Wedbush finds edge with advanced technology

Tuesday, Dec. 2, 1997 | 10:56 a.m.

Wedbush Morgan Securities has come full circle in its 31-year odyssey in Las Vegas.

The Los Angeles-based securities and investment banker, which first opened its doors in Southern Nevada in a building leased to the company by Howard Hughes, has relocated to new quarters in the Howard Hughes Business Center.

The transition to larger quarters coincides with the company's bid to become one of the most technologically advanced operations in the West. The Las Vegas office, which has 13 employees, is one of the pioneers in the use of remote access computer technology that allows brokers the ability to track the market from wherever they have a phone jack.

On the horizon is a system that will give Wedbush Morgan clients access to their accounts via the Internet.

Edward Wedbush never imagined the advancements when he set up shop in L.A.'s Crenshaw district in 1955 or when he directed George Katz to establish a one-man office in Las Vegas in 1966.

Las Vegas has grown into one of the company's most dynamic markets, although Wedbush said publicly traded casino companies don't drive the market here as much as one might expect. As in most U.S. cities, Las Vegans are steering their investment dollars to stocks, bonds and mutual funds and aren't particularly partial to the gaming industry, Wedbush said in a telephone interview.

"Our firm, unfortunately, has not kept up with Las Vegas' growth," said Wedbush. "One reason is we have been physically located off the beaten path and that may have negatively impacted us."

But now, the firm is taking up residence in a growing office center at Hughes, at 3980 Howard Hughes Parkway. The company previously had been at 2000 E. Flamingo Road.

"We're not as well known as some of the big brokerages, but where we are now is intended to give us more visibility," said Wedbush. "From there, we can build a larger, more powerful sales force."

Wedbush said he expects the office to grow as they did in Phoenix, San Diego, Newport Beach, Calif., and Anchorage, Alaska, where sales are on a more rapid pace thanks to more favorable locations. The company also has branches in San Francisco, Portland and Eugene, Ore.; Fairbanks, Alaska; Seattle; Denver; and Honolulu.

Wedbush is putting Las Vegas' growth outlook in the hands of longtime sales office manager Wayne Bieniasz, a corporate vice president. Bieniasz is excited to be in a new office where he can expand by three associates. He added that the office houses the most modern equipment available for transmission and retrieval of corporate information and data.

One technological edge Wedbush maintains is in the development of Broker Link, an information system that allows sales representatives to track market data from laptop computers set up anywhere there's a phone line. Michael Diersen is an investment executive that is using Broker Link in Las Vegas.

"I was on vacation at Yellowstone National Park with Old Faithful right outside my window and I was able to observe the market and track investments," said Diersen. "Wherever I am, I can log in and know exactly what's going on in financial markets, can go into client accounts and place trades if need be."

Because the markets open earlier in the day in the Pacific time zone, Diersen said he has made a habit of logging on to check the status of the markets before he drives into the office.

Wedbush said while some brokerages are taking a cautious approach to new technology, he believes in his staff and is making the new programs available to brokers as quickly as they're able to learn it. Bieniasz said other Las Vegas-based Wedbush executives will get the specialized training to join Diersen. More than 50 Wedbush representatives have been trained so far.

Within a year, Wedbush said his company expects to make another system available -- Client Link -- that will put information technology in the hands of investors. Retail clients will be able to access their own accounts through a secured link on the Internet.

Wedbush also said his company is reviewing an interactive voice response system using telephones that will allow clients to have a statement faxed outlining their financial positions.