Scott Tindle
Tindle Wealth
Scott is Director of Wealth Management at Tindle Wealth, which has been offering financial planning and discretionary investment management to clients across the UK from its office in London since 2017.
There were very few platforms supporting discretionary investment management and the Raymond James platform is uniquely well set up to support a discretionary investment management offering, since virtually all other platforms are optimised for financial advice.
The most important consideration for us was whether it was the best fit for the service we offer to our clients. For example, safety of the custody arrangements, a trading desk able to execute at all times of the trading day, the ability to pre-fund trades and rebalancing. These are features of Raymond James’ offering that are not generally available from other platforms and are of significant benefit to our clients.
The traders are responsive. The Operations team gets stuff done quickly and accurately. The day-to-day working experience is excellent. If there’s an issue, we usually deal with the same person until the problem is resolved. For example, I think we have a rapport and a credibility with the Asset Transfers team that helps both of us to get our jobs done.
There is a high level of support from Raymond James’ teams for our business and our client offering. I know the people on the Dealing Desk individually and they know me. The relationship management support is excellent. Taken together, this makes our operations much smoother and the service to the end client far better.
I attend the Raymond James Professional Development Forum every year when I can. I think it’s perhaps the best industry event of the year. The mix of external and internal presentations is very useful and a very good use of my time.
Raymond James consistently delivers on my expectations, year in and year out. The ability to most effectively manage our clients’ investments on a discretionary basis is incredibly valuable. I really feel the platform stands alone in the level of its offering to directly authorised wealth management firms wishing to use a third-party platform.
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. |
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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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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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