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Clients Want Advisors to Use the Latest Tech: Edward Jones

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What You Need to Know

  • Despite the shift to digital necessitated by the pandemic, 83% preferred to work with a human advisor.
  • Investors want to work with a human advisor who can use the latest technology to improve their financial well-being.
  • Edward Jones has launched new and advanced tools to help investors track their financial progress.

Nearly all investors in a new poll from Edward Jones said they consider it important that their financial advisors employ the latest technology and tools when advising them.

Eighty-three percent of survey participants said they would prefer to work with a human advisor, despite the shift to digital necessitated by the pandemic, compared with 17% who prefer to consult a robo-advisor.

“Human-centered relationships are at the core of our business,” Frank LaQuinta, chief information officer at Edward Jones, said in a statement. 

“When we asked clients and investors about what they wanted out of technology they told us they wanted to know if they are OK, how did they get to where they are and where are they headed.”

Morning Consult conducted the online poll in mid-January among a sample of 1,242 investors. 

Tech-Enhanced Advice

The survey found that investors are looking for a human professional who can leverage the latest tools and technology as part of the financial advisor relationship. 

Thirty-three percent of respondents said they work with a financial advisor to manage their overall financial health, while 23% do so to track their financial health and ensure they are meeting financial goals.

Nine in 10 survey participants who seek financial advice said the use of the latest financial technology and tools is important for these reasons:

  • To manage overall financial health.
  • To track financial health and meet financial goals.
  • To track portfolio performance and risk profile.
  • To set financial goals for retirement, put a loved one through college, estate considerations and the like.

“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.”

New Tools

This week, Edward Jones rolled out new and enhanced tools aimed at bolstering the client experience and accelerating the firm’s digital transformation. 

Through new online access and a mobile app, investors can now track progress toward financial goals and stay connected to their accounts, and they can communicate with their Edward Jones financial advisor.

In addition, they are able to connect accounts they hold outside the firm for a complete picture of their financial well-being, and manage and complete essential tasks such as transferring funds, paying bills and depositing checks.

Last year, Edward Jones announced $500 million, multi-year investment into its digital transformation, a bet during the pandemic that produced positive results. 

(Photo: Shutterstock)