Compliance | Ensuring Compliance

Compliance

Mark de Ste Croix is Head of Compliance and Legal. Mark is responsible for all compliance, legal and regulatory matters at Raymond James. His department supervises Branch Principals, ensuring they meet compliance, legal and regulatory requirements. In addition, Mark’s team provides dedicated assistance to Independent Contracting and Professional Partner offices on day-to-day issues while helping them navigate and realise new projects and ventures.

At your Training and Orientation session, you will meet with a Compliance Officer who will give you an overview of Raymond James’ compliance resources and procedures, including the extensive guidance available to you on the Raymond James Portal™, in addition to outlining our anti-money laundering procedures.

For Independent Contractors and Professional Partners, your dedicated Branch Supervision Manager is there to support you every step of the way, through your transition into Raymond James and beyond. They take time to understand your investment proposition and your goals, rather than assuming a ‘one size fits all’ approach.

In addition to conducting on-site audits of branches, monitoring trading activities, assisting with any customer complaints, and reviewing financial promotions, Compliance works to keep you educated and informed. At our annual Professional Development Forum, you’ll have the opportunity to attend workshops highlighting the latest regulatory news and updates.

It takes more than a gatekeeper to truly protect you and your branch – it takes a partner. That’s why Mark and his team aim to work with you to define what you can do, instead of simply telling you what you can’t. They work to ensure that all applicable regulatory requirements and internal policies are followed, but also to ensure that your branch is given every opportunity to succeed.

Find out more about how Raymond James can support you in setting up and growing your practice:

“The stated mission of Raymond James, one of the UK's fastest growing wealth management businesses, is to provide clients with high quality investment products. Aberdeen Asset Management is therefore very proud to have been named as a strategic partner to the firm. Furthermore we feel a strong affinity with Raymond James given its emphasis on diversification, independent thinking, objective advice and individual client solutions.”

Aberdeen Asset Management,

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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.