Early Life
Rodger O. Riney was born in 1945. He was introduced to the stock market at a young age by his grandparents, which sparked his interest in investing. 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
After graduating, Riney recognized an opportunity within the deregulated brokerage industry. He founded Scottsdale Securities in Scottsdale, Arizona, in 1980. In 1981, he opened a second branch in St. Louis. Riney launched Scottrade's website and electronic trading platform in 1996, which led to significant growth for the company. The company was known for its customer service and lower commission fees. In September 2017, Scottrade was acquired by TD Ameritrade.
Key Business Strategies
Riney's business acumen was demonstrated through his ability to identify opportunities in the evolving financial landscape. He focused on providing customer service and offering reduced commission fees, which attracted a large customer base. His decision to embrace online trading in 1996 was a pivotal move, propelling Scottrade's growth and establishing it as a leader in the industry.
Philanthropy
After selling Scottrade, Riney and his wife, Paula, established The Paula and Rodger Riney Foundation to fund scientific research leading to a better understanding and possible cure of multiple myeloma and related cancers. In 2017, he donated $131 million to various causes. He has also donated to the Alzheimer's Association and the Washington University School of Medicine.
