There are several potential causes for loss of older foliage on stems and branches. One is natural senescence (aging), others include over/under-watering, low fertility, root congestion, and a significant change in light intensity or duration with diminishing light load being more likely to cause foliage loss than an increase in light load.
Is your light source natural (sun), or is the plant under a grow light. It does look like there new foliage might be shading the older leaves out, which could cause them to be shed. FWIW - I have jades and a number of portulacaria, and I fertilize them at the same rate and frequency as my trees, which is once weekly at production level dose of Foliage-Pro 9-3-6 during the summer months. They get fertilized every time I water in winter at a low dose (1/4 tsp/gal water) all winter long (under lights) and they do exceptionally well. Foliage-Pro is an excellent product. It has ALL nutrients essential to normal growth, in a ratio at which the average plant actually uses the nutrients, and it derives more than 2/3 of its nitrogen from nitrate sources, which does a much better job than fertilizers that derive their nitrogen from urea, at keeping plants compact and full. It would serve you well as your 'go to' product for anything you might grow in containers, for the reasons mentioned and it's a complete nutritional supplementation program from a single source.
BTW - if you want a tree-like structure for your jade, you'll need to work at it with a set of pruners or scissors. That can usually be done with directional pruning, aka clip and grow, but there are some things that will help you attain a tree-like appearance. One of the tricks is to eliminate trifurcations (think of a trident or 3-prong pitchfork) and turn them into bifurcations (think of the 'Y' formed by a slingshot). This topic comes up a lot so I put together a little line drawing that should help you with the pruning. If you decide not to prune, you'll end up with a lot of unnaturally heavy looking branches near the top of the tree, which will detract from the tree-look you're asking about.
Keep in mind the fertilizer you're using only provides NPK, which means it lacks calcium, magnesium, sulfur, iron, zinc, copper, molybdenum, boron, & manganese. At some point, that fact will be made manifest in symptoms if it isn't already.
Al