History of Wedbush Securities

  • 01 Nov 2018

    1955

    Wedbush & Company founded by Edward Wedbush and Robert Werner

  • 01 Nov 2018

    1957

    First Wedbush office opened in the Crenshaw district of Los Angeles, CA

  • 01 Nov 2018

    1969

    Acquired Noble, Cooke & Co. and expanded into wholesale business

  • 02 Nov 2018

    1970

    Enrolled in Securities Investor Protection Corporation (SIPC)

  • 02 Nov 2018

    1971

    Became a member of the NYSE

  • 02 Nov 2018

    1972

    Began self-clearing and clearing for other firms

  • 02 Nov 2018

    1975

    Acquired William R. Staats & Co., Inc. and expanded into Capital Markets

  • 02 Nov 2018

    1988

    Acquired Morgan, Olmstead, Kennedy & Gardner

  • 02 Nov 2018

    2006

    Ranked #1 Liquidity Provider by NASDAQ Listed Securities Ed Wedbush named Ernst & Young Entrepreneur of the Year – Los Angeles

  • 02 Nov 2018

    2008

    Acquired assets of First Wall Street Corporation and Peacock, Hislop, Staley & Given

  • 02 Nov 2018

    2009

    Acquired assets of Pacific Growth Equities Rang the NYSE Opening Bell

  • 02 Nov 2018

    2010

    Enlarged the international enterprise by buying a seat on the Warsaw Exchange

  • 02 Nov 2018

    2014

    Becomes first US financial institution to accept Bitcoin payments  |  Expands into the Futures business

  • 02 Nov 2018

    2015

    Wedbush Securities Celebrates its 60th Anniversary

  • 02 Nov 2018

    2017

    First Capitol Ag and efutures launch new online platforms

  • 02 Nov 2018

    2018

    Acquired assets of Kluis Commodities Advisors, sold Lime Brokerage  |  Founder announces appointment of Co-Presidents, Rich Jablonski and Gary Wedbush

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A LOOK BACK: WEDBUSH WISDOM

Eight Days Later…

As I look back throughout the years I have spent in the Securities and Investment Banking industry, I am often reminded of the many unique and memorable experiences I have encountered along the way. Not too long ago, Michael Macchiaroli from the Securities Exchange Commission was visiting our Los Angeles headquarters. He paused at the landing between floors to look at two framed documents on the wall. He turned to me with laughter, and remarked that “this would never happen today.” He commented on the timeline between letters, one of which was written by me to the SEC and the other the SEC’s response. When I think about the origin of these letters, I am brought back to the firm’s very humble beginnings.

It was the spring of 1955 and I had just graduated from the University of Cincinnati. Although I had earned my degree in Mechanical Engineering, I was fascinated with Financial Services. I saw the Securities Markets as offering endless entrepreneurial possibilities. At a young age, it was a business that would teach me that being agile and opportunistic, while always understanding risk, would often bring me and my clients’ success. With that, I decided that I wanted to start a broker/dealer business, but realized to do so; I had to obtain registration from the SEC. So there I found myself, on May 26, 1955, sitting in my fraternity house, punching away on my typewriter my first formal communication to the SEC.

I had just received a scholarship from Hughes Aircraft to continue my graduate education at UCLA. Without knowing exactly when the SEC would respond to my request for registration, I had to submit two addresses for potential return. Thus, should they have responded later than June 14th, the letter would have to find me at my new home on UCLA’s fraternity row, 535 Gayley Ave in Los Angeles, California. Instead, a letter of acceptance arrived eight days later to me at 520 Howell Ave in Cincinnati, Ohio, and marked the inception of Wedbush and Associates. At the time I didn’t think much of it, seemingly just a customary business practice to respond in a timely manner.

Looking back, Mr. Macchiaroli was absolutely right, that would never happen today. Clearly the environment has changed dramatically for our business. It’s more complex, competitive, and capital-intensive than ever. But that doesn’t mean tremendous opportunities still don’t exist for Wedbush and its clients. The opportunities may not unfold as quickly as they did over 60 years ago, but being nimble, opportunistic, and acting decisively on behalf of our clients will continue to payoff.

Ed’s Words of Wisdom

 

Living Frugal: “If you are not prepared to live frugally, do not become an owner of a start up business.  You will squeeze yourself from too many directions.  You’ve got to live below your income, whatever it might be.  This is a very key element in growing a business.  For the first 10 years of business, my take-home earnings were always lower than what I could have done had I maximized my employment opportunities.  That was a trade-off I made.”  

Entrepreneurial Spirit: “If you go into business as an entrepreneur just because you want to make money, then a few years later you will get tired of it and your business will flatten out or go away.”

ACCOLADES

Lifetime Achievement in Entrepreneurship  – University of Cincinnati, 2004

Ernst & Young’s Entrepreneurship of the Year for Greater Los Angeles, 2006

Lifetime Achievement Award – University of Cincinnati, 2010

Los Angeles Business Journal- 100 Top Executives 2010

Concordia University Faithfulness & Excellence Award 2012

Director, Pacific Clearing Corp

Director, Pacific Securities Depository Trust Company

Chairman, Board of Directors of the Pacific Exchange

Director, Pacific Exchange

Director, National Securities Clearing Corp

Member of the American Stock Exchange Advisory Board

Member of the Nominating Committee for the Board of Directors of National Securities Clearing Corporation

Member of the Nominating Committee of The Options Clearing Corporation

Chairman of the NYSE Regional Firms Advisory Committee to the Board of Directors

Chairman, California/Western District – Securities Industry Association

Member of the Board of trustees, Great American Bank, Inc.

Member of the Board of Directors – Securities Industry Association

Member of Regional Firms Committee – Securities Industry Association

Member of the Triangle Fraternity Foundation Board

Member of the Board of Trustees, University of Cincinnati Foundation

Member of the Executive Committee to the President of the University of Cincinnati