Edward D. Jones & Co. has launched a new managed account program called Financial Advisor Managed Solutions. This program provides financial advisors with an unprecedented level of discretion over client assets. As per a November 16th filing with the Securities and Exchange Commission, advisors at Edward Jones can now execute buy and sell decisions for investments at their discretion, without client approval for each transaction.

AdvisorHub reports that Edward Jones previously limited discretion over client assets to portfolio managers in the home office. This limitation was attributed to concerns about potential liability, especially with many recent graduates from its training program serving as advisors. However, the firm appears to have adjusted its stance in response to industry trends, as many large firms were already offering some discretion options, and advisors were increasingly seeking this flexibility.

The introduction of this new advisor-managed program is part of a broader initiative aimed at aligning Edward Jones with common industry practices. Recent changes, including a home office financial planning pilot and measures allowing advisors to co-locate and form teams, are geared towards enhancing the recruiting and retention of veteran advisors at Edward Jones.

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