Demographic Niche Specific

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ymh_ymh_ymh's picture
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Joined: 2005-09-05

new divisions within private client groups?
Wachovia just announced a new division, GLTB (acronym) which stands for Gay-Lesbian-Transgender-Bisexual (no joke, here ladies and gents) which will employ brokers/advisors who happen to be one of the 4 groups and which will cater to those 4 groups.
Last month Mother Merrill hired a former broker who happens to be gay and was with UBS. She's now in their management development training program at Princeton. They, too, happen to think that that this demographic has been neglected and want to reap the rewards of catering to them.
FD: to my knowledge, Mother Merrill has NOT yet approached Martha Stewart's former broker, Peter Baconovic to ask him if he wants to head up their version of GLTB.
 
 

Soon 2 B Gone's picture
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Joined: 2006-09-27

ymh_ymh_ymh wrote:
new divisions within private client groups?
Wachovia just announced a new division, GLTB (acronym) which stands for Gay-Lesbian-Transgender-Bisexual (no joke, here ladies and gents) which will employ brokers/advisors who happen to be one of the 4 groups and which will cater to those 4 groups.
Last month Mother Merrill hired a former broker who happens to be gay and was with UBS. She's now in their management development training program at Princeton. They, too, happen to think that that this demographic has been neglected and want to reap the rewards of catering to them.
FD: to my knowledge, Mother Merrill has NOT yet approached Martha Stewart's former broker, Peter Baconovic to ask him if he wants to head up their version of GLTB.

In most cities there is a form of phone book where those types can find one another.  When I see one of the books I take a look at financial planners and other headings where people I might know, or could research, are listing themselves.
The G and L part are certainly affluent--perhaps the B part too.  But that T group is so scewed up that they couldn't possibly be able to manage a career well enough to have money to invest.

Reggin's picture
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Joined: 2005-09-03

ymh_ymh_ymh wrote: new divisions within private client groups?[/
P]
Wachovia just announced a new division, GLTB (acronym) which stands
for Gay-Lesbian-Transgender-Bisexual (no joke, here ladies and gents)
which will employ brokers/advisors who happen to be one of the 4
groups and which will cater to those 4 groups.
Last month Mother Merrill hired a former broker who happens to be
gay and was with UBS. She's now in their management development
training program at Princeton. They, too, happen to think that that this
demographic has been neglected and want to reap the rewards of
catering to them.
FD: to my knowledge, Mother Merrill has NOT yet approached Martha
Stewart's former broker, Peter Baconovic to ask him if he wants to head
up their version of GLTB.
 
 

Dude, I think your calling has been answered.

ymh_ymh_ymh's picture
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Joined: 2005-09-05

S2BG:
I agree 100% on the T's, though it might be worthwhile prospecting their plastic surgeons!
I am not shilling for Wachovia over here, but last year (I think it was) they launched another "niche specific" talent hunt for new brokers who had legal profession experience to cater to law firm partners and up and coming associates.
The reason I brought up Bacanovic is the NY Times' Landon Thomas had a story on poor Peter last week. Apparently he's dissing Martha a lot these days.
 

rightway's picture
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Joined: 2004-12-02

A few years back I was referred to a gay couple.  It was a little
funny at first because I had never dealt with the specific needs they
face.  Anyway, I became educated and have since been referred
virtually all of their wealthy friends, many of which have become
clients.

It is interesting because this couple and their friends have TONS of
over-the-top parties.  My wife and I attend sometimes and we are
usually one of the few non-gay attendees and they have their own set of
jokes for us.  Quite a neat group really.

ymh_ymh_ymh's picture
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Joined: 2005-09-05

It's a neglected niche demographic which does have unique needs and your experience proves you need not be gay to understand their needs or provide value added services to them.
There's a straight (married w/3 kids) UBS broker who attends the same synagogue as I who had a similar experience. His eldest son's then fiance's father had a mid-life "coming out experience a few years ago, got divorced, found a male partner (doctor, can't recall his specialty).
Anyway, at the wedding (my friend's son's), the UBS broker was one of only a handful of people who was decent and genuinely "civil" to his daughter-in-law's father. He now has his account, his live in friend's account (the doctor) and several of their friends (all professionals).
My synagogue is fairly liberal and the cold shoulder treatment wasn't necessarily because of homophobic people. It was just the "shock" value of a 50 year old something "pillar of the community" coming out at such an advanced age, I guess.
Bravo to you for being open minded. Those parties are a lot of fun. I have attended a few myself (no dwarf tossing but entertainment that's almost as good)!

troll's picture
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Joined: 2004-11-29

Soon 2 B Gone wrote:ymh_ymh_ymh wrote:
new divisions within private client groups?
Wachovia just announced a new division, GLTB (acronym) which stands for Gay-Lesbian-Transgender-Bisexual (no joke, here ladies and gents) which will employ brokers/advisors who happen to be one of the 4 groups and which will cater to those 4 groups.
Last month Mother Merrill hired a former broker who happens to be gay and was with UBS. She's now in their management development training program at Princeton. They, too, happen to think that that this demographic has been neglected and want to reap the rewards of catering to them.
FD: to my knowledge, Mother Merrill has NOT yet approached Martha Stewart's former broker, Peter Baconovic to ask him if he wants to head up their version of GLTB.

In most cities there is a form of phone book where those types can find one another.  When I see one of the books I take a look at financial planners and other headings where people I might know, or could research, are listing themselves.
The G and L part are certainly affluent--perhaps the B part too.  But that T group is so scewed up that they couldn't possibly be able to manage a career well enough to have money to invest.Interesting how much you know about this particular demographic Put Trader

JCadieux's picture
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Joined: 2005-01-23

THis has been an area of focus for years.One of my clients even offers domestic partner benefits for GLBT employees.  This has landed them on the black list of a couple of church groups.  It was nice of the church groups to inform me of this, by the way, otherwise I would never have thought to ask.  The news has been very helpful when pitching certain candidates.

dude's picture
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Joined: 2005-11-15

Reggin wrote: ymh_ymh_ymh wrote:
new divisions within private client groups?[/ P]
Wachovia just announced a new division, GLTB (acronym) which stands for Gay-Lesbian-Transgender-Bisexual (no joke, here ladies and gents) which will employ brokers/advisors who happen to be one of the 4 groups and which will cater to those 4 groups.
Last month Mother Merrill hired a former broker who happens to be gay and was with UBS. She's now in their management development training program at Princeton. They, too, happen to think that that this demographic has been neglected and want to reap the rewards of catering to them.
FD: to my knowledge, Mother Merrill has NOT yet approached Martha Stewart's former broker, Peter Baconovic to ask him if he wants to head up their version of GLTB.
Dude, I think your calling has been answered.
Reggin, I think you exhibit the traits of a biggot.  Flattering.

Indyone's picture
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Joined: 2005-05-30

ymh_ymh_ymh wrote:The reason I brought up Bacanovic is the NY Times' Landon Thomas had a story on poor Peter last week. Apparently he's dissing Martha a lot these days.
I didn't see that...what's he saying/doing these days?

ymh_ymh_ymh's picture
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Joined: 2005-09-05

Nothing but trash talking Martha. Landon Thomas interviewed him last week at some hoity toity place he used to take his clients to lunch (in Manhattan).
I think Landon picked up the tab this time. Will see if I can find a link to it.

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