U.S. wealth management quotes of the day

BOSTON (Reuters) - The following are selected quotes from speakers on the final day of the Reuters Wealth Management Summit in Boston:

On the U.S. wealth management industry:

"I call it a cottage industry. And I would say that a lot of the professional types of management techniques have not been applied to this business. You are starting to see, though, some of the big players saying, wait a minute, we can apply tried and true business techniques to the business," Bruce Holley, partner at the Boston Consulting Group.

On risk strategies of rich clients now compared with 10 years ago:

"They are willing to take risks when they understand what they are and feel that they can quantify the downside. And what that means for us is we don't actually really talk that much about stocks and bonds anymore. We talk about offense of assets and defense of assets and high-risk assets and lower-risk assets," Catherine Keating, chief executive officer of U.S. operations for JPMorgan Private Bank.

On a common mistake made by firms in hiring private bankers:

"If you assume somebody's a good institutional salesperson, then you assume they are going to be a good personal salesperson. They key skill there is trying to get in front of clients, to talk to prospects. That is different than looking in the book for the 50 endowments," David Lamere, chief executive officer of BNY Mellon Wealth Management. (For other news from the Reuters Wealth Management Summit, clickon here)

(Reporting by Muralikumar Anantharaman)