Susie Bewell and Faye Silver
Raymond James, Hitchin
Raymond James provides the opportunity to run an independent business as part of a larger firm. We were particularly pleased to see that Raymond James is open platform, allowing us to facilitate the investments suitable for our clients, which is a big plus. We also liked the fact that the infrastructure of the back office and support for compliance and legal saves us time from unnecessary admin.
We really value having a dedicated Relationship Manager and Compliance Supervision Manager. We have excellent relationships with them both and they are both really quick in responding to any questions that we have. Having a direct link to the various head office operations teams also means we can get any questions answered quickly and save us time. There are many long-standing members of staff who have been with Raymond James as long as we have. It’s been great to have those personal connections, and to see their development over the years, and the fact that many have been with the firm for so long speaks volumes about the business.
Raymond James provides us with the ability to plug into their systems, to have a built-in “back office” and the ongoing support of compliance, marketing and finance. We don’t have to focus on operations which means we can dedicate all of our attention to client relationships and delivering the services and results for them. Our client survey results reflect the success of this!
The annual Raymond James Professional Development Forum and quarterly strategist lunches help us broaden our market understanding, helping with management for clients. We have the opportunity to network with the other branches which is always good, and these events enable us to further develop relationships with the staff at head office. It is also good for our team to see the bigger picture and to help with their personal development.
Transferring clients and facing significant paperwork was a concern – but Raymond James produced a system to make this easy! Once we got to know more about the history of the US parent company Raymond James Financial and their conservatism and stability, this reassured us that the business we were joining would be here for the long term.
Any issues or questions we have are resolved with open discussions. Raymond James is willing to talk to us and listen to our concerns. It is of great benefit to us that Raymond James recognises our specific needs – as a “regional” office these are often different to offices in London. Raymond James has continued to build on the support offered, through the Relationship Management team and now the Practice Intelligence initiative.
We first joined Raymond James in the middle of a market crash in 2002, so the stability of Raymond James as a business was important in our early days. We have grown with Raymond James in the UK and this has given us strong foundations. The retirement of Robert in 2016 has meant that the business has evolved and we can drive forwards and we have grown our assets substantially since. In two years they have increased by 75%. We are a progressive, forward-looking and family orientated business and we prioritise developing organically, which means we can maintain excellent service and support levels for clients. Building from within also means we can effectively include succession planning. It is important to us that we give back and are a positive presence in our community. For us, it’s not just about making money, it is important to build a business we are proud of.
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. |
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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. |
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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, foregoing paychecks 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. |
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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. |
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