Brokerage firm to add 16 branches in Hampton Roads

Edward Jones Investments, a brokerage firm whose strategy calls for setting up brokers in the communities where they live, said it expects to add 16 branches in Hampton Roads over the next four years. The company currently has 36 branches in the region.

By analyzing the concentration of investable assets by ZIP code and applying other measures, the firm defined specific locations in Hampton Roads that were attractive, said John W. Murphy, general partner and regional leader for Edward Jones, on Wednesday. Several, he said, are in Virginia Beach.

The St. Louis-based company also is lining up financial advisers to open the offices. Three Edward Jones advisers who passed the required securities and insurance exams have been training with veteran advisers with the intent of opening their own offices, he said.

One trainee is a former banker who probably will open an Edward Jones office in the Moyock area of Currituck County early next year, Murphy said. Each of the firm's offices typically has one financial adviser, along with a branch office administrator.

It costs Edward Jones about $100,000 each to train an adviser and open a new office, Murphy said.

Edward Jones' recruiting efforts concentrate on finding individuals with entrepreneurial drive even if they have no background in finance. These include former members of the military, former coaches and former teachers, Murphy said. In addition, the company is courting some who are already in the brokerage business.

"We know there are good advisers out there," Murphy said. "We're interested in talking with them and showing them how we're different."

With more than 10,000 offices nationwide, Edward Jones has the largest number of U.S. branches among brokerage firms. Its mix of products consists mainly of stocks, bonds, annuities and insurance, said Murphy, who oversees 45 offices in southeastern Virginia, the Eastern Shore of Virginia and northeastern North Carolina.

"We don't do options, commodities, futures or penny stocks," he added.

Tom Shean, (757) 446-2379, tom.shean@pilotonline.com