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Industry News

Edward Jones boasts advisor gains and strong profits in Q2

By Nathan Place
August 11, 2023 4:11 PM
Edward Jones revealed its second-quarter earnings for 2023 in a filing with the SEC.

Edward Jones reported another strong quarter on Friday, boasting of growth in both its advisor headcount and its bottom line.

The St. Louis-based financial services giant, which operates in both the United States and Canada, revealed the new numbers in its latest 10-Q form filed with the SEC. The firm's total net revenue for the second quarter of 2023 was $3.37 billion, a 12% increase from the same time last year.

The company also saw modest gains in its roster of financial advisors. In the second quarter, Edward Jones added 42 advisors, bringing its total headcount to 18,892 — up 0.7% from the second quarter of 2022.

"This intentional and strategic growth allows the firm to continue on its journey of serving clients more completely through deep personal relationships and comprehensive planning and advice," the firm said in a statement.

So far, 2023 has been a good year for Edward Jones. In the first quarter, the firm also saw double-digit revenue growth and a similarly moderate uptick in its advisor headcount. That marked a turnaround from the previous two years, when Edward Jones was bleeding both profits and advisors.

For a closer look at Edward Jones' Q2 earnings, scroll through the slideshow below. For a look at its earnings last quarter, click here. And to see how the firm did in the second quarter of 2022, click here.

Earnings and revenue

Overall, Edward Jones' net revenue in the second quarter of 2023 was $3.37 billion, up 12% from the same quarter last year, when it took in $3.01 billion.

Within the United States, the firm's net revenue was $3.28 billion, also up 12% from last year.

Advisor headcount

Firm-wide, Edward Jones had 18,892 financial advisors at the end of the second quarter, up 137 advisors from the same time last year. Since the first quarter of 2023, the firm added 42 advisors.

Of the total number of advisors, 18,053 were in the U.S. — 143 more than last year.

Client assets

At the end of Q2, Edward Jones had $1.8 trillion in client assets under its care, up 14% from the same quarter last year. Of those assets, $1.77 trillion were in the U.S.

The firm took in $24 billion in new assets — a 20% increase over last year — $23.1 billion of which was in the U.S.

Expenses

Edward Jones' expenses rose to $2.96 billion in the second quarter, an 11% increase from last year. In a statement, the firm said this was "primarily due to increases in compensation and benefits expense and communications and data processing expenses."

Remarks

"Edward Jones offers flexibility and choice for our branch teams to grow our impact and create new value for the 8 million clients we currently serve and the 42 million serious, long-term individual investors we seek to serve," Don Aven, the firm's principal for branch and region development, said in a statement. "To achieve this, Edward Jones continues to make investments in technology infrastructure and digital initiatives, training and acumen building, multi-financial-advisor offices and teaming so that we can serve our clients more completely in the future and create an unparalleled career experience for our financial advisors and branch teams."
Nathan Place
Retirement reporter, Financial Planning
Industry News Earnings Edward Jones
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