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September 10, 2024 at 04:45 PM
What You Need to Know
- More than 1.3 million client households have been served by the MoneyGuide planning platform.
- Expanding use of Salesforce delivers artificial intelligence-derived planning insights at scale.
- Advisory offerings need to resonate with younger clients who stand to earn and inherit significant wealth.
Some 2 1/2 years after Edward Jones announced plans to provide its 19,500 advisors with access to the MoneyGuide planning platform, more than 1.3 million client households have been served by the tool, according to Lena Haas, head of wealth management advice and solutions.
That is more than twice the projected uptake at this stage, Haas recently told ThinkAdvisor, and it’s strong evidence that a healthy culture of internal “coopetition” is driving tech adoption and fostering a planning-first service mindset at the firm.
Haas said she expects the vast majority of the firm’s 8 million-plus client households to eventually come to embrace the planning toolset, driven by advisor advocacy and organic market demand for more holistic financial planning services that go beyond investment management.
“It’s been really special to see how our advisors are talking about the tools internally and inspiring one another to engage in this planning-first approach,” Haas said. “They are embracing a deep discovery process with their clients. What are their wants? What are their wishes? Are they protected for the future?”
Other signs of an evolving planning culture, Haas said, are the fast pace of CFP designations being earned across the firm’s advisor force — along with big strategic investments and partnerships with external wealth management technology providers.
This includes the recently revealed collaboration with the estate planning platform provider Vanilla via Edward Jones Ventures and new integrations with U.S. Bank, along with expanding use of the Salesforce platform in a way that delivers artificial intelligence-derived planning insights at scale.
“We’re already at 5,500 branches now using Salesforce,” Haas said. “We are continuing our rapid pace of rollout throughout this year, and we’re gathering actionable insights from more than 500,000 client interactions on a weekly basis.”
Teaming and Home Office Support
Haas said another important area of evolution with Edward Jones is the expanding use of advisor teaming strategies, wherein multiple advisors work together to build a unified book of business within a branch office.
So far, Haas said, some 2,600 advisors are working in a team-based practice, and the option has proved to be important to both advisor recruiting and advisor retention. She said the firm has gained some 360 advisors on net so far this year, and it hopes to add more even amid a highly competitive landscape.
“We’re working very hard to make Edward Jones a place that makes sense for advisors to start or base their practice,” Haas said. “That includes the teaming approach, which has been available for more than two years now, as well as new home office support offerings that have been very popular.”
The support offerings, according to Haas, are delivered by an on-call team of specialists with expertise across a variety of knowledge domains, including estate planning, taxation, portfolio transition management and insurance.
“Access to these experts allows our financial advisors to help their wealth clients in a deeper way — without having to learn every single aspect or do everything themselves,” Haas said. “For example, advisors can get support when it comes to things like planning a multi-year tax transition for a client with a complicated portfolio.”
