Chattanooga brokers at heart of new Sterne Agee office here

In 1983 Steve Weddle and Ralph Allison and some associates left Commerce Union Bank to found the local office of brokerage firm E.F. Hutton.

Twenty-six years later, the two men and six others left what became Smith Barney to open the Chattanooga office of Sterne, Agee & Leach, a Birmingham, Ala.,-based brokerage firm.

Mr. Weddle said he and his associates wanted to be with what they consider to be a “more personalized firm.” Sterne Agee is a small privately held, regional investment firm started more than 108 years ago.

Mr. Weddle said that kind of longevity during these troubled economic times offers the kind of stability and security he said he and the rest of the group wanted for the firm’s clients.

“All the brokers in here today started with E.F. Hutton,” Mr. Weddle said. “We’ve never changed firms, but our name has changed so many times.”

Over the years, the firm originally founded as E.F. Hutton was known by about six different names, including Shearson Lehman Hutton, Salomon Smith Barney and most recently as Smith Barney.

The company, known as Morgan Stanley Smith Barney as of June 1, issued a statement saying, “Morgan Stanley Smith Barney will continue to have a robust operation in Chattanooga with combined strength of approximately 25 employees, including 18 financial advisers.

“Clients will continue to receive seamless service from their existing financial advisers, and over time they will benefit from the integration of these two businesses by being able to access the new and exclusive financial products and services, as well as the best market intelligence and investment opportunities available.”

Through the years and many mergers, a core group of five brokers and three support staff members had developed at what had become Smith Barney, including Mr. Weddle, Mr. Allison, Buddy Werner, Jim Ferguson, Bob Red, Jennifer Howard, Natalia Davis and Robyn Ingram. They are also at the heart of the new Sterne Agee office.

Sterne Agee’s temporary offices opened May 22 on the second floor of Brabson Place at the corner of Fourth Street and Georgia Avenue downtown, but more permanent offices will be on the building’s first floor. The offices should be completed within the next few months, Mr. Weddle said.

For himself and the rest of the firm, the prospect of starting over with a new firm is refreshing and a bit overwhelming, he said.

“I’m busier than I probably have been in 10 years,” Mr. Allison said. “When you’ve been in the same place for 26 years, and you have a lot of clients, it’s almost like you’ve got it down to a machine almost, and all of the sudden, it all changes.”

And if Mr. Allison and Mr. Weddle have their way, they will continue to be busy. Both men said they plan to have plenty of space for growth and plan to add new brokers and more support staff in the future.

“We want to be the crown jewel of Sterne Agee,” Mr. Weddle said.