Now that COVID-19 has forced most financial advisors to work remotely, technology is critical to success. Edward Jones is in the midst of a $500 million "digital acceleration strategy." In an interview with Financial Planning, Edward Jones head of information systems division, Frank LaQuinta, discussed the digital acceleration strategy.
LaQuinta said that the firm's goal is to differentiate itself from other firms by augmenting the person-to-person relationship between the investor and the advisor with great technology. Edward Jones aims to modernize and simplify all of its capabilities through the use of technology. The firm also hopes to use the investment in technology to increase its customer base. Currently, the firm has 7 million clients. However, LaQuinta indicated an interest in growing that number into the tens of millions.
LaQuinta also shared where he sees the digital acceleration strategy going in the future. LaQuinta described a "digital vault" which will allow advisors to interact with clients and prospective clients "in a different way," including sharing information and storing documents.
Regarding the affect that the COVID-19 pandemic has had on their technology strategy, LaQuinta said that it has accelerated the strategy because now the "need is paramount."
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