Edward Jones said Thursday that it could boost its recruiting target for 2012 to 2,500 after adding some 1,600 in 2011. The St. Louis-based broker-dealer also shared that last week it had been recognized for the 12th year in a row by Training magazine for its practice-management programs.
“We have about 12,600 employee advisors in the United States and Canada,” said Kevin Alm (left), general partner and the head of branch training for the St. Louis-based broker dealer, in an interview. “We added about 1,600 financial advisors last year and project that we could add 2,500 in 2012.”
While Ed Jones’ recruiting has been somewhat flat, like the rest of the industry, in the past few years, “We anticipate getting back on track in 2012,” Alm explained, “which would meaning getting back to growing our net number by 600-800 …”
The company, he says, has made its compensation and recruiting packages “more attractive.” It has 14 teams of about four people each in 14 major markets leading the recruiting effort. “And keep in mind that most of our recruits are brought in by existing advisors,” he said.
Edward Jones recently increased the base salary for recruits and lengthened time that advisors can retain some portion of the salary as they ramp up production. “This makes it more attractive to those making six figures to make the transition,” said Alm.
Edward Jones initial training lasts about four months, and the complete training program is a two-year process. The company conducts its training programs in St. Louis; Tempe, Ariz; and Toronto, Canada. It enrolls nearly 200 trainees each month.