Word: witters
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That philosophy of trying to get more sales out of existing customers was behind Sears' acquisition in December 1981 of Dean Witter Reynolds Organization stockbrokers and Coldwell, Banker, a national real estate firm. When Sears was struggling to get out of its 1970s slump, a strategic planning committee looked at diversification. Recalls President Archie Boe, 62, who will retire next March: "We studied every industry in the U.S." After looking at areas as diverse as steel and automobiles, Sears decided to go into financial services...
...investor do? Buy, sell or hold? Experienced Wall Streeters advise: do nothing immediately, just wait for the chaos to subside. Once it does, investors could begin trading out of one holding company and into another or concentrate their investment in the new AT&T. Merrill Lynch, Dean Witter and several other brokerages have set up mutual or trust funds made up of stocks from all the new companies. The accounts, called Humpty Dumptys, in effect put AT&T back together again for an investor...
Donning a battered top hat, Conference Organizer James Fraser, 53, called the meeting to order by banging a soup pot with a wooden spoon. The members of his audience, who ranged from stock-market dabblers to professionals from Merrill Lynch and Dean Witter, wore buttons proclaiming slogans like THINK FOR YOURSELF. Said Fraser: "Contrary opinion teaches us to be thoughtful nonconformists, keeping us from being led astray by popular opinion...
...with our traditional strength and go after Middle America," says Charles Moran, Sears vice president of corporate planning. Those are the kind of people who already shop in Sears, wandering past the 16 highly successful Financial Network Centers that have already been established. The outlets sell securities through Dean Witter, Sears' brokerage subsidiary, insurance with the Allstate label and real estate through another subsidiary, Coldwell Banker...
...annual April 15 rush to the post office to mail 1040 forms was rivaled last week by another race. Hundreds of thousands of taxpayers inundated financial institutions with applications for Individual Retirement Accounts. Dean Witter Reynolds kept brokers working until 9 every night and answered thousands of questions over a 24-hour telephone hot line. Last Wednesday alone, 7,100 Dean Witter customers opened new IRAs. Exulted Vice President Joseph Hamm: "It's been absolutely crazy...