The St. Louis-based brokerage continues to pick up more client assets and add branches, as demonstrated in its latest quarterly results. Its advisor headcount — though fairly steady at about 6,840 — remains down from nearly 6,900 a year ago. The brokerage’s leadership, however, is convinced it can turn that situation around.
“Our third-quarter results maintained the trend of growing client interest in our fee-based programs and services, which have enhanced the value our financial consultants bring to their client relationships and have contributed to our improved performance,” says Chairman and CEO Robert L. Bagby.
“During the quarter, we saw a meaningful increase in our financial consultant workforce [up 48 to 6,844 from 6,796 in the three months ended Nov. 30, 2005]. The recent changes in our industry and the appeal of our client-first culture have created opportunities for us to attract both experienced financial consultants and trainees to A.G. Edwards for the benefit of our clients and our firm.”
The brokerage earned 71 cents, up from 63 cents a year before, and met analysts’ estimates.