Edward Jones’ second-quarter earnings tumble as stocks tumble

Edward Jones is losing far fewer financial advisers from its ranks than in previous quarters, but the company’s hiring isn’t keeping pace with its attrition.

The St. Louis-based wealth manager, which is owned by a partnership called The Jones Financial Companies, released its second-quarter results Aug. 5. deposit with the SEC. A sharp loss of revenue based on rising interest rates and falling stock and bond yields coincided during the period with Edward Jones’ latest adviser headcount cut.

The company’s recruiting and training of brokers has not reached pre-pandemic levels due to the company’s “ongoing strategy to intentionally focus on intentionally building the pipeline of financial advisors” with greater corporate support for their success, according to its press release.

Edward Jones “began to offer greater flexibility and choice to its financial advisors through the options of co-locating their branches with one or more financial advisors in shared offices while maintaining their own relationships with individual clients, a greater variety of branch support roles and a pilot of multi-financial advisor team models,” the disclosure reads. “This approach may continue to result in fewer financial advisors hired than historical levels.”

For the most exciting takeaways from Edward Jones’ Q2 revenue advisors, scroll through the slideshow. To view Edward Jones’ first quarter earnings coverage, Click here. And, for a look back at its 2021 annual report, follow this link.

Note: All figures refer, where possible, to the company’s US operations rather than its combined results, including those in Canada, where it had 845 advisors at the end of the second quarter. The company splits most, but not all, of its returns between the two countries.