Raymond James opens new branch in Cornwall

Raymond James is today opening a new branch in Truro, Cornwall, led by branch principal Simon Burnett, who has lived in the region for over a decade.

The new branch, which goes by the name ‘Raymond James, Truro’, will offer bespoke localised investment services throughout the region, expanding Raymond James’ presence in the South-West.

Simon will provide discretionary investment management services for private individuals, charities, trusts, and business owners; as well as providing discretionary managed portfolio services to financial advisers.

Simon began his career in the City of London in 1999, working on the equities trading floor at Goldman Sachs. He went on to work on the open outcry trading floor in Amsterdam before returning to London as a senior equity dealer at State Street Global Advisers. In his final few years in the City, Simon worked as a director at the international equities broker ITG before transferring his expertise to the private client arena, joining Charles Stanley and then latterly Walker Crips Investment Management.

On joining Raymond James, Simon said: “Raymond James has made a name for itself by giving wealth managers the autonomy to develop our own client-focused practices, with all the backing and support of a global financial services firm. As I see it, the research, legal and technological support offered to wealth managers is unrivalled and gives us the freedom to focus primarily on getting the best results for our clients.”

“There’s been a lot of consolidation in the wealth management industry over the past couple of years, as mounting compliance and technology costs highlight the benefits of economies of scale. As I set up my business to provide gold standard advice to the people of Cornwall and beyond, working with Raymond James was the obvious choice.”

Anthony Scott, Head of Business Development at Raymond James said: “Truro is an important business hub for the South-West and this new branch will be a valuable addition to our footprint in the region. Simon has a wealth of expertise that he has built over a long and varied career, and we look forward to helping him achieve his strategic aims over the coming years.”

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.

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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.