Edward D. Jones & Co., one of the largest employee brokerage firms, remains at a standstill with respect to advisor headcount as the firm revamps its business model. 

According to a filing with the Securities and Exchange Commission, the firm's headcount went from 18,823 in 2021 to 18,796 in 2022. Edward Jones paused trainee hiring in 2020 due to the pandemic and moved to restructure its training and hiring in 2021.

Last year, Edward Jones began offering options for greater flexibility, autonomy, and choice to its financial advisors. The options include allowing advisors to co-locate branches with one or more financial advisors in shared office space while maintaining individual client relationships, expanding branch support roles, and piloting multi-financial advisor team models, according to AdvisorHub. 

Despite the decrease in headcount, the firm claims that it continues to invest significantly in its technology infrastructure, digital initiatives, strategic relationships and pilot programs. 

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