Raymond James succession plan rolls on with RJA division shakeup

Raymond James is making more moves around its broad leadership succession strategy as it reveals a spate of changes within its employee advisor unit.

On Friday, Raymond James & Associates announced a planned regional reorganization, which includes changes to key leadership roles as part of its long-term strategy.

In March, Raymond James revealed Paul Reilly, who’s been the firm’s CEO since 2009, will be stepping down next year to be replaced by CFO Paul Shoukry.

As part of its succession planning, the firm said current COO Jeff Dowdle would be stepping down in October, to be replaced by Raymond James Financial private client group President Scott Curtis, while RJA CEO Tash Elwyn would fill the void left by Curtis.

The firm unveiled more details of its plan in May when it revealed Elwyn will be succeeded by Tom Walrond, senior vice president and division director, among other reassignments and promotions.

The new structure at RJA will take effect on October 1, aligning with broader succession plans within the firm.

Tom Walrond, who will assume the role of president of Raymond James & Associates Private Client Group, shared his optimism around the adjustments and its impact on the organization.

“I’m confident the changes will optimize support for advisors and their teams, and better position RJA for long-term growth,” he said in a statement Friday.

As part of the reorganization, Kelly Anderson, currently the regional director for the Eastern Division, will be tapped to lead the newly formed Northeast Division. Meanwhile, Tim Killgoar, another Eastern Division regional director, will be overseeing the Southeast Division.

Both leaders will retain responsibility for their respective areas under the new structure.

Patrick O’Connor, the director for the Central Division, will take on the role of chief operating officer, focusing on recruitment and organic growth initiatives as well as creating an enhanced advisor experience. Mike O’Meara, who currently serves as regional director within the division, will take over as its director following O’Connor’s promotion.

Things will stay status quo for Bert White as he continues to lead the Western Division without changes to his role.

Finally, Michael Tormey, the current chief operating officer of strategic initiatives, will move into a new role as managing director of Private Client Group Strategic Initiatives, broadening his responsibilities across the wealth management businesses.

All the changes at RJA are happening with no external hires, which Walrond said provides an important sense of continuity in a time of pivotal change.

“We were fortunate to promote the next generation of leaders for RJA from within, ensuring commitment to our values and culture, and maintaining a consistent experience for advisors and branch associates,” he said.