On the Radar: Wealthy Investors
Pittsburgh Business Times Online (07/30/01) Vol. 83, No. 1 p.40; Tascarella, Patty
The goal of many financial institutions is to attract wealthy
investors, and new federal rules are enabling smaller banks and thrifts
to directly purchase investment firms. For example, Great American
Federal Savings & Loan Association unveiled a wealth management division
in an effort to capture high net worth investors and small to midsize
business. GA Financial focuses on financial planning, investment
management, brokerage services, and insurance provided by several
different strategic partners. Great American officials expect the
service to grow to eight employees by the end of 2002. Mellon
Financial, on the other hand, is selling its consumer banking operations
including Citizens Financial Group, which will be able to keep its
private banking business.