Good news: Benjamin F. "Tad" Edwards IV has left Wachovia Securities to form his own brokerage firm, Benjamin F. Edwards & Co.
Bad news: It will be located in Clayton.
While downtown is not perfect for every business, Edwards' new firm would have been an ideal fit for downtown, bolstering its financial services presence. In this case, the argument for choosing Clayton is most likely its proximity to Edwards' clients. However, the brokerage business is a relationship business. If Edwards had decided to locate downtown, would it have caused his clients to switch to a financial advisor located closer to their homes? Doubtful.
In order for downtown to turn the corner, it will do so on the backs of small firms with growth potential like Benjamin F. Edwards & Co. Instead, we're left with another missed opportunity.