When Alana Scott talks about her mother, it’s easy to see where her passion for what she does comes from. At a very young age, Scott began learning about money from her mum, who was a special education teacher and their family’s breadwinner. Once when she asked for a toy, instead of simply saying no, her mother said the purchase wasn’t in the budget. Like any child – for whom money is an abstract concept – Scott helpfully suggested her mother take a trip to the bank for the funds. That’s when her mum sat her down, pulled out the cheque book, and taught her how it all worked.
A year or two later, Scott was playing in her mum’s sewing room and came across a notebook containing a list of names labelled “tenants.” When she asked her mum about it, she learned that her parents had purchased a rental property at the bottom of the market and that their primary residence was purchased under California Proposition 13, which meant the property taxes for it would never be readjusted. Once her parents had children, they were able to convert the property into a vacation home thanks to wise investing. “My mum knew the importance of being debt-free, and I grew up understanding how to make wise financial decisions.”
Scott’s mother also taught her a lesson in compassion. “When I was in the fifth grade, our neighbours lost their successful business and were on the brink of losing their home. Instead of simply consoling them, my mum took action.” Her mother worked extra hours during summer school that year and surprised the neighbours by making their mortgage payments. “I can still see the look of gratitude on the family’s faces,” said Scott. “I knew from that moment on, I wanted to make a lasting impact on others, just like my mum.”
Then, during Scott’s first year of high school, when she was just 15, her mother passed away suddenly at the age of 45. It would take Scott another 15 years to begin processing her loss.
At age 22, Scott entered the financial industry. She was eventually hired by an international wirehouse and, still young, she found that nearly everyone she talked to seemed satisfied with the advisor they already had. “I held speaking events, but there wasn’t a reason for anyone to make a change. Here I was, a 26-year-old woman with no experience. They seemed content with their traditional-looking advisor.” Still, she kept at it.
Then, the market crashed.
Suddenly, people were scared. They called their advisors but weren’t hearing back. “They needed someone who could tell them it was going to be OK,” says Scott. “Without realizing it, I was modelling my mum’s honest approach to finances – acknowledging that I was new and reassuringly telling them what I could offer.” Her new clients responded, and her career took off. Then she turned 30. “My mum was 45 years old when she died,” said Scott, “and I was only 15. So when I turned 30, I had this irrational fear that I would only have 15 more years to live and not much to show for it. At the time, I was well-travelled, had a great career, graduated at the top of my advisor training class, and launched a successful financial practice with my business partner. But I felt empty inside.” “So there I was, at 30, trying to find a purpose,” said Scott. “I was really missing my mum but wanted to channel that energy into honouring her instead.” She began devouring stories of people who had grieved and suffered a far greater loss than her own to study how they overcame it. Her journey landed her at a seminar titled “Date With Destiny,” where the presenter asked the group to write down the answer to the question: If fear of failure was not an option, what would you want to achieve? She immediately wrote down, Start a non-profit to help women. Then she crossed out “women” several times but kept adding it back in. When she returned to the office and told her partner, he said, “Once we’re retired, we’ll definitely do that.”
Two years later, Mary came into Scott’s office. “Mary was a divorcee who lost everything after her manipulative husband left her with nothing. She didn’t even know where their bank account was because she never thought to ask.” The two women also happened to be neighbours, and Scott saw this as a way to live out everything her mum had taught her growing up – even in the same way. “I helped her start over alongside a team of professionals who, as a favour to me, provided their expertise completely pro bono. In doing so, I realized she represented so many other women without basic financial knowledge.”
After much research and planning, Scott decided to create a non-profit organization that would foster financial concepts women needed to succeed and flourish in their lives, their businesses and their communities. And she did so with an army – of both men and women – at her side, officially launching the Women’s Education and Leadership League (now called WELL) in 2015.
“We initially hosted workshops offering basic financial advice,” said Scott. “But as we taught our principles, we began to realize women’s lives aren’t compartmentalized. Some women were business executives, community leaders, teachers, full-time mothers and even college graduates. Their well-being was much more than financial – emotional and physical wellness was just as important.”
So Scott recruited other ambassadors to incorporate those skills into a curriculum she calls “Living WELL.” It became a five-part course taught over six weeks, with topics ranging from inner strengths and weaknesses to emotional and physical well-being, goal setting, financial literacy, leadership and more.
“To impact the largest number of women, you have to empower them,” said Scott. “WELL women don’t just help themselves. They turn around and help others.” She’s also getting ready to launch an online curriculum to help thousands outside her local community in Modesto, California.
“Back in 2012, I had no other choice but to change my life,” said Scott. “It was only then that my passion for finance and memory of my mum collided – and it became my purpose. From here on out, I hope to impact more lives and create a movement of life-changing financial literacy and education for women. It’s what I’m supposed to do.”
“To impact the largest number of women, you have to empower them.”
WELL4WOMEN.ORG
The Women’s Education and Leadership League (WELL) is founded on the belief that three core areas – financial, physical and emotional wellness – are intertwined. They give women the tools they need to take charge of their lives, businesses and communities. Their programs support women in these areas with life-changing education, cohorts, workshops and seminars – all within a non-threatening and confidential environment.
Bear market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, forgoing pay checks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
|
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
 |
Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
|
Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
 |
