Kingsview Partners, a prominent registered investment advisory (RIA) firm, has once again demonstrated its appeal to advisors seeking greater independence and broader client service capabilities. The firm announced on Friday the addition of a team managing approximately $326 million in assets, formerly associated with Edward Jones in Mt. Carmel, Illinois.
The team is led by Josh Farley, a seasoned advisor with nearly 23 years at Edward Jones. Joining him is Alisha Warren, who transitions from a registered client associate to a full-fledged broker within Kingsview Partners. At Edward Jones, their practice generated around $1.3 million in revenue, according to Farley.
Farley cited a feeling of being “stifled” at Edward Jones as a primary motivator for the move. He expressed limitations in meeting diverse client needs, specifically mentioning restrictions on offering loans for real estate, certain exchange-traded funds (ETFs), and cryptocurrency investments. “I didn’t feel like they were getting all the opportunities they needed,” Farley stated, highlighting his enthusiasm for the expanded possibilities at Kingsview Partners. “I’m very excited to see what happens next.”
Edward Jones has been actively updating its business model to broaden its product offerings. These updates include incorporating popular financial planning tools and banking services, alongside providing advisors with increased autonomy in investment decisions for their clients. Recently, Edward Jones unveiled a partnership with U.S. Bank to introduce credit cards and checking accounts in the coming year, signaling a further diversification of services.
In response to advisor movement, an Edward Jones spokesperson emphasized the firm’s ongoing commitment to “invest in new tools and technology, an expanded set of products and solutions, and new practice models that give financial advisors greater autonomy, flexibility and choice in how they serve clients.” The statement also underscored the firm’s focus on supporting branch teams and enhancing practice management resources to facilitate growth.
Despite these firm-wide initiatives at Edward Jones, Farley indicated that he was not eligible for a specific program that grants advisors discretion over client accounts. While he did qualify for a new profits interest bonus, an equity-like incentive program for top-performing advisors, Farley deemed the payout insufficient to deter his departure. He did not disclose the exact amount of the bonus offered.
Kingsview Partners, established in 2008 and headquartered in Grant Pass, Oregon, is led by founder Josh Lewis, a former commodities trader. The firm is owned by the Lewis Family Trust and reported managing $4.8 billion in client assets by the end of 2023. Kingsview Partners utilizes custodians such as Charles Schwab & Co., Raymond James Financial, and Interactive Brokers. Notably, Kingsview attracts advisors by offering equity in the firm and providing recruitment bonuses facilitated through Raymond James, as detailed in their Form ADV.
This latest team acquisition continues Kingsview Partners’ successful recruitment streak from Edward Jones in 2024. Earlier this year, Kingsview welcomed teams from Edward Jones in North Carolina, Texas, and Michigan. Collectively, these teams brought approximately $932 million in client assets and substantial revenue to Kingsview Partners, underscoring the firm’s growing appeal within the independent advisory space.
While Edward Jones has experienced increased advisor attrition, the firm maintains a net positive in advisor headcount growth. They attribute this growth partly to the aforementioned new programs designed to enhance advisor satisfaction and retention. As of the second quarter, Edward Jones reported a 4% increase in its advisor count, reaching around 19,500, surpassing their 2024 growth target of 3%. This indicates a complex dynamic within the industry, where firms like Kingsview Partners offer compelling alternatives attracting advisors even as established giants like Edward Jones adapt and expand their offerings.
