, said in a statement. 

The new numbers continue a winning streak for Edward Jones. In this year's first and second quarters, the firm also saw double-digit revenue growth and upticks in its advisor headcount. That marked a dramatic turnaround from the previous two years, when Edward Jones was bleeding both profits and advisors.

For a closer look at Edward Jones' Q3 earnings, scroll through the slideshow below. For a look at its earnings last quarter, click here. And to see how differently the firm was doing just one year ago, click here.

Earnings and revenue

Edward Jones' total net revenue in the third quarter of 2023 was $3.49 billion, up 15% from the third quarter of 2022.

Within the U.S., the firm's net revenue was $3.39 billion, also a 15% increase from last year.

Advisor headcount

As of Sept. 29, 2023, Edward Jones had ​​19,009 financial advisors on its payroll. That's a 1% increase from its advisor headcount at the end of September 2022, when it had 18,750.

Client assets

At the end of the third quarter, Edward Jones reported $1.76 trillion in client assets under its care, a 17% increase from Q3 of 2022.

Expenses

Edward Jones' total operating expenses reached $3.1 billion in the third quarter, up 13% from the same time last year. The firm said this increase was "primarily due to increases in compensation and benefits expense, other operating expenses and communications and data processing expenses."

Remarks

Edward Jones' successes, Aven said, come from "offering our financial advisors new ways to deeply serve their clients and structure their practices — co-location, teaming and expanded support roles — with flexibility, autonomy and choice for branch teams while keeping clients at the center of our business. That is what makes Edward Jones unique and what we believe will enable us to grow."
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