SURETRADE
IndustryFinance and Insurance
Founded1997; 27 years ago (1997)
FounderDonato A. Montanaro
Defunct2001; 23 years ago (2001)
FateAcquired by Bank of America
HeadquartersLincoln, Rhode Island
ProductsFinancial services
Revenue$100M
Number of employees
1,000

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.

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]

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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