Favorites from Phillips
03/07/2003 12:00 am EST
For most of its history, the financial newsletter industry was primarily a mom-and-pop business. For example, I grew up down the street from Stan Weinstein, whose Professional Tape Reader became one of the most successful newsletters of the 1980s. He wrote and researched the letter from his home, while his wife and children helped stuff envelopes, add postage, and mail out subscriptions from their garage. It was a true example of how individual talent would allow such a mom-and pop business to flourish.
Firms such as KCI Communications, Schaeffer Investment Research, Forbes, and Phillips Publishing have turned financial newsletter publishing into a business with hundreds of employees and as much as several hundred million in revenues.
In this issue we focus on the Phillips organization, because at the recent Florida Money Show Tom Phillips was awarded a lifetime achievement award for his role in this business. Tom Phillips is chairman and president of Phillips International, Inc. In January of 1974, he launched the company with two newsletters, three employees, and a $1,000 investment. From there, the company has grown into one of the foremost multimedia publishing firms in America with a rapidly expanding Internet business and 450 employees. Tom was a founding member of the Newsletter Publishers Association, and served as president of the association. In 1989, he was honored as NPA "Publisher of the Year." In 1994, he was elected as the first member of the Newsletter Publishers Hall of Fame.
Tom is founder of The Phillips Foundation, a non-profit organization which sponsors an annual fellowship program for young print journalists and the Ronald Reagan Future Leaders Program" which provides renewable cash grants to outstanding undergraduate student leaders in the cause of freedom and American values. Phillips made a $100,000 grant to The American University and awarded a $125,000 grant to the Georgetown University School of Business to form a global entrepreneurship studies program.