Edward Jones announced this week that it will open four new physical locations to exclusively serve high-net-worth clients and increase financial advisor support through new training programs.
The firm will also expand its product offerings to help wealthy clients diversify their portfolios and optimize their taxes. It said many of these enhancements are in support of Edward Jones Generations, the firm’s first private client service, which it rolled out in May.
The first new location opened in August in Scottsdale, Arizona, and another is expected to open in St. Louis in the fall. The third new location will open in West Palm Beach, Florida, in October, and the fourth will open early next year in Dallas.
“Generations hubs are a place where clients and their families can enjoy a high level of personalized services and deep connections with their financial advisors and Generations team,” Tom Lewandowski, head of the high-net-worth segment at Edward Jones, said in a statement. “The hubs are a comfortable, inviting space for clients to gather to discuss long-term planning goals, share stories and celebrate milestones.”
In its announcement, Edward Jones said it will soon launch a hands-on program designed to help selected advisors manage and grow their practices, while it also increases their acumen in advanced planning and complex investment products. The program will offer participants opportunities to learn from external resources, coaching and in-person experiences.
“We are committed to providing our financial advisors with choice and flexibility in how they build and manage their practices, and the resources and support to be successful,” Lewandowski said.
New Product Offerings
Edward Jones said it is investing in more products aimed at helping eligible high-net-worth clients diversify their portfolios and optimize their taxes.
One of these is exchange funds, which can facilitate tax-efficient diversification for investors with significant wealth in concentrated positions. Another is automated managed transitions in the Edward Jones Advisory Solutions Unified Managed Account program to support multi-year migration to more optimal portfolios in a systematic, tax-smart manner.
The firm will expand alternative investments, adding more managers and strategies in private markets. It will also increase the number of separately managed accounts offered through the UMA Models advisory program, including introduction of a proprietary Equity Income SMA.
And a private donor-advised fund designed for significant philanthropic contributions will give donors greater flexibility and customization in pricing and investment options.
“The newest additions to our product shelf reflect client needs and financial advisor demand,” said Russell Tipper, head of products at Edward Jones. “Additionally, they further support our commitment to providing sophisticated financial products, solutions and personalized experiences for clients with $5 million or more in investable assets.”
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