Edward Jones’ David Chubak on the Golden Age of Advice

PodcastAccrued InterestDavid ChubakOct 5

Chubak describes an advice gap that reaches beyond rural communities and argues that trust and human connection will matter as a large wealth transfer approaches. He also points to business succession and a shrinking advisor workforce as forces reshaping the industry's capacity. A client’s fear-driven impulse to sell illustrates how advice can help put market anxiety in context, while product suitability depends on reviewing individual offerings and their role in a portfolio.

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Key Takeaways

Ted Jones saw an opportunity to bring investments to small towns, agrarian communities, and blue-collar professionals overlooked by Wall Street banks; the host says Edward Jones now has nearly $2.5 trillion in assets under care and 20,000 field advisors. The figures provide context for the firm’s discussion of its future priorities.

David Chubak says the advice gap extends beyond rural communities: many Americans and Canadians want advice but are not finding financial fulfillment. He sees a golden age for advice, while saying people need help distinguishing authentic advice from algorithmic answers and that advisor-client trust is built through repeated experiences.

Chubak expects a large wealth transfer in the United States and Canada to pick up in the coming years, while younger Americans—many of whom have never spoken with an advisor—may turn to phone apps rather than human connection. Separately, he says close to half of the roughly 33 million U.S. businesses are expected to transition over the next decade as owners reach an average age of 56 or 57, creating an opportunity for value creation.

ECONOMY

Investment Access — David Chubak says Ted Jones saw an opportunity to bring investments to communities with limited access, including small towns, agrarian communities, and blue-collar professionals overlooked by Wall Street banks.

“And what Ted saw was an opportunity to bring a whole new opportunity set to people who were really being overlooked. And some cases looked down on Right…”—

Advice Gap — Chubak says many Americans and Canadians want advice but are not finding financial fulfillment. He says the advice gap extends beyond rural communities.

“It's clients that are seeking and finding financial fulfillment, and frankly significant numbers of Americans and Canadians who are telling us they want advice and are not finding financial fulfillment.”—

Advice Trust — Chubak argues the advice business is entering a golden age. A key challenge, he says, is helping people distinguish authentic advice from algorithmic advice when they have many ways to get answers.

“Our business essentially is a business of trust, a business of advice and guidance, and I think we're entering a golden age for the advice business, especially given that people…”—

MARKETS

Fearful Selling — Chubak recounts a client who feared a world war after seeing bombers and wanted to liquidate his portfolio. Chubak listened and asked the client to review the portfolio before writing a check, illustrating how an advisor can address fear before a financial decision.

“He's like, I don't I'm not sure what you can see something's up and eventually I'm like, alright, so listen, hey, something's going on…”—

Muted Market Reaction — Chubak says the client's defense stocks rose a little, while the broader market did not react much that day. The contrast underscored the difference between the market's response and the client's anxiety.

“Portfolio was doing great that day. He has defense stocks in his portfolio. They went up a little bit. The market actually didn't really react to too much.”—

David Chubak’s Journey

Chubak traces a career from Brooklyn and Citi to Edward Jones, explaining how his grandmother’s example and a search for purpose shaped his work in financial services.

Citi’s Purposeful Banking

Chubak describes how retail banking and pandemic relief showed him the human impact of financial services and led him toward Edward Jones’s client-centered mission.

Edward Jones’ Main Street Roots

Chubak recounts how Ted Jones built a community-based investment business for people overlooked by Wall Street, a purpose the firm still sees in its advice-gap mission.

Advisor Hiring And Access

Edward Jones continues recruiting and training advisors as the profession shrinks, arguing that unmet demand for advice exists in urban as well as rural communities.

Trust In Personal Advice

Chubak’s branch immersions demonstrate the value of human guidance, including helping an anxious client put a frightening geopolitical headline and the urge to sell into context.

Edward Jones Partnership Raise

Chubak explains the firm’s largest limited partnership offering, which aims to fund growth while broadening ownership among the people working across the firm.

Wealth Transfer And Advisor Supply

A major transfer of wealth and business succession will increase demand for advice as the advisor workforce contracts, making advisor development a pressing industry challenge.

Financial Fulfillment For Clients

Chubak says advisors should focus on clients’ lives and financial well-being, combining investment results with the confidence and security that support life transitions.

Edward Jones’ Wealth Expansion

The firm is broadening its products, private-market offerings, and banking capabilities while aiming to distinguish itself through personalized advice paired with execution.

Product Suitability And Values

Chubak says new offerings require careful review of client fit, portfolio role, and advisor readiness; categories should not be accepted or rejected without examining individual products.