Edward D. Jones & Co. is taking steps to modernize its longstanding brokerage force by launching a pilot program. The program involves Edward Jones advisors referring eligible clients to "wealth strategists" based in St. Louis. Those registered investment advisors will collaborate with clients on financial goals, including retirement and college savings, and provide general asset allocation recommendations considering factors such as risk tolerance, age, and time horizon. While the financial plan is currently offered at no cost, an SEC filing indicates that the company may introduce charges in the future.

According to AdvisorHub, Edward Jones indirectly encourages advisors to refer clients to wealth strategists by providing potential compensation for executing aspects of the financial plan at the client's request. To participate, clients must be willing to engage in one or more meetings with a wealth strategist and share relevant information, including documentation on outside accounts.

The responsibility for tracking progress toward financial goals rests with the client, however, as the wealth strategists do not provide ongoing plan monitoring.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.