Harry O'Mealia
President and Chief Executive Officer
Legg Mason Investment Counsel
Years in Securities Industry: 24

I grew up in an entrepreneurial family in New Jersey. My father?s family had a billboard company and my mother?s family owned a small bank. One of my greatest disappointments as a kid was finding out that the bank vault didn?t contain gold and stacks of money. My grandfather tried to explain where the money was, but I think I was a challenging student for him. And when I was in a car with my father, he would have me look at the road signs and tell me what was good or bad about each, from the ad copy to its general condition. Learning about these two businesses had a strong impact on my life.

I later studied English and history at the University of Pennsylvania. Then I went to law school at Boston College and business school at Columbia to further hone my skills. I was more interested in business so I moved in that direction. In 1985 I entered the training program at J.P. Morgan and immediately became interested in the private client side.

Soon after I started at Morgan, I had a problem with a client when I passed on a deal that he presented. I told my boss, who said that it was my decision. The client called my boss and said I was incompetent and should be fired. But since I?d kept my boss informed, he was ready for the call and told the client that I was a valued employee and had authority for my decisions. I thought it was extraordinary that he backed me when I was so young. In all of this, I referred to ?my client,? and my boss said: ?It?s not your client, it?s our client.? So I learned three things: Work for someone who has your back; the client and problem are the firm?s, not just mine; and don?t hide bad news.

In 1996 I went to U.S. Trust Co. of New Jersey because it was an opportunity to run a business. When Schwab bought the company in 2000, I thought the deal could work, but the business didn?t move in the direction I thought best, so we parted ways. If your company?s actions diverge from what you believe in, it?s best to move on.

Next I went to Tiedemann Investment Group in New York. Tiedemann had recently started an open architecture, multifamily office and trust company—Tiedemann Trust. I enjoyed it, but I got a call from Legg Mason about building a world-class investment counsel and trust business. I joined in 2005 to head that business. We advise individuals, families, trusts and small institutions and manage approximately $10 billion.

Over the years I have worked with many families, especially those with family businesses, helping them figure out their objectives or a succession plan. I look for creative ways to sustain the business, to make a transition from generation to generation, or ways to cash out and allow the next generation to move in a different direction. I love the challenges in the investment business. Every client is different. I enjoy the dynamic tension between qualitative and quantitative issues or between straight performance and solution orientations. Ultimately, what?s best for our clients is best for our business. The firms I have worked for have had the client-first theme in common.

In my free time, I play ice hockey. At the end of each season my team travels and plays teams around the world. We were probably the first American team to play in Eastern Europe after the fall of the Berlin Wall. If not the first, we were at least one of the worst. In the 1980s and 1990s, the only people who played hockey there were professionals. We lost some very lopsided games, but once the other teams saw how hard we played and realized that we were there to get to know them, they welcomed us with open arms. And, man, did they throw some great parties.

-As told to Pat Olsen