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Edward Jones is increasing its technology spend and gradually making third-party financial planning from Envestnet | MoneyGuide available to its more than 17,000 U.S.-based advisors, according to an announcement. The newly-available software will replace, in some cases, elements of the firm's existing financial planning software, Financial Foundation. The brokerage is investing $1 billion over the course of the year in personnel, technology infrastructure, virtual business tools and “test and learn pilot programs” intended to position the firm on a competitive footing.
Edward Jones is using the money to “rebuild our cloud infrastructure” and “move away from mainframe [technology],” said Frank LaQuinta, chief information officer. The investment is designed to give advisors better advisory platforms, improve their mobile infrastructure, provide them with more tools via partnerships and enhance the firm’s cybersecurity, he added.
The funding will also be used to attract new leadership and tech employees, he said. One of the first hires the...