Tad Edwards Resigned Today

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nestegg's picture
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Anyone else see this news..any word on what went down...is he done in the biz...did he go to another firm...is he starting his own...indy etc?

bspears's picture
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WHo is Tad Edwards

Spaceman Spiff's picture
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Benjamin "Tad" Edwards of AG Edwards lineage. 

bspears's picture
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OHHHH...my bad...I think he just replaced the fairly new guy in my old office...

nestegg's picture
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nobody knows nuttin huh!

CIBforeveryone's picture
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Maybe he took over a big Jones office.

nestegg's picture
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CIBforeveryone wrote:Maybe he took over a big Jones office.
So would that make it EdwardS Jones lol!

troll's picture
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Starting his own B/D

Trapper SS's picture
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Primo wrote:Starting his own B/D
That's what I heard from my manager

mnbondguy's picture
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This is a quote from Ben Edwards III, Tad's father.  I predict Tad's new firm will be a hit. I think brokers and clients are getting very tired of the bank enviroment.  I used to work at AGE, and I can tell you,  Ben III is a very special person, who really means the stuff he says, unlike the crap you hear from todays brokerage firms.
 
“We had this business of putting clients first, so our trading departments were service centers, not profit centers, and we gave people a break on money funds and everything else,” he said.
Richmond, Va.-based Wachovia Securities LLC’s “outlook is more like a bank, making money off of interest and spreads and things like that,” Mr. Edwards said

nestegg's picture
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If that is true..this will be VERY interesting...is Mark keller involved...he left recently too

troll's picture
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Ferris Bueller wrote:He wasn't competent enough to run the B/D that his ancestor started, what changed?
 
Competence was not the issue, he was screwed by Bagby and the board.

nestegg's picture
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mnbondguy wrote:This is a quote from Ben Edwards III, Tad's father.  I predict Tad's new firm will be a hit. I think brokers and clients are getting very tired of the bank enviroment.  I used to work at AGE, and I can tell you,  Ben III is a very special person, who really means the stuff he says, unlike the crap you hear from todays brokerage firms.
 
“We had this business of putting clients first, so our trading departments were service centers, not profit centers, and we gave people a break on money funds and everything else,” he said.
Richmond, Va.-based Wachovia Securities LLC’s “outlook is more like a bank, making money off of interest and spreads and things like that,” Mr. Edwards saidWhere did you see this?

mnbondguy's picture
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nestegg's picture
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mnbondguy wrote:http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20070709/FREE/70709010/-1/INIssueAlert04&ht=%22ben%20edwards%22%20%22ben%20edwards%22%20%22ben%20edwards%22I saw that when it came out..I thought you were referring to a new article about Tad starting a firm or something

mnbondguy's picture
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Ben Edwards was clearly not pleased. The following is a text of his speech at the shareholders meeting on 6/21/07
"Joan and I are comfortably retired and probably don't deserve the many kind calls and notes of condolence we received regarding the devastating news of Edwards' sale.
"My heart cries out to those in both Wachovia and Edwards who will lose their jobs. Is being No. 2 worth it?
"I also feel a deep sense of gratitude for all the Edwards people who helped build the company and who supported me all those years. I certainly couldn't have retired so comfortably on my own production.
"We thought we had built something special: a company that puts clients first, employees second and shareholders third. Our theory was that if we did a good job for our clients and our employees, our shareholders would have maximum benefit in the long run. Our behavioral guideline was the 'Golden Rule.'
"I believed we had the people, the client base, the physical plant, the capital and the operating ethic to give us another exciting and enjoyable 120 years. We had no size or profit goals, but I was confident that our people did what each could to avoid waste and work together for the common good. This corporate philosophy worked successfully for the 45 years I was around.
"We grew about 5 percent a year, not because we had or needed 'global platforms' (whatever they are), but because we created an environment (that) was attractive to financial consultants who served their clients and didn't use them. And we didn't pay upfront bonuses to do it. A corporate strategy based on mutual trust and clients' needs should be valid in perpetuity.
"I may have already signed my proxy, although I missed the disclosure that management had hired an investment bank to find a buyer for our company. If this is a 'done deal,' as it appears, I think all would benefit if we can hold the branch system together. I have a few suggestions in that regard.
"1. Our people want a management they can trust. They feel lied to and betrayed. The constant theme they have heard has been how important it was to be independent.
"2. They want a firm that will put their clients first. They don't want pretty promises and feel-good words; they must be convinced by actions.
"3. Our trading desks, both equity and debt, have always been service centers and not profit centers. They should stay that way, trying to get best prices for our FCs (financial consultants) and clients.
"4. Branches of the two organizations should not be consolidated unless both managers want to. A manager forced out will likely make another connection and then recruit the very FCs (financial consultants) we want to keep. Good managers have built an 'esprit' which could be harmed by a forced consolidation.
"5. No proprietary products. If you do have to have them, give no extra financial incentive to sell them.
"6. Wachovia should seriously consider restructuring (its) whole brokerage approach to one that's not like the rest of the street, to one that Edwards has proved works.
"I apologize for taking so long, but I really care about our firm, and I want at least the spirit to live on. "God bless all of you who help keep it alive."
From this site
http://www.gather.com/viewArticle.jsp?articleId=281474977241212

Recon Scout's picture
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What about Wachovia Securities losing this influential trio last month:
 
http://www.tradingmarkets.com/.site/news/Stock%20News/1286522/?hcode=relatednews
 
"Rod Smyth, the chief investment strategist; Doug Sandler, the chief equity strategist; and Michael Jones, the chief investment officer, have started Riverfront Investment Group" left to stay in Richmond while WS heads to St. Louis. 
 

mnbondguy's picture
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nestegg's picture
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Nice find thanks!

troll's picture
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eggward's picture
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I had the same reaction after seeing him in person at several training sessions in St. Louis - he was in over his head......but that was nearly 10 years ago.

JustAnotherBroker's picture
Joined: 2008-05-23

I wonder if more brokers will jump ship and join up with the new firm.  Always something new.  Thanks for the info.

lambda's picture
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mnbondguy wrote:Ben Edwards was clearly not pleased. The following is a text of his speech at the shareholders meeting on 6/21/07
"Joan and I are comfortably retired and probably don't deserve the many kind calls and notes of condolence we received regarding the devastating news of Edwards' sale.
"My heart cries out to those in both Wachovia and Edwards who will lose their jobs. Is being No. 2 worth it?
"I also feel a deep sense of gratitude for all the Edwards people who helped build the company and who supported me all those years. I certainly couldn't have retired so comfortably on my own production.
"We thought we had built something special: a company that puts clients first, employees second and shareholders third. Our theory was that if we did a good job for our clients and our employees, our shareholders would have maximum benefit in the long run. Our behavioral guideline was the 'Golden Rule.'
"I believed we had the people, the client base, the physical plant, the capital and the operating ethic to give us another exciting and enjoyable 120 years. We had no size or profit goals, but I was confident that our people did what each could to avoid waste and work together for the common good. This corporate philosophy worked successfully for the 45 years I was around.
"We grew about 5 percent a year, not because we had or needed 'global platforms' (whatever they are), but because we created an environment (that) was attractive to financial consultants who served their clients and didn't use them. And we didn't pay upfront bonuses to do it. A corporate strategy based on mutual trust and clients' needs should be valid in perpetuity.
"I may have already signed my proxy, although I missed the disclosure that management had hired an investment bank to find a buyer for our company. If this is a 'done deal,' as it appears, I think all would benefit if we can hold the branch system together. I have a few suggestions in that regard.
"1. Our people want a management they can trust. They feel lied to and betrayed. The constant theme they have heard has been how important it was to be independent.
"2. They want a firm that will put their clients first. They don't want pretty promises and feel-good words; they must be convinced by actions.
"3. Our trading desks, both equity and debt, have always been service centers and not profit centers. They should stay that way, trying to get best prices for our FCs (financial consultants) and clients.
"4. Branches of the two organizations should not be consolidated unless both managers want to. A manager forced out will likely make another connection and then recruit the very FCs (financial consultants) we want to keep. Good managers have built an 'esprit' which could be harmed by a forced consolidation.
"5. No proprietary products. If you do have to have them, give no extra financial incentive to sell them.
"6. Wachovia should seriously consider restructuring (its) whole brokerage approach to one that's not like the rest of the street, to one that Edwards has proved works.
"I apologize for taking so long, but I really care about our firm, and I want at least the spirit to live on. "God bless all of you who help keep it alive."
From this site
http://www.gather.com/viewArticle.jsp?articleId=281474977241212
 
 
That's the most beautiful thing I've ever heard......

marketguru69's picture
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My TakeDaddy convinced Tad to leave, so the Edwards name will remain. Why if he claims he was retired does he get an office, and his name on the door. His objections in many ways indicated that he really didn't understand Wachovia. Witness his comments about proprietary products. Wachovia owns Evergreen, but it is not sold as a house product. In fact Wachovia is way down Evergreen's list of vendors. Yes, they push lending, but AGE never had that option before.Believe me, I've worked both sides of the street, Regional and Wirehouse. Wachovia is the closest to Regional of any of the national firms. In all the past ventures, Everen, Prudential, et al, the company took the best of the best and kept it, that's why you see so many of the management positions going to AGE people.

nestegg's picture
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marketguru69 wrote:My TakeDaddy convinced Tad to leave, so the Edwards name will remain. Why if he claims he was retired does he get an office, and his name on the door. His objections in many ways indicated that he really didn't understand Wachovia. Witness his comments about proprietary products. Wachovia owns Evergreen, but it is not sold as a house product. In fact Wachovia is way down Evergreen's list of vendors. Yes, they push lending, but AGE never had that option before.Believe me, I've worked both sides of the street, Regional and Wirehouse. Wachovia is the closest to Regional of any of the national firms. In all the past ventures, Everen, Prudential, et al, the company took the best of the best and kept it, that's why you see so many of the management positions going to AGE people.
I can tell you never worked at Edwards though!Wachovia is not all bad by any means...but it is a far cry from Edwards

shredder's picture
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marketguru69 wrote:My TakeDaddy convinced Tad to leave, so the Edwards name will remain. Why if he claims he was retired does he get an office, and his name on the door. His objections in many ways indicated that he really didn't understand Wachovia. Witness his comments about proprietary products. Wachovia owns Evergreen, but it is not sold as a house product. In fact Wachovia is way down Evergreen's list of vendors. Yes, they push lending, but AGE never had that option before.Believe me, I've worked both sides of the street, Regional and Wirehouse. Wachovia is the closest to Regional of any of the national firms. In all the past ventures, Everen, Prudential, et al, the company took the best of the best and kept it, that's why you see so many of the management positions going to AGE people.
I smell Wachovia BOM....?

nestegg's picture
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shredder wrote:marketguru69 wrote:My TakeDaddy convinced Tad to leave, so the Edwards name will remain. Why if he claims he was retired does he get an office, and his name on the door. His objections in many ways indicated that he really didn't understand Wachovia. Witness his comments about proprietary products. Wachovia owns Evergreen, but it is not sold as a house product. In fact Wachovia is way down Evergreen's list of vendors. Yes, they push lending, but AGE never had that option before.Believe me, I've worked both sides of the street, Regional and Wirehouse. Wachovia is the closest to Regional of any of the national firms. In all the past ventures, Everen, Prudential, et al, the company took the best of the best and kept it, that's why you see so many of the management positions going to AGE people.
I smell Wachovia BOM....?Good Nose!

HoughBomont's picture
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When will Tad be hiring?

mnbondguy's picture
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proprietary products include bank sweep programs and structured products as well as banking services.  You have no idea how many fees are built into the structured products the bank sells you.  These "retail derivatives" are very lucrative for the investment banks that put them together, I am sure WB sells plenty of them in their system.  These are the type of proprietary products Ben Edwards was referring to, not just mutual funds.

nestegg's picture
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marketguru69 wrote:My Take Why if he claims he was retired does he get an office, and his name on the door.
A little History lesson...since you Wach types seem to need to learn some...Tad's name is also actually Benjamin!!!! The name on the door represents Tad, his dad and grandfather....

marketguru69's picture
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nestegg wrote:
shredder wrote:marketguru69 wrote:My TakeDaddy convinced Tad to leave, so the Edwards name will remain. Why if he claims he was retired does he get an office, and his name on the door. His objections in many ways indicated that he really didn't understand Wachovia. Witness his comments about proprietary products. Wachovia owns Evergreen, but it is not sold as a house product. In fact Wachovia is way down Evergreen's list of vendors. Yes, they push lending, but AGE never had that option before.Believe me, I've worked both sides of the street, Regional and Wirehouse. Wachovia is the closest to Regional of any of the national firms. In all the past ventures, Everen, Prudential, et al, the company took the best of the best and kept it, that's why you see so many of the management positions going to AGE people.
I smell Wachovia BOM....?Good Nose!

marketguru69's picture
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You both need to get a nose job!!!Attending a meeting in JAX today, which includes AGE people, where are you?

marketguru69's picture
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the story in Investment News indicates Daddy will be there with Tad.daddy gets the corner office!

nestegg's picture
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Well now we know you can read! Whew that was a close one.I think they  (Ben Ed & Co.)will be expanding rather quickly if Wach keeps up the BS...I was one of the few w/ an open mind at the begining, but that is starting to get clouded as the BS keeps coming! Heck just having some good funds in the 401k would be an improvement!Anotherone would be puttign the client and employee first...not seeing alot of that happening anymore!The thing you guys just don't understand is that when Ben said something he actually meant it and beleived it...it wasn't a bunch of BS. I am honestly getting tired of hearing "Danny" grovel on conference calls...I bought his sincerity for a bit...but he can't hold a candle to teh Edwards family in the minds of Legacy AGE reps.

nestegg's picture
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marketguru69 wrote:You both need to get a nose job!!!Attending a meeting in JAX today, which includes AGE people, where are you?
Maybe we were all there tooo ...sneaky....

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