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Much has been made over Edward D. Jones & Co.’s stated goal to hire 1500 advisors in 2023. The firm had originally set that goal for 2022, but soon realized that that timeline was overly ambitious, as reported recently in AdvisorHub.
The challenge for Edward Jones isn’t so much finding new brokers. That’s the easy part. It is retaining the more senior brokers and overachievers already working at the firm. Increasingly, those advisors realize they have meaningful opportunities.
It’s a harsh reality for Edward Jones and beautiful reality for its best brokers.
Many industry observers view the firm as a great place to start, where they can become trained and learn the craft. Inevitably, though, they realize its limitations.
“Once the honeymoon phase is over, and they realize they have to fend for themselves, they start contemplating leaving,” said Chris Stacey, the COO of 3xEquity, the industry leader in facilitating career transitions within the wealth management space. “We have seen this pattern unfold in a consistent manner. The good news is that they realize they now have the credentials for a great job.”
Stacey added that the upheaval in the banking industry has enhanced the appetite for talented brokers. Advisors, in turn, can take advantage of this trend in an anonymous fashion, without risk to their existing job security. With 3xEquity’s “Secure My Offer” tool, advisors are freer than ever to embrace self-determination and do what is in their best interest of themselves and their family.