Wellington Shields to ring NYSE bell to mark 100 years of independence, advisor ownership

Wellington Shields, a wealth management firm that advises on $3.5 billion in client assets, will celebrate its 100-year history by ringing the closing bell at the New York Stock Exchange on Wednesday, July 9. 

The firm traces its origins back to 1925, when Herbert G. Wellington founded Wellington & Company and became listed on the NYSE. Wellington later merged in 2009 with Shields & Company to form today’s company, which relocated its headquarters last year to 60 Broad Street in Manhattan. Shields & Co. co-founder David Shields remains chairman at Wellington Shields, and his original firm is notable as the first broker-dealer approved for direct telephone access to the NYSE floor in 1987. 

“For a firm with roots going back to the floor of the Exchange, where David Shields built his career, the ceremony feels especially meaningful,” Wellington Shields CEO Jameson McFadden told InvestmentNews. “It is a tribute to the generations who came before us and a celebration of the relationships, values and culture that have defined us for a century. The NYSE and Wellington Shields are inextricably linked, which makes celebrating our centennial there all the more appropriate.”

McMullen & Hard merged into Wellington & Co in 1978, followed by Stillman, Maynard & Co. merging into Wellington & Co in 1986. Wellington Shields today spans 70 staff members and is 75% owned by its employees. The remaining 25% is held by relatives of a former stakeholder. Wellington Shields today operates as both an RIA and broker-dealer regulated under the SEC and FINRA.

“It has been our longstanding practice to buy out inactive shareholders over time, and we expect that ownership stake to diminish over the coming years as we make room for new partners to join our ranks,” said McFadden, who joined the firm in 2006 and became CEO in 2023. “Employee ownership is fundamental to our culture. When our advisors and members have a real stake in the business it reinforces long-term thinking, accountability and an ownership mentality that ultimately benefits our clients.”

Building long-term culture

Private equity-backed buyers have been a lead driver of M&A activity in the independent RIA space, accounting for over half of all acquisitions, according to DeVoe & Company’s Q1 2025 RIA Deal Book. McFadden believes the short-term investment horizon of private equity is not fitting for Wellington Shields, which maintains office locations on Long Island as well as Massachusetts, Vermont and Georgia. 

“Due to our financial stability, we are fortunate to not have had to take outside capital. We do not view PE as aligned with the kind of long-term culture we’ve worked hard to build. We have chosen to prioritize continuity, independence and service,” McFadden said. “Our growth strategy is centered on adding like-minded advisors and teams who want equity ownership, not just a payout – and see the appeal of joining a firm where stability, professionalism and client trust come first. Inorganic growth isn’t off the table, but it has to be the right fit.”

BNY Pershing, which recently began rolling out new fee increases charged to select RIAs, has been the primary custodian of client assets at Wellington Shields since 2024. “Like most firms, we’re aware of industry-wide pressure around fees, but we’ve been fortunate not to feel it as acutely,” said McFadden. 

'Trusted advice, continuity and discretion'

Fee compression stands as a looming challenge for the financial advisor industry. A Cerulli Associates study earlier this year found that by 2026, 83% of advisors expect to charge less than the current 1% standard fee for clients with more than $5 million in investable assets.  

‘Our clients aren’t coming to us for the lowest-cost solution, they’re coming to us for trusted advice, continuity and discretion,” McFadden added. “Many of our relationships span generations, and our advisors are often viewed as part of the family. That level of trust and attentiveness is difficult to replicate in lower-cost models.”

The investment approach for Wellington Shields moving forward will continue to allocate heavily to US equities, as McFadden expects stock growth from the Trump administration’s tariff policies and Big Beautiful Bill tax cuts.

“I feel the dual impact of tariffs and tax incentives will be a powerful incentive for companies to reshore to the U.S. We should start to see the impact of this in the beginning of 2026, which will help improve median household income,'" he said. "Additionally, the deregulatory impact of the agenda should continue to yield meaningful improvement in energy prices to help mute the impact of inflation that tariffs may bring as trade deals begin to firm up. There is considerable investment pledged into the US by an array of nations and companies alike, which should buttress this tailwind. As a whole, our firm is invested mainly in domestic equities, which we feel will continue to be the best place to be invested.”