Edward Jones is launching its first private client set of services designed specifically for high-net-worth clients in the United States.
Edward Jones Generations will be open to select clients starting in the second quarter and will expand more broadly to more of the firm’s high-net-worth clients by 2026.
“Our 9 million clients include high-net-worth individuals, and we know they have very unique needs,” David Chubak, the head of Edward Jones’ U.S. Business Unit and Branch Development, said. “Our goal is to help them and their families balance their lifestyle, legacy and long-term impact for generations to come.”
Edward Jones Generations will include financial planning and investment management, focusing on clients with at least $10 million in investable assets. Representatives from Ernst & Young and the law firm Husch Blackwell will help Edward Jones’ financial advisors with tax and legal issues.
With their help, clients will get advice on cash flow analysis, trust and estate needs, philanthropic strategies and business owner planning (including estate planning documents and tax preparation, as needed). Generations will also act as a go-between for third-party referrals for real estate, family governance, succession planning and executive health screenings, among other services.
Though Edward Jones has traditionally positioned itself as focused on middle-class clients, it’s made efforts in the past several years to broaden its appeal to high-net-worth clients, culminating in the new service model.
Chubak originally spoke with WealthManagement.com in late 2023 about launching a high-net-worth service business. At the time, he said the service would be part of the firm’s existing client consultation group (the firm does offer high-net-worth support through that group for clients with more sporadic needs).
The firm also invests in new products geared toward the HNW space, including alternative investments like private equity, private credit and private real estate, proactive tax strategies, more philanthropic opportunities and customizable cash management.
Last fall, Edward Jones launched a proprietary SMA focused on U.S.-based large cap stocks, available exclusively to clients enrolled in its existing unified managed account program. The SMA was benchmarked to the S&P 500 and required a minimum investment of $50,000.
Russ Tipper, a general partner for products with Edward Jones, told WealthManagement.com that the SMA was a strategic move to attract HNW investors.
Edward Jones has more than 20,000 financial advisors nationwide and more than $2.2 trillion in client assets. As of the end of 2023, Edward Jones had more than 400,000 HNW clients.