Edward Jones Investor Survey Finds Technology is Crucial in Financial Advisor Relationship

Financial Services Firm Launches New Tools to Enhance Client Experience

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Mar 08, 2021, 09:00 ET

ST. LOUIS, March 8, 2021 /PRNewswire/ -- An Edward Jones survey on the digital client experience showed that 95 percent of the investors polled feel it's important that their financial advisors use the latest technology and tools when advising them.

The financial-services firm's survey of more than 1,200 investors analyzed the impact of technology on financial advisor selection and in creating a financial strategy.

Despite the digital shift brought on by the COVID-19 pandemic, more than four in five respondents (83%) noted they would prefer to work with a human financial advisor, compared to just 17% who say they would prefer consulting a robo-advisor. Of those respondents who consult a financial advisor, 43% consult a human financial advisor vs. only 9% that consult a robo-advisor.

"Human-centered relationships are at the core of our business," said Frank LaQuinta, Chief Information Officer at Edward Jones. "State-of-the art technology is critically important to support the relationship and experience between our clients and branch teams. When we asked clients and investors about what they wanted out of technology they told us they wanted to know if they are okay, how did they get to where they are and where are they headed. "

Edward Jones Launches New Tools to Accelerate Digital Transformation

Edward Jones prioritizes understanding clients' needs and is committed to designing and developing technology solutions in collaboration with those clients to deliver on their evolving expectations. Today, the firm announced the launch of new and enhanced tools aimed at bolstering the client experience and accelerating the firm's overall digital transformation based on client needs and expectations. The rollout underscores the firm's commitment to providing clients with tools that will clearly show their financial goals, help keep them on track to achieve those goals and enhance the relationship they have with their financial advisor and branch team.

Through Edward Jones new Online Access and mobile app, investors can:

Track progress towards financial goals and stay connected to their accounts
Communicate with their Edward Jones financial advisor
Connect accounts they hold outside of Edward Jones for a complete picture of their financial wellbeing
Manage and complete the essentials like transfer funds, pay bills and deposit checks

Technology is Critical for Planning and Managing Financial Goals

Many investors are seeking a human financial advisor who can leverage the latest tools and technology as part of the financial advisor relationship. Thirty-three percent of survey respondents noted that they work with a financial advisor to manage their overall financial health, while one in four respondents (23%) noted they do so to track financial health and to make sure they are meeting financial goals.

Investors across the board noted the importance of the latest financial technology and tools, including:

91% of those who seek financial advice do so to manage overall financial health
94% of those who seek financial advice track financial health and meet financial goals
94% of those who seek financial advice track portfolio performance and risk profile
89% of those who seek financial advice do so to set financial goals for retirement, put a loved one through college, estate considerations, etc.

"Clients are looking for a financial advisor to be a guide, someone who can understand them and help them achieve their financial goals," LaQuinta said. "As clients' and investors' expectations change, technology will play an important role in supporting the evolving health, family, purpose and financial needs – helping them feel informed, understood, secure and in control about their future."

In 2020, Edward Jones announced a $500 million, multi-year investment into its digital transformation and the roll-out of new financial advisor tools to work with clients and prospective clients. The firm also ranked No. 5 in KPMG's U.S. customer experience excellent report.

Methodology

This poll was conducted by Morning Consult on behalf of Edward Jones from January 15-19, 2021, among a sample of 1,242 investors. The interviews were conducted online, and the data were weighted to approximate a target sample of adults based on age, educational attainment, gender, race, and region. Results from the full survey have a margin of error of +/- 3 percentage points.

About Edward Jones

Edward Jones, a FORTUNE 500 firm headquartered in St. Louis, provides financial services in the U.S. and, through its affiliate, in Canada. Every aspect of the firm's business, from the investments its financial advisors offer to the location of its branch offices caters to individual investors. The firm's 19,000-plus financial advisors serve more than 7 million clients and care for $1.5 trillion in assets under management. The Edward Jones website is at www.edwardjones.com, and its recruiting website is www.careers.edwardjones.com. Member SIPC.

SOURCE Edward Jones