With a history of hiring career changers and entry level trainees, Edward Jones wants to recruit at least 230 experienced advisors this year, at least one for each of their regions where they operate.
Earlier this year, they added three new recruiters and streamlined their hiring process.
Jordy Evans, principal of Edward Jones told Registered Rep,
“We intend to continue growing as a firm and we are not slowing down the recruiting of career changers or people who are unlicensed, but we want to add experienced FAs who care about their clients and are craving the stability we feel we can offer. It is an exciting time to be recruiting experienced FAs because of what is happening in our industry.”
So who qualifies? According to Evans, a veteran advisor with a minimum of three years experience serving clients, a minimum of $20 million of assets under care, and a minimum of $150,000 in gross revenues in the prior 12 months. (Noteworthy, is that the 50 veterans hired in 2010 had an average of $300,000 in annual revenues, about $50 million in assets under care and about 13 years experience.)
Edward Jones appeals to advisors who want the support of a full-service firm, but want a smaller more intimate culture than the wirehouses provide. Evans also noted they are also appealing to advisors nearing the end of their career as they have an attractive succession planning and profit sharing process.