Securities Firms Target New Millionaires

By Monique Wise Bloomberg News | THE JOURNAL RECORD, April 6, 1998 | Go to article overview

Securities Firms Target New Millionaires


Monique Wise Bloomberg News, THE JOURNAL RECORD


NEW YORK -- An eight-year bull market in stocks helped create more than 1.1 million new millionaires in the United States, and securities firms are trying to lure their business by pampering them with special high-net worth services.

At firms such as Goldman Sachs, Merrill Lynch and Morgan Stanley Dean Witter, wealthy investors have access to private equity transactions, sophisticated hedging techniques and every security under the sun.

Thomas C. Quick, president of the Quick & Reilly/Fleet Securities discount brokerage, is a Goldman client. "When you think of all we are doing in running a business, even though it happens to be an investment business, having the time to invest is really an issue," Quick said. In February, Quick received a profit of about $47 million, according to Securities and Exchange Commission documents, from the sale of Quick & Reilly Group to Fleet Financial Group of Boston. "It's in my best interest to let someone who has the time, experience and resources maximize my dollars," said Quick. Twenty years ago, the wealthy clients of Merrill or Goldman were as interested in the red carpet treatment -- restaurant dinners and Broadway theater tickets on their brokers -- as the financial services. Those perks are still available, although today's clients have less free time. Many are entrepreneurs who took their companies public or executives with stock option plans. Goldman Sachs has about 360 professionals who cater to people with at least $5 million in liquid assets. David Henle, co-head of the firm's private client service, said that while there isn't a hard- and-fast rule about the minimum, Goldman does turn people away. Merrill's private advisory services are generally used by people with $10 million or more in assets. Those with less can also use them, by asking their broker which services might be appropriate. For Michael Sullivan, a broker who heads a 17-person team in New York that works with wealthy clients, the average is $50 million in assets. At Goldman, four- or five-member teams -- including two or more senior brokers, an analyst and assistants -- typically manage several family accounts. A key part of the high-net worth business is service. "Our clients don't want to be put on hold and don't want someone to get back to them 48 hours later," said Linda Daines, a senior Goldman broker. Though she typically works from 7 a.m. to about 7 p.m., Daines also takes client calls at home, even on weekends. In addition to attentive service and perks -- Merrill's high-net worth brokers will provide front-row tickets to a Knicks basketball game or hard-to-get reservations at hot New York restaurants -- customers have access to special investments and advice. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Securities Firms Target New Millionaires
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.