#SCOTTRADE TRADING PLATFORM SERIES#

At year-end 2000, Scottrade held $8.52 billion in customer assets.

E*Trade, Ameritrade, and TD Waterhouse reported losses for the quarter. Scottrade climbed 4 percent versus 1.3 percent for CSFB direct and 0.9 percent for Charles Schwab. Riney's management philosophy produced results.Īccording to American Banker, during the fourth quarter of 2000 the company produced the highest revenue growth among online brokerages. All employees were the beneficiaries of a quarterly bonus pool. More than 65 key employees held shares in the company. Keeping the management structure simple, the founder continued to supervise all of the branch offices. Certificates of deposit and wireless trading for handheld devices were among the mix. Riney also moved to add new products and services to broaden the revenue stream. An internship program was in place to support the planned expansion. Riney envisioned a company of 250 local offices by midway through the decade. Some of the company's office managers had doubts about the move online, concerned about loss of income or even their jobs. Louis Business Journal, with more than 90 percent of its trades made by online customers. The company ranked as the ninth largest online brokerage in the nation according to the St. Scottsdale Securities took on the domain name of its web site address, Scottrade. As the twentieth century wound down, the company on an upward swing, opening 20 branch offices in 1999, a record number for a single year.Ī name change in 2000 was indicative of the importance of Internet business. In September 1999, the 100th office opened, up from 57 in 1995. The move invigorated business and propelled trading volume. Unwilling to fall behind the curve, Riney led the company into the new Internet medium in 1996, offering online trading to its established customer base. INTERNET TRADING BOON FOR MIDWEST-BASED FIRM: 1996 –2002 magazine to rank it among the nation's 500 fastest-growing companies in 1994 and again in 1995.

The number quadrupled in the next five years, prompting Inc. By 1990, the firm had 14 locations spread throughout the country.

#SCOTTRADE TRADING PLATFORM SERIES#

Riney went on to establish a series of single-broker, low-overhead offices. Scottsdale Securities opened a third branch office, in Dayton, Ohio, in 1986. Louis, Missouri, in 1981.ĭuring the early 1980s, the small company fought to gain a foothold in the competitive market through offering deeply discounted services. Riney relocated the headquarters to his hometown of St. The Scottsdale, Arizona-based discount brokerage, serving individual investors, soon opened branch offices in St. Using personal assets, Riney established Scottsdale Securities Inc. A true believer in the discount brokerage model by the late 1970s, Riney struck out on his own. Jones &Co.īeginning in 1965 as an unpaid intern, Riney would go on to revamp the Pueblo, Colorado, office, establish the company's personnel department, and by his late 20s, earn a general partnership. However, he developed skills to grow his business at Edward D. at the University of Missouri, the Wall Street Journal reported. Louis Business Journal article, into 'one of the biggest entrepreneurial successes in the discount brokerage industry.'Ī self-described 'math guy,' Riney earned a B.S. He would take that seed and grow it, as Gil Stuenkel wrote in a 2000 St. BUILDING FROM THE GROUND UP: 1965 –95Ī gift of stock from his grandfather planted within Rodger Riney a seed of interest in the stock market. Consistently earning a high degree of customer satisfaction, the operation has been able to stand up to much larger competitors. Scottrade has managed to remain independent in a heavy period of consolidation in the financial services industry through successfully linking low-cost trades with a large branch-office system. Riney and his family have majority control of the stock brokerage, which grew leaps and bounds with the advent of online trading but has remained relatively obscure.

Scottrade, Inc., is looking for greater name recognition. NAIC: 541611 Administrative Management and General Management Consulting Services 523110 Investment Banking and Securities Dealing 523120 Securities Brokerage 523920 Portfolio Management Incorporated: 1980 as Scottsdale Securities Inc.

Scottrade trading platform