Edward Jones Pushes to Add 1,100 FAs; A Tough Target for '10, Says Exec

“We’re updating it as we go and should be refreshing it in early 2011,” said Timm, a St. Louis native who has been with the firm since 1983.

Of the 800 advisors brought on board in 2009, 100 were producing transfer advisors and 475 had a securities license.

Overall, “About 57% of those hired are referred to us by branch associates, advisors or administrators in the field,” explained Timm. “Another good percentage comes to us through the Internet, a bit over 30%.”

The firm employs a “rigorous hiring process that entails phone and face-to-face interviews in the field and psychometric tests,” he added.

During the ’08-’09 downturn, the average age and income of its recruited advisors fell slightly, Timm says. But it’s now on the rise again, he notes.

“Today, we are getting more into what looks to us like the normal hiring and recruiting platform vs. the anomaly we had then,” said the executive.

Still, he points out, it is a highly competitive market for veteran financial advisors. “Many people have already moved, and there are so many handcuffs being put on advisors right now that it’s become more difficult to move than before. Nearly everyone is part of some kind of deal, with a retention package or a recruiting package.”