Early in 2006, Gorman will become President and Chief Operating Officer of the Individual Investor Group of Morgan Stanley.
Gorman succeeds Daniel J. Ludeman, President and Chief Executive Officer of Wachovia Securities, LLC. Ludeman will continue to serve on the board of SIA in 2006 as Immediate Past Chairman.
Robert L. Bagby, Chairman and Chief Executive Officer of A.G. Edwards, Inc., will serve as Chairman-elect. Ellyn A. McColgan, President of Fidelity Brokerage Company, and Chet Helck, President and Chief Operation Officer of Raymond James Financial, Inc., will serve as Vice Chairs, Richard Brueckner, Chief Executive Officer of Pershing LLC will serve as Treasurer.
SIA member-firms elect the board of directors, who in turn elect the Chairman and other officers, at a board meeting during the association’s annual meeting, which concludes today.
Gorman Elected Chairman
In 2006 Gorman will become President and Chief Operating Officer of the Individual Investor Group of Morgan Stanley. In this position he will be responsible for leading the company’s global retail sales force. He will also be a member of the Morgan Stanley management committee. Gorman joins Morgan Stanley from Merrill Lynch, where he held a succession of executive positions. From 2002 to 2005 he was President of the Private Client group, which provides investment, banking, insurance, and retirement services to individuals and businesses through a network of 600 offices in the Americas, Europe and Asia. He first came to Merrill Lynch in 1999 as Chief Marketing Officer. Before joining Merrill Lynch he was a senior partner of McKinsey & Company, where he was a member of the financial services practice.
A native of Australia, Gorman earned a B.A. and a law degree from the University of Melbourne and an M.B.A. from Columbia University in New York.
Bagby Named Chairman-Elect
Bagby is Chairman and Chief Executive officer of A.G. Edwards, Inc., and its primary subsidiary, the brokerage firm of A.G. Edwards & Sons, Inc., one of the nation’s largest investment firms. Bagby became Chairman and Chief Executive Officer in March 2001, becoming the first non-Edwards family member to head the company since its founding in 1887. His rise to the top followed a career at A.G. Edwards that began in 1975 as a Branch Administrator in the Southwest. He later moved on to Regional Officer and then served as Assistant Director of Branches, assuming the role of director of branches in 1995. A.G. Edwards encompasses more than 6,950 financial consultants in 708 offices nationwide and includes two European locations in London, England and Geneva, Switzerland.
Bagby earned his B.S. degree in Marketing and finance from Pittsburg State University, Pittsburg, Kansas.
Helck and McColgan Elected Vice Chairs
Since 2002 Helck has been President and Chief Operating Officer of Raymond James Financial, Inc. In this position, he oversees the firm’s domestic broker/dealer subsidiaries, Raymond James & Associates and Raymond James Financial Services, together with London-based Raymond James Investment Services. Helck began his association with Raymond James in 1989 as a Vice President of business development for its independent contractor subsidiary, and later moved on to become Executive Vice President of business development. Prior to his tenure at Raymond James he was an Investment Representative for Edward D. Jones & Co. Before working in the securities industry, Helck served for nine years as a product marketing and territory manager for Deere & Co.
Recently named one of the “25 most influential people in and around the financial planning industry” by Investment Advisor magazine, Helck earned his bachelor’s degree in 1974 from the West Virginia University Institute of Technology and is a graduate of SIA’s Securities Industry Institute at the Wharton School of Business and the Harvard Business School Leading Professional Service Firms Program.
McColgan, President of Fidelity Brokerage Company since 2002, is responsible for management of both the retail and institutional brokerage business. Beginning her career with Fidelity in 1990, McColgan has held senior management positions within each of Fidelity’s three major distribution businesses. She began by developing an expertise in customer service and operations, then later added experience in sales and technology. McColgan began her career in the industry in the brokerage unit of Shearson Lehman Brothers in New York, where she worked as a Trainee in the wire room, as a brokerage Sales Assistant, and on the various trading desks.
McColgan received a B.A. degree in psychology from Montclair State University in New Jersey, and an MBA from Harvard Business School. She has also received an honorary Doctor of Laws degree from the F.W. Olin Graduate School of Business at Babson College, where she is a Vice Chair of the board of trustees.
Brueckner Elected Treasurer
Brueckner is Chief Executive Officer of Pershing LLC, a subsidiary of The Bank of New York Company, Inc. (BNY). He joined BNY in May 2003 after BNY acquired Pershing from Credit Suisse First Boston (CSFB). He served as Chief Executive Officer of Pershing and as a member of the CSFB Executive Board after CSFB’s acquisition of Donaldson, Lufkin and Jenrette (DLJ) and Pershing in November 2000. Brueckner joined DLJ in 1978 and served as Treasurer of DLJ Securities Corporation and Chief Financial Officer of Pershing. He also held a variety of senior management positions in administration, finance, marketing, and operations at Pershing. Brueckner is a Governor of the NASD and a Director of NASD Regulation.
Brueckner earned a B.A. in Economics at Muhlenberg College in Allentown, Pennsylvania where he is Chairman of the board of trustees.
