Gary Wedbush on Client Financial Safety and Service During the COVID-19 Crisis

Client Financial Safety “CHAPTER 4”…

In 2007 and 2008 our late founder Edward Wedbush authored “3 Chapters” regarding the global credit crisis and “Client Financial Safety” at Wedbush Securities. One passage read:

“Wedbush Securities historically has followed a policy of not using credit and thus is not leveraged and therefore not risking client assets….The client assets at Wedbush are extraordinarily well protected; the regulations relating to our custodian responsibilities are followed to the utmost detail.”

And another stated:

“Clients’ accounts at WMS are extremely safe…Wedbush has followed a very “prudent” policy of protection and safety of client assets. The firm does not use leverage, i.e., borrowing, to facilitate its client business or its trading positions. Emphasis is on the use of equity, which has been built up over many decades through the retention of earnings.”

Edward’s declarations about Wedbush’s financial strength and its careful stewardship of client assets are as real and as pertinent now as they were then.

Today, the COVID-19 healthcare crisis has overcome our lives with uncertainty and anxiety, and has severely decreased confidence in our financial markets. For our clients, Wedbush Securities remains financially conservative and strong, and ready to provide you with comprehensive and timely advice and service. Given the current social-distancing and shelter-in-place related orders in effect in many states, we want to reassure you that we remain fully-operational and ready to serve. We are committed to our clients as we navigate this pandemic together.

Equally, we are committed to maintaining the health of our colleagues. We are continually reviewing CDC and WHO developments, to protect against material risk to our personnel and consequently to our operations. In addition to existing business continuity plans, we have enhanced our employees’ ability to work from home, across all departments, to ensure that they have the capability to serve our clients as effectively from home as from our offices.

For the past 65 years, we have followed our founder’s guiding principles of stability and stewardship in order to maintain unfailing client safety and tireless client service. Today, these principles will help lead us confidently through market uncertainty and volatility brought on by the pandemic.

I pray you remain safe and healthy throughout and beyond these challenging times. I encourage you to contact your Advisor or any member of our executive management team with your questions, concerns, or comments.

Onward and Upward!

Gary Wedbush
Co-President, Wedbush Securities

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