As CEO, David provides the leadership and direction for Wellington Shields and is actively involved in compliance, trading, and accounting, on a daily basis. In addition, long-range planning, corporate culture, and profitability are overarching goals.
Under David’s leadership, H.G. Wellington and Shields & Co. were successfully merged, combining traditional brokerage with high net worth discretionary accounts forming the basis of a wealth management firm. To this, David also integrated a number of new divisions, including:
David oversees the firm’s relationship with our custody and clearing firm, First Clearing (FC), a subsidiary of Wells Fargo. He has continued his ties to industry groups and regulators in Washington, to advocate for the industry in general and small firms in particular. For the future, WSC is continuously looking to recruit professionals in the wealth management area who would be compatible with the firm’s evolving model.
David started in the brokerage business as a research analyst in London with a NYSE firm. He passed the Registered Representative exam of the NYSE (which later became the Series 7) to qualify as a broker while studying at the London School of Economics.
David joined the NYSE as a member in 1966 and continued active on the floor of the Exchange until 2006 when the NYSE went public. In 1982, he was appointed Governor of the NYSE. Less than one month later, Jerry Shields, his brother, joined him to form Shields & Company. David continued on the floor as President of Shields & Co. while Jerry presided as Chairman upstairs in the office. In 1986, he became the first floor broker elected to the Board of the NYSE and continued for three terms.
After 40 years on the NYSE floor, David transitioned from the floor to Shields’ office upstairs and became more involved with the management of Shields & Co. H.G. Wellington & Co. merged into Shields & Co. in 2009 to become Wellington Shields & Co. In 2012, David became CEO and initiated cost controls and put a variety of divisions on strict P&Ls which slowly provided some positive results. It was challenging but rewarding working collaboratively with the firm’s talented and hard-working senior operating officers, great brokers, dedicated administrative staff and client service personnel.