Quick & Reilly was a prominent American financial services firm, primarily known as a discount brokerage that offered accessible trading services to individual investors across the United States. While it no longer operates as an independent entity, its legacy is tied to its role in providing cost-effective brokerage options.
Understanding Quick & Reilly
Quick & Reilly, Inc. was a significant player in the discount brokerage sector, a segment of the financial industry focused on offering trading services at lower commission rates compared to full-service brokers. Its parent company, Quick & Reilly Group, Inc., functioned as a holding company, owning all of the capital stock of the operating brokerage firm.
Services and Customer Focus
Quick & Reilly's core business revolved around providing discount brokerage services. This meant they facilitated the buying and selling of securities—such as stocks, bonds, and mutual funds—for their clients, but typically offered less in the way of personalized advice or research compared to traditional full-service brokers. This model appealed greatly to:
- Retail Customers: Their primary client base consisted of individual investors, from casual traders to those managing their own retirement accounts.
- Cost-Conscious Investors: By offering lower commissions, Quick & Reilly made investing more affordable and accessible to a broader audience.
The firm's operations extended throughout the United States, establishing a widespread presence that catered to a diverse geographic client base. For more historical company details, you can refer to its profile on Bloomberg.
Acquisition and Legacy
Quick & Reilly's journey as an independent firm concluded through a series of significant acquisitions:
- Acquisition by FleetBoston Financial: In 1998, Quick & Reilly was acquired by FleetBoston Financial Corporation, a major banking and financial services company at the time. This move integrated Quick & Reilly's discount brokerage operations into Fleet's broader financial offerings.
- Integration into Bank of America: Subsequently, in 2004, Bank of America acquired FleetBoston Financial. This acquisition brought Quick & Reilly's operations and client accounts under the umbrella of Bank of America's vast financial services network, eventually being integrated into its wealth management and brokerage divisions, such as Merrill Lynch (which Bank of America acquired in 2008).
Today, Quick & Reilly no longer exists as a standalone brand. Its historical significance lies in its contribution to making investment services more accessible and affordable for everyday Americans, paving the way for the robust discount brokerage landscape we see today.
