Read this article in Investment News
Apparently Tad is posing a comeback, with old AGE reps..
AGEMAN wrote: I have heard about this, but where was Tad when he was next in line to run the company before Bagby took over?? My understanding is he didn't have the capability to run the company.
But bagby Did ? Tad would have done fine with the right board. But we had a Dufus board that bagby sold on the concept that we could not compete. We have seen that is not the case with SF stock at 50. Ron K looks like a genius now and nobody heard of him in the 90's when he wanted to sell the company.
Tad would have done well, very well. The board was looking for a big payday after relative underperformance. bags sold em. Now look.
1st office just jumped to Tad's new place yesterday...a Missouri office
Springfield MO lost their top 2 producers. One over a million, not sure where the other FA fell in production, but he was #2.
Now people who want to find the next AG Edwards can. And it is with Tad.
No clue about the transition packages. And if Tad wants to create a firm and seperate himself from the other STL firms, he can go after Presidents and Chairmans producers.
I have not heard about the "buy in" but I did hear there is no signing bonus and they will consider giving you equity in the new company as a partner.
Well, if the new firm is selective, they can become a nice fit for $500M and above producers. Again, if they want to seperate themselves from EDJ and Stifel, that would be the route I would go. I hear there is more top producers (AGE Legacy) on the way to the new firm. If they get the qaulity they got in Springfield MO, they might get some traction.
Good for Tad and the Family.
That is great I hope Tad does well!
I am AGE legacy and can confirm that Tad is not a leader. There is no doubt that Bagby ran him out of his position, but that was only due to Tad's inability to manage and show true leadership. Once Bagby took over it was obvious that AG was on the selling block. If you review Tad's Bio you will see that his claim to fame is being a "lucky sperm". I am not faulting him for his legacy only for his inabilty to pick up the pieces after Ben left.
Tad looks pretty good now. Say what you want about his leadership back then but if you thought Bagby was the guy to run the show you were sold out. Tad would not have done that. Tad is older and wiser as we all are. Look at the employee roster of his new firm and you will see some talented people that you knew in another life.
Apollo 13 wrote:I am AGE legacy and can confirm that Tad is not a leader. There is no doubt that Bagby ran him out of his position, but that was only due to Tad's inability to manage and show true leadership. Once Bagby took over it was obvious that AG was on the selling block. If you review Tad's Bio you will see that his claim to fame is being a "lucky sperm". I am not faulting him for his legacy only for his inabilty to pick up the pieces after Ben left.
I respectfully disagree. I was a Legacy AGE and Branch Manager and he got hosed IMO.
Go to his company website and look at the names of who he brought over. Qaulity people and people that made the old AGE what it was. If he was not a good leader, these people would not sign up and the top producers of the Springfield MO office would not have taken the leap. If you were connected to AGE, you will recognize most of these names.
By the way, I left AGE and went to a very, very large firm. So no dog in this fight, except, I believe in this guy! He needs to find his companies "sweet spot" to differentiate. I hope he does.
Look around the website. It looks surprisingly familiar
A 13....not a leader...let me ask u...can u start a firm from scratch
and draw those types of folks....I'll ask another question...can Bagby do what Tad just did....say what u want that takes alot of perseverance
and work....good luck to the Edwards family...they are very fine people....my guess is before the yr is out they will have a half dozen branches or more
Heard you can buy equity and there is a comp pkg. Good luck Tad!
Tad Edwards wins regulatory approval for brokerage
St. Louis Business Journal - by Rick Desloge
A brokerage with a familiar sounding name is opening in Clayton.
Benjamin “Tad” Edwards IV launched Benjamin F. Edwards & Co. on March 17, a day after receiving an approval from the Financial Industry Regulatory Authority (FINRA), a non-governmental regulator for securities firms.
Edwards is the son of former A.G. Edwards Inc. chairman and CEO Ben Edwards III, who retired from the investment business prior to its 2007 sale to Wachovia. Tad Edwards stayed with the company until last May when he resigned.
His new business is at 10 S. Brentwood Blvd., near the corner of Brentwood and Forsyth boulevards. Joining Edwards are at least three others: Cindy Becker, Allen Cole and Kurt Longworth.
Becker formerly worked for Edward Jones and, in years prior, worked for A.G. Edwards. Cole was with Wachovia in St. Louis until last October, and Longworth was with A.G. Edwards until March 2007, FINRA records show.
“There will be additional people,” Edwards said. He declined to elaborate on the new venture, in part because it awaits approvals from other regulators, including the Missouri Division of Securities. A spokesperson for the division of securities could not be reached for comment.
Missouri Secretary of State records show Benjamin F. Edwards Co. Inc. applied for recognition as a new corporation Aug. 19, 2008, and filed an annual report with the secretary of state’s office Nov. 25, 2008. The annual report lists Edwards, Becker and Longworth as directors and officers.
Benjamin F. Edwards & Co.’s Web site lists eight additional positions that it expects to fill once it receives all its necessary licenses
Tad Edwards, principal of Benjamin F. Edwards & Co.View Larger
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AGEMAN wrote:I had heard they were actually asking people to pay to join them. To buy into the firm--I guess to help get it going. Can anyone confirm if this is true. I was told this by a 25 year AGE vet who went to a meeting about Tad's firm.
There are a few pretty pretty big wealth management firms (teams that have broken away from Merrill and a few others recently) that are using this strategy. Old-school partnerships. I think it's a great idea. Nothing says "buy-in" like ownership.
I heard he was going to open an office in California but had bigger fish to fry in New York. A quick look at the website shows Bill Forrester as a regional manager. He grew and ran the biggest office in the firm. Nice hire Tad.
It was a shame to see A.G. Edwards go. I hope the best for Tad.
Any word on plans for Texas? I have been miserable for the last two years, and now it feels like I can finally go home. I hired in under Ben, and was honored to know both him and Tad. I would pay in a hearbeat to work for Benjamin F Edwards.
Call 314-726-1600 and talk to Tad, Marty Altenberger or Kurt Longworth. You'll be happy you did. Go sit with them in St. Louis. You'll swear you were back at AGE!
A.G Edward reps did get screwed and they do deserve a chance to get away from that piece of $#!T firm that bought them.
Thanks - I called today. My T12 isn't quite enough by myself, but I spent the afternoon calling my friends to try to get a group together. We are in North Dallas if anyone wants to join in our branch.
yellowrose wrote:Thanks - I called today. My T12 isn't quite enough by myself, but I spent the afternoon calling my friends to try to get a group together. We are in North Dallas if anyone wants to join in our branch.
What T12 is needed?
They are looking for the 2 million range amoungst the group, but it is negotiable depending on the location and staffing costs.
Do they self clear or go through a third party? Insurance benefits ? How do I service clients in 20 states ? I guess if i was in MO ....fine....but why else ?
They clear through pershing
Pershing is , of course , as good or better than anyone and this way the tech is constantly at the top. The bond desk is pershing , that way, the inventory at the desk will be great also along with the margin department. The contact software is pershing and the product platform is pershing too. All good.The Pershing statements are really good too so this is a plus. The client login is pershing so this is a plus for clients going forward.
So I ask you , with these big things and more how does a branch and a firm make money by outsurcing all it can't do because of size. Has any " Full service firm " ever become profitable that does not self clear and run it's own desk and equity trading for it's own account ?
Aren't you guys totally fired up about this ? Why no comment ? This has got to be the answer for many of you.
I am SO EXCITED I can't stand it. It is all that I can do to not jump in my truck and drive to St. Louis right now. I have just been trying to get in touch with some old AGEs to get enough trailing 12 so that we can get going. I have been driving all of my friends and family nuts talking about this. And everyone in my office keeps commenting on happy I look.
As soon as I get moved and we are up and running, I will be getting in touch with my friends that are down in Houston, Waco and Browsville so that I can help them get back. You are definitely right, this is THE answer for me. I can't get back soon enough!!!
You are right! I'm also very excited about this venture. I wish I was the broker of the day in St. Louis. All of the clients that want to come back to Edwards. Wow!
I have talked with Tad's firm like a lot of guys but it has been a month since two investment brokers have joined.
Red...hear they are adding a city office this coming week. Also Bill Forester is on board. He built the biggest branch in the age system in midtown manhatten. Did more business than Frontenac or Naples. He will build a solid network on the east coast for Tad.
That's good to hear. Bill is a superstar. He will do very well.
Benjamin F Edwards Inc opens 2nd branch in White Plains NY
an expanded version:
Benjamin F. Edwards & Co. Opens in New York
Establishes branch in White Plains, NY and hires four veteran financial consultants
ST. LOUIS--(BUSINESS WIRE)--Not even the “Great Recession” and unprecedented upheaval in the financial services industry can prevent Benjamin F. Edwards & Co. from introducing its client-first promise to investors in metro New York. Today company officials with the St. Louis-based brokerage announced the opening of its branch in White Plains, N.Y. – the second in the company’s system – and the hiring of four seasoned financial consultants who will work from the new location.
“We are pleased to welcome the outstanding financial consultants and staff to our new White Plains office and look forward to helping them service investors in the greater New York metropolitan area,” said Benjamin F. (Tad) Edwards, founder, chairman, chief executive officer, and president of Benjamin F. Edwards & Co. “With the opening of our second office, we believe we are well on our way toward our goal of offering client-focused financial services using a business model that relies on a culture of trust, integrity and mutual respect – all while having fun – to investors in major metro areas and middle market communities across the country.”
The objective of putting clients’ interests first and treating others the way they want to be treated is something that Tad Edwards knows well. Tad is a 30-year veteran of the financial services industry who has a family legacy of serving investors that stretches back six generations and spans 120 years. He is the son of Benjamin F. Edwards III, the legendary former chairman and chief executive officer of A.G. Edwards, Inc., and the great-great-grandson of that company’s founder, Albert Gallatin Edwards.
Tad Edwards established Benjamin F. Edwards & Co. last year, and he intends to adhere to a philosophy that puts the firm’s clients first, employees second, and shareholders third – the client-friendly business model advocated by his father, Ben, the man for whom the company is named.
“Having spent much of our careers at A.G. Edwards, working again at a firm headed by the Edwards family and one that shares our dedication to our clients is a bit like coming home for us,” said Neal Baumann, who joins Benjamin F. Edwards as co-branch manager and senior vice president - investments. “Adding to our enthusiasm is the fact that Benjamin F. Edwards & Co. has the depth of resources and the assortment of products and services we need to help our clients map out a financial approach that meets their goals and objectives.”
Baumann brings with him nearly 25 years of experience in the financial services industry – including 17 years with A.G. Edwards/Wells Fargo Advisors. Wachovia Securities acquired A.G. Edwards in 2007 and was acquired by Wells Fargo Advisors in 2008.
In addition to Baumann, the following are also joining the Benjamin F. Edwards & Co. branch office in White Plains:
David T. Shipper – Shipper has more than 35 years of experience serving clients. He joined the A.G. Edwards White Plains office in 1995 and now moves to Benjamin F. Edwards & Co. as a co-branch manager and vice president – investments.
The Condon Group – Comprised of Thomas J. Condon and his son, Stephen M. Condon, the group specializes in cash flow retirement planning. Before joining A.G. Edwards in 1992, Tom Condon enjoyed a 25-year career in commercial banking, including 12 years at Citibank. Stephen joined A.G. Edwards in 2004 after a brief career in the United States Investigative Services. At Benjamin F. Edwards & Co., the senior Condon will be a managing director – investments, while Stephen will serve as an associate vice president – investments.
“We are confident that the steadfast and client-friendly corporate culture of Benjamin F. Edwards & Co. will appeal to our clients,” said David Shipper. “We are excited about this transition and look forward to introducing Benjamin F. Edwards & Co. to our clients and investors in the White Plains community and beyond.”
Pershing LLC: A strong, reliable and strategic relationship
Benjamin F. Edwards & Co. contracted with Pershing LLC, a BNY Mellon company, to provide trading and settlement services, operational support, and a recently enhanced technology platform for the company’s financial consultants.
An industry leader, Pershing has 70 years of experience providing operational support for some of the leading names in financial services. The company also offers a comprehensive suite of investment solutions and services, including a wide selection of mutual funds and support for advisory programs. Equity research and other specialized services will be made available through an assortment of strategic alliances that Pershing has with other third-party providers.
“We selected Pershing because they have a very strong and experienced management team, and a platform that has the global capabilities, resources, and operational support that our financial consultants need in order to provide our clients with comprehensive and innovative financial solutions,” said Edwards. “Our Home Office team, which is currently comprised exclusively of A.G. Edwards veterans each with an average of more than 25 years of experience, will act as intermediaries between Pershing and our financial consultants to offer a friendly service model that will help meet our clients’ needs and service expectations.”
Branch expansion plans
With the opening of its second branch in White Plains, the company continues to evaluate expansion opportunities in other major metro areas and in middle market communities and expects to add more locations before the end of the year.
“In today’s market climate we are confident that our client-first approach to investing will be attractive to financial consultants and investors and we look forward to introducing this culture in other locations,” said Edwards. “We will grow in a careful and prudent manner and seek out financial consultants who share our passion for client service and our belief in the Golden Rule and treating others the way we want to be treated.”
SIPC and supplemental SIPC coverage available
Benjamin F. Edwards & Co. is a member of the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $100,000 for claims for cash). An explanatory brochure is available upon request or at www.sipc.org. Pershing also provides additional coverage for eligible securities of up to $1 billion aggregate over all client accounts at Pershing LLC and its UK-based affiliate, Pershing Securities Limited, including up to $1.9 million cash (per client).
About Benjamin F. Edwards & Co.
With a tagline of “Investments for Generations” and a company logo anchored by the Edwards family crest, Benjamin F. Edwards & Co. is headquartered in St. Louis, Mo., and has branches in Springfield, Mo., and White Plains, N.Y. The company is a full-service brokerage firm offering a wide array of financial products and services to its clients and financial consultants. A subsidiary of Benjamin Edwards, Inc., Benjamin F. Edwards & Co. is also affiliated with BFE Asset Management, Inc., a registered investment adviser. For more information about Benjamin F. Edwards & Co., please visit www.benjaminfedwards.com.
About Pershing LLC
Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organizations and independent registered investment advisors who collectively represent approximately five million active investors. Located in 20 offices worldwide, Pershing and its affiliates are committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Pershing is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Börse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a BNY Mellon company. Additional information is available at www.pershing.com.
This is all very cool and I just want this firm to live on forever.
yellowrose wrote: Any word on plans for Texas? I have been miserable for the last two years, and now it feels like I can finally go home. I hired in under Ben, and was honored to know both him and Tad. I would pay in a hearbeat to work for Benjamin F Edwards.
I am not at BFEC, but I know Tad and the best people there. You sound like a person that they will work it out for you. I hope you have met with Tad but if not you should, right now.
Anyone heard anything new? I have been talking with them, and it does feel just like AGE!!!
When I went with AGE as a trainee in the 80's nobody knew who they where outside of St Louis. I felt like they were a good fit for me. I had no clients but I really liked the Company history and the people. I was right. Sometimes you just have to go with feel.
AGE is dead just to let you know..
Yes, I know Bob Bagby and Danny Ludeman killed it. It is a shame we can't bring charges against them. But thankfully there are enough people that believe in doing right by the clients that there is a phoenix rising from the ashes of the great AG Edwards, and it is called Benjamin F Edwards.
yeah except no one except grumpy AGE guys know about it... plus they clear through pershing, so not exactly AGE
Chief, you bring up a good point. lots of big firms do not self clear. some really small firms do and visversa. So...........? ( I need education, not that smart)
Well, the people that have joined Edwards, back office and reps are unbelievably great. They are all super hard workers that care about clients and the brokers. I worked with several in the home office years ago. Tad has picked the best of the best. Good luck!
Why not just recreate AG Edwards, how hard would it really be? It seems to me that this isn't really an attempt to recreate anything, instead give people a job/place to go who didn't like working for AG/WACH/Wells..
I hear BFE will be firing up branch number 3 this Friday in the southeast and BR number 4 will be on their way around thksgvng
Who cares.... move there or move on..
Congrats Tad for creating a great place for clients to do business! Exciting to hear about all of the new branches.
Peoria is perfect. 8 more . I think Tad is on a roll. I would not have thought of Peoria. Good luck Tad !
The quality of life at Benjamin F. Edwards will be fantastic. Peoria, super people! Congratulations Tad. More to come, I'm sure. What a ground floor opportunity!
Squash1 wrote:Who cares.... move there or move on..
If you don't care, then what the fcuk are ya doin in this chat dumba$$? move on or don't comment.
Looks like another office rolled out today. Bluefield VA.
Folks are cranking out new branches every couple weeks.
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