Financial services firm Edward Jones is looking to create a bank for its advisors’ clients, its parent firm, Jones Financial Cos., disclosed Thursday.
The firm submitted an application to the Federal Deposit Insurance Corp. and Utah Department of Financial Institutions to establish the Edward Jones Bank, a Utah-chartered industrial bank, it said.
If approved, the bank would “help Edward Jones better serve clients’ needs for saving, spending and borrowing,” the company said in its announcement.
“Since our founding 98 years ago, Edward Jones has been focused on helping individuals achieve their serious, long-term financial goals while understanding their needs and implementing tailored solutions,” according to Ken Cella, Edward Jones principal responsible for the Client Strategies Group.
“An affiliated bank would enable us to broaden our offerings for retail investors, while also supporting our approach to helping Edward Jones branch teams ensure our 7 million clients feel understood, informed, secure and in control,” he explained in a statement.