March 29, 2021
Louis Diamond Quoted
By Jake Martin
Real estate cost savings and broker demand for more collaboration appear to be putting pressure on Edward Jones to revisit its single-broker model, despite concerns that cohabitation could lead to intra-office competition.
St. Louis-based Edward Jones, the largest U.S. brokerage firm by its more than 19,000 brokers, is piloting a program
Even the consideration of loosening its restrictions on office space marked a “massive change” for the relatively middle-of-the-road firm, according to Louis Diamond, an industry recruiter with Diamond Consultants. Edward Jones may have felt pressure from some large producers or prospective recruits who wanted more of a collegial office environment, he said.
“It seems like an antiquated model and it doesn’t really make sense for someone who wants to have camaraderie or a team around them,” Diamond said. “It seems like a limiting factor to be so strict about it.”The pilot comes also as Jones and other major brokerage firms are contemplating what the workplace will look like as Covid-19 restrictions begin to thaw. Raymond James is piloting flexible office space by consolidating two Houston offices and redesigning the space around hot desks.
That would allow financial advisors to opt to co-locate their practice in shared offices, the company confirmed.