Benjamin Edwards (stockbroker)
Encyclopedia
Benjamin Franklin Edwards III (October 26, 1931 – April 20, 2009) was a stockbroker who expanded A. G. Edwards, a brokerage firm
founded by his great-grandfather, from a regional firm to a nationwide stockbroking powerhouse, building it into the largest American brokerage firm headquartered outside of New York City
. He built what was the world's largest collection of Imari porcelain
, a 3,000-piece portion of which was sold at auction for $6 million.
, where he lived his entire life other than during college and military service. His father, Presley W. Edwards, was managing partner of the family brokerage business. His great-grandfather, Albert Gallatin Edwards
, was an Assistant Secretary of the Treasury in the administration of Abraham Lincoln
, and founded the eponymous firm in 1887. Edwards earned his undergraduate degree from Princeton University
in 1953, and did a stint in the United States Navy
.
During his tenure as president, the company's capital expanded by more than 400 times to US$1.6 billion, and its network expanded to cover 49 states
, achieving an annual shareholder rate of return of 15%. He would answer his phone himself and made it his job to visit each of the company's 100 offices each year. He would greet all new employees on their first day with the company and no employee was ever laid off during his time leading the firm. The company was ranked highly on an annual basis on the 100 Best Companies to Work for in America list prepared by Fortune
magazine.
As a matter of policy, Edwards would not allow the firm's employees to market proprietary investment instruments such as annuities or mutual funds, or insurance or real estate products, to avoid pressure on customers to buy products marketed by his own firm, preferring to have his brokers sell the best products selected from outside the company.
After 120 years of independence, A. G. Edwards was bought out in 2007 by Wachovia
for $6.8 billion, a move that was opposed by Edwards based on concerns that the firm's unique business practices and values would be lost. By the time of Edwards' death in 2009, Wachovia had become a wholly owned financial services subsidiary of Wells Fargo
.
Edwards had always threatened that he would open a new firm across the street if his company was every acquired in a hostile takeover. Edwards' son Tad opened a new self-titled brokerage firm, Benjamin F. Edwards & Company, in 2008, after spending 30 years with the family business. Edwards was given an office at the new company and served on its board of directors.
, and later became involved in Delftware
from the Netherlands. He bought three or four pieces each week over a 15-year span, building what was described as the world's largest collection of Imari porcelain.
After hosting the collection in his home, he started amassing a second collection that was kept on display in the A. G. Edwards headquarters building in bookcases that went from floor to ceiling in museum on the top floor of the company's new building. He put this second collection up for auction after offering it for sale to his firm, which turned him down, and noting that "Antiques pay no dividends or interest" and that he need the money to fund his retirement. The collection was sold through Christie's
for $6 million in a series of auctions that were held in 2003 and 2004. The collection was divided into 242 lots of one or more pieces, with each estimated to range in value from a few hundred dollars to more than $100,000.
Edwards had his primary residence in St. Louis, and had a second home in Naples, Florida
. He died at age 77 on April 20, 2009 in Naples, due to prostate cancer
. He was survived by his wife Joan Moberly Edwards, to whom he had been married for 55 years, their two sons, two daughters and 11 grandchildren.
Brokerage firm
A brokerage firm, or simply brokerage or broker in context, is a financial institution that facilitates the buying and selling of financial derivatives between a buyer and a seller...
founded by his great-grandfather, from a regional firm to a nationwide stockbroking powerhouse, building it into the largest American brokerage firm headquartered outside of New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. He built what was the world's largest collection of Imari porcelain
Imari porcelain
Imari porcelain is the name for Japanese porcelain wares made in the town of Arita, in the former Hizen Province, northwestern Kyūshū. They were exported to Europe extensively from the port of Imari, Saga between latter half of 17th century and former half of 18 th century, Japanese as well as the...
, a 3,000-piece portion of which was sold at auction for $6 million.
Biography
Edwards was born on October 26, 1931 in St. Louis, MissouriSt. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
, where he lived his entire life other than during college and military service. His father, Presley W. Edwards, was managing partner of the family brokerage business. His great-grandfather, Albert Gallatin Edwards
Albert Gallatin Edwards
Albert Gallatin Edwards was an Assistant Secretary of the U.S. Treasury under President of the United States Abraham Lincoln and founder of brokerage firm A. G. Edwards....
, was an Assistant Secretary of the Treasury in the administration of Abraham Lincoln
Abraham Lincoln
Abraham Lincoln was the 16th President of the United States, serving from March 1861 until his assassination in April 1865. He successfully led his country through a great constitutional, military and moral crisis – the American Civil War – preserving the Union, while ending slavery, and...
, and founded the eponymous firm in 1887. Edwards earned his undergraduate degree from Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
in 1953, and did a stint in the United States Navy
United States Navy
The United States Navy is the naval warfare service branch of the United States Armed Forces and one of the seven uniformed services of the United States. The U.S. Navy is the largest in the world; its battle fleet tonnage is greater than that of the next 13 largest navies combined. The U.S...
.
A. G. Edwards
Edwards joined the syndicate department of the St. Louis company in 1956, working his way up to become president in 1967 when his father retired. He remained in the post until 2001.During his tenure as president, the company's capital expanded by more than 400 times to US$1.6 billion, and its network expanded to cover 49 states
U.S. state
A U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
, achieving an annual shareholder rate of return of 15%. He would answer his phone himself and made it his job to visit each of the company's 100 offices each year. He would greet all new employees on their first day with the company and no employee was ever laid off during his time leading the firm. The company was ranked highly on an annual basis on the 100 Best Companies to Work for in America list prepared by Fortune
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
magazine.
As a matter of policy, Edwards would not allow the firm's employees to market proprietary investment instruments such as annuities or mutual funds, or insurance or real estate products, to avoid pressure on customers to buy products marketed by his own firm, preferring to have his brokers sell the best products selected from outside the company.
After 120 years of independence, A. G. Edwards was bought out in 2007 by Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
for $6.8 billion, a move that was opposed by Edwards based on concerns that the firm's unique business practices and values would be lost. By the time of Edwards' death in 2009, Wachovia had become a wholly owned financial services subsidiary of Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
.
Edwards had always threatened that he would open a new firm across the street if his company was every acquired in a hostile takeover. Edwards' son Tad opened a new self-titled brokerage firm, Benjamin F. Edwards & Company, in 2008, after spending 30 years with the family business. Edwards was given an office at the new company and served on its board of directors.
Personal
Edwards started collecting furniture, which led to oriental rugs and then to fine Chinese porcelain. He started purchasing 19th-century Japanese and later Chinese hand-painted Imari porcelainImari porcelain
Imari porcelain is the name for Japanese porcelain wares made in the town of Arita, in the former Hizen Province, northwestern Kyūshū. They were exported to Europe extensively from the port of Imari, Saga between latter half of 17th century and former half of 18 th century, Japanese as well as the...
, and later became involved in Delftware
Delftware
Delftware, or Delft pottery, denotes blue and white pottery made in and around Delft in the Netherlands and the tin-glazed pottery made in the Netherlands from the 16th century....
from the Netherlands. He bought three or four pieces each week over a 15-year span, building what was described as the world's largest collection of Imari porcelain.
After hosting the collection in his home, he started amassing a second collection that was kept on display in the A. G. Edwards headquarters building in bookcases that went from floor to ceiling in museum on the top floor of the company's new building. He put this second collection up for auction after offering it for sale to his firm, which turned him down, and noting that "Antiques pay no dividends or interest" and that he need the money to fund his retirement. The collection was sold through Christie's
Christie's
Christie's is an art business and a fine arts auction house.- History :The official company literature states that founder James Christie conducted the first sale in London, England, on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766...
for $6 million in a series of auctions that were held in 2003 and 2004. The collection was divided into 242 lots of one or more pieces, with each estimated to range in value from a few hundred dollars to more than $100,000.
Edwards had his primary residence in St. Louis, and had a second home in Naples, Florida
Naples, Florida
Naples is a city in Collier County, Florida, United States. As of July 1, 2007, the U.S. Census Bureau estimated the city's population at 21,653. Naples is a principal city of the Naples–Marco Island Metropolitan Statistical Area, which had an estimated total population of 315,839 on July 1, 2007...
. He died at age 77 on April 20, 2009 in Naples, due to prostate cancer
Prostate cancer
Prostate cancer is a form of cancer that develops in the prostate, a gland in the male reproductive system. Most prostate cancers are slow growing; however, there are cases of aggressive prostate cancers. The cancer cells may metastasize from the prostate to other parts of the body, particularly...
. He was survived by his wife Joan Moberly Edwards, to whom he had been married for 55 years, their two sons, two daughters and 11 grandchildren.