Suretrade

SURETRADE was a stockbroker firm with an electronic trading platform created in 1997. It was headquartered in Lincoln, Rhode Island. It was acquired by FleetBoston Financial's Quick & Reilly in 2001, at which time the firm had over 350,000 customers and nearly $2 billion in assets.

SURETRADE
IndustryFinance and Insurance
FateAcquired by Bank of America
Founded1997 (1997)
FounderDonato A. Montanaro
Defunct2001 (2001)
HeadquartersLincoln, Rhode Island
ProductsFinancial Services
Revenue$100M
Number of employees
1,000

History

The company was founded in 1997 as a division of Quick & Reilly by Donato A. Montanaro.[1]

Quick & Reilly was acquired by FleetBoston Financial in 1998.

In early 1999, FleetBoston considered an initial public offering for the unit but plans were scrapped in October 1999 after the dot-com bubble started to crash.[2][3]

In an October 1999 Fortune (magazine) article, Montanaro claimed that Suretrade was rated the #1 broker for aggressive traders and #2 for beginning investors.[4]

In 2000, the company launched advertising that promoted market timing.[5]

Suretrade was folded into Quick & Reilly in 2001 as investors wanted more advisory services after the crash of the dot-com bubble.[6]

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References
  1. "Online Broker TradeKing Launches with Low, Flat-Rate Commissions" (Press release). PRWeb. December 27, 2005.
  2. Hechinger, John (October 13, 1999). "Fleet Boston Scraps Plans for IPO Of Suretrade as Net Stocks Slide". The Wall Street Journal.
  3. Hechinger, John; Buckman, Rebecca (March 12, 1999). "Fleet Considers Spinoff, IPO For Suretrade Internet Unit". The Wall Street Journal.
  4. Nocera, Joseph (October 11, 1999). "Power to the People INVESTING HAS BECOME PART OF EVERYDAY LIFE IN MIDDLE-CLASS AMERICA". Fortune.
  5. "SURETRADE BREAKS TV, PRINT ADS". Advertising Age. Crain Communications. October 31, 2000.
  6. Trombly, Maria (February 12, 2001). "Brokerage Joins Movement Away From Net Pure-Plays". Computerworld.
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