Edward Jones Continues Transformational Journey by Expanding Offerings for Clients

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Aug 15, 2023, 16:15 ET

Firm adds strategic partnership with Citi to meet clients' banking needs

ST. LOUIS, Aug. 15, 2023 /PRNewswire/ -- Entering its second century of serving clients even more completely through deep personal relationships and continuing along its transformational journey toward providing more comprehensive planning and advice, financial-services firm Edward Jones announced today that it has entered into a strategic partnership with Citi to serve Edward Jones' clients' banking needs.

Banking is an integral part of delivering on the client experience through goals-based advice, which is a priority for investors. In fact, more than half of U.S. investors (54%) recently surveyed by Edward Jones say they're looking for guidance on how to achieve all their financial goals and make trade-offs as they save, spend and borrow in a coordinated way. Through the strategic banking partnership, Edward Jones will initially focus on offering checking and savings accounts to its clients across the U.S. in 2024. The firm also intends to expand securities-based lending and may look to add other retail banking products and services.

"We are excited to bring our clients enhanced products, services and experiences through this industry-leading partnership with Citi," said Lena Haas, Head of Wealth Management Advice and Solutions at Edward Jones. "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."

Looking to the future, the integration of banking capabilities with Edward Jones' best-in-class investment services will enable financial advisors to work with clients based on a more holistic view of their finances and provide personalized recommendations that help them achieve more of their goals.

"We are pleased to partner with Edward Jones to offer an innovative and client-focused suite of banking services to cover their clients' short- and long-term goals," said Eduardo A. Martinez Campos, Head of Citi Wealth Services and Strategic Investments for Citi Global Wealth. "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."

In early 2022, Citi Global Wealth launched Citi Alliance – a premium banking and lending service for clients of Registered Investment Advisors (RIAs), technology providers, broker dealers and custodians. Citi will leverage this expertise to support Edward Jones' advisors and clients with seamless banking solutions.

The firm has long understood the benefit of banking capabilities. In 2020, Edward Jones' parent company 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.

Edward Jones will integrate banking solutions from Citi seamlessly into its online access platform for clients. This announcement comes on the heels of several recent client accolades for providing a comprehensive client experience including a "top performer" ranking from Hearts and Wallets, "Wants & Pricing 2023: Growing Demand for Access, the Allure of "Free".

About Edward Jones
Edward Jones is a leading financial services firm in the U.S. and through its affiliate in Canada. The firm's nearly 19,000 financial advisors serve more than 8 million clients with a total of $1.8 trillion in client assets under care at the end of June 2023. Edward Jones' purpose is to partner for positive impact to improve the lives of its clients and colleagues, and together, better our communities and society. Through the dedication of the firm's 52,000 associates and our branch presence in 68 percent of U.S. counties, the firm is committed to helping more people achieve financially what is most important to them. The Edward Jones website is at www.edwardjones.com, and its recruiting website is www.careers.edwardjones.com. Member SIPC.

Award
2023 Hearts & Wallets Wants & Pricing survey, published March 2023, data as of September 2022. Compensation provided for using, not obtaining, the rating.

Survey Methodology
This survey was conducted between January 20 - January 22, 2023, among a sample of 1,191 investors by Morning Consult on behalf of Edward Jones. The interviews were conducted online, and the data was weighted to approximate a target sample of adults based on gender, age, race, educational attainment, and region.

SOURCE Edward Jones