High-net-worth brokerage firm Shields & Company has hired Pamela Taylor as a vice president, who by year-end is slated to become the first female partner in the firm’s 25-year history. Taylor, who was with Merrill Lynch as a financial advisor for 14 years, was hired because of her relationship-driven approach, “which is the way we want our brokers to be motivated,” said Ralph Scarpa, managing director. Scarpa also plans to add selectively to the firm based upon the quality of people available. Scarpa hired Taylor with the intention to make her partner at the Manhattan-based, 11-partner firm, where he said there are two additional female vice presidents who also have the talent to become partner.
Taylor said she was sought out by eight firms, including wirehouses and independent brokerage firms before selecting Shields. While at Merrill, a serious car accident forced Taylor to review her priorities and look to change firms. “It’s a wireless world. You don’t have to work in a wirehouse anymore to get the services you need,” said Taylor. “I was attracted to the unstructured environment of the firm, the ability to meet directly with the partners of the firm in an informal basis, the ability for clients to place orders directly to the floor and the open architecture approach.”
The 60-person firm has more than $1 billion assets under management, and works with high-net-worth clients, institutions, families, endowments and foundations.