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#483 Rodger Riney $4.00B

Random fact: Scottrade launched a Chinese-language trading website in 2003.

Overview

Riney is the co-founder, chief executive officer and owner of Scottrade Financial Services, a closely held discount brokerage. The Town and Country, Missouri-based firm reported a book value of $1.8 billion as of June 30, 2016. TD Ameritrade Holding and Toronto-Dominion Bank agreed to buy the business for $4 billion in October 2016.

As of July 23, 2017:
Last change No change
YTD change No change
Industry Finance
Biggest asset Scottrade Financial Services
Citizenship United States
Age 61
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Rodger Riney's net worth of $4.00B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Riney's fortune is derived from his share of closely held Scottrade Financial Services. Riney controls all of the business directly and through family trusts, according to Scottrade spokeswoman Shea Leordeanu.

Scottrade is valued using the $4 billion TD Ameritrade Holding and Toronto-Dominion Bank agreed to pay for Scottrade Financial Services on Oct. 24, 2016.

Representatives for Scottrade didn't return a phone call and e-mails for comment on the transaction on Sept. 29, 2016. The sale is expected to close in September 2017 according to the Scottrade website in March 2017.

Biography

Birthdate:
Family: Unmarried, 3 children
Education: 1969, University of Missouri, MBA 1968, University of Missouri Kansas City, Engineering, Bachelor's Degree

Born in St. Louis, Missouri, Riney was first introduced to the stock market after his grandparents gave him a few shares of Bethlehem Steel when he was about ten years old, according to a biograhy of the executive in the 2010 Scottrade annual report. While in college, Riney worked as an unpaid intern at Edward D. Jones & Co., marking the front quote board. After graduating from the University of Missouri with an engineering degree and an MBA in finance, Riney returned to Jones, turning down offers to work as a civil engineer.

He rose quickly within Jones and worked in nearly every division until 1980 when he decided to leave the brokerage and open his own company with a partner. The new brokerage was initially called Scottsdale Securities, and the first office was opened in Scottsdale, Arizona. The next year, Riney moved back to St. Louis and opened the second branch. Riney bought out his partner in 1985 and moved the headquarters to Missouri.

The company became one of the first to offer online trading when they opened the Scottrade.com website in 1996. Four years later, the name was changed to Scottrade Inc. to reflect the website.

Today, the company manages over 500 branches and has incorporated a Chinese-language trading website to tap into global markets. He agreed to sel the company in October to Toronto-Dominion bank.

Riney announced in a statement in 2015 that he was undergoing treatment for multiple myeloma, a form of blood cancer. He continues to lead the business.

He lives in St. Louis and has three children. Both he and Scottrade give regularly to charity, and Riney is listed as one of Alois Alzheimer's Society's major donors.

Milestones
  • 1980 Founds Scottsdale Securities.
  • 1985 Riney buys out partner to become sole owner of Scottsdale Securities.
  • 1996 Company launches website, becomes one of the first online trading platforms.
  • 2000 Company changes name to Scottrade to reflect the name of the website.
  • 2003 Launches Chinese-language trading website.
  • 2008 Establishes Scottrade Bank with 75 branch offices.
  • 2014 Launches investment management division, Scottrade Investment Management.
  • 2016 Agrees to sell Scottrade for $4 billion.