Benjamin F. Edwards & Co. has opened a new office in Red Bank, N.J., giving the three-year-old brokerage firm a presence in 12 states.

Benjamin F. Edwards IV, the one-time heir apparent to the leadership position at A.G. Edwards, founded the St. Louis, Mo.-based firm. And he has heavily staffed it with veterans of A.G. Edwards, which was sold to Wachovia in 2007 and has since been subsumed into Wells Fargo. True to form, a five-person team from Wells Fargo Advisors left that firm to found the Red Bank branch, which is the 18th for Benjamin F. Edwards & Co.

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