As players in the competitive U.S. wealth management space look to outflank rivals, Edward Jones is adding the most traditional of financial services to its offering.
The firm will provide its clients with banking services from 2024 thanks to a strategic partnership with Citi.
Offering checking and savings accounts initially, with an expansion of its securities-based lending and other banking products and services likely later, responds to need identified in a recent survey.
It found that 54% of Edward Jones clients want guidance on how to achieve all their financial goals and make trade-offs as they save, spend and borrow in a coordinated way.
“This new offering will further strengthen our nearly 19,000 financial advisors' ability to help our clients achieve their financial goals through more holistic advice, planning and solutions,” said Lena Haas, head of Wealth Management Advice and Solutions at Edward Jones.
Edward Jones’ parent company planned to launch banking services in 2020 and applied to establish Edward Jones Bank with the Federal Deposit Insurance Corporation (FDIC) and Utah Department of Financial Institutions (UDFI) but withdrew its application in October 2022.
It will leverage this Citi Alliance service to provide the new service for Edward Jones’ clients with a seamless integration into the firm’s online client portals.
"When personalized advice and wealth management is complemented with integrated banking services, clients benefit from a complete set of financial solutions, allowing for more holistic planning opportunities and growth," said Eduardo A. Martinez Campos, Head of Citi Wealth Services and Strategic Investments for Citi Global Wealth.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
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