Raymond James is launching a brand-new branch in the thriving financial district of Manchester. Raymond James, Spinningfields will be led by three new co-branch principals, Doug McCance, Tom Illingworth and James Hymers. The three partners will provide bespoke wealth management services to clients across the UK.
Doug, Tom and James have over 30 years of combined experience in the financial services industry. The trio plan to use Raymond James’ extensive support and resources with the ambition to deliver a best in class wealth management service.
Following his graduation from the University of Leeds with a degree in Mathematics with Finance, Doug McCance started his career at Brown Shipley before moving on to become an investment director at Close Brothers Asset Management. He says: “Our main goal is ensuring that every one of our clients can achieve financial peace of mind. Transparency and honesty of service, as well as a focus on individual client needs, are absolutely key to achieving that. I believe that these traditional values, together with modern innovative thinking, and the support of Raymond James, stand us in great stead as we open our doors to both new and existing clients.”
Tom Illingworth began his career in investment management at Brown Shipley, where he has spent the last eleven years, most recently serving high net worth individuals and their families. He added: “In the current climate, larger firms are increasingly treating their clients as commodities rather than valued customers. Every one of our clients will be treated as an individual. Our boutique structure and ability to follow a non-centralised investment process, allows us to tailor investment strategies to meet individual client mandates.”
James Hymers will lead the wealth planning service, providing expert holistic financial advice. He said “We are focused on building long term relationships with our clients and together we will build a comprehensive financial plan; be it safeguarding the family’s future, investing to fund financial aspirations, understanding your inheritance tax situation or preparing for retirement. Our commitment to provide a complete wealth planning and investment service has culminated in us establishing Raymond James, Spinningfields.”
If you would like to find out more information about how Raymond James supports wealth managers in opening and running their own independent wealth management branches, please click here.
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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