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Practice Management > Building Your Business

Edward Jones Partners With Citi to Offer Banking Services

By Jeff Berman

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What You Need to Know

  • After checking and savings in 2024, Edward Jones plans to add securities-based lending as part of its Citi partnership.

Edward Jones entered into a strategic partnership with Citi to provide banking services to clients.

As part of the pact, Edward Jones will initially focus on offering checking and savings accounts to its U.S. clients next year, it announced Tuesday.

But Edward Jones said it also plans to add securities-based lending and “may look to add other retail banking products and services.”

Edward Jones will integrate Citi banking solutions into its online access platform for clients, it said.

Looking ahead, the integration of banking capabilities with Edward Jones’ investment services will allow 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,” the firm said.

The new Citi banking 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,” according to Lena Haas, head of Wealth Management Advice and Solutions at Edward Jones.

Edward Jones pointed out in a news release that, in early 2022, Citi Global Wealth launched Citi Alliance, a premium banking and lending service for clients of registered investment advisors, technology providers, broker dealers and custodians. Citi will “leverage this expertise” to support Edward Jones advisors and clients with banking solutions, according to the companies.

Edward Jones’ nearly 19,000 advisors served over 8 million clients with a total of $1.8 trillion in client assets under care at the end of June 2023, it said.

The firm said Friday that its advisor headcount increased by 137 to 18,892 at the end of the second quarter compared to the same period in 2022. Edward Jones gained 42 advisors in Q2 from Q1 2023.

Jeff Berman

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