EY Foundation: Sustainable Finance Futures

As part of our commitment to a people-first and future-focused ethos, we partnered with the EY Foundation. They are an independent charity set up to help young people from low-income backgrounds with work experience, employability skills training and career guidance to support employment opportunities.

Raymond James participated in this year’s new ‘Sustainable Finance Futures’ programme, offering business experience placements and mentorships to the participants.

For the business experience placements, part of the two-week Spring programme, we welcomed two young people to our London office to work with different departments and learn about various roles at Raymond James. This included areas such as Business Support, Relationship Management, Training and HR.

“As part of the EY Foundation Programme, I had to do a three-day business experience. This took place at Raymond James. This business experience was extremely insightful and exciting as you get hands-on experience and learn about the different job roles, while finding out what it’s like to work at Raymond James. You also received full support throughout the whole time, which is extremely helpful. I’m very glad that my business experience took place at Raymond James as I met amazing people and gained more knowledge about the Wealth Management sector.” – Tania

“It was an incredible business experience to work with Raymond James as part of the EY Sustainable Finance Futures Programme. I most definitely learnt new skills and gained a deeper understanding of the different roles within the world of finance over the course of three days. It would have been impossible without the amazing team, especially Chrissy, Annie & Emma. Thank you to them for guiding me through this adventure!” – Horia

To round off their time spent with Raymond James, the young people gave a presentation to our associates on the importance of sustainability, including simple adjustments we can make to reduce our carbon footprints. Raymond James were thoroughly impressed with the girls’ enthusiasm and engagement during their time with us and we wish them all the best with their bright futures.

Thoughts from associates:

“Raymond James was honoured to participate in the EY Foundation programme for 2023. Rob and his team conducted a well-run and carefully planned effort which clearly supported the young people incredibly well, as well as keeping connected with us as needed. The two young people who joined us for the three days were intelligent, thoughtful and a joy to work with and we look forward to seeing them soar in their careers ahead – we have no doubt they will.”

Annie Stacey, Relationship Management Co-Manager

“I have been delighted to co-host two young people from the EY Foundation Smart Futures programme on behalf of Raymond James. Both Horia and Tania were a pleasure to work with over the three days they have spent with us, and I was really impressed with their approach to the project work. Their presentation was out of this world; slick, confident and engaging – on par with presentations we see at interviews. Overall two very impressive young people and the industry will be very fortunate if they choose Wealth Management for their future careers.”

Christine Frazer, Business Support Manager

“We had the pleasure of having two young people join us from the EY Foundation Programme, who were very engaging and delivered a fantastic presentation that was both informative and educational. The programme itself is well thought out and a fantastic opportunity for young people to participate in, giving them the experience for life after leaving sixth form/college.”

Emma Whitehair, Systems Trainer Team Lead

In addition to the business experience, the young people will receive a ten-month mentorship from associates at Raymond James, supporting them with next steps and providing further career guidance.

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Black Monday

On 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.

Bear Market of 1974

The 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.
This “fortunate near-death experience” (as Tom calls it) permanently marked his psyche, and has influenced our firm’s character and culture since, solidifying the conservative nature that emphasizes a determined focus on the long term – both for clients and the firm.

Taking Raymond James Public

When consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time).
He wrote:

” … 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.