Winning with Value: How Rodger O. Riney Redefined Success
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Chapter 1: The Philosophy of Affordability
Rodger O. Riney, the fourth richest individual in St. Louis, Missouri, has a compelling belief: combining affordability with quality creates a winning formula for business success. He emphasizes, "Don't overprice yourself. It's much simpler to launch a business as a provider of value rather than charging premium rates." This philosophy has not only piqued my interest but has also played a pivotal role in Riney's rise to wealth, amassing a net worth that exceeds $3.6 billion.
Riney is best known as the founder of Scottrade Financial Services, a brokerage firm that was acquired for $4 billion in 2017. His journey began in Kirkwood, where he graduated from the University of Missouri with degrees in Civil Engineering and an MBA. While still a student in 1965, he interned at Edward Jones, gaining invaluable insight into the stock market.
Upon graduation, Riney faced a crucial choice: utilize his engineering degree for a $12,000 monthly salary or join Edward Jones for just $400. His passion for the stock market led him to choose the latter, believing that the knowledge he would gain would be more beneficial for his future.
Section 1.1: The Birth of Scottrade
In 1980, after becoming a partner at Edward Jones, Riney decided to establish Scottrade Financial Services. The firm emerged as one of the pioneering "discount" brokers, focusing on affordability and exceptional customer service.
"This strategic focus allowed Scottrade to flourish, expanding to over 500 branch locations and earning accolades for client satisfaction."
Subsection 1.1.1: Customer Service Excellence
Riney’s commitment to quality service is a cornerstone of his business model. This dedication led to Scottrade being recognized multiple times by J.D. Power and Associates for "Highest in Investor Satisfaction with Online Trading Services."
Section 1.2: Philanthropy and Investment
In 2015, Riney was diagnosed with multiple myeloma, a form of blood cancer. Despite this setback, he continued to propel Scottrade forward until its sale to T.D. Ameritrade in 2017, which resulted in a substantial cash and stock acquisition. Following the sale, he contributed $200 million to charitable causes.
Riney has also invested $50 million in Arch Oncology, a company dedicated to developing cancer therapies. Additionally, he has generously donated over $40 million to Washington University to support research into neurodegenerative diseases.
Chapter 2: The Journey to Success
The first video titled The Secrets of Self-Made Billionaires by Brian Tracy delves into the principles that have enabled individuals like Riney to thrive in their respective fields. Brian Tracy shares insights on how self-made billionaires harness their unique philosophies to create wealth.
The second video, How to be RICH (by Billionaire J. Paul Getty), outlines the strategies and mindset essential for building wealth. Getty’s perspective underscores the importance of value and service, echoing Riney's own beliefs.
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