The retirement of A.G. Edwards Chairman, CEO and President Ben Edwards III in March once again ignited merger speculation. But Edwards brokers breathed a collective sigh of relief this year as the firm remained independent.
Brokers are passionate about the freedom they enjoy, the accessibility of top management and the firm's client-first culture. A change of control could destroy those aspects, they say.
“We want to stay independent,” says one worried rep. “The problem is that no one owns enough stock to thwart a takeover attempt, not even the Edwards family.”
Reps are pleased that new chief Robert Bagby says he won't change Edwards' culture. “This is a full-service firm that doesn't bend to current winds of what's in fashion,” one respondent says. Says another: “Unlike other firms, we're not fake. Our words are truly genuine.”
“It's a great firm,” an Edwards producer says. “As long as you're bringing in assets and treating clients right, you'll get rewarded on a long-term basis.”
Brokers continually rave about the firm's 401(k) plan. “When we put in $1, the company puts in about $3,” a respondent says.
Still, there are plenty of complaints about Edwards' refusal to pay sign-on bonuses, which is hurting recruitment efforts, some say. “I think there are a lot of good people who have been laid off at Merrill Lynch who we could pick up,” one rep says.
Brokers also complain that branch managers — some with poor management skills — enjoy too much control over budgets and policy. Lack of firm name recognition hurts, too.
The firm's new account statements generate a broad array of feedback. “Ugh,” says one producer, grousing that the statements are cluttered. But others like the additional information.
Sums up one Edwards rep for many: “Ben Edwards has a motto: ‘Take care of your clients and have fun.’ That's what it's really like here.”
Firm Score | Average: All Firms | |
---|---|---|
Work Environment | 9.30 | 8.32 |
Freedom from pressure to sell certain products | 9.96 | 9.23 |
Realistic sales quotas | 9.64 | 8.65 |
The firm's hiring and recruiting practices | 8.22 | 7.66 |
Payout | 9.12 | 7.72 |
Benefits | 9.56 | 8.36 |
Support | 8.45 | 7.94 |
Sales support | 8.74 | 8.02 |
Quality of sales assistants | 8.16 | 7.87 |
Quantity of sales assistants | 7.94 | 7.20 |
Quality of sales ideas | 8.16 | 7.82 |
Ongoing training | 8.92 | 8.15 |
The quote and information system | 9.10 | 8.70 |
Quality of the firm's operations | 8.64 | 7.96 |
Account statements | 7.96 | 7.83 |
Product | 8.50 | 7.98 |
Quality of the firm's research | 7.55 | 7.54 |
The firm's fixed-income pricing | 8.56 | 7.77 |
Quality of the products offered | 9.40 | 8.64 |
Management | 9.09 | 8.60 |
Your branch manager | 8.84 | 8.31 |
The firm's strategic focus | 8.59 | 8.25 |
Overall ethics of the firm | 9.74 | 9.31 |
The firm's image with the public | 9.18 | 8.54 |