CEO, Managing Member
Year Joined Shields & Company: Co-founded 1982
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:
- Brogan Equity Group Research in Boston (money flow analysis)
- Dudack Research Group (macroeconomic overviews)
- Great Lakes Review (detailed coverage of 30 rustbelt specialty companies)
- An Investment Banking group (with a niche market in $5-$30 million PIPES, private placements, and asset-backed loans)
- An Equity Risk Management Division (focused on both risk-adjusted portfolio strategies and concentrated asset risk management strategies)
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.
Previous Experience/Career Highlights:
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.
Education and Certifications:
- University of Pennsylvania – (Wharton) BS Economics
- London School of Economics, MSc Economics
- FINRA Licenses: Series 7, 24, 63, 79, 99
Other Interests and/or affiliations:
- Founding member and past Chairman of the Board of Directors of the National Organization of Investment Professionals (NOIP) from 1982-present.
- Board of Directors of the Greater New York Council of Boy Scouts of America from 1993-present.
- Past member of the Board of Portsmouth Abbey School.
- FINRA Committees
- Elected to FINRA’s Small Firm Advisory Board from 2011-2013.
- District 10 from 2009-2015
- Regulatory Advisory Committee from 2015-2017.
- New York Regional Advisory Committee from 2017-present.
- Leisure time is for remote travel, skiing, Cresta Run, diving, sailing, the theater and visiting grandchildren between Rhode Island and Munich.