Ben Edwards

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PinBroker's picture
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Joined: 2007-06-17

I have only been with AGE for 7 years so I  was not privilidged to work under Ben for very long at all.  But ever since he left a lot of the old hats have said something like "things are not the  same since Ben left"  or "damn i miss Ben."
This rhetoric has  only become louder and stronger in the last 3 weeks or so, since the "deal" was announced. 
And then this afternoon  this  was  put in all of the brokers boxes by some unknown person and posted in our break room.  It makes for  interesting reading.
http://www.stltoday.com/stltoday/business/stories.nsf/yourmo ney/story/6F9D522A08A9B2A1862573010069E65C?OpenDocument
Pinn

PinBroker's picture
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Joined: 2007-06-17

Opps..that was only one story...
Here is the text of Ben's speech today to shareholders....sorry!
http://www.stltoday.com/blogs/business-business-ticker/2007/ 06/ben-edwards-plea-for-ag-edwards-future/
Pinn

troll's picture
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Joined: 2004-11-29

Cool.  Way cool.  Ben rocks!

FL Broker's picture
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Joined: 2007-06-02

God bless you Ben. 
"Wachovia gives us a global platform as our clients migrate to China, Asia" and other countries, he (Bagby) said.
My clients are staying right here ... and I'll be servicing them in the grand AGE tradition as an RJ broker.  Bye AGE.

liquid's picture
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Joined: 2007-06-09

Ben rocks!
Will be interesting to see how much of the culture survives without the support of the family and many other "oldtimers" who haven't or won't lend their support.

vagabond's picture
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Joined: 2006-09-18

"Wachovia gives us a global platform as our clients migrate to China, Asia" and other countries, he (Bagby) said.
While wholesalers, broker/dealers and the rest of the financial world have been telling us (ad nauseam) about the huge opportunity as the baby boomers retire, they've been hiding the fact that they will all be moving to Asia.  Have to give it to AG Edwards for being on the cutting edge of this trend.

Omirp222's picture
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Joined: 2007-06-02

FL Broker wrote:
God bless you Ben. 
"Wachovia gives us a global platform as our clients migrate to China, Asia" and other countries, he (Bagby) said.
My clients are staying right here ... and I'll be servicing them in the grand AGE tradition as an RJ broker.  Bye AGE.

Either Bagby is lying through his teeth or he himself has been brainwashed into thinking this takeover is the best thing since sliced bread.  The guy just doesn't make any sense.  The only person who's making a bit of sense in this entire ordeal is Ben Edwards.  It's like listening to a bunch of politicians campaigning, then Ben gets in the middle of them and tells the truth.  It really brings to light how much BS they've been pumping everyone when a voice of reason speaks out.

blarmston's picture
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Joined: 2005-02-26

Was at Happy Hour last night. Ran into the usual schmucks three weeks into their training class at Morgan Stanley... Hit on three girls (got one number from a cutie..).. Started chatting with two FA's at AGE. One about 2 years in, the other about 6 years in... Their local branch here has about 20 brokers... Both of them said they have been in contact with other firms here, and that the whispers are that about 2/3rds of the branch is planning to jump in the next couple months.
Dont know if that is any indication of whats going on nationally.....

Bache&co's picture
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Joined: 2007-06-18

Ben did good. What Wall Street could be. Just plain and simple - You really dont need 'platforms' when it all gets down to taking care of one another. Client first, broker second, shareholder next.
Worked for 120 years. Must have been too simple.
    

VABroker's picture
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Joined: 2005-04-26

 Way to go Ben! 

AllREIT's picture
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Joined: 2006-12-16

Omirp222 wrote:Either Bagby is lying through his teeth
or he himself has been brainwashed into thinking this takeover is the
best thing since sliced bread. 

Let's explain.

1) How many shares of AGE does Bagby own? How much were they worth pre-takeover and how much post takeover.

2) Golden Handcuff's/parachutes?

3) Is Bagby's post takeover value equal to the number(tm). If yes, then
Siyonara suckers. Bagby's got one life to live, and he doesn't want to
live it with you.

Bache&co's picture
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Joined: 2007-06-18

What if Bagby did see value? What happened to this being a great opportunity for both AG and Wachovia? They didnt just slap their letterhead on AGE brokers desks and tell em to walk the line with their model. They're taking time to build a new company. The best from both firms. And I'm thinking the best of both firms could be a great place to work and kick some of your whiney pessimistic asses. I'll just wait and be hopeful.  Oh yeah, and figure out how I'm going to spend that retention money for doing nothing more than having some patience.

nestegg's picture
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Joined: 2007-06-14

Awesome Ben thank God you are still you not like Bagby the liar.

nestegg's picture
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Joined: 2007-06-14

BTW no goldenhandcuffs for Bagby but he obviously does own a good amount of stock as do most execs and employees of the firm, so he will make some $$ there

troll's picture
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Joined: 2004-11-29

Bache&co wrote:What if Bagby did see value? What happened to this being a great opportunity for both AG and Wachovia? They didnt just slap their letterhead on AGE brokers desks and tell em to walk the line with their model. They're taking time to build a new company. The best from both firms. And I'm thinking the best of both firms could be a great place to work and kick some of your whiney pessimistic asses. I'll just wait and be hopeful.  Oh yeah, and figure out how I'm going to spend that retention money for doing nothing more than having some patience.This seems to directly contradict your post on the prior page.Then again, if I worked for AGE and this thing hit me out of the blue, I'd be spending a lot of time trying to figure out what the whole thign really means to me.

Bache&co's picture
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Joined: 2007-06-18

Not really. Ben did good. His speach really spoke for the AGE culture. That being said - I think we have to give Bagby and Wachovia more time to see if they're going to screw that up. Its too soon to start spanking Bagby.
 
    

nestegg's picture
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Joined: 2007-06-14

Bache&co wrote:Not really. Ben did good. His speach really spoke for the AGE culture. That being said - I think we have to give Bagby and Wachovia more time to see if they're going to screw that up. Its too soon to start spanking Bagby.
 
    Interesting oint of view and screename...hmmm....bagby and ludemann both came from Bache originally ....dun dun dun

ymh_ymh_ymh's picture
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Joined: 2005-09-05

I don't think Ludeman ever was with Bache.

troll's picture
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Joined: 2004-11-29

Bache&co wrote:Not really. Ben did good. His speach really spoke for the AGE culture. That being said - I think we have to give Bagby and Wachovia more time to see if they're going to screw that up. Its too soon to start spanking Bagby.
 
    Fair enough.  Clarification accepted.Having said that, I fear that Bagby already did some MAJOR damage to the firm's culture by essentially LYING to the employees and shareholders.  Mr. Edwards implied that pretty clearly if you read what he said.  The trust between employees and management was a big part of what made the firm special.I know a few home office employees-being that I'm in STL-and I have to say they're not terribly thrilled about or impressed with the deal.

Hydeho's picture
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Joined: 2007-02-23

 
    
I know a few home office employees-being that I'm in STL-and I have to say they're not terribly thrilled about or impressed with the deal.
Gee!! And they have jobs. Want to talk about not impressed, try Richmond. They have spent the last 7-8 years putting together the Third largest brokerage and are told "Thanks for the Memories".
We want number two so your not needed!!
 
 

EdJehovah's picture
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Joined: 2007-02-01

 Wow.  That was powerful.  I personally have always had respect for AGE, and they have an absolutely beautiful Corporate Headquarters in  St. Louis, Missouri (sp).  Man, I can quickly and easily understand why they bought AGE, 8 Billion and its AG Edwards, and I can also easily understand the wanting to consolidate Wachovia Brokerage into  AG Edwards brokerage, and to do so in St. Louis. 
 Wow, what a campus.  AG Edwards Campus is something of beauty.  By contrast, Edward Jones in St. Louis is spread out like a social disease, ghetto looking, and down-right unacceptable in its far-flung, communal trance environment.  
 AGE, I think this is a positive move.  I have never known of a single man who left Eddie Jones and went to Wachovia, but that he earned more money than he did at Edward Jones.  It's just my observation.  Wachovia is a strong stable, and you should consider it a blessing that you have this opportunity.
  Look at the Golden West aquisition: that family hand-picked Wachovia.  If you want a really professional opinion, listen to Chris Davis's and Ken Feinburgs recent comments on the Davis New York Venture Fund (NYVTX) CD.  Golden West was an awesome acquisition.  In the end, AGE will be a better company, with more products to sell clients. 
  It is just my observation, but I wouldn't be the least little bit surprised, but that Edward Jones is next.  Man, think of the possibilities.  Just think....
 I can see Jim Weddle speaking now about the pros to a Wachovia merger now: HQ compensation, consolidated offices, LP and GP payouts, non-proprietary products, WE GOTTA DO IT,    IT IS IN THE FIRMS BEST INTEREST,        &nb sp;      WE FOUGHT THE GOOD FIGHT,                I'm REALLLLLLY PROUD OF ALL OF U, WOw,         &n bsp;   what an experience this has been,         & nbsp;    To tell you the truth we have made it LONGER THAN I EVER EXPECTED,        &nb sp;    Know this everyone: YOU ARE THE REason I stand before you today..........
...............suck, suck, suck....... 
 It is this guys job to make this controlled landing.  He will be remembered not by how many offices he adds, but by how good a deal he cuts.  And to tell the truth, I ain't got enough cards in the game to care, but Jim knows the truth, He knows, and he knows he has got to make a deal while the market is high.
  Can Jones continue to throw legions of New/News against the wall and hope that one will hopefully stick with 8 million AUM, and 10 months of ever-declining salary left.....oh, lets not forget the carrot bonuses! 
 Are you doing enough doorknocking?  Are you making your 25 "real sales" calls per day?
 Throw Jones, throw.  While the legions look and see the one broker who inherits the 35 Million office, and then have the management suck off the $35million inherited office and ask why can't everyone else be like them? 
 If you work at Jones, you know what I'm talking about.  If you've ever worked at Jones, you know what I am talking about.  Morale, is horrible in the lower ranks, and NO, I am no longer in the lower ranks. 
  Jim Weddle, is he Edward Jones equivalent of Jesus Christ?  I don't think so.  I think he is a shrewd businesss man in an expensive suit.  I think he will take Jones where it needs to go.  And I think he knows where we need to go.  He will work us out a deal with someone who will bring scale, and do so while the market is high.  Come on in, Jim,,, the water is gonna be fine.
 My feet need rest,
 ED
 

Broker24's picture
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Joined: 2006-10-12

Ed, Your whole post is pretty much, well, wrong.

I don't think most of the GP's want to sell out to the Man. They are
perfectly happy being independant. They are making money hand over
fist and don't have to answer to anyone but themselves.

This sounds counter-intuitive, but I think if they were going to sell out, it
would have been 3-5 years ago. I think this because there has been a lot
of retiring old-timers over the past few years. Those are the guys that
would have stood to gain so much by selling out, while not having to
worry about working for a public company (as they were going to retire).
A lot of the current GP's are younger, and not ready to retire yet, so going
through a miserable ordeal (mergers of any size or shape suck), and then
having to work for a public enterprise would just be daunting.

I know you like to stir up the Jones pot with all your dribble, but I think
the facts generally point to them staying independant for the foreseable
future.

troll's picture
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Joined: 2004-11-29

Broker24 wrote:Ed, Your whole post is pretty much, well, wrong. I don't think most of the GP's want to sell out to the Man. They are perfectly happy being independant. They are making money hand over fist and don't have to answer to anyone but themselves. This sounds counter-intuitive, but I think if they were going to sell out, it would have been 3-5 years ago. I think this because there has been a lot of retiring old-timers over the past few years. Those are the guys that would have stood to gain so much by selling out, while not having to worry about working for a public company (as they were going to retire). A lot of the current GP's are younger, and not ready to retire yet, so going through a miserable ordeal (mergers of any size or shape suck), and then having to work for a public enterprise would just be daunting. I know you like to stir up the Jones pot with all your dribble, but I think the facts generally point to them staying independant for the foreseable future.
 
The blackstone guys were making money hand over fist too.  Now they have 50 gallon drums of cash.  Times change.  EDJ will get sold, it's just a matter of time.

skbroker's picture
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Joined: 2007-06-16

You are kidding me right.
I can't wait to sell auto loans and credit cards to my clients since wachovia has all these wonderful products.  I forgot that they can also offer checking account and wonder how much we get paid for that.  we'll get 20 percent payout for first 10g gross, client receives 1 percent on their money market instead of 4.6.  Have you seen the fee schedule for wachovia?  they have fees for walking in the office.LOL.  I am not too sure if you A.G broker but we already have credit cards, insurance and mortgages.  Its not all about the money,  its about not screwing your clients.   

Baller's picture
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Joined: 2007-06-06

If you don't like Wachovia then leave.  It seems simple because it is.  Then IMMEDIATELY smash your computer monitor so we never have to read your drivel again.

skbroker's picture
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Joined: 2007-06-16

OK Dad

maverick/goose's picture
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Joined: 2007-05-27

You guys need to understand a few things before you get on here and start posting crap like "I am going to have to sell car loans now being part of Wachovia."
Bottom line is this.... a deal for AG Edwards was imminent.  It was going to happen sooner rather than later.  They are a very good regional firm (with a national presence), well respected and a great culture.  The most obvious and best fit is no doubt Wachovia. They have similiar cultures, backgrounds and roots.  Wachovia needed to do something our it was going to be acquired, so they looked to a firm that they respected and had a similar culture as they did.  Wachovia has  long history of successful acquisitions and is growing their brand faster than anyone on the Street.  AG Edwards, due to its size and footprint ...was a target.  Can you imagine if it wasn't Wachovia if it would have been Mother Merrill or Smith Barney?  How do you think those cultures would have clashed?  Old Ben would really be ticked if one of those two nabbed his firm.
Wachovia is the best up and coming large firm on the Street.  They made a great acquisition (assuming the integratrion goes smoothly) in AG Edwards just like they did Golden West (which by the way, was one of the most respected and trusted financial institutions in the country...and they picked Wachovia). 
All you AG Edwards brokers should be thankful that it happened with Wachovia and not ML, SB or MS.  Another truth....your platform was just greatly stepped up too.  You may not like to admit it, but AG Edwards was never considered one of the "big boys" on Wall Street and never had the respect for true wealth management as ML, SB, MS, and WB. 
Once you see the platform that is available to you, you will be thankful for the integration.  WB is far superior in client offerings than AG Edwards --- IF, you focus on truly high net worth clients and not the $200k clients.
I am not with Wachovia, but I am with a major wirehouse, good size producer in a team and have been in the business over 12 years.
 

skbroker's picture
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Joined: 2007-06-16

maverick,
How do you know the deal was imminent.  Do you think if old Ben was at the helm that he would even consider selling out.  Probably not. 
A.G. edwards has done very well in the past 120 years without being able to offer credit cards, auto loans and equity line of credit and dont have to offer those services to be profitable by looking at the recent 47% increase in profits in the recent quarter.  most of you guys from major wirehouses think that bigger is better and but that's not always the case because bottom line is not making the most money for the firm but rather taking care of your clients to reach their long term investment goal.  yes superior products like money market accounts where wachovia pays 1% vs A.G 4.6%.  Yes superior  lol 

shredder's picture
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Joined: 2007-06-04

actually I agree w/ Mavrick..."easy Maverick".  I have several friends @ Wachovia and they are all happy. One just went there from AGE recently and said, "you'll love it." It would have been much worse w/ UBS, ML, or SB. It was going to happen eventually and was always part of most AGE brokers "retirement plan". 
Ben's been gone almost 7 years now, As much as we all loved him it's time to move on.

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