Raymond James Financial, Inc.’s Thomas A. James named Ernst & Young Entrepreneur Of The Year® 2008 winner in the Financial Services category
PALM SPRINGS, CA, 15 NOVEMBER, 2008 – Thomas A. James, chairman and chief executive officer of Raymond James Financial, Inc. (NYSE: RJF), was today named the Ernst & Young Entrepreneur Of The Year® 2008 national award winner in the Financial Services category. Now in its 22nd year, the awards recognize leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses.
A CEO at age 27, James was recognized for helping to pioneering the use of independent contractors in financial services and for overseeing tremendous growth at Raymond James Financial. James was honored at the Entrepreneur Of The Year® gala in Palm Springs – the culminating event of the Ernst & Young Strategic Growth Forum, the nation’s most prestigious gathering of high-growth, market-leading companies. Awards were given in nine additional categories. All Ernst & Young Entrepreneur Of The Year® winners were selected by an independent panel of judges from approximately 400 regional award recipients.
Raymond James Financial is a Florida-based diversified holding company with subsidiaries engaged in investment and financial planning, as well as investment banking and asset management. The company has more than 4,900 financial advisors serving approximately 1.8 million accounts in 2,200 locations throughout the United States, Canada and overseas.
Entrepreneur Shows Early
James showed his entrepreneurial side early. At age 10, he was already selling corsages made from his grandmother’s orchids; at 15, he launched a coin collection and selling business. As a Harvard undergraduate he played in a Boston-area band that grew so popular, he hired additional musicians and was booking half-a-dozen bands for various events.
After attending Harvard Business School, James went to law school in St. Petersburg, Florida where his father Robert had started the small brokerage business that eventually became Raymond James Financial. The elder James, a self-taught financial planner, had pioneered many ideas related to the use of living trusts and other estate-planning techniques.
His son Thomas built on the legacy, working at the family firm while completing his law degree, then taking over the management of the company in his late 20s. After surviving the financial turbulence of the early 1970s, the company became profitable as the market rebounded.
Winning Business Model
James created a business model focused on independent contractors—a “franchisee” approach that appealed to brokers and allowed the company to grow quickly across the country. James also identified a niche for firms that could consult with pension funds, trusts and profit-sharing plans. He personally managed the creation of Eagle Asset Management, which now manages more than $37 billion in investments. He also helped create new ventures such as Raymond James Capital, Ballast Point Ventures and the Raymond James mutual fund group.
James says entrepreneurs should focus not just on operations but also understand the values under which their company operates. Under James’ leadership, the firm has won national recognition for its community support and corporate philanthropy.
Entrepreneur Of The Year® 2008 national finalists in Financial Services category
In addition to James, the Ernst & Young Entrepreneur Of The Year® national finalists in the Financial Services category were Seth Merrin, president, CEO and director of Liquidnet Holdings, Inc., an electronic marketplace that facilitates equities trading for institutional investors; Rodger Riney, founder, president and CEO of Scottrade, Inc., a leading online brokerage firm; and Patrick G. Ryan, executive chairman of Aon Corporation, (NYSE: AOC) a leading global provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting.
Overall Entrepreneur Of The Year® 2008 National Winner
Matthew Szulik, Chairman of Red Hat, Inc. (NYSE: RHT), was named the Overall Ernst & Young Entrepreneur Of The Year® 2008 national winner.
Sponsors
Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year® awards are pleased to have the Ewing Marion Kauffman Foundation and SAP America as national sponsors.
About The Ernst & Young Entrepreneur Of The Year®
Ernst & Young’s Entrepreneur Of The Year® is the world’s most prestigious business award for entrepreneurs. The award makes a difference through the unique way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Ernst & Young Entrepreneur Of The Year® celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 135 cities in 50 countries.
About the Ernst & Young Strategic Growth Markets Practice
Ernst & Young's Strategic Growth Markets (SGM) practice guides leading high-growth companies. Our multi-disciplinary team of elite professionals provides perspective and advice to help our clients accelerate market leadership. SGM delivers assurance, tax, transactions and advisory services to thousands of companies spanning all industries. Ernst & Young is the undisputed leader in taking companies public, advising key government agencies on the issues impacting high-growth companies, and convening the experts who shape the business climate. For more information, please visit us at www.ey.com/us/strategicgrowthmarkets.
About Ernst & Young
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