Attracted by Newfoundland and Labrador’s energy-rich economy, North American financial advisory firm Edward Jones recently opened its first office in the province’s capital city – even as it announced plans for another five.

“Six branches in St. John’s, that’s our target,” confirmed Edward Jones’ managing principal David Lane. Each branch typically consists of an advisor and an assistant/office administrator – in this case, Brad Carroll and Amanda Stevens respectively.

Though there are more than 40 established competitors already in the St. John’s area, the new office’s lone financial advisor, Brad Carroll – from Conche on Newfoundland’s Northern Peninsula – is confident that it won’t take long for him to build a loyal clientele. “I’ve been in the industry for nine years already. I have a lot of experience in the industry. We’ll build on that.”

Speaking “tongue in cheek,” David Lane noted that Carroll has some clients, but “not enough.”

Increasing those client numbers, particularly in the coveted oil, gas, engineering and small business sectors, probably means there will be some turnover in the marketplace. “Yes, we do see ourselves taking clients away from other people,” says Lane, “but in a professional manner based on the quality of advice, the long-term perspective and the quality of service that Amanda and Brad can give.”

Service, according to both Lane and Carroll, is what ultimately sets Edward Jones apart from its peers. The company’s sole focus is reportedly on the individual investor and on providing customized financial planning and investment advisory services. “We make decisions that are based on the long-term, not quarterly results or outside pressure from shareholders,” says Lane.

The St. John’s growth agenda is part of a larger and even more ambitious goal of having 20,000 Edward Jones financial advisors across the continent by 2020. They currently have approximately 12,000 locations, 12 of which are in Atlantic Canada.