Edward Jones grew its advisor ranks by 6% in 2019 while its assets under management soared 23%, the company says.
The firm’s advisor count stood at 18,704 at the end of last year, an increase of 1,089 compared with the prior year, according to its SEC filing on Tuesday.
Assets grew by $246 billion from 2018, reaching $1.3 trillion at the end of 2019, the company says, attributing the growth to rising market valuations as well as $64 billion in net new assets.
Net revenue at the firm was $9.4 billion for the year, an increase of 11% from 2018.
Fee revenue grew from $6.8 billion in 2018 to $7.5 billion in 2019, which Edward Jones attributes primarily to market increases and net asset inflows in both 2018 and 2019.
Trade revenue in 2019 grew by $119 million to $1.6 billion. Net income grew from $1 billion to $1.1 billion in 2019, marking the first time it exceeded $1 billion, according to the report.
In December, Matt Burkemper, principal and head of recruitment told FA-IQ the St. Louis-based broker-dealer plans to continue its aggressive recruiting in 2020 and intends to almost double the ratio of experienced advisors it hires from 8% to 14% or 15%.