In regards to the emerging competitors, Edward Jones should in the next one-year offer a full range of financial products and services to its clients it will be easy for the firm to sell an additional financial service to an existing client than to a new client. Edward Jones should observe the market trends and competition in the next five years before expanding to international scopes.Įdward Jones should change its marketing strategy from a television advertisement, that is costly and embrace product awareness through recruiting more financial advisors in the fields and participating in corporate social responsibility. market and become the leading brokerage firm first. It is better to use the resources to conquer the stiff competition in the U.S. On the issue of Edward Jones venturing into international markets, I would suggest they put a stop to this because of the cost involved and risk due to the stiff competition. The firm can start recruiting financial advisors from other brokerage firms as they may end up bringing the much-needed change and experience. The firm should focus more on retaining their financial advisors by giving them favorable terms of work and other benefits.
I would suggest that the firm stops the process of training and recruiting fresh financial advisors trainee as this will be very costly to the firm in the end in terms of money and time, because after them completing the training they will be absorbed with the competing firms, luring them with more benefits. This should be done in the next year in order to counter competitors who would want to use the advantage of not been well covered in an area.ĭue to the coming up of new players in the industry, financial advisors have become very marketable and scarce. Regarding the geographical scope and office operation, I would suggest that the firm maintain fifty percent office in the rural and fifty percent in the metropolitan for an even market coverage because currently the population is evenly distributed.
This will be more profitable to the firm in the future.
In the next year, the firm should diversify and incorporate the institutional businesses as part of its client because they are huge investors nowadays with long-term investment. Edward Jones has excelled in individual customer brokerage thus they should try to maintain the existing individual customers.
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