Edward Jones has topped $1 trillion in client assets as it continues its push to recruit experienced brokers and move into urban centers.
The St. Louis-based company now has assets under management of $1.06 trillion, up 9.9 percent from the beginning of the year. Managing Partner Jim Weddle said the firm has grown its net new assets by $30.9 billion through August and is on pace to hit its goal of $47.1 billion net new assets for the year.
As part of this growth, Edward Jones has continued its effort to to recruit experienced brokers from large brokerages who can handle urban clients with more complex financial needs. Weddle said that of the about 700 brokers the firm has hired this year, about 130 were from other firms, as compared to the roughly 40 experienced advisers Edward Jones hired last year.
Weddle said the company expects to hire up to 200 more advisers by the end of the year, bringing its total to about 16,000.
Read more: St. Louis Business Journal