Edward Jones Reports 1% Net Advisor Increase

Edward Jones reported a modest 1% increase in advisor headcount to 20,425, representing 300 net new advisors, in a regulatory update for the full year 2025. 

The St. Louis-based broker/dealer’s filing Tuesday showed a slower growth rate compared to earlier in the year, when it reported a 4% increase. 

The wealth manager is operating in a competitive market for advisors across wirehouses, broker/dealers and registered investment advisors—with most publicly-listed firms only giving limited advisor headcount updates after having historically releasing them quarterly.

The privately owned partnership also flagged a recent move to sweeten the pot for advisors who stay with the firm. In November, it announced that it would be starting a $1.25 billion Class B limited partnership for advisors to share in the company’s wealth. That offering, which the firm later boosted to $1.4 billion, is expected to be offered on or before Jan. 1, 2027.

In its filing, Edward Jones also reported an 11% increase in operating expenses to $16 billion in 2025 compared to the prior year, mostly due to increases in compensation and benefits. 

“Financial advisor compensation increased due to an increase in revenue on which commissions are earned,” the firm wrote. 

Home office and branch compensation and benefits also increased for employees, with more expenses coming from “estimated separation costs” from a home office restructuring the firm announced in 2025 to streamline processes in a way it said would benefit advisors. 

Related:JPMorgan Seeks Court Order Against Former Rep Who Set Up Shop Across the Street

The initiative, called Enterprise Reimagined, is being done to “create more efficient operations by restructuring the home office, removing redundancies and adopting new capabilities and technology to deliver more value and a better client experience.”

Client assets under care were also up year-over-year, rising 14% to $2.5 trillion. Edward Jones attributed the growth to a combination of strong markets and net new assets gathered by advisors through the year, though the firm did note that total net new assets of $74 billion were “relatively flat compared to 2024.”

Even so, net revenue increased 11% to $18 billion in 2025, primarily due to a rise in fee revenue from its client base. 

“The increase in fee revenue was primarily due to growth in advisory programs, driven by higher average market levels and continued investment of client dollars into advisory programs,” the firm wrote.

Edward Jones also touted a new push it started in 2025 to cater to a higher-net-worth clientele. 

Edward Jones Generations, announced in May, is being offered to clients with more than $10 million in investable assets to provide services across financial planning, estate planning, tax and other strategies. In June, the firm announced it was rolling out hubs to cater to these clients in the United States.

Related:Cetera Financial Gatekeeper Departs

The firm also noted in the filing that it is still awaiting approval for the establishment of a chartered bank and loan company to be called Edward Jones Bank, which is pending approval in Utah. Edward Jones currently offers banking services through a partnership with U.S. Bank.