Edward Jones reported record net revenue in 2013 as the firm added to its adviser ranks and market conditions improved.
The Des Peres-based brokerage’s net revenue grew to $5.7 billion, compared with $4.97 billion in 2012, a 14 percent increase, according to an annual report that its parent company, Jones Financial Cos., filed Friday. Income before allocations to partners rose to $674 million, up from $555 million in 2012.Â
Edward Jones had 13,158 financial advisers at the end of the year, up from 12,463 in 2012, and the firm added $48.2 billion in net new assets.Â
The company succeeded in boosting its financial adviser ranks by recruiting military veterans, said Jim Weddle, Edward Jones’ managing partner.Â
Improving market conditions helped Edward Jones grow its assets under care by $118 billion in 2013 to $787 billion.
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"We've had a very good market, so that certainly was a source," Weddle said.Â
Edward Jones has set a goal of growing its adviser ranks to 20,000 and its assets under care to $1 trillion by the end of 2020. The firm has set a goal of adding 850 financial advisers this year and is seeking to grow its base in major cities.Â
"Three fourths of our growth will be in the largest metro markets, where the largest populations of serious investors are," Weddle said. "There are a lot of individual investors out there who need our help."Â
Lisa Brown is a business reporter at the Post-Dispatch. Follow her on Twitter and the Business section .
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