Tad Edwards Resigned Today

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May 22, 2008 6:02 pm

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.

May 23, 2008 3:00 pm

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

May 24, 2008 11:27 am

[quote=mnbondguy]
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[/quote]     That's the most beautiful thing I've ever heard......
Jun 3, 2008 6:53 pm

My Take

Daddy 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.





Jun 3, 2008 7:51 pm

[quote=marketguru69]My Take

Daddy 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.






[/quote]
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

Jun 3, 2008 10:57 pm
marketguru69:

My Take

Daddy 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....?
Jun 3, 2008 11:03 pm
shredder:

[quote=marketguru69]My Take

Daddy 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....?[/quote]

Good Nose!
Jun 4, 2008 12:33 pm

When will Tad be hiring?

Jun 4, 2008 7:32 pm

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.

Jun 4, 2008 8:58 pm

[quote=marketguru69]My Take

 Why if he claims he was retired does he get an office, and his name on the door.






[/quote]

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…

Jun 4, 2008 10:38 pm

[quote=nestegg]

shredder:

[quote=marketguru69]My Take

Daddy 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....?[/quote]

Good Nose!
[/quote]
Jun 4, 2008 10:40 pm

You both need to get a nose job!!!

Attending a meeting in JAX today, which includes AGE people, where are you?



Jun 4, 2008 10:42 pm

the story in Investment News indicates Daddy will be there with Tad.

daddy gets the corner office!


Jun 4, 2008 11:13 pm

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.

Jun 4, 2008 11:15 pm

[quote=marketguru69]You both need to get a nose job!!!

Attending a meeting in JAX today, which includes AGE people, where are you?




[/quote]

Maybe we were all there tooo …sneaky…