Edward D. Jones & Co. LP plans to hire 250 advisers and 250 branch office administrators in both Toronto and Phoenix in the next five years as part of a plan to enter more urban areas.

The St. Louis firm announced its plans to hire in Phoenix and Toronto in Tuesday. Price Woodward, a principal in charge of financial adviser recruiting and hiring, said that if the new advisers in those two cities can gather customers over the next six months, the company will look to use the same strategy to enter the Northeast and Florida. "There is just an enormous population on the East Coast," he said in an interview Tuesday. "We are looking for ways to grow rapidly in those markets."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.