Tad Edwards Resigned Today
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?
[quote=CIBforeveryone]Maybe he took over a big Jones office.
So would that make it EdwardS Jones lol!
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
If that is true…this will be VERY interesting…is Mark keller involved…he left recently too
Competence was not the issue, he was screwed by Bagby and the board.
He wasn’t competent enough to run the B/D that his ancestor started, what changed?
[quote=mnbondguy]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[/quote]
Where did you see this?
I saw that when it came out…I thought you were referring to a new article about Tad starting a firm or something
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
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.
He is, hopefully he has some deep pockets with him.http://www.stltoday.com/stltoday/business/stories.nsf/0/C83615D517149BC586257450005A0A64?OpenDocument