Wayne Hayhurst
Raymond James, Ribble Valley
My ambition was to establish and develop a quality wealth management practice in my local town, tailored for the local community. With my previous employer I did not have the level of flexibility that I required – I was an employee and could not hire additional authorised staff. When looking at various platforms and offerings, I discovered that some platforms provided support without any autonomy while others offered autonomy with very little guidance. Raymond James offered the perfect blend.
Having researched lots of different platforms, the reputation and financial strength of Raymond James really stood out for me. They were the only platform that could cater for my desired investment proposition and growth plans. No one else in the sector offered the full, rounded solution that they provide. The Business Development team seemed very genuine and passionate about the offering. I asked a lot of questions and was given clear and concise answers. I was very impressed with the recruitment process; it gave me confidence in making this important decision.
In the first 12 months I had to learn and create new processes and systems, as well as start building up a quality client bank, whilst also making sure that everything was controlled and compliant. It was a very busy time. Raymond James offered me a dedicated Relationship Manager, who was my main point of contact if I had any problems and who provided me with immediate assistance to my queries being channelled to the relevant department. The overall level of support offered was very impressive and they always had a ‘can do’ attitude when it came to helping me support and develop my business. Without that support, it would have taken us far longer to set up the business and we would not be where we are today.
In order for me to provide the best service possible to my clients, the best service possible needs to be provided to me and my branch as a partner of Raymond James. The systems and support are continuously improving, evolving with the industry and my business. I am not saying everything is perfect, but they certainly listen and if something isn’t available, they look at options to support and help.
The Training and Orientation day offered by the Training team was top level. However, it was only when we started using the various systems that we required more assistance and this has been available and ongoing upon request to this day. Whenever we call head office someone is there to
take my call and help, which is important when running a business.
I also have regular sessions with David Hazelton, Practice Intelligence Manager, who I use as a sounding board for ideas and any challenges I may have; he also provides me with some extremely valuable mentoring. David is someone who greatly understands the industry, my business and
my goals, but isn’t involved in the day-to-day running of the business, which really helps me keep focused.
The annual Raymond James Professional Development Forum provides additional knowledge and training. It counts towards CPD and helps add a new dimension to research. This event is also a great for networking. I have gained various important strategic partners for my business.
Raymond James has enabled me to continuously develop and evolve the business, using my own autonomy, but providing me with support and guidance where needed. I have a very good relationship with many of the staff at Head Office, the door is always open. I have the opportunity
to speak with senior management including Peter Moores, Raymond James UK CEO, about the progress of my business, who has taken the time to travel up from London to visit the branch on a couple of occasions. This personal touch really sums up Raymond James and is something I value
greatly.
I have set myself stringent goals each year, which on the whole have been met. These include continuously enhancing the client experience, developing new services, attracting quality new members to the team and of course attracting new clients to the business.
Since 2010 I have grown the business from a ‘one-man-band’, to a team of over 15 quality financial services professionals, attracting some of the best in the business. In 2015 we split the branch into three departments – the investment team, financial planning team and operations and support team. This has not only enabled me to focus on the business more, but has helped each department and team member have a more defined plan in their own roles. Raymond James have certainly provided me with the confidence and support needed to grow the business in a fast yet controlled way. The next few years look very exciting and I am sure Raymond James will remain a key partner in my continued growth plans.
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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