Edward Jones $400M Team Joins LPL in Missouri: What It Means for Advisors (2025)

Two Edward D. Jones & Co. brokers managing $400 million in combined assets have teamed up at LPL Financial, according to an announcement on Thursday.

Benjamin T.J. Worley and Robert E. Monroe, who are based in Dexter, Missouri, about two and a half hours away from Edward Jones’ St. Louis headquarters, joined LPL on August 27, according to registration records. Their team, called Worley Monroe Advisors, includes support staff Allie Rowland, Hanna Kinder, Mandi Cooper Jordan and Pamela Powell, according to their firm website.

“We were looking for a firm that would best fit our clients’ investment needs and help to up-level our client service, while also providing the necessary support for us professionally as advisors to grow and serve effectively,” Monroe said in a statement.

Worley first registered with Edward Jones in 1998, and Monroe, in 2014, according to BrokerCheck. They did not respond to a request for comment.

An Edward Jones spokesperson also did not respond to a request for comment. The firm pitches advisors on a semi-independent pay structure where they earn a portion of their revenue based on the profitability of their branch. But LPL and other independent contractor firms seek to exploit that by offering further independence.

Edward Jones’ attrition rate ticked up 21% over the past year to 6.1% from 5.3%, according to its most recent earnings report.

Meanwhile, Edward Jones, which has more than 20,300 brokers, has been on a multi-year campaign to modernize its wealth business and expand beyond its roots selling mutual funds to mom-and-pop investors. The firm now allows brokers to team up and share office space and added banking and planning services geared to high net-worth customers.

On Thursday, the St. Louis-based firm announced that it is establishing four “hubs” specifically for ultra-rich clients.

LPL, which has more than 29,000 brokers, this month recruited two UBS Wealth Management USA teams with $1.3 billion and $1.8 billion, respectively, in assets. In August, the San Diego-based firm closed its deal for smaller independent broker-dealer Commonwealth Financial.

LPL CEO Rich Steinmeier told analysts in August that recruiting appeared to have slowed down industry-wide this year due to market volatility. He estimated that advisor “churn” was at around 5% in the second quarter, below the typical run-rate of around 5.5% to 6%.