Wire house

(redirected from Wire Houses)

Wire house

A firm operating a private wire to its own branch offices or to other firms, commission houses, or brokerage houses.

Wire House

A company or other institution with multiple offices that are connected via an independent computer system. This allows for the easy and secure sharing of financial and other information. The term is usually used for banks and brokerages.

wire house

A relatively large, multioffice brokerage firm that uses electronic communications to transmit customer orders for execution.

Wire house.

National brokerage firms with multiple branches were, in the past, linked by private telephone or other telecommunications networks that enabled them to transmit important news about the financial markets almost instantaneously.

Because of these lines, or wires, the firms became known as wire houses.

Although the Internet now makes it possible for all firms -- and even individual investors -- to have access to high-speed electronic data, the largest brokerage firms are still referred to as wire houses because of the technological edge they once enjoyed.

References in periodicals archive ?
Additionally, Brookfield will acquire certain assets of Liberty Street's affiliates, HRC Fund Associates, LLC and HRC Portfolio Solutions, LLC, a New York-based third-party marketing and servicing agent of CCC products to financial advisors and wealth managers at major wire houses, independent registered investment advisers and independent broker-dealers.
He also worked to build independent distribution of long-term care insurance through banks, broker dealers, wire houses, specialized career agencies and a network of managing general agents.
"Practices now range from one-man shops to firms large enough to rival the wire houses while investment approaches run the gamut.
Traditional competitors, including large wire houses, have moved out, leaving only banks and their product-focused wealth management solutions.
Quite frankly, based upon my prior transaction experience, I had believed that the level of advice provided to us by LockeBridge was only available at the major wire houses which have large deal teams managing transactions in the hundreds of millions or billions of dollars.
Cerulli estimated that state-registered trust companies control $446 billion in HNW assets, making them the third-largest HNW channel, albeit far behind wire houses with $2.3 trillion and private client groups with $1.4 trillion.
Wire houses are being acquired by large commercial banks which facilitate an individual having all of their financial needs served by one organization from checking accounts and certificates to loans and on to investments and insurance.
Sometimes, annuity companies pay relatively large sums to wire houses, too, in order to gain access to reps, even when the annuity company in question earns most of its income from a different channel.
This year could offer financial professionals a golden opportunity to attract clients who have been hurt by wire houses or big broker-dealer firms.
Revenues from the firm's national accounts (wire houses, banks and brokerages) were up, but revenues from the agency's channel of independent advisors suffered a dip.
And AAM is giving the big-city wire houses a run for their clients' money.