St. Louis-based Edward Jones said Thursday that it has been testing a multiuse office in New York and now plans to move to a larger location in midtown Manhattan. The announcement came as Edward Jones also said its advisor headcount had increased to more than 20,000, working out of roughly 16,000 offices.
“This intentional growth in financial advisors creates an incredible opportunity to reach new segments of clients and grow our positive impact and market share across North America,” David Chubak, responsible for the U.S. Business Unit and Branch Development at Edward Jones, said in a statement.
Edward Jones has been experimenting with various business models. It has begun to allow advisors to join teams, rather than operate by themselves out of solo branch offices. Roughly 3,000 associates are now taking advantage of arrangements of that sort.
Edward Jones is also allowing certain advisors to provide comprehensive financial plans in return for a flat fee. The plans cost $3,600 a year and are at first being offered to clients with $250,000 or more in their accounts.
