Wedbush Financial Services

The story begins in 1955 with a classic 50/50 shot. Two friends, Edward Wedbush and Robert Werner, pooled $5,000 each to start a financial services firm in Los Angeles. Neither wanted their name on the door in case the venture failed, so they flipped a coin. Ed Wedbush lost the toss, and 'Wedbush & Company' was born. Their first-year revenues were a modest $659. A few years later, Werner sold his interest to Wedbush, leaving him to build the company. The firm initially focused on retail securities sales. A key turning point came in 1969 with the acquisition of Noble, Cooke & Co., which expanded the company into trading and market making. This set the stage for further growth, and by 1972, the firm began offering clearing services, executing trades for other brokerages. This diversification proved crucial, establishing a steady operational backbone. Throughout the decades, Wedbush grew steadily through a series of acquisitions, expanding its investment banking, wealth management, and brokerage capabilities. It established itself as a major player on the West Coast, eventually becoming the largest securities and investment banking firm headquartered there. The company remained privately held, navigating market cycles under the consistent leadership of its founder. Ed Wedbush led the firm for 63 years before stepping down as president in 2018, passing away in 2020. Today, the company continues as a significant independent firm, a testament to a journey that started with a simple coin flip.