Edward Jones continues to expand its advisor roster, showing a 4 percent year-over-year increase. AdvisorHub reports that, as of the end of the firm's fiscal second quarter, the firm reported a total of 19,589 advisors, up from 18,892 a year earlier. This growth reflects the addition of 133 advisors in the second quarter alone, nearly a 1 percent increase.

Edward Jones is on track to meet or exceed its goal of a 3 percent headcount increase this year. However, the firm also faces challenges, with attrition rising to 5.3 percent during the quarter, up from 4.7 percent a year ago. This increase largely affected newer advisors, particularly those with less than five years of experience, as 41 more advisors left the firm compared to the previous year.

As part of its retention strategy, Edward Jones has introduced an equity-like "profits interest" bonus, distributing roughly $10 million in the quarter to around 2,300 advisors, averaging over $4,000 per advisor. This bonus is part of a larger $20 million allocation for the year.

AdvisorHub also reports that the firm's strategic shifts also include a reduction in the number of branch offices, which fell 1 percent to 15,315 from 15,499 a year ago. This decrease may reflect a financial benefit from allowing advisors to share office space and team up.

Overall, Edward Jones is navigating a complex landscape of growth, retention challenges, and strategic adjustments, aiming to solidify its position in the competitive financial services industry.

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