Edward Jones, the brokerage firm long known for serving Main Street customers, wants to drum up more business with wealthy investors. The St. Louis-based company is launching a new private client service for investors with a minimum of $10 million in investible assets.

Edward Jones will lay off some administrators of its home office team in the St. Louis area, but Managing Partner Penny Pennington said there isn’t a specific number or timeline.

The new offering will provide clients with financial planning, investment management, a wider selection of products and services, and dedicated service and operations support, Edward Jones said. The company didn’t disclose what fees it will charge.

Edward Jones is looking to catch up with its competitors by investing in new technology, essentially replacing workers at its headquarters here, analysts say.