St. Louis-based Edward Jones is expanding its offerings to include alternative investments available to eligible clients in Edward Jones Generations, the firm’s recently launched private client service for U.S. high-net-worth investors. The firm plans to bring the investments further down the market over time.
The Edward Jones Generations service offers financial products, solutions and personalized experiences for clients with $10 million or more in investable assets.
Alternative investments, including private equity, private credit and private real estate, will become available on the platform beginning on May 5. The investments will be delivered through the Edward Jones Advisory Solutions Unified Managed Account program, part of the firm’s advisory fee-based services. Initially, alts will be exclusive to Edward Jones Generations clients, but the firm plans to “expand the range of alternative investment options and client reach over time.”
“Edward Jones is committed to helping our clients achieve their financial goals, and we are always looking to expand our products, solutions and experiences designed to help make these goals a reality,” Russ Tipper, principal and head of products at Edward Jones, said in a statement. “We believe alternative investments represent an opportunity for our high-net-worth clients to diversify their portfolios.”
Edward Jones is working with alts specialist CAIS to develop its menu of investments. Financial advisors serving Edward Jones Generations clients will also have access to CAIS’s on-demand learning platform, CAIS IQ, and CAIS Live in-person education events.
In addition to access to private markets, Edward Jones will also begin offering ongoing advanced financial planning “designed to meet high-net-worth clients’ complex needs,” and includes a dedicated team of planning, estate, tax and other strategists. The financial planning capabilities will include cash flow analysis, complex tax, estate or trust considerations, business owner planning or philanthropic planning.
The announcement comes amid Edward Jones reorganizing its leadership team as part of an ongoing effort to position the firm to prepare for what it sees as the coming multi-trillion-dollar generational wealth transfer.
As part of this shift, David Chubak, head of the U.S. business unit and branch development, now heads wealth management and field management. Chubak has been with Edward Jones for over three years after a nine-year stint with Citi. He replaced Lena Haas, who had been head of wealth management advice solutions, and will retire at the end of 2025. David Gunn, who led the firm’s Canadian business unit, will take over responsibility for its U.S. business unit from Chubak.
Edward Jones unveiled its private client group a little more than a month ago.
“Our 9 million clients include high-net-worth individuals, and we know they have very unique needs,” Chubak said at the time. “Our goal is to help them and their families balance their lifestyle, legacy and long-term impact for generations to come.”
Edward Jones’ move comes amid a slew of recent announcements of financial services firms expanding their private market capabilities.
In February, LPL Financial launched LPL Alts Connect, a full-service platform where advisors can research, purchase, and manage alternative investments.
Meanwhile, earlier this month, Charles Schwab unveiled Schwab Alternative Investments Select, a platform available to all eligible retail clients with more than $5 million in household assets at Schwab.
Along slightly different lines, a group of industry veterans from Goldman Sachs, Hightower Advisors and H.I.G. Capital has launched New York-based Peak Altitude Partners (PeakAlts), which is aiming to be a “white glove service” for RIAs, family offices, multi-family offices and endowments to access private market investments.