Wedbush Expands Midwest Footprint with Veteran Wealth Manager Jim McDermott
Event summary
- Jim McDermott joins Wedbush as Managing Director, Investments in Chicago, effective September 24, 2026.
- McDermott brings 30 years of wealth management experience from firms including Osaic Wealth, Wells Fargo Advisors, and Morgan Stanley.
- Wedbush highlights McDermott's expertise in serving individuals, families, and business owners in the Midwest.
- Appointment underscores Wedbush's focus on expanding its wealth management presence in key U.S. markets.
The big picture
Wedbush's hiring of Jim McDermott reflects a broader industry trend of regional expansion by boutique investment banks seeking to challenge larger wealth management firms. The move comes as competition intensifies in the Midwest, a key market for high-net-worth individuals and family offices. Wedbush's focus on tech and healthcare research may also attract advisors looking for specialized investment platforms.
What we're watching
- Market Penetration
- How Wedbush's strategic hires will impact its competitive positioning in the Midwest wealth management sector.
- Client Retention
- Whether McDermott's client relationships will translate to Wedbush's platform and contribute to AUM growth.
- Talent Migration
- The pace at which other top advisors from traditional firms may follow McDermott to Wedbush.