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Edward Jones Takes Step Toward Giving Advisors Discretion

For the first time, Edward D. Jones & Co. has opened the door on allowing its financial advisors’ discretion over client assets. So reports AdvisorHub.

Edward JonesEdward Jones said in a regulatory filing that advisors can buy and sell holdings “whenever” they “deem appropriate and without [client] approval of each transaction” as part of a new managed account program called Financial Advisor Managed Solutions.

A former senior manager at Edward Jones told AdvisorHub that the firm, mindful of possible liability, had traditionally only granted such discretion to portfolio managers in its home office.

Read the full article from AdvisorHub.

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