Magazine article American Banker

To Reach the Wealthy, Scudder Will Ply Two Courses

Magazine article American Banker

To Reach the Wealthy, Scudder Will Ply Two Courses

Article excerpt

Scudder, Stevens & Clark Inc. is going after high-end investors on two different tracks: its own direct sales efforts and through banks and other financial "intermediaries."

The Boston-based mutual fund company announced last week the hiring of two executives to direct the disparate efforts.

It appointed William M. Thomas as vice president and senior business manager of a new unit, the financial intermediary services group, formed to step up sales through one of Scudder's traditional channels-bank brokerages and trust departments.

And it named William S. Baughman principal and director of a newly formed group that is to prime the pump of Scudder's biggest accounts. The as-yet unnamed group will provide financial planning, advice on Scudder funds, and discount brokerage services for customers who have more than $100,000 in accounts with the firm but are not looking for face-to-face contact.

"Bill Baughman will work with people who are quite comfortable with dealing with someone over the phone," said Scudder managing director Mark S. Casady. "Our clients have grown more affluent with us and now have a need for greater services than what we pr ovided before."

The financial intermediary group will look to pick up customers of other firms who want local, high-touch service.

Such an effort "reaches a market we (otherwise) might not reach. For instance, my parents are more comfortable talking to their broker," Mr. Casady said. "We traditionally have not gone after the kinds of clients that need the kind of help that brokers an d bankers provide. …

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