Magazine article American Banker

Fleet Pilots Combo Account to Draw Rich to Brokerage

Magazine article American Banker

Fleet Pilots Combo Account to Draw Rich to Brokerage

Article excerpt

FleetBoston Financial Corp. is using Connecticut as the test market for a souped-up asset management account that it hopes will attract more affluent customers to the banking company and its Quick & Reilly brokerage.

The new account combines insured deposit products from Fleet with investments made through Quick & Reilly, and customers who maintain a minimum of $100,000 in a variety of products can avoid monthly fees.

An earlier asset management account offered through Quick & Reilly did not include Fleet's insured deposit products and had less interaction with other Fleet services.

The company is in the midst of a customer service initiative in its home base of New England, and offering the new asset management account is part of that effort, said Brian Moynihan, Fleet's executive vice president and head of brokerage and wealth management operations.

Fleet hopes to use its branch operations to boost the visibility of Quick & Reilly, and vice versa, Mr. Moynihan said in a telephone interview. "Our strategy is to be more segment- and customer-focused. Quick & Reilly is a key contact with the affluent."

Quick & Reilly has been on a major hiring spree lately, about half of it aimed at boosting its staff in New England and the mid-Atlantic, where Fleet has a branch presence, to coordinate cross-selling. Since last year the brokerage has increased its staff by almost a third.

In addition to New England and the mid-Atlantic, Quick & Reilly has branches in Chicago, Dallas, and Philadelphia, and operations in Florida and California. …

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