Suretrade
From Wikipedia, the free encyclopedia
Suretrade was an American stockbroker firm with an electronic trading platform headquartered in Lincoln, Rhode Island. It was created in 1997 and was acquired by FleetBoston Financial's Quick & Reilly in 2001.
 | |
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 1997 |
| Founder | Donato A. Montanaro |
| Defunct | 2001 |
| Fate | Acquired by Bank of America |
| Headquarters | , |
| Products | Online stockbroker |
Number of employees | 1,000 (2001) |
Prior to its acquisition the company 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]