Edward D. Jones & Co. has announced a 5 percent reduction of its branches, from almost 16,000 down to 15,200. Despite an increase in its adviser headcount of 5 percent, the firm has been offering various co-locating and teaming options to its adviser roster as of 2023. Almost 15 percent of its employees have taken one of these options, as of October.
“The reduction in physical branches is intentional, primarily due to teaming and multi-financial-adviser offices and is separate from the number of financial advisers, which is growing,” a spokesperson for the St. Louis-based company said.
These staffing reconstructions are intended to modernize Edward D. Jones’ business model. In addition to multiple office closures, the firm is opening an office in New York City to locate its financial advisers in urban markets.
