Edward Jones reports first-quarter net income rises 5.5%
Updated
Updated · Wealth Management · May 8
Edward Jones reports first-quarter net income rises 5.5%
1 articles · Updated · Wealth Management · May 8
The St Louis-based wealth manager said net income before partner allocations reached $541 million, while total net revenue rose 12% to $4.7 billion and assets under care increased 12% to $2.4 trillion.
Asset-based fee revenue climbed 18% to $3.9 billion, mainly from advisory programmes and higher market levels, but operating expenses rose 13% to $4.1 billion on compensation, benefits and technology-related costs.
Edward Jones ended the quarter with 20,550 advisers, up 1%, and 8,907 home-office staff, down 5%, as it pursues advisor retention, a planned bank launch and technology investments.
Can the firm's pivot to banking and AI technology solve its growing advisor retention crisis?
Amid record profits, why is Edward Jones facing an exodus of its most experienced advisors?