*Originally Published on Thomasville Times-Enterprise 10:26 am Monday, August 18, 2025
By Staff reports
THOMASVILLE — Through stock market crashes, bull markets, recessions, global pandemics, the Great Depression, and 18 presidential administrations, Wellington Shields has stood the test of time. Reflecting on what 100 years truly means for a wealth management firm, it becomes clear that this milestone is not the result of luck or coincidence, but of enduring integrity, determination, and a commitment to service that has remained unwavering for a century.
In 1925, Herb ‘Duke’ Wellington founded Wellington & Company as a member of the New York Stock Exchange (NYSE). The firm made its home on Wall Street, where the cobblestone streets and storied institutions of Financial District served as a backdrop to this story. For a century, the firm has operated within a three-block radius, forming bonds not only through business, but through the places its partners gathered, debated, and broke bread.
The early partners of Wellington & Co. and Shields & Company frequented the same venerable Wall Street hubs, such as the Downtown Association and the Anglers’ Club. These institutions served as informal arenas for introductions, conversation, and camaraderie that often led to business alignment. Socially, many of these same partners crossed paths at Piping Rock and the Racquet & Tennis, where friendships were forged outside of boardrooms.
When Stillman, Maynard & Co. explored a merger with H.G. Wellington in 1986, Herb Wellington Jr. famously inquired where the Stillman partners lived. Upon learning they hailed from Rye and Rumson—while he resided in Locust Valley—he said the merger could proceed, as he “would not have to socialize with them.” A signature comment from a private man known for his wry humor.
Herb Jr. participated in the D-Day invasion of Normandy and later fought in France, Germany and the Philippines. Upon his return from the Pacific, his father rewarded him with a seat on the NYSE. True to character, Herb was a man of few words who valued discretion above all else. “If I ever read about the firm in the newspaper,” he once said, “I’ll shut it down.” That ethos of quiet professionalism didn’t hinder the firm’s success—it became one of its defining traits.
The firm’s story entered a pivotal chapter in 1966 when David Shields became a member of the NYSE. Over the next four decades, he built a distinguished reputation on the floor, working alongside industry icons such as Arthur Cashin, Robert Mnuchin, and Bob Pisani. In 1982, the same year he was appointed a Governor of the NYSE, David partnered with his brother Jerry Shields to found Shields & Company. David brought institutional expertise and industry relationships, while Jerry—a natural ‘rainmaker’—was instrumental in driving the firm’s growth. Together, they built a business that reflected their shared values and complementary strengths.
David also recalls his extensive international travels with the NYSE, which helped position Shields & Company ahead of its time in offering a global perspective to its clients. “I traveled to Europe and the Far East, made lasting contacts, and expanded our understanding of global markets,” said David. “Clients appreciated that broader view—it helped strengthen our relationships and distinguish our advice.”
Outside of finance, Jerry served on the boards of the New York Racing Association, Flowers Foods, and was Chairman of the Brown Brothers Harriman mutual funds. He later married into the Flowers family, establishing a Shields & Company in Thomasville. A lifelong enthusiast of thoroughbred racing, Jerry’s legacy extended beyond Wall Street. In 2019, six months after his passing, his horse Country House won the Kentucky Derby—an extraordinary, posthumous achievement that captured the same spirit of discipline and perseverance that defined his professional life.
While Shields & Company was growing, Wellington & Co. was strengthening its position through strategic mergers and disciplined expansion. In 1978, the firm merged with McMullen & Hard, bringing on board a respected team of advisors and expanding its investment advisory capabilities. Among those who joined was Paul Gulden, who today serves as Managing Member and Co-Chief Investment Officer at Wellington Shields. Paul has played a key role in shaping the firm’s investment philosophy and client-first approach.
In 1986, Wellington & Co. merged with Stillman, Maynard & Co. Larry Shadek, now a managing member at Wellington Shields, recalled that a friend of his father—a longtime NYSE member—called him to say: “Your son is in good hands. Herb Wellington runs his firm with complete integrity.”
“That’s the legacy Herb gave us,” said Larry.
The Shields and Wellington firms continued growing in parallel, maintaining a relationship marked by mutual respect and shared values. As each firm expanded, the logic of joining forces became increasingly clear. With aligned cultures, complementary strengths, and a common philosophy centered on long-term client relationships, the two firms merged in 2009 to form Wellington Shields. Jerry and David Shields helped guide the integration, with David Shields taking the helm as CEO in 2012.
Today, the firm is led by Jameson McFadden, who first interned with Shields & Company in 2001 before joining the firm in 2006. Under the mentorship of Jerry and David, Jameson developed an appreciation for the firm’s heritage and quickly distinguished himself as a rising leader. He was named CEO in 2022.
“Jameson was the right person to lead,” said Larry Shadek. “He took the time to truly understand what this firm was built on—its history and values—and has balanced that legacy with thoughtful modernization.”
Wellington Shields continues to honor its founding principles by preserving an independent, multi-family office model. Unlike traditional brokerage firms, its advisors retain full ownership of their client relationships and operate free from top-down mandates—allowing for personalized, relationship-driven service.
“Reaching a 100-year milestone is a rare and remarkable achievement,” says J Rutledge, Director, NYSE. “Wellington Shields’ enduring presence at the NYSE reflects a legacy built on trust, resilience, and integrity. Their Closing Bell ceremony is a fitting tribute to a century of leadership in the financial industry.”
The firm’s offerings include investment management, retirement planning, insurance review, and estate and tax planning, supported by a trusted network of legal and accounting professionals. The culture is collaborative but never prescriptive—a rare combination in modern finance.
“We’re conservative in our philosophy and aggressive in our approach,” says Paul Gulden.
With an average tenure of over 20 years, Wellington Shields professionals understand the importance of long-term relationships. The firm continues to grow through referrals and word of mouth, with many families remaining clients for over 50 years. This consistency of service, culture, and people has built a level of trust that’s difficult to replicate.
“There’s an old adage on Wall Street: ‘dictum meum pactum’—’my word is my bond.’ Wellington Shields is the kind of firm where people still believe that,” says Ed March, Chief Operating Officer.
While Wellington Shields remains small enough to offer personalized service, it has modernized its platform to match the capabilities of the largest financial institutions. Its fintech infrastructure includes platforms like BNY Pershing, eMoney, and Black Diamond, ensuring clients receive real-time insights and seamless access.
“Wellington Shields’ 100-year legacy is a testament to enduring relationships, thoughtful leadership, and the ability to evolve without losing sight of core values,” said Ben Harrison, Head of Client Coverage, BNY Pershing. “We are proud to support them as they continue to deliver stability and commitment to their clients.”
As Wellington Shields celebrates its centennial, its future remains guided by the same values that have sustained it for 100 years. The firm is committed to honoring its legacy while continuing to evolve with client needs.
“There is a rich history in a firm of 100 years, and throughout the century, the culture, environment, and integrity of Wellington Shields has remained remarkably consistent,” said Jameson McFadden. “As we look ahead, we’re excited to build on the foundation that Herb, Jerry, and David instilled—while innovating to meet the needs of future generations.”
