Firm provides more autonomy in how financial advisors design and structure their teams
On its journey to deliver human-centered complete wealth management and advance its purpose to make a greater impact in the lives of its clients, colleagues and communities, financial-services firm Edward Jones today announced teaming options for its nearly 19,000 financial advisors and their branch support members.
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Designed to offer more flexibility and choice to its financial advisors, these teaming options provide both new and familiar industry-leading ways branch teams can help individual investors achieve financially what is most important to them.
By the end of 2023, all Edward Jones’ financial advisors will have the option to share a branch office with another financial advisor. In select markets, the firm is currently piloting a multi-financial-advisor model in which three to six financial advisors share office space. These new teaming options deliver on Edward Jones’ commitment to meet the diverse needs of financial advisors, empowering them to best serve clients and investors.
“As the need for comprehensive financial advice and wealth management increases, teaming enables our branch teams to stay competitive and deliver on the complex needs of our clients and investors more effectively,” said Ken Cella, Principal, Branch Development at Edward Jones. “Some of the benefits our financial advisors have experienced include increased capacity and enhanced client support. These, in turn, can help elevate the client experience and the ability to plan for succession. The teams involved have access to additional support and learning opportunities within their larger branch team. Teaming allows our financial advisors to continue an intimate understanding of our clients’ lives across health, family, purpose, and finance.”
Edward Jones’ traditional model with one financial advisor and branch office administrator per office has served the firm well for the last 100 years. Many financial advisors and their branch support members prefer and will remain in this model. In addition, the firm is testing models that would allow for the expansion of branch support roles.
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In the two-financial-advisor and multi-financial-advisor models, Edward Jones financial advisors who elect to co-locate their branches with another financial advisor will continue to maintain independent client relationships, financial, performance and regulatory processes. Likewise, clients will continue to partner with one financial advisor, allowing that financial advisor to maintain and develop deep, trusted, long-lasting relationships with each of their clients.
Financial advisors who choose to share an office space may experience increased accessibility and flexibility in branch office support. The firm is testing teaming models for those financial advisors who desire to work on a team with shared leadership.
Cella continued, “As we complete our test and learn pilot programs, Edward Jones could offer other teaming models in the future involving a lead financial advisor, junior advisor and specialists for tax, trust, product, or other client needs. For us, this is all about listening to our financial advisors and offering them greater flexibility and choice in how they serve their clients on our journey toward human-centered complete wealth management.”
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