Lenox Wealth Management may be the only financial advisory firm named after a bar of soap. Considering the firm's deep connection with consumer products giant Procter & Gamble, however, the reference makes perfect sense.
In 1887, William Cooper Procter established a savings bank to help employees of the Cincinnati-based company take care of their financial needs, such as securing a mortgage. He named the institution after one of the company's early products - Lenox Soap. In 1995, Lenox Bancorp went public, but eight years later, the board of directors decided that the bank could best serve the needs of its client base, made up largely of P&G executives, by restructuring as a fee-only RIA.
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