Raymond James is opening a new branch in Cheltenham, Gloucestershire, led by branch principal Paul Whitehead. The new branch, situated on the edge of the Cotswolds, is the third new Raymond James branch to open in 2021 as it continues to grow its footprint in the UK.
Raymond James, Cheltenham Spa, will provide bespoke discretionary investment management services to clients based across the Three Counties of Gloucestershire, Herefordshire and Worcestershire, in London, and across the UK.
Born and raised in Gloucestershire, Paul joins Raymond James with over a decade of experience in the field. Starting his wealth management career at Brewin Dolphin in 2011, Paul was promoted through the ranks to become one of the youngest Divisional Directors in the business at the age of 30. In his new role, he plans to develop the branch’s investment proposition, drawing on both in-house and institutional research to provide flexible investment solutions to his clients.
On joining Raymond James, Paul said: “The pandemic has given me a chance to reset and consider what is important in my profession, namely, building lasting and meaningful relationships with clients and the resulting satisfaction of providing them with an excellent service.
“Raymond James’ approach goes against the tide in our industry – they empower their wealth managers to focus on the heart of their business: their clients. I am a firm believer that if you do the right thing for your clients then the business will take care of itself. I am looking forward to harnessing the support and tools Raymond James provides to grow and develop an investment proposition where I am in the driving seat of my own business, giving me the chance to focus on delivering a quality service and investment returns.”
Anthony Scott, Head of Business Development at Raymond James said: “This year our Raymond James family has continued to grow from strength to strength, and Paul is another outstanding addition to the team. Paul’s genuine focus on client care perfectly aligns with our culture and we look forward to providing him with the support he needs to flourish.”
For more information visit the Raymond James, Cheltenham Spa website.
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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