The old guard of Raymond James Financial Inc. will see another change with the departure of Dick Averitt, longtime chief executive of RJ's independent broker-dealer arm.
Mr. Averitt, 66, has headed Raymond James Financial Services Inc. since 2002. A former registered representative 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, 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 to Tash Elwyn, 40, who will become president. 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 chief executive Paul Reilly, Mr. Zank “will leverage his impressive industry and institutional experiences to drive organizational effectiveness across our businesses,” according to a company memorandum. “As we continue to seek efficiencies and opportunities for improved results, Dennis will provide initiative leadership and manage major cross-discipline projects.”
Mr. Helck will continue to oversee Raymond James' varied private-client businesses, which comprise more than 5,400 brokers in the United States, Canada and elsewhere. Total client assets are close to $271 billion.
Mr. Helck is scheduled to be chairman of the Securities Industry and Financial Markets Association in 2013.
Mr. Averitt will leave sometime next year. Last year, 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.
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