David Stevens
Raymond James, Royal Exchange
David Stevens is a Branch Principal and Senior Investment Manager of the Royal Exchange branch where he reunited with David Roblin in May amidst the global Coronavirus pandemic. After spending most of the last 30 years working in the City, initially in the insurance market, David has been involved in the Private Client industry for over 21 years. Together they look after private clients through the bespoke management of a wide range of portfolios and, where appropriate, work closely with clients’ intermediaries.
Raymond James has an attractive business model for private client wealth managers who put the client at the forefront of their decision making and investment process, and I have already started to make full use of its excellent support framework to deliver the level of service which our clients have come to expect.
I’ve known David Roblin for many years and am delighted to be working with him again and look forward to combining our experience to help navigate clients through these challenging and interesting times.
Given the challenges of working remotely, it’s been remarkably straightforward which is a testament to Raymond James and their culture of looking after their offices through providing a high-quality service
My start has been very different to the one I was expecting; when I resigned from my previous role in November the hot topics were the impending general election, Brexit and which government would be tackling the negotiations (or indeed if we would have another referendum!). By the time I started in May, COVID had taken hold and the world was in a state of lockdown and very few people were travelling to work or elsewhere – a truly extraordinary time.
Taking all this into account, I have been very pleased with how supportive the different departments and teams at Raymond James have been, always on hand to help with a query however large or small. Being able to operate as fully as I can is amazing especially as I haven’t met many of the very people who have been instrumental in getting me to where I am now, and it has all been done remotely. The Raymond James business model of servicing offices all over the country lends itself to this but of course, that is their modus operandi! Starting at a new firm is always going to have its challenges as you learn new procedures and systems and at the same time, trying to bring clients on board, but in view of everything, I am delighted with where the branch is and I am confident that David and I have a great base with which to move forward.
Generally, I feel what Raymond James provides in terms of correspondence, online systems and paperwork is comprehensive and “user- friendly”, and the documents and systems which clients receive or have access to – which is a very important consideration, have been well received. In the early weeks, I had several one-to-one training sessions with numerous departments including Compliance, Relationship Management, Operations and IT which were helpful in getting me up to speed. All the people I dealt with in those early days were very welcoming, sympathetic and above all helpful.
Given the challenges of working remotely, it’s been remarkably straightforward which is a testament to Raymond James and their culture of looking after their offices through providing a high-quality service.
You often hear of other well-established companies that who have floundered in the current situation because they just aren’t set up to facilitate looking after clients in a remote working environment. With Raymond James I have remote access to research as well as portfolio management and trading systems, plus the tools to meet with clients virtually, so I don’t feel I have been disadvantaged by working from home as opposed to being in the office, although we are beginning to spend a bit more time in the office, which we have definitely missed.
When you decide to leave behind a business which you have built over many years, you have be as sure as you can be that where you are going has the right ethos, top quality third party research and access to companies, facilities, systems, compliance and support that will attract clients. Raymond James provides access to a larger range of quality third party research than I have been used to and has all of the systems in place that allow us to really look after our clients. Leaving a firm that you have been at for some time is never easy and one always wonders if clients will join you again, but the reality has proven these concerns to be unfounded. This is a people business and this is something that we and Raymond James have built our business and reputation around.
The quarterly strategy document published by Raymond James for clients and potential clients is an invaluable document, it is well structured with lots of useful content drawing on Raymond James’ significant resources in the US as well as locally. I found it particularly helpful having something to send to clients to give them a feel for Raymond James’ capabilities. It’s a great way of keeping in touch via email and maintaining relationships.
It’s been great to join up with the team again, good for the team and very well received by the clients; having people on board already to help guide me through the process has been a real bonus
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. |
 |
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 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. |
|
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. |
 |
