Lawrence M. Waterhouse, Jr. passed away suddenly on January 24 in Jupiter, Florida where he resided.
Lawrence ‘Larry’ was born on May 3, 1937 to Dr. Lawrence M. and Winifred Rose Waterhouse in Queens, NY. There he attended Immaculate Conception Catholic Academy and Bishop Loughlin High School in Brooklyn. He then enrolled at Villanova University, graduating in 1959 with a B.A. in History. While in college, Larry was a cadet in the ROTC program and upon graduation, he was commissioned as an officer in the United States Marine Corp. He married Marjorie Jane Mulvehill and they began their life together stationed first in Quantico, VA followed by his permanent assignment at the Marine Corp Air Station in Kaneohe Bay, Hawaii. While serving in the Marines, Larry would go on to achieve the rank of Lt. Captain and was honorably discharged in 1962.
It was in Hawaii that the family started taking shape, as first daughter, Christine Alani, was born. Two years later, the Waterhouses welcomed a second daughter, Jennifer Ann. Three more years marked the arrival of identical triplet sons, Lawrence Michael III, Kevin Charles and Patrick Robert. Later in life Larry married a second time to Christine (Tina) Waterhouse, adding to the fold her two children from a previous marriage, Caroline and Stuart Woody.
In his twenties, Larry began his career in finance in the competitive training program of Chemical Bank. He rose rapidly in the ranks to become one of the youngest Vice-Presidents in the history of the bank. Larry was recognized for his ability to deliver for his clients. He established a relationship with one very important Chemical client, Jerome Belson, a bond which Larry said was more like that of a father and son. It was a wonderful relationship that lasted throughout their lives.
After the Securities Act Amendments of 1975 deregulated commissions, Larry had the vision to create a discount brokerage firm, providing access to financial services to all. Along with his family, his good friends Jerome Belson, Tony Pace and partner, Edward Nicoll, Larry founded Waterhouse Securities Inc. Waterhouse Securities was known for its low commissions, free investment research and unparalleled customer service. Larry at the helm would go on to write all the company advertisements and instill a culture that transformed the industry.
In 1987 Waterhouse Securities, Inc went public and was listed shortly after that on the New York Stock Exchange, thereafter to be known as Waterhouse Investor Services.. The capital raised would allow Larry to grow the company to 200 offices and $300 billion in customer assets. His vision and the culture of Waterhouse Investor Services would propel it to the second largest discount broker in 1995 and a listing in Forbes Magazine as one of the best small businesses in America. Larry, over the years, would create a self-clearing company, an institutional advisor, a National Bank, and a mutual fund company.
Arguably, his greatest success was the culture he created for the customer and his associates. The “Customer was King,” was his motto, and there were no employees at Waterhouse; they were known as associates. Associates were owners of the firm and ensured its success by taking care of their customers first. Larry loved both his associates and customers like family and whatever they needed to achieve success, they were sure to receive. His values, his vision and uncanny ability to understand human nature guided him to “do the right thing” (his maxim), and because of this, a wonderfully successful company was built.
Toronto Dominion Bank thought Waterhouse Investor Service was such an outstanding business that it began its courtship. In 1996 Toronto Dominion purchased Waterhouse Investor Services and operated under its new name, TD Waterhouse. TD Waterhouse continued as a leader in its industry.
Larry did not rest on his business laurels. He used his success to contribute to the success of others through his philanthropic activities. Besides supporting many charitable organizations, he established the Waterhouse Family Foundation, which donates funds to needy students and to schools, both high school and college. He created the Waterhouse Family Institute housed within Villanova’s department of Communications. Its goal is to serve as the center for communication scholars working to create a more just social world. For all of his philanthropy at Villanova, Larry received an Honorary Doctor of Laws degree in 2004.
Larry was renowned for his intellect, his business savvy, his generosity, his good looks, his creativity and his sparkling wit and sense of humor. But he was also a gifted and talented athlete. He dominated in such sports as tennis and golf, but especially in platform tennis, or paddle as most call it. Besides winning many club and county tournaments, in 1997, Larry and his long time friend, Richard Lombard, won the Senior Platform Tennis National Championship. He truly was “the Father of Paddle” as many joked.
The three most important things in Larry’s life were his friends, his faith and his family. Larry had beautiful life long friends from work, college, the Marines, and, of course, Sleepy Hollow and Loxahatchee country clubs. Larry loved his faith and was devoted to St Anthony. But most of all, Larry loved his family. To all his children, their spouses, and his grandchildren, he left a legacy that they embrace wholeheartedly. Larry is survived by his wife, Tina, his ex-wife Marjorie McGahren, seven children and twenty-six grandchildren, all who adore him and will miss him greatly.
Reposing, Waterbury & Kelly Funeral Home on Thursday from 3-8 PM. Funeral Mass, St. Augustine Church, Ossining, NY on Friday 10 AM. Interment private.
In lieu of flowers, the family has requested memorial donations be made in Larry’s name to the Alzheimer’s Association. (alz.org)
WATERBURY & KELLY FUNERAL HOME
1300 Pleasantville Road
Briarcliff Manor, New York 10510
To send flowers to the family or plant a tree in memory of Lawrence Michael Waterhouse, Jr., please visit our floral store.