Edward Jones has gained the approval to launch a chartered bank and loan company for its more than 20,000 financial advisors, their clients and its own venture capital arm.
The firm announced Friday that the Federal Deposit Insurance Corporation and Utah Department of Financial Institutions conditionally approved The Jones Financial Companies’ April application to establish Edward Jones Bank. Andrea Moss, a former bank executive based in Utah, will serve as president of the bank to be launched in 2027, with headquarters in the Salt Lake City area.
The bank will integrate Edward Jones’ existing reserve line of credit portfolio, currently available in 47 states and Washington, D.C., and expand to all 50 states. Edward Jones Bank will also accept deposits through the firm’s insured bank deposit program and offer certificates of deposit to clients.
The approval comes after Edward Jones made an initial attempt to launch a bank in 2020, only to withdraw in 2022 due to unfavorable market conditions.
The St. Louis-based financial advisory firm currently offers co-branded checking and credit card products through a partnership with U.S. Bank. Edward Jones Bank will “complement” that relationship, the firm said in its announcement.
“By bringing together our clients’ entire financial picture, we’re empowering our financial advisors to provide deeper, more meaningful advice and support clients through every stage of their financial journey,” David Chubak, head of wealth management and field management at Edward Jones, said in a statement.
The bank would enhance Edward Jones Ventures’ loan capabilities, the firm’s corporate venture capital arm, it said in the announcement. It would also bolster Edward Jones’ push to serve more upper-high-net-worth clients.
In May of last year, the firm announced Edward Jones Generations, an offering for clients with more than $10 million in investable assets, providing services across financial planning, estate planning, tax and other strategies.
Bank President Moss, who has been with Edward Jones for about one year, was formerly president and CEO of Salt Lake City-based Nelnet Bank.
She will spearhead the effort to connect the bank’s offerings with Edward Jones’ more than 20,000 financial advisors, who oversee about $2.5 trillion in client assets as of December 31.
