So far, 2023 continues to be a good year for Edward Jones. For the third straight quarter, the firm has enjoyed solid gains in both its bottom line and its bench of advisors.
The financial services giant, which is based in St. Louis but operates in both the U.S. and Canada, unveiled its third quarter numbers on Thursday in a 10-Q form filed with the SEC.
The new filing shows robust growth in the firm’s net revenue, which rose to $3.49 billion in Q3 of 2023 — a 15% jump over the same quarter last year. In a statement, the company credited this to increases in fee revenue, net interest and dividends.
But that wasn’t the only good news. In the third quarter, the number of financial advisors at Edward Jones rose to 19,009. That’s 259 more than were at the firm at this same time in 2022, and the company boasted that its advisor attrition rate is down to 4.5% — a 30% decrease from last year.
“We are proud of the competitive advantage that comes from our focus on our clients,” Don Aven, principal of talent acquisition at Edward Jones, said in a statement.
The new numbers continue a winning streak for Edward Jones. In this year’s first and second quarters, the firm also saw double-digit revenue growth and upticks in its advisor headcount. That marked a dramatic turnaround from the previous two years, when Edward Jones was bleeding both profits and advisors.
For a closer look at Edward Jones’ Q3 earnings, scroll through the slideshow below. For a look at its earnings last quarter, click here. And to see how differently the firm was doing just one year ago, click here.