With the right approach, Johnson said Edward Jones can grow its client list from around 7 million to 40 million, just in North America. In 2019, the firm set up a permanent “Transformation Office,” led by Kristin Johnson, tasked with evolving the firm’s approach to financial advice, including its technology. By 2025, "all financial advisors will provide advice and guidance through the combined Financial Foundation/MoneyGuide platform."Įxecutives at Edward Jones pushed back against the idea that the firm’s tech investments were a reaction to the realities of remote working and digital collaboration brought on by the pandemic. "MoneyGuide will replace specific elements of Financial Foundation and enhance others that will remain in place," according to Edward Jones spokesperson Regina DeLuca-Imral. Advisors are trained to lead meetings with financial planning.
The tool measures end clients’ risk tolerance, net worth and cash flow, providing them with goal tracking and the projected future values of investments.
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The principles behind MoneyGuide should be familiar to the firm's advisors, who until now have used the proprietary goals-based software called Financial Foundation, according to materials on the firm’s site. “Test and learn” is Edward Jones’ model for new tech deployment “going forward,” said LaQuinta.
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Together, the team seeks to both understand how the new technology fits with the firm’s services model-if it does at all-and then to sort out how to best implement the new tech so that advisors provide services that stand out from their competitors, while affording them more time to spend with clients.
The phased deployment fits with Edward Jones’ model of “test and learn,” where small groups of advisors co-design the implementation of new tools with the head office. The popular planning tool will be deployed in phases, with all U.S. Related: Edward Jones Wants to 'Deeply Serve' End ClientsĮdward Jones Chief Information Officer Frank LaQuintaįinancial planning software MoneyGuide is the only specific tool mentioned in the announcement and a subsequent interview with LaQuinta. This year’s technology investment adds to last year’s sum of $700 million invested in similar categories, according to LaQuinta. Chubak has been named head of Edward Jones’ wealth management division. One of the first hires the firm announced is former Citigroup retail services executive David Chubak. The funding will also be used to attract new leadership and tech employees, he said. Related: Edward Jones Builds New Tools for Connecting With Prospects, Clients The investment is designed to give advisors better advisory platforms, improve their mobile infrastructure, provide them with more tools via partnerships and enhance the firm’s cybersecurity, he added. The brokerage is investing $1 billion over the course of the year in personnel, technology infrastructure, virtual business tools and “test and learn pilot programs” intended to position the firm on a competitive footing.Įdward Jones is using the money to “rebuild our cloud infrastructure” and “move away from mainframe ,” said Frank LaQuinta, chief information officer. The newly available software will replace, in some cases, elements of the firm's existing financial planning software, Financial Foundation. Edward Jones is increasing its technology spend and gradually making third-party financial planning from Envestnet | MoneyGuide available to its more than 17,000 U.S.-based advisors, according to an announcement.
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