Longtime RJFS CEO to retire

The old guard of Raymond James Financial Inc. will soon see another change with the departure of Dick Averitt, longtime chief executive of Raymond James Financial Services Inc. Mr. Averitt, 66, has been in charge of the independent-broker-dealer arm of Raymond James since 2002. A former registered rep and financial planner who joined the firm in 1978, Mr. Averitt will be replaced next year by Scott Curtis. Mr. Curtis, 49, whose title will be president, is a protégé of Dennis Zank, the chief executive of the employee broker-dealer, Raymond James & Associates Inc., who is also seeing a change in his role in the firm. Next year, Mr. Zank is handing the reins of Raymond James & Associates to Tash Elwyn, 40, who will become president of that firm. Mr. Zank, 57, will become chief operating officer of the holding company, replacing longtime executive Chet Helck, 59, in that role. Reporting to Raymond James Financial CEO Paul Reilly, Mr. Zank “will leverage his impressive industry and institutional experiences to drive organizational effectiveness across our businesses,” according to a company memo. “As we continue to seek efficiencies and opportunities for improved results, Dennis will provide initiative leadership and manage major cross-discipline projects,” the memo stated. Mr. Helck will continue to oversee Raymond James' varied private-client businesses that count more than 5,400 brokers in the United States, Canada and abroad. Total client assets are close to $271 billion. Mr. Helck is scheduled in 2013 to be chairman of the Securities Industry and Financial Markets Association. Mr. Averitt will leave sometime next year. In 2010, Tom James retired as chief executive of Raymond James Financial Inc., the holding company for the various Raymond James brokerages, and was replaced by an outsider, Mr. Reilly. Mr. James remains chairman of the holding company.