Edward Jones said Friday that its more than 15,000 advisors have reached $1 trillion in assets under management.
“This milestone reflects the growth of our firm as we serve new clients, as well as our ability to deeply understand our clients’ comprehensive financial needs and help them meet multiple goals,” said Edward Jones Managing Partner Jim Weddle, in a statement on Friday.
The firm’s advisors serve some 7 million clients. Based in St. Louis, Edward Jones was founded in 1922; it opened its first branch office in 1957.
“We have increased our ability to serve more clients as we simultaneously use our resources to enhance the experience they receive,” Weddle added.
Edward Jones is privately held and does not release quarterly sales and profit information.
Last week, Merrill Lynch said its wealth management business included about 15,000 traditional financial advisors with $2.25 trillion in assets under management as of the third quarter. In the prior quarter, LPL Financial said its 14,000 independent advisors had $542 billion in brokerage and advisory assets; the independent broker-dealer is set to report its latest results Friday.
In September, Edward Jones launched a network for its female financial advisors called WINGS, which stands for the Women’s Initiative for New Growth Strategies.
“At Edward Jones, more than one-quarter of our recruits are women — but the number should be higher,” said Monica Giuseffi, principal of financial advisor inclusion and diversity at Edward Jones, in a statement.
The reintegration of WINGS followed Weddle’s pledge in June — as one of the 150 CEOs to sign a CEO Action for Diversity & Inclusion commitment — to create a more diverse and inclusive work environment.
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