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Edward Jones profit soars 25% on client flows, asset appreciation
['Chief Correspondent', "Tobias Salinger Is Financial Planning'S Chief Correspondent", 'With Nearly A Decade Of Experience Covering Wealth Management', 'Regulation']
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Edward Jones added more than 200 financial advisors in the second quarter and boosted its profits substantially, thanks to asset appreciation and client inflows.
Financial advisor recruiting and retentionDespite some signs of rising attrition in recent years , the number of Edward Jones advisors in the U.S. has ticked up 1%, or 212 advisors, to 19,647 from the same time a year ago.
Client assetsAn influx of net new assets and asset appreciation buoyed Edward Jones' client holdings in the second quarter.
The profit soared by 25%, revenue was up 18% and the margin was 0.8 percentage points higher than the second quarter of last year.
Interest-rate sensitivityCount Edward Jones and other large wealth management firms generating substantial business from cash management among those invested in any interest-rate moves from the Fed.