Edward Jones Set for January Bank Launch to Widen Lending Options
Edward Jones is on track to launch its in-house bank for advisors in January of next year to give clients more lending options, according to a top executive.
David Chubak, head of wealth management and field management, said he is “cautiously optimistic” that Edward Jones Bank will be up and running in January, and described it as another lever for the firm’s roughly 20,000 advisors to offer clients who are increasingly seeking more services from their wealth manager.
“Many of our clients are looking for us not just for investments, but are now looking at the borrowing, the paying, the saving, and investing all together, along with insurance and protection,” Chubak said. “Being able to get into some of those lending areas, while still harnessing the power of our partnerships with, say, U.S. Bank, which offers checking and credit cards, allows our advisors to have a full conversation on all of our clients’ needs by bringing the best of all worlds together.”
Edward Jones received approval from the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions in March, noting that it would seek to open in early 2026. The bank will be used for lending, not for retail banking and checking, which Edward Jones already offers through a partnership with U.S. Bank.
Chubak noted that the firm has already seen success in offering a Reserve Line of Credit to clients this year, along with margin lending “hitting record highs for us.” The bank, which will be led by President Andrea Moss, will eventually bring those offerings to all 50 states, along with other lending options, according to Chubak and prior filings.
“There are other areas of lending that we want to be able to complement our investment lending to,” Chubak said. “It allows our advisors to have a full conversation on all of our client needs by bringing the best of all worlds together.”
The new bank, which has been in the works since 2020, would also fuel Edward Jones’ private client service division, which focuses on high-net-worth clients with at least $10 million in investable assets. Edward Jones Generations, which launched in March of 2025, has brought in advisors to work with wealthier clients, including areas such as business succession planning and transactions.
Without providing asset or client count details, Chubak said the division has “exceeded expectations” and gave the example of the firm helping a client sell their business, which involved coordinating with teams from investment banking, estate planning, taxes, and even a life coach.
“Bringing all these pieces together as the quarterback of that relationship, as the trusted partner to execute on it, is a total game changer,” he said.
To staff the Edward Jones Generations channel, the firm has been inviting select advisors to training and development programs, Chubak said.
Chubak was speaking about the added offerings on the heels of a Gallup and Edward Jones survey considering the financial habits of people in the U.S. and Canada. The survey found that while one in five people use AI for financial advice, financial advisors remain by far the most trusted source, with 79% of Americans expressing confidence in their expertise
Chubak said the survey supports the idea that an advisor’s role is shifting from the transactional side of portfolio reviews and basic questions to “financial fulfillment.”
“Clients are not going to have the tolerance to do three-hour portfolio reviews anymore,” he said. “They will crave the fulfillment experience brought by a good advisor who helps them think through not just what their anxiety is, but how to actually resolve it today, with confidence that in the future they’ll be ready for it as well.”
Edward Jones is integrating AI into its advisors’ practices, Chubak said, with a focus on efficiency and capacity, personalized advice delivery, practice growth tools, and compliance controls.
He said that, at the moment, Edward Jones estimates it has given advisors four hours per week back in time through AI-driven pre-appointment notes, meeting transcriptions, and automated appointment scheduling, with branch managers seeing even greater time savings.
“The old model would have pitted the artificial intelligence against the advisor intelligence—it’s either the machine or the man,” Chubak said. “What we’re learning through the research here is it’s actually the fusion of the advisor intelligence and artificial intelligence together that creates a truly unrivaled, authentic and algorithmic advice experience.”
