Early Life
Rodger O. Riney was born in 1945. He developed an interest in the stock market at a young age, sparked by his grandparents gifting him shares of stock. Riney earned a Bachelor of Science in civil engineering and an MBA from the University of Missouri. During his studies, he gained valuable experience by interning at Edward Jones Investments.
Rise to Success
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. The company was later renamed Scottrade. He opened a second branch in St. Louis in 1981. In 1996, Scottrade launched its website and electronic trading platform, which led to significant growth for the company. The number of trades increased by 15% per month, compounded monthly, for 39 months. Scottrade was acquired by TD Ameritrade in September 2017.
Key Business Strategies
Riney focused on providing great customer service while charging reduced commissions. He recognized the potential of the discount brokerage model, capitalizing on the deregulation of the industry. Launching an electronic trading platform in 1996 was a key strategic move, leading to substantial growth. His conservative management methods helped Scottrade become a Fortune 100 Best Company to Work For.
Philanthropy
In 2017, the year Scottrade was sold, Riney donated $131 million to various causes. He is a member of the Board of Directors of the Multiple Myeloma Research Foundation. In 2019, he and his wife Paula donated $15 million to research on treatments for Alzheimer's and Parkinson's disease. The Paula and Rodger Riney Foundation supports research for multiple myeloma and related cancers.