Rupert Forrest
Raymond James, Thorpe Park Leeds
The ability to build an independent practice with the support of a well-established partner was key. Raymond James assists me in growing a client centric business, whilst allowing for investment independence within a robust compliance framework. Back office matters are taken care of, allowing me time to focus on the investment proposition and my clients.
Raymond James helped me to finesse my business plan and assisted me with the development of a marketing strategy, as well as providing a transition support allowance. I was also introduced to some established branches so that I could see how things might look a few years down the line. It was encouraging to see the success that others have had – this bolstered the resolve I needed to make the move. Whilst client assets under management are an important metric, it is more important for me to have a strong and sustainable business that is delivering for clients and always striving to improve.
The most difficult part of setting up a new business is making the decision to do it. Raymond James enabled me to visualise what a successful branch would look like and gave me the confidence to set the process in motion. In terms of the day to day practicalities, I had regular contact with the Relationship Management team, my Branch Supervision Manager, IT, Training and other key members of head office staff. This enabled me to quickly adopt the appropriate procedures for bringing on new clients, setting up client accounts and getting to grips with the trading systems. The head office team were very helpful and responsive to my questions and supportive with my growth ambitions.
On a day to day basis, Client Services assists with the operational aspects of running the business and the Training team ensures that we are getting the most from the systems. I have established good relationships with other head office teams, allowing for the smooth flow of business. I have the reassurance of a very strong and stable head office team with a clear and pragmatic compliance structure that allows my branch to do business with confidence that we are both efficient and compliant.
Raymond James has continued to support the growth of my business. The Relationship Management team provides a consistent point of contact and a first port of call for any issues or enhancements. The Marketing team have been really helpful in developing our social media footprint and raising the profile of the branch through selective media coverage.
The key benefit for me has been in attending the Raymond James Professional Development Forum. This is a really useful two-day event that enables me to get a view on the direction of the US parent company, Raymond James Financial, and the UK arm, Raymond James Investment Services from the respective chief execs. This provides confidence that the wider business is continuing to grow and support independent branches for the long term. The Forum is also a great opportunity to catch up with other branches and to hear what challenges and opportunities they face. Finally, the Forum offers the chance to meet head office personnel and to hear about developments within their departments as well as to catch up with wider industry news and views. Attendance at this event is a must for any branch!
Raymond James have exceeded my expectations. There are inevitably issues that arise in the running of the branch and areas that need work or development, but I have found Raymond James head office to be very responsive in dealing with these issues and keen to keep developing the proposition for branches. The key element for me is that Raymond James wants my branch to succeed and to grow. They are easy to deal with and there is a very collaborative feel to the way that they go about their business.
Thorpe Park, Leeds is a thriving wealth management practice serving the needs of Northern business owners and their families. The business is growing steadily and organically, primarily through referrals based on the high levels of service and investment expertise that we provide for our clients. Future plans centre on the continued growth of the office, adding qualified wealth managers to serve the needs of increasing numbers of clients, whilst ensuring that service levels are at the highest possible level. We are also seeking to be more engaged with the local community and to support local charitable and environmental causes – we want to grow responsibly and sustainably.
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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