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Rodger O. Riney (born 1946) is a billionaire and the founder of Scottrade, a stockbrokerage that was acquired by TD Ameritrade in 2017.

Rodger O. Riney
Born1946 (age 72–73)
NationalityAmerican
Alma materUniversity of Missouri
Known forFounder of Scottrade
Net worth$3.5 billion
Notes

Contents

Early lifeEdit

Riney was born in 1946 and was introduced to the stock market by his grandparents after giving him 10 shares of a stock. Riney earned a Bachelor of Science in civil engineering and a Master of Business Administration from the University of Missouri. He interned at Edward Jones Investments.[3]

CareerEdit

After the deregulation of the brokerage industry in 1975, Riney saw an opportunity to provide lower commission trades. In 1980, he founded Scottsdale Securities in Scottsdale, Arizona.

In 1981, Riney moved to St. Louis and opened a second branch.[4]

In 1996, the company launched its website and electronic trading platform. The number of trades increased by 15% per month, compounded monthly, for 39 months.[5]

Riney's management methods are described as conservative.[2] Scottrade was regularly featured on the list of 100 best companies to work for by Fortune.[6]

In September 2017, TD Ameritrade acquired Scottrade.[7]

Personal lifeEdit

Riney and his wife, Paula, are members of Kirkwood Baptist Church in St. Louis County, Missouri.

PhilanthropyEdit

In the year after selling Scottrade, Riney donated $131 million to various causes.[1]

Riney actively supports non-profit organizations, including the Alzheimer's Association, the Humane Society of the United States, and the Salvation Army.[1]

Riney suffers from multiple myeloma and in 2017, he donated $5 million to fund research on the disease.[8]

In 2018, he donated $20 million to the Washington University School of Medicine.[9]

ReferencesEdit

  1. ^ a b c "Rodger & Paula Riney". Inside Philanthropy.
  2. ^ a b "Scottrade: Not The Marrying Kind". Bloomberg News. August 1, 2005.
  3. ^ Reerink, Jack (June 9, 2011). "Scottrade CEO's secret sauce: Cheap & good". Reuters.
  4. ^ Edwards, Greg (September 18, 2017). "TD Ameritrade closes on acquisition of Scottrade". American City Business Journals.
  5. ^ Stuenkel, Gil (June 18, 2000). "Rodger Riney, Scottrade Inc". American City Business Journals.
  6. ^ "Scottrade Named to the FORTUNE "100 Best Companies to Work For" List for Fifth Consecutive Year" (Press release). Business Wire. January 19, 2012.
  7. ^ "TD Ameritrade Closes Acquisition of Scottrade Financial Services, Inc" (Press release). Business Wire. September 18, 2017.
  8. ^ "Rineys Contribute $5 Million for Multiple Myeloma Research and Treatment". Washington University in St. Louis. Fall 2017.
  9. ^ Rizvic, Veneta (November 30, 2018). "Washington University gets $20 million gift". American City Business Journals.