In early 2006, Jack Schecter was diagnosed with a rare form of lymphoma. Perhaps “finally diagnosed” would be a more apt description. Schecter says the disease (AICD, a rare cancer that attacks the immune system) is very hard to identify. “It took a good two months to get it right. They thought I had Lyme disease at one point,” Schecter says.
A resident of Woodcliff Lakes, New Jersey, he was referred to Dr. Andre Goy, a well-known cancer specialist at the Hackensack University Medical Center. Under Goy's care, Schecter has been in remission for two-and-a-half years. He has since dedicated himself to helping other cancer patients. In 2007, Schecter and his wife, Elyssa, launched Research for the Cure Foundation, which is dedicated to raising money for cancer research and funding the research activities of Hackensack Medical's Tumor Bank. Because of the Cure Foundation, “We have helped about two-dozen patients get the right diagnosis.” In its short existence, the foundation has raised more than $250,000. With a golf fundraiser scheduled for July, Schecter hopes to raise another $150,000. Not bad for a golf tournament, but then he's got a long-list of heavy hitting friends — even executives from rival firms. “The CEO of UBS Group for the Americas is the sponsor of the morning breakfast,” he says.
Indeed, Schecter is well connected. In 2001, he was appointed by then-Mayor Giuliani, New York Fire Commissioner Thomas Von Essen and then-NYSE chairman Dick Grasso to serve as a senior advisor to the Twin Towers fund. He has also served as an advisor to Mount Sinai, the FDNY Foundation and Harvard University Medical Center.
“He's a very sophisticated financial advisor,” says John Brett, a senior VP for the MetLife Broker/Dealer Group, who knew Schecter when they both worked at Merrill Lynch more than a decade ago. Brett says he watched Schecter's rise to the top — he was constantly learning along the way.
Goy has a similar impression of Schecter. Developing targeted cancer therapies is tedious, time consuming and expensive, he says. “Jack has been very helpful in purchasing equipment. He is very committed to having an impact on cancer treatment.”
Firm: The Schecter Group (Citi Family Office)
City: New York, NY
Years as a rep: 20
Years with current firm: 6
Production: $3 million
AUM: $ 1.3 billion
Product Mix: Equity 35% (proprietary portfolios, comprised of funds and ETFs); Bonds 50%; Managed accounts 10%; Alternative investments 5%
Specialty: Fixed income (especially munis), hedging strategies and retirement planning for high-net-worth clients; Typical client net worth: $25m and higher
Designations: Citi Family Office
Licenses: Series 3, 7, 63, 65