Early Life
Rodger O. Riney was born in 1945. He was introduced to the stock market at a young age by his grandparents. Riney earned a Bachelor of Science in civil engineering and a Master of Business Administration from the University of Missouri. During his studies, he gained valuable experience by interning at Edward Jones Investments.
Rise to Success
In 1975, Riney recognized an opportunity in the deregulated brokerage industry. In 1980, he founded Scottsdale Securities in Scottsdale, Arizona, later renamed Scottrade. In 1996, Scottrade launched its website and electronic trading platform, leading to significant growth. Riney's focus on customer service and reduced commissions was a key differentiator. Scottrade expanded to over 500 branch offices and became a leading online trading firm. In September 2017, TD Ameritrade acquired Scottrade for $4 billion.
Key Business Strategies
Riney's primary strategy was offering lower commission rates and providing great customer service, which set Scottrade apart in the brokerage industry. He emphasized the importance of scale, leading to the sale of Scottrade to TD Ameritrade.
Philanthropy
Following the sale of Scottrade, Riney and his wife, Paula, established the Paula and Rodger Riney Foundation. The foundation focuses on funding scientific research for multiple myeloma and related cancers. The Rineys have donated millions to medical research and non-profits, particularly the Alzheimer's Association and multiple myeloma research, donating to institutions like the Washington University School of Medicine and the Dana-Farber Cancer Institute. They have also supported the International Myeloma Society.