Wedbush Securities has appointed Jim McDermott as Managing Director, Investments, within its Wealth Management division, expanding its presence in Chicago and strengthening its advisory capabilities across the Midwest.
McDermott joins from Osaic Wealth and brings more than 30 years of experience serving individuals, families, and business owners.
His appointment supports Wedbush’s efforts to expand its wealth management operations in major U.S. markets while recruiting experienced financial advisors with established client relationships.
Before joining Osaic, McDermott held positions at Wells Fargo Advisors, Oppenheimer & Co., Morgan Stanley, and Prudential Financial.
Throughout his career, he has focused on providing investment advice and personalized wealth management services to clients with a variety of financial needs.
At Wedbush, McDermott will work within the firm’s Chicago wealth management operations, providing clients with investment services supported by its broader financial services platform.
The appointment also allows Wedbush to expand its relationships with investors and business owners in the Chicago metropolitan area.
The firm provides investment management and brokerage services alongside equity research, investment banking, and institutional financial services.
McDermott cited Wedbush’s research capabilities in technology and healthcare as factors influencing his decision to join the company.
His appointment follows Wedbush’s continued investment in recruiting financial advisors and expanding its national wealth management footprint.
Chris Mone, Executive Vice President and Head of Wealth Management at Wedbush, said McDermott’s arrival supports the firm’s growth strategy in Chicago and the broader Midwest.
Jon Underkofler, Senior Vice President and Market Area Manager, also emphasized the importance of Chicago to Wedbush’s wealth management expansion.
McDermott holds a Bachelor of Science in Finance from the University of Illinois at Urbana-Champaign.
He is also active in the Chicago community through Beverly Country Club, where he supports its caddie program through the Evans Scholars Foundation.
Wedbush Securities is the largest subsidiary of Wedbush Financial Services.
Founded in 1955 and headquartered in Pasadena, California, the firm offers securities brokerage, clearing, wealth management, and investment banking services to individual and institutional clients.
McDermott’s appointment strengthens its Chicago advisory team while supporting its continued expansion into additional wealth management markets.
KEY QUOTES:
“What drew me to Wedbush is its client-first culture, the caliber of its people, and its leading research in tech and healthcare. As a quality, niche investment bank, Wedbush gives advisors the platform to stay focused on what matters most: helping clients achieve their financial goals. I’m excited to join a firm with such a strong reputation and clear vision for growth.”
Jim McDermott, Managing Director, Investments at Wedbush Securities
“Jim’s addition strengthens our presence in the Chicago market and reflects our continued investment in advisors who share our client-first philosophy. We’re excited to welcome him to Wedbush as we expand our footprint across the Midwest.”
Chris Mone, Executive Vice President and Head of Wealth Management at Wedbush
“Chicago remains one of the most important wealth management markets in the country, and Jim’s leadership will play a significant role in our continued growth throughout the region.”
Jon Underkofler, Senior Vice President and Market Area Manager at Wedbush
